The United States government has given the green light for a possible foreign military sale to Nigeria valued at approximately $346 million, covering a range of advanced precision-guided munitions, rockets, and related equipment. The Defense Security Cooperation Agency (DSCA) announced the development in Washington, stating that the proposed sale aims to bolster Nigeria’s capacity to combat security threats and enhance regional stability. According to the DSCA, the package includes AGM-114R2 Hellfire missiles, Advanced Precision Kill Weapon System (APKWS) II rockets, and associated training, support equipment, and technical assistance. The US agency stressed that the deal would provide Nigeria with critical…
Author: Temitope N.
The Nigerian Economic Summit Group (NESG) has reaffirmed that industrialisation remains the most viable path to unlocking the country’s full economic potential, creating jobs, and lifting millions out of poverty. Speaking at a recent policy dialogue in Abuja, the group emphasised that without a deliberate, sustained push toward manufacturing and value addition, Nigeria’s growth prospects will remain fragile and overly dependent on volatile sectors like oil. In his address, NESG Chief Executive Officer, Dr. Tayo Aduloju, highlighted that industrialisation is not just a pathway to higher GDP but a foundation for sustainable development. He noted that while Nigeria has made…
The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to revitalise its central bank digital currency (CBDC), the eNaira, with the goal of driving mass adoption, strengthening the country’s digital payment ecosystem, and accelerating the shift toward a cash-lite economy. The initiative, according to the apex bank, will involve a complete overhaul of the eNaira’s features, accessibility options, and integration into mainstream financial services. Launched in October 2021 as the first CBDC in Africa, the eNaira was designed to complement physical cash by providing Nigerians with a secure, cashless, and easily accessible means of payment. The currency operates…
The Dangote Petroleum Refinery has announced a reduction in the pump price of Premium Motor Spirit (PMS), cutting it by N30 per litre in a move aimed at easing the financial burden on Nigerians and supporting economic stability. The new price adjustment, which took effect immediately after the announcement, has been widely welcomed by fuel marketers, transport operators, and consumers. According to a statement from the refinery’s management, the decision was informed by recent operational efficiencies, cost optimisation measures, and the company’s commitment to delivering affordable energy to Nigerians. The management explained that improved crude oil supply arrangements and enhanced…
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Lagos State recorded the highest volume of Premium Motor Spirit (PMS) distribution in June 2025, while Jigawa State ranked lowest among all states. The figures, which reflect nationwide fuel distribution patterns, show significant disparities in consumption levels across regions, underscoring differences in population density, economic activity, and transportation demand. According to the NMDPRA’s latest petrol evacuation and consumption report, Lagos received the largest share of fuel distributed to states in June, a trend consistent with its position as Nigeria’s commercial hub and most populous state. The…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the need for stronger collaboration between the public and private sectors to accelerate the growth of non-interest financial services across the country. Speaking during a stakeholders’ engagement forum in Abuja, Edun explained that Public-Private Partnerships (PPPs) could play a transformative role in increasing access to ethical and alternative financing models, which would, in turn, foster greater financial inclusion, attract investments, and stimulate sustainable economic development. He noted that non-interest finance, which includes Islamic banking, Sukuk bonds, Takaful insurance, and other Sharia-compliant products, has been growing in…
Nigeria’s pension fund administrators (PFAs) have significantly increased their investments in real estate, with figures rising by 418% to N77.8 billion as of June 2025, according to fresh data from the National Pension Commission (PenCom). This marks a substantial leap from the N15.02 billion recorded in the same period last year, underscoring growing confidence in the property sector as a viable investment channel for long-term pension assets. Analysts attribute this surge to a combination of factors, including the need for portfolio diversification, the resilience of real estate in times of market volatility, and favourable regulatory frameworks. Pension funds, which have…
Nigeria’s crude oil production climbed to 1.559 million barrels per day (bpd) in July 2025, marking its highest output level so far this year, according to fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a significant boost from the 1.43 million bpd recorded in June, reflecting ongoing efforts by the Federal Government and oil industry stakeholders to stabilise and ramp up production. The increase is seen as a welcome development for Africa’s largest oil producer, which has struggled in recent years with fluctuating output due to pipeline vandalism, crude theft, ageing infrastructure, and underinvestment. Industry analysts…
The Federal Inland Revenue Service (FIRS) has announced a strategic partnership with the Nigeria Customs Service (NCS) to accelerate the implementation of the National Single Window (NSW) project, a digital trade facilitation platform aimed at streamlining cross-border transactions and enhancing government revenue collection. The move is expected to improve efficiency, reduce bottlenecks, and boost Nigeria’s competitiveness in international trade. The National Single Window is designed as an integrated digital portal that allows traders, shipping companies, freight forwarders, and government agencies to process import, export, and transit-related documentation through a single entry point. By bringing all relevant stakeholders onto one platform,…
The National Sugar Development Council (NSDC) has taken another major step toward strengthening Nigeria’s sugar industry by signing agreements with four new operators to collectively produce 400,000 metric tonnes of sugar annually. The initiative is part of the Federal Government’s broader strategy to achieve self-sufficiency in sugar production, reduce import dependence, and stimulate economic growth through the Backward Integration Programme (BIP). The agreements, signed at the NSDC headquarters in Abuja, bring additional private-sector players into the country’s sugar value chain, increasing production capacity while also creating opportunities for employment and rural development. According to the council, the deal will complement…
The Central Bank of Nigeria (CBN) has intensified its drive to deepen financial inclusion in the country by organising a financial literacy fair aimed at promoting alternative payment channels and other innovative banking solutions. The event, which attracted stakeholders from the banking sector, fintech companies, small business owners, and members of the public, was designed to raise awareness about accessible, affordable, and secure financial services for all Nigerians, regardless of location or income level. Speaking at the fair, CBN officials explained that the initiative aligns with the bank’s strategic plan to bridge the financial inclusion gap, particularly in rural and…
ABC Transport Plc has announced a profit of N465.5 million for the first half of 2025, marking a significant turnaround from the losses recorded in the same period last year. The transport and logistics company attributed the improved performance to operational efficiency, cost optimisation measures, and increased patronage across its service routes. The company’s latest financial disclosure indicated that revenue for the six-month period grew steadily, driven by an uptick in passenger numbers and a recovery in corporate charter services. This growth was further supported by the strategic expansion of its haulage operations and the adoption of technology-based solutions to…
The African Development Bank (AfDB) has announced its support for artificial intelligence (AI) training initiatives aimed at equipping Africans with the skills needed to accelerate the continent’s socio-economic transformation under the African Union’s Agenda 2063. The move reflects the bank’s growing focus on technology-driven development and its belief that AI can play a critical role in addressing Africa’s pressing challenges while unlocking new opportunities. According to the AfDB, the training programmes will target young professionals, entrepreneurs, policymakers, and researchers across member states, ensuring that AI knowledge is not limited to the tech industry but extends into key sectors such as…
The Infrastructure Concession Regulatory Commission (ICRC) has given the green light to the outline business case (OBC) for Nigeria’s proposed $60 billion bullet train project, marking a major step forward in the Federal Government’s push to modernise the country’s transportation system. The project, which aims to connect key cities with high-speed rail infrastructure, is expected to revolutionise travel, boost economic activities, and position Nigeria as a regional transport hub. According to the ICRC, the approval of the OBC paves the way for the Federal Government to commence detailed procurement processes, including the engagement of private sector partners under a Public-Private…
The Chief Executive Officer of Ghana International Bank (GHIB), Dean Adansi, has said that Africa has the potential to generate up to $133 billion annually if it successfully closes its existing $80 billion trade finance gap. He made this known during a recent economic forum where financial experts, policymakers, and trade leaders discussed strategies to unlock the continent’s economic potential through enhanced access to trade financing. Adansi explained that trade finance remains one of the most critical enablers of Africa’s economic growth, yet the continent continues to face significant barriers in this area. According to him, limited access to affordable…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the nation’s daily petrol consumption dropped to 48.03 million litres in June 2025, marking a notable decline compared to previous months. The figure reflects the continued impact of subsidy removal, market reforms, and stricter monitoring of fuel distribution and sales across the country. According to data released by the Authority, the figure is a reduction from the average of over 60 million litres per day recorded before the removal of fuel subsidies in May 2023. NMDPRA officials attributed the decline to a combination of factors, including improved transparency…
The Federal Government has introduced a new digital platform designed to strengthen compliance with the Code of Conduct for public officers nationwide. The innovation, which was officially launched on Tuesday in Abuja by the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Walson-Jack, aims to promote transparency, enhance accountability, and streamline the asset declaration process in the public sector. Developed by the Code of Conduct Bureau (CCB) in collaboration with technology partners, the tool provides a centralised, user-friendly system for public officers to submit their asset declarations, access relevant guidelines, and stay updated on compliance requirements without…
Ugandan police have arrested seven suspects in connection with an alleged fake gold transaction worth $70,000, said to have targeted a Nigerian businessman. Authorities say the operation, which took place in Kampala, involved a syndicate that presented counterfeit gold to the victim in a deal that was supposed to be legitimate. The arrests followed weeks of investigations by the Criminal Investigations Directorate (CID), with assistance from the Directorate of Crime Intelligence. According to police spokesperson Fred Enanga, the Nigerian businessman had been lured to Uganda under the pretext of purchasing high-quality gold. The suspects reportedly presented themselves as credible dealers…
The Federal Capital Territory Administration (FCTA) has carried out the demolition of makeshift structures and shanties in the area popularly known as “Cashew Garden” in Apo, Abuja, as part of ongoing efforts to combat criminal activities and restore order in the nation’s capital. The operation, led by the FCTA’s Department of Development Control in collaboration with security agencies, targeted illegal settlements that authorities say had become a breeding ground for crime, drug abuse, and other unlawful activities. Speaking during the exercise, the Director of Development Control, Mukhtar Galadima, explained that the action was taken after repeated warnings and engagement with…
Governor Babajide Sanwo-Olu has disclosed that Lagos State lost an estimated ₦19.52 billion to fire incidents in 2024, a staggering figure that reflects the devastating economic and social impact of the disasters on Africa’s largest city. The governor made the disclosure during the commissioning of newly acquired firefighting equipment for the Lagos State Fire and Rescue Service, stressing that while his administration has made huge investments in emergency response capabilities, the frequency and severity of fire outbreaks remain a major concern. Sanwo-Olu explained that the losses were calculated from the combined cost of damaged properties, destruction of public and private…