Nigeria’s economy is expected to expand by 3.4% in 2025, according to a new forecast released by global professional services firm, PricewaterhouseCoopers (PwC). The projection reflects cautious optimism for Africa’s largest economy, despite persistent challenges such as inflationary pressures, foreign exchange volatility, and infrastructural constraints. PwC’s outlook noted that the forecast is anchored on reforms introduced by the federal government under President Bola Ahmed Tinubu, particularly in the areas of fiscal management, energy sector liberalisation, and ongoing efforts to attract foreign direct investment (FDI). The firm, however, stressed that the growth trajectory remains fragile and dependent on Nigeria’s ability to…
Author: Temitope N.
AFG Aviation, a global aircraft leasing company, has finalized a lease agreement with Cally Air, the airline jointly owned by the Cross River State Government and a private sector partner, to provide two additional aircraft for its domestic operations. The deal, industry watchers say, represents a major step in expanding the airline’s fleet capacity, improving service delivery, and strengthening its competitive edge in Nigeria’s dynamic aviation market. The lease, which covers two modern regional jets, comes at a critical time when Nigerian carriers are struggling with rising operational costs, limited fleet availability, and increasing passenger demand. With the acquisition, Cally…
A new industry report has revealed that Nigeria has an estimated ₦341 trillion worth of crude oil resources lying idle in undeveloped fields, raising concerns over missed opportunities for revenue generation, foreign investment, and energy security. The findings underscore the urgency for the government and industry stakeholders to take decisive action in unlocking these stranded assets, particularly at a time when the nation grapples with fiscal pressures, dwindling foreign reserves, and rising debt levels. According to the report, the undeveloped oil reserves are scattered across both onshore and offshore fields, including marginal assets awarded to indigenous operators that remain largely…
First City Monument Bank (FCMB), in partnership with FMO, the Dutch Entrepreneurial Development Bank, has announced the launch of a ₦20 million AgriTech Investment Readiness Programme designed to empower Nigerian startups driving innovation in agriculture. The initiative, unveiled in Lagos, seeks to strengthen the capacity of emerging AgriTech firms to attract investment, scale operations, and contribute to food security in the country. The programme is structured to provide selected startups with access to training, mentorship, and financial advisory services. Participants will also receive technical support to refine their business models, improve governance structures, and strengthen their investor appeal. The ₦20…
The Nigeria Customs Service (NCS) has achieved a major breakthrough in its anti-smuggling drive with the interception of illicit drugs valued at N690 million in Katsina State. The development, which highlights the Service’s growing efforts to combat cross-border crimes, is seen as a crucial step in the wider fight against narcotics proliferation, insecurity, and public health risks. Speaking on the development, the Controller of the Katsina Area Command, Mr. Idriss Abba-Aji, said the seizure was made possible through credible intelligence and coordinated patrols mounted along key smuggling routes in the state. He disclosed that the consignment, which contained a large…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, have reaffirmed their commitment to deepen collaboration between fiscal and monetary authorities in order to stabilise the economy, strengthen investor confidence, and accelerate growth. The pledge was made following recent engagements between the Ministry of Finance and the apex bank, where both leaders highlighted the importance of policy alignment in addressing Nigeria’s macroeconomic challenges, particularly inflation, foreign exchange volatility, and revenue mobilisation. According to the finance minister, the administration of President Bola Tinubu is…
Schneider Electric has announced the launch of its next-generation intelligent machines designed to strengthen industrial operations, boost efficiency, and advance the adoption of automation technologies across multiple sectors. The global energy management and automation company said the new solutions are aimed at transforming production processes, ensuring reliability, and promoting sustainability in industries navigating an increasingly competitive and resource-conscious environment. The unveiling marks a significant step in Schneider Electric’s continued push to integrate digital intelligence into industrial systems. The company noted that the smarter machines, equipped with cutting-edge automation and monitoring capabilities, are designed to improve productivity while reducing downtime and…
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has reiterated its commitment to advancing the growth of women-led businesses in Nigeria through renewed initiatives designed to support female entrepreneurs. The bank, in a statement, said the move aligns with its broader financial inclusion drive and its long-standing goal of creating equal opportunities in business. According to the bank, female entrepreneurs play a vital role in shaping Nigeria’s economy but often face barriers such as limited access to finance, mentorship, and networks. Stanbic IBTC noted that these challenges contribute to a significant funding gap that prevents many women-owned businesses from…
The National Pension Commission (PenCom) has issued a strong warning to Pension Fund Administrators (PFAs), directing them to avoid investing workers’ retirement savings in banks’ Additional Tier-1 (AT1) capital instruments. The caution follows heightened concerns over the risk profile of such assets, which have come under global scrutiny after recent financial sector shocks. According to industry sources, PenCom’s advisory stems from its mandate to safeguard the N20 trillion pension assets under management in Nigeria’s Contributory Pension Scheme (CPS). The regulator emphasised that PFAs must exercise extreme caution in evaluating investment opportunities, particularly those that may expose pension contributions to unnecessary…
The Federal Government has announced a strategic collaboration with PalmPay, a leading fintech platform, to train one million Nigerian youths in digital safety. The initiative is aimed at equipping young people with the knowledge and tools to navigate the digital economy securely while curbing rising cases of cybercrime and fraud in the country’s financial sector. Speaking at the launch of the programme in Abuja, Minister of Youth Development, Ayodele Olawande, said the partnership underscores the Federal Government’s commitment to empowering young Nigerians with critical skills for the digital era. He noted that while technology has opened new doors of opportunity…
The Nigerian naira began the new trading week on a weaker footing, exchanging at ₦1,533 per United States dollar at the official foreign exchange window. The development underscores persistent volatility in the foreign exchange market despite ongoing reforms aimed at stabilising the currency and boosting investor confidence. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday showed that the naira lost further ground against the greenback, compared to last week’s close of ₦1,520/$. The depreciation was attributed to sustained demand pressure from importers, dwindling dollar supply, and market uncertainties affecting investor sentiment. Market analysts noted that while the…
Nigeria has solidified its position as Singapore’s leading trade partner in West Africa, as bilateral trade between the two countries surged by 85 percent to $7.47 billion in the first half of 2025. The development underscores Nigeria’s growing relevance in global trade networks, as well as Singapore’s deepening economic engagement with Africa’s largest economy. According to recent trade data, the sharp rise in trade volumes reflects stronger demand for Nigeria’s crude oil, liquefied natural gas (LNG), and agricultural products, alongside increased imports of Singaporean refined petroleum, electronics, and manufactured goods into Nigeria. The figures mark one of the highest year-on-year…
Lafarge Africa Plc has reported a remarkable 70 percent increase in revenue, reaching ₦269 billion for the second quarter of 2025, underscoring its strong market performance and operational resilience despite persistent economic headwinds. The cement giant attributed the growth to robust demand, improved pricing strategies, and operational efficiency gains across its production and distribution network. The company disclosed the figures in its unaudited financial results released to the Nigerian Exchange Group (NGX), noting that the revenue surge reflected both higher sales volumes and stronger pricing in key markets. This performance places Lafarge Africa among the cement industry leaders navigating Nigeria’s…
President Bola Ahmed Tinubu has commissioned a 40,000 cubic meter Liquefied Petroleum Gas (LPG) vessel built for the West Africa Gas Limited (WAGL), a joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and Sahara Group, in Ulsan, South Korea. The new carrier, which represents one of the most significant investments in Nigeria’s gas infrastructure, is expected to bolster the country’s energy transition plan and deepen its LPG penetration across Africa. The state-of-the-art carrier, named Akintoye 1, was built by Hyundai Heavy Industries, one of the world’s leading shipbuilders, and is part of a larger initiative to increase Nigeria’s…
The Nigeria Customs Service (NCS) has issued a 14-day deadline for the owners of 905 overtime cargoes currently abandoned at various seaports across the country to clear their consignments or risk outright seizure. The directive, which comes amid concerns over congestion at ports and loss of potential government revenue, is aimed at decongesting terminals and improving efficiency in cargo clearance. The Service, in a notice signed by Comptroller General of Customs, Adewale Adeniyi, explained that the affected containers and cargoes have overstayed the statutory period allowed for clearance and therefore qualify as overtime cargo under extant laws. He stressed that…
The Nigerian Communications Commission (NCC) has announced the disconnection of unregistered and improperly registered Subscriber Identification Module (SIM) cards from the nation’s telecoms networks, in a move aimed at bolstering national security, improving service integrity, and safeguarding citizens against criminal exploitation of mobile lines. The decision, which follows several warnings and deadlines issued by the regulator, is part of ongoing efforts to ensure full compliance with SIM registration guidelines and the mandatory linkage of National Identification Numbers (NIN) to mobile lines. The NCC emphasized that the action is in line with government policy to secure Nigeria’s digital space and to…
The National Pension Commission (PenCom) has blacklisted seven mortgage banks in Nigeria for breaching regulatory guidelines on housing loan schemes tied to the Contributory Pension Scheme (CPS). The move, which industry experts describe as a bold step toward strengthening transparency and protecting pension contributors, underscores PenCom’s resolve to ensure that the housing component of the pension framework is managed in line with laid-down standards. PenCom confirmed that the affected institutions were found guilty of various infractions, ranging from improper documentation to mismanagement of contributors’ Retirement Savings Accounts (RSAs) linked to housing loan withdrawals. The regulator explained that while the Contributory…
The Nigerian Civil Aviation Authority (NCAA) has officially granted approval for the Ogun State Airport to commence commercial flight operations, marking a major milestone in the state’s ambition to become a regional aviation and economic hub. The clearance, which followed rigorous inspections and compliance checks, paves the way for airlines to begin scheduled passenger and cargo flights into and out of the facility. Located along the Iperu-Ilishan axis of the state, the airport—popularly referred to as the Gateway International Agro-Cargo Airport—has been under development for several years as part of Ogun State’s vision to harness its strategic location between Lagos,…
The Federal Government’s major revenue-generating agencies, including the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS), have collectively generated a total of ₦21 trillion in the first half of 2025, surpassing initial projections and underlining the importance of ongoing fiscal reforms. According to official data made available from the Ministry of Finance and coordinating agencies, five key institutions contributed significantly to the government’s revenue drive within the six-month period under review. These included the FIRS, NCS, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPC Ltd.), and the Nigerian Ports Authority (NPA). The breakdown…
Afrinvest (West Africa) Limited has cautioned that Nigeria’s aspiration of growing its economy to a $1 trillion Gross Domestic Product (GDP) by 2030 could be derailed by persistent inflationary pressures, fiscal imbalances, and structural weaknesses that continue to undermine macroeconomic stability. The investment and research firm made this known in its latest economic outlook report, noting that while the government’s ambition is laudable, the realities of Nigeria’s economic environment present formidable obstacles. Afrinvest highlighted that unless urgent reforms are undertaken to address these challenges, the target may remain elusive. According to the firm, inflation remains one of the most pressing…