Nigeria’s private sector has posted its most significant expansion in employment in almost two years, signaling cautious optimism in the economy despite persistent challenges of inflation, high borrowing costs, and foreign exchange instability. The latest data released through business activity surveys and industry assessments revealed that hiring surged across multiple industries in August 2025, marking the strongest job creation in 23 months. According to findings from the latest Purchasing Managers’ Index (PMI) compiled by market analysts, the employment index rose sharply as businesses responded to improved demand and expansion in output. Companies across manufacturing, services, agriculture, and construction reported increases…
Author: Temitope N.
Nigeria’s ambitions to develop its blue economy—a sector that encompasses maritime resources, fisheries, shipping, ports, and ocean-based tourism—are being stifled by chronic underfunding, according to the Permanent Secretary in the Ministry of Marine and Blue Economy. Speaking during a stakeholders’ forum in Lagos, the top official lamented that despite the sector’s vast potential to contribute significantly to national revenue, employment, and food security, it continues to suffer neglect in terms of budgetary allocations and long-term investment. The Permanent Secretary emphasized that the blue economy is not just a futuristic concept but a present-day opportunity capable of diversifying Nigeria’s economy beyond…
President Bola Ahmed Tinubu has urged the Central Bank of Nigeria (CBN) to take a lead role in funding the newly created endowment scheme for the National Arts Theatre, Iganmu, Lagos, as part of efforts to secure long-term financing for the preservation and promotion of Nigeria’s cultural heritage. The president made the call during the unveiling of the renovated National Theatre, where he stressed the importance of sustainable investment in arts and culture as a driver of national unity, creativity, and economic growth. Tinubu, who officially inaugurated the refurbished facility, noted that the endowment would serve as a critical financial…
Nigeria’s mounting debt obligations have once again come into sharp focus as the Central Bank of Nigeria (CBN) disclosed that the country spent $2.86 billion on debt service between January and August 2025. The revelation underscores growing concerns about the burden of external debt repayments on the nation’s fragile foreign reserves and overall economic stability. According to figures released by the apex bank, the bulk of the payments went toward meeting obligations on Eurobonds and multilateral loans, with additional settlements for bilateral arrangements and commercial borrowings. The CBN’s data showed that Nigeria’s debt service payments have continued to climb in…
A fresh round of tensions has erupted between Dangote Industries Limited and labour unions in Nigeria, as the company accused union leaders of being more concerned about collecting check-off dues than addressing the genuine welfare of workers. The development marks the latest twist in the ongoing industrial disputes between the conglomerate and various labour groups, particularly in its refinery and cement operations. In a statement released over the weekend, Dangote Industries faulted the approach of some union leaders, arguing that their agitation was not rooted in improving staff conditions but rather in securing steady streams of dues from employees’ salaries.…
The Pension Transitional Arrangement Directorate (PTAD) has officially begun the implementation of long-awaited pension increments for federal retirees, bringing relief to thousands of senior citizens who have been anticipating adjustments in their monthly stipends. The move follows months of preparation and consultations between PTAD, the National Salaries, Incomes and Wages Commission, and the Federal Government to ensure compliance with constitutional provisions that mandate periodic pension reviews in line with wage adjustments for serving workers. The increments, which cover retirees under the Defined Benefit Scheme (DBS), are expected to take effect immediately, with many pensioners set to notice changes in their…
Nigeria’s banking sector has witnessed a dramatic shift in liquidity management, as fresh data reveal that commercial banks’ deposits with the Central Bank of Nigeria (CBN) soared by 568 percent in the first nine months of 2025, hitting an unprecedented N146.13 trillion. The spike reflects a combination of regulatory tightening by the apex bank, adjustments in monetary policy, and banks’ growing reliance on the CBN’s standing deposit facility as a safe haven for excess funds. The figures, which cover the period from January to September, highlight how the CBN’s aggressive liquidity management measures have reshaped financial flows within the sector.…
The Standards Organisation of Nigeria (SON) has officially launched the adoption of ISO 37003, a global standard designed to strengthen fraud control mechanisms in both public and private institutions across the country. The new framework, unveiled at a stakeholders’ forum in Abuja, represents a significant step in Nigeria’s ongoing battle against corruption, financial malpractice, and organizational fraud, which have long hampered development and weakened public confidence in institutions. According to SON, the ISO 37003 standard offers organizations a structured approach to identify, assess, and mitigate fraud risks while fostering a culture of transparency and accountability. It provides guidelines for establishing…
Long queues have resurfaced at filling stations across major Nigerian cities as tensions between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery intensify, fueling concerns about another round of nationwide scarcity. Motorists in Lagos, Abuja, and several state capitals spent hours at petrol stations over the weekend, while some outlets were forced to shut down entirely due to limited supply. The development has reignited anxiety over fuel stability barely months after Nigerians were promised improved domestic refining capacity. The crisis stems from an ongoing face-off between Dangote Refinery management and PENGASSAN, which represents senior…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has introduced a new annual economic lecture series designed to bring together policymakers, academics, business leaders, and civil society to strengthen national discussions on monetary policy and economic development. The initiative, which debuts on October 3, 2025, at the Lagos Business School, Pan-Atlantic University, will focus on the theme “Next Generation Leadership in Monetary Policy and Nation Building.” The lecture series is part of the CBN’s broader Knowledge Acceleration & Thought Leadership Initiative, a flagship effort aimed at promoting dialogue and fostering innovation within Nigeria’s economic landscape. It is…
Investor demand for Nigeria’s sovereign debt instruments surged in September as the Federal Government’s bond auction attracted more than ₦1.26 trillion in total subscriptions, far exceeding the amount offered. The remarkable oversubscription highlights continued confidence in government-backed securities despite persistent economic headwinds. According to the Debt Management Office (DMO), the auction offered multiple bond tenors, but demand significantly outpaced supply, with bids flooding in from institutional and retail investors alike. The result underscores the enduring appeal of FGN bonds, which are considered relatively safe investment vehicles in the country’s financial landscape. Analysts say that several factors combined to drive the…
Investor confidence surged in Nigeria’s equities market as the Nigerian Exchange (NGX) recorded a massive gain of ₦178 billion, driven largely by strong performances in key sectors including banking, oil & gas, and consumer goods. The rally speaks to renewed appetite for risk assets in a climate still burdened by macroeconomic uncertainty, and it underscores how much sentiment now underpins market movements. By the end of the trading session, the NGX All-Share Index extended its upward trajectory, pushing market capitalization higher and swelling investor wealth by the reported ₦178 billion. The advance comes after several days of sideways trading that…
The House of Representatives’ Committee on Safety Standards and Regulations has praised the Niger Delta Power Holding Company (NDPHC) for maintaining high safety standards at the 565-megawatt Calabar Power Plant located in Odukpani, Cross River State. The commendation came after lawmakers conducted an on-the-spot inspection of the facility on Monday, September 29, 2025, noting marked improvements since their previous visit in 2018. Leading the inspection was Hon. David Idris Zacharias, Chairman of the Safety Standards Committee, accompanied by colleagues including Harrison Anozie Nwadike, Suleiman Abubakar Gumi, Kalejaiye Paul Adeboye, El-Rasheed Abdullahi, and Emmanuel Effiong Udo. After touring the plant, they…
In a bold move timed with Nigeria’s 65th Independence Day celebrations, Sterling Bank has announced that it will eliminate account maintenance fees on all personal bank accounts. The bank described the decision as a “gift” to its customers, positioning it as part of a broader push to enhance fairness and reduce transactional barriers in the retail banking sector. According to a statement issued by Sterling Bank, the new policy abolishing the fees takes effect immediately. The bank said the removal of account maintenance charges aligns with a customer-centric philosophy, complementing earlier measures such as its decision in April 2025 to…
The Federal Government of Nigeria has listed new bonds worth ₦200 billion on the Nigerian Exchange (NGX) for the month of September, reinforcing its commitment to raising capital through the domestic debt market while providing investors with secure, long-term instruments. The move is part of the government’s wider debt management strategy aimed at stabilizing public finances, bridging budget deficits, and deepening the capital market. The fresh listings comprise multiple tenors under the Federal Government of Nigeria (FGN) bonds program, with maturities stretching up to 10 and 30 years. According to the Debt Management Office (DMO), the bonds carry coupon rates…
Keystone Bank has reinforced its commitment to supporting small and medium-sized enterprises across Nigeria by organizing a nationwide SME Business Clinic, an initiative aimed at equipping entrepreneurs with the skills, knowledge, and practical tools they need to grow and sustain their businesses. The Business Clinic, which took place in June, covered ten major cities including Lagos, Abuja, Port Harcourt, Kano, Ibadan, Aba, Asaba, Onitsha, Maiduguri, and Kaduna, bringing together hundreds of business owners eager to learn how to better navigate the challenges of running a business in Nigeria’s tough economic climate. Speaking on the purpose of the clinic, Olayemi…
The Federal Government has unveiled an ambitious new plan, Mission 300, aimed at tackling Nigeria’s long-standing problem of energy poverty and expanding electricity access to millions of citizens who still live without reliable power. The initiative, which was announced at a stakeholders’ forum in Abuja, is part of a broader African strategy to connect 300 million people across the continent to electricity by 2030. Nigeria, as Africa’s most populous country, plays a critical role in this drive and has set out clear targets and partnerships to make this goal a reality. At the heart of Mission 300 is the…
President Bola Ahmed Tinubu has said that the Nigerian government has redirected about N4 trillion saved from the removal of fuel subsidies to critical infrastructure and social welfare programmes aimed at easing the burden on ordinary Nigerians and stimulating the economy. Speaking at the opening of the National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu explained that the decision to remove the subsidy was difficult but necessary to free up funds that could be invested in projects that benefit the majority of the people rather than a privileged few. He said that for years, the fuel…
The Nigerian Postal Service (NIPOST) has denied reports suggesting it confirmed that courier services have been used to traffic drugs since President Bola Ahmed Tinubu took office, describing the claim as misleading and unfounded. The agency, through its management, clarified that it never linked any illegal courier activities to the current administration and warned against twisting its statements for sensational headlines. The controversy arose following reports that quoted Oludotun Sounde, General Manager of the Courier and Logistics Regulatory Department of NIPOST in Ondo State, allegedly stating that courier companies have become conduits for transporting hard drugs and other illegal…
Nigeria has reiterated its commitment to global peace and nuclear disarmament, ruling out any ambitions to develop or acquire nuclear weapons as it prioritises the urgent task of lifting millions of its citizens out of poverty and tackling the mounting challenges of climate change. This assurance came during a recent meeting in Abuja between Vice President Kashim Shettima and Dr. Robert Floyd, the Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organisation (CTBTO). The meeting reaffirmed Nigeria’s decades-long position as a staunch supporter of nuclear non-proliferation, even as the country works to harness nuclear energy strictly for peaceful and developmental…