The Federal Government, through the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has positioned the National Single Window project as a foundational reform that will transform trade operations and bolster Nigeria’s economic stability. Speaking to journalists after a recent board meeting of the Nigeria Customs Service, Edun stressed that the digital platform is key to unlocking faster, more transparent trade processes and complementing broader fiscal reforms. Edun described the National Single Window as a “legacy project” spearheaded by the current administration, destined to revolutionise the country’s trade landscape. He explained that by integrating agencies responsible…
Author: Temitope N.
The Trade Union Congress of Nigeria (TUC) has issued a strong warning to the Federal Government, threatening a nationwide strike if the proposed 5 percent tax on petroleum products is implemented. The labour body insists that the plan is ill-timed, insensitive to the current economic hardships, and capable of worsening the cost-of-living crisis already faced by millions of Nigerians. According to the TUC, the introduction of such a tax would inevitably lead to higher pump prices for petrol and diesel, compounding the financial strain on households and businesses. The union noted that Nigerians are still grappling with the impact of…
The Federal Government has rescheduled its scheduled negotiation meeting with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) following continued tensions over industrial action threats. The meeting, originally slated to hold earlier in the week, was aimed at resolving outstanding grievances raised by the union concerning welfare, working conditions, and compliance with labour agreements. However, government officials confirmed that it would now take place at a later date after both sides agreed on the need for more preparatory consultations. The rescheduling comes at a sensitive time, as NUPENG members have expressed growing frustration over unresolved issues affecting their…
The Edo State Government has reconnected to the Benin Electricity Distribution Company (BEDC) after a period of disconnection that arose from a dispute over power supply and billing. The reconnection brings an end to weeks of uncertainty that saw government offices and facilities in parts of Benin City operate without direct access to electricity, relying instead on alternative power sources to continue services. The dispute, which had attracted significant public attention, was reportedly linked to disagreements over outstanding bills and the quality of electricity supply to government institutions in the state. Officials had earlier accused the distribution company of issuing…
Providus Bank has been recognised as one of Nigeria’s best workplaces, earning a coveted award that celebrates organisations that demonstrate outstanding commitment to employee satisfaction, inclusion, and workplace culture. The recognition highlights the bank’s efforts in creating a supportive environment where staff can thrive both personally and professionally, reinforcing its reputation as one of the leading financial institutions that values people as much as performance. The award comes after an independent evaluation process that reviewed workplace policies, employee feedback, and organisational culture across the banking sector. Providus Bank emerged as a standout due to its high level of staff engagement,…
The Federal Inland Revenue Service (FIRS) has officially named eTranzact International Plc as a key service provider for the implementation of its electronic invoicing (e-invoicing) platform, a move expected to modernise Nigeria’s tax administration and boost government revenue. The development is part of ongoing reforms by the tax authority to improve transparency, close leakages, and strengthen compliance across various sectors of the economy. In a statement confirming the appointment, FIRS explained that eTranzact will provide technical and operational support for the deployment of the e-invoicing system, which is designed to ensure that all value-added tax (VAT) and related transactions are…
REX Insurance has rolled out a new retail-focused campaign in Lagos aimed at strengthening its presence in Nigeria’s commercial capital and bringing insurance products closer to individuals, small businesses, and informal sector operators. The initiative underscores the company’s determination to expand its market penetration by making insurance more accessible, affordable, and better understood by the wider public. At the launch event, the company explained that the campaign is part of a broader strategy to deepen awareness about the importance of insurance in securing financial stability and mitigating risks. The Lagos retail campaign is expected to cover major urban and semi-urban…
United Bank for Africa (UBA) has announced an extension of the deadline for its ongoing rights issue, giving shareholders additional time to subscribe and take advantage of the offer. The move underscores the lender’s commitment to inclusivity and transparency, while also aligning with its recapitalisation plans as directed by the Central Bank of Nigeria (CBN). The rights issue, which is part of UBA’s broader capital-raising programme, seeks to bolster the bank’s capital base in response to new regulatory requirements and to position the institution for long-term growth. By extending the subscription window, UBA aims to ensure that shareholders who may…
First City Monument Bank (FCMB) has announced that it is projecting gross earnings of N265.2 billion for the current financial year, reflecting optimism about its business performance despite prevailing economic challenges. The bank disclosed its expectations in its latest financial guidance, noting that it is confident of sustaining growth momentum across its core business segments while reinforcing its digital and retail banking strategies. The bank’s projection comes at a time when Nigerian lenders are navigating an operating environment marked by inflationary pressures, exchange rate volatility, and tight monetary policy measures. Despite these headwinds, FCMB said it has built strong fundamentals…
The Nigerian Exchange (NGX) opened the new trading week on a positive note, recording a substantial market capitalisation gain of N263 billion as investors renewed interest in equities across key sectors. The rally reflected improved investor confidence in the economy and optimism over corporate earnings, setting a bullish tone for the week’s trading activities. At the close of Monday’s session, the NGX All-Share Index climbed by 0.30 per cent to settle at 157,096.15 points, while market capitalisation advanced from N88.69 trillion at the end of last week to N88.95 trillion. Analysts noted that the growth was primarily driven by gains…
The National Pension Commission (PenCom) has announced a major leap in enforcement activities as it recorded ₦972.12 million in recoveries from defaulting employers in the first quarter of 2025. The figure, representing a 503.7% increase from the ₦161.03 million recovered in the fourth quarter of 2024, underscores the regulator’s deepened resolve to protect workers’ retirement savings under the Contributory Pension Scheme (CPS). According to data released by the Commission, the recoveries in Q1 2025 were sourced from 19 defaulting employers, with penalties totalling ₦381.88 million, compared with ₦246.94 million recorded in the previous quarter. Analysts note that the sharp increase…
The Federal Government of Nigeria has announced that it raked in a substantial N393 billion in tax revenue from Dangote Group and nine other major companies, underscoring the critical role of large corporations in sustaining government revenue streams amid mounting fiscal pressures. The disclosure comes at a time when Nigeria is intensifying efforts to diversify its revenue base, reduce dependence on crude oil earnings, and address rising fiscal deficits. According to official figures, the Dangote Group emerged as one of the largest contributors to tax revenue in the country, alongside other blue-chip companies spanning the banking, telecommunications, cement, and consumer…
The Nigerian equities market on Monday witnessed a significant dip as profit-taking activities among investors dragged the overall performance of the Nigerian Exchange Limited (NGX). The bearish trend resulted in a loss of about N325 billion in market capitalization, signaling a pullback after weeks of sustained rallies that had pushed the stock market to new highs. Analysts attributed the downturn to cautious sentiment among investors who sought to lock in gains amid ongoing economic uncertainties. Data from the NGX showed that the All-Share Index (ASI) slipped by 0.57 percent, closing at 98,552.76 basis points, compared to the previous trading session’s…
The Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals across the country be geo-tagged as part of renewed efforts to combat the increasing wave of electronic fraud. The policy, which is set to take effect in collaboration with banks, fintech operators, and payment service providers, aims to improve the monitoring of transaction points, enhance transparency in payment systems, and strengthen consumer protection. According to the CBN, the rise in electronic payment adoption has been accompanied by a surge in fraudulent activities, especially those perpetrated through PoS terminals. Criminal syndicates have taken advantage of weak…
The Nigerian Economic Summit Group (NESG) has urged the federal government to strengthen its reform momentum and prioritize economic stabilization strategies that will not only safeguard current gains but also set the stage for sustainable long-term growth. Speaking at the mid-year Private Sector Forum for 2025, the policy advocacy group outlined three key pillars that it believes are critical for Nigeria’s future: business continuity, improved productivity and job creation, and expanded social protection systems for vulnerable households. According to NESG, recent reforms have helped the country recover from years of volatility, with modest improvements recorded across various economic indicators. Reforms…
Nigeria has been ranked 116th in the 2025 edition of the Good Governance Index, underscoring the country’s ongoing struggles with governance challenges, economic instability, and institutional inefficiencies. The latest global ranking, which assesses the performance of 193 countries across key governance pillars, revealed that Nigeria fell short of making Africa’s top five despite being the continent’s largest economy and most populous nation. The Good Governance Index evaluates countries based on factors such as political stability, rule of law, economic management, institutional quality, transparency, human rights protection, public service delivery, and accountability. While Nigeria made slight improvements in a few categories…
China has announced a donation of $1 million to Nigeria to support ongoing efforts to assist victims of recent floods that have devastated several communities across the country. The donation, made through the Chinese government, underscores the growing ties between Nigeria and China, particularly in humanitarian cooperation, and aims to provide urgent relief for families affected by one of the most severe flooding incidents in recent years. The flooding, which has been worsened by heavy rains and overflowing rivers across multiple states, has displaced thousands of people, destroyed farmlands, and damaged critical infrastructure. Homes, schools, and healthcare facilities have been…
Nigeria’s capital market has posted a remarkable turnaround under President Bola Tinubu’s reform agenda, with the volume and value of transactions nearly tripling in just two years, according to the Chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga. Speaking during a diplomatic visit to Brazil, Kwairanga credited Tinubu’s wide-ranging interventions—particularly in the oil and gas sector, foreign exchange policy, and tax administration—for restoring stability and investor confidence in the financial markets. He described the surge in activity as a direct outcome of bold reforms that have positively transformed both the economy and the capital market. Building on his remarks,…
Dangote Group, Africa’s largest conglomerate led by Nigerian billionaire Aliko Dangote, has signed a landmark $2.5 billion deal with the Ethiopian government to construct a state-of-the-art fertilizer plant in the East African nation. The agreement, which represents one of the largest single private investments in Ethiopia’s history, underscores Dangote’s strategic vision of expanding beyond cement into other critical sectors that support Africa’s agricultural and industrial development. The project, expected to significantly boost Ethiopia’s agricultural productivity, will involve the establishment of a fertilizer manufacturing complex with the capacity to produce millions of tonnes of fertilizer annually. Ethiopia, a country with an…
Heirs Energies, one of Nigeria’s leading integrated energy companies, is preparing to showcase its growth plans at a major international gathering in South Africa, further positioning itself as a key player in the African energy landscape. The move underscores the company’s ambition to strengthen its footprint across the continent while reinforcing its vision of delivering sustainable and impactful energy solutions that align with Africa’s development priorities. The company, which has in recent years accelerated investments in oil, gas, and power, is expected to use the platform in South Africa to highlight its operational achievements and outline new strategies aimed at…