United Kingdom emerged as the largest source of capital inflows into Nigeria in the first quarter of 2025, contributing a significant share of total foreign investments despite global economic headwinds. Data from the National Bureau of Statistics indicated that Nigeria attracted over N5.5 trillion in foreign capital during the period, with the UK accounting for the majority of the inflows. This marked a notable increase compared to the same period last year and highlights renewed investor confidence in Africa’s largest economy. Analysts attribute the surge to ongoing economic reforms aimed at stabilising Nigeria’s macroeconomic environment and liberalising key sectors. The…
Author: Temitope N.
Delta State Government and the Rural Electrification Agency (REA) have signed a memorandum of understanding to tackle persistent electricity supply challenges across the state, officials said. The partnership is aimed at enhancing power distribution, reducing blackouts, and ensuring that households, businesses, and critical institutions have access to reliable electricity. The agreement, signed in Asaba, seeks to facilitate collaborative efforts between the state and the federal agency to rehabilitate existing power infrastructure and expand electricity access to underserved communities. Both parties emphasized that addressing the power deficit is critical to supporting socio-economic development, attracting investment, and improving the quality of life…
The Nigerian Exchange Limited (NGX) closed on a negative note this week as a wave of bearish trading wiped off N663 billion from the market capitalization, deepening concerns among investors already grappling with economic headwinds. The downturn, which affected major sectors including banking, industrial goods, and consumer goods, has underscored growing unease in the equities market despite recent policy reforms aimed at boosting investor confidence. Data from the NGX revealed that the market capitalization, which opened the week at N56.08 trillion, fell sharply to N55.42 trillion by the close of trading, reflecting heightened sell-offs across several blue-chip stocks. The All-Share…
The residents of Enugu and parts of the South-East have been thrown into darkness following a fresh dispute between the Enugu Electricity Distribution Company and consumers over the recently introduced electricity tariff regime. The blackout, which has lasted several days, has left households and businesses grappling with the twin challenges of lack of power supply and the burden of higher tariffs imposed on select categories of customers. Reports indicate that the row stems from disagreements over the implementation of the Band A tariff classification, which pegs electricity supply at a minimum of 20 hours per day for those placed under…
The Nigerian National Petroleum Company Limited has said the country’s oil production output is still falling short of its true potential despite its vast hydrocarbon reserves and recent gains in crude production.The Group Chief Executive Officer of NNPCL, Bayo Ojulari, stated this at the 4th Petroleum and Natural Gas Senior Staff Association of Nigeria Energy and Labour Summit in Abuja, where industry stakeholders gathered to examine ways of strengthening the country’s oil and gas sector. He explained that though some progress had been recorded in stabilising production, Nigeria was yet to fully maximise the opportunities that exist in its reserves.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the country produced a total of 1.37 trillion cubic feet (TCF) of natural gas between January and June 2025. The figure highlights both the scale of Nigeria’s gas resources and the government’s ongoing push to expand gas development as a cornerstone of national energy strategy. According to the NUPRC’s latest industry performance report released in Abuja on Wednesday, the volume represents combined output from joint ventures, production sharing contracts, and marginal field operators across the six-month period. The Commission explained that out of the total gas produced, a significant portion…
The Federal Government has reiterated its determination to transform Nigeria’s maritime sector into a modern, globally competitive industry that will contribute significantly to economic growth. Minister of Marine and Blue Economy, Adegboyega Oyetola, made this known while addressing stakeholders at a strategic maritime industry engagement in Lagos on Monday. Oyetola said the government is committed to implementing policies and reforms that will reposition the sector, attract investments, and ensure that Nigeria fully harnesses its vast maritime potential. According to him, President Bola Tinubu’s administration sees the maritime industry as a strategic pillar for revenue generation, job creation, and economic diversification.…
The Nigeria Customs Service (NCS) has taken a significant step toward advancing trade facilitation reforms by engaging the Nigerian Shippers’ Council (NSC) on the implementation of its Business Oriented Digital Operations for Goods Winning (B’Odogwu) initiative. The partnership is expected to strengthen digital transformation in Nigeria’s maritime and border operations while addressing long-standing challenges of inefficiency, delays, and high costs in cargo clearance. B’Odogwu, introduced by the Customs Service, is designed as an end-to-end technology-driven solution that will overhaul existing processes and reduce human interference in port operations. The platform seeks to digitize cargo clearance, automate revenue collection, improve transparency,…
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has reaffirmed that Nigeria’s state-owned refineries will return to full operation, dismissing doubts raised by critics and industry observers. Ojulari, who spoke at a stakeholders’ engagement session in Abuja, said the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries remains on course, with test runs on the Port Harcourt plant expected soon. He stressed that the refineries are being overhauled with the involvement of reputable international contractors to ensure world-class standards. “Our refineries will work again. The projects are progressing steadily, and Nigerians…
Nigeria’s banking sector has emerged as the top destination for capital inflows into the country, attracting more than half of total foreign investment in the first half of 2025. This development comes on the back of ongoing financial reforms aimed at stabilising the economy, boosting investor confidence, and deepening the financial sector. According to the latest data released by the National Bureau of Statistics (NBS), the banking industry accounted for the largest share of capital inflows, outpacing other sectors such as telecommunications, manufacturing, and agriculture. Analysts say the dominance of banks in attracting investment reflects both the sector’s central role…
The Nigerian Airspace Management Agency (NAMA) has commenced a wide-ranging audit of the nation’s airspace as part of efforts to strengthen safety, improve operational efficiency, and align with global aviation standards. The audit, described by the agency as historic, will involve a full review of the country’s communication, navigation, and surveillance systems, alongside assessments of air traffic management procedures. It will also cover critical infrastructure at major airports and regional air traffic control centres across the country. NAMA said the exercise is necessary to identify gaps in current operations and to develop a strategic roadmap that will enhance the safety…
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…
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…
The Federal Government has announced the commencement of a comprehensive review of the country’s revenue allocation formula, a process aimed at addressing long-standing concerns over fiscal imbalance and improving equitable distribution of resources across the three tiers of government. The exercise, according to officials, is expected to take into account current economic realities, the revenue needs of states and local governments, and the federal government’s obligations, with the goal of creating a more sustainable fiscal framework for national development. The review comes amid repeated calls by state governors, local government authorities, and civil society organisations for a more just and…
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that the recent moderation in Nigeria’s headline inflation could be undermined by persistent hikes in food prices, which continue to exert pressure on household incomes and worsen poverty levels. Director of CPPE, Dr. Muda Yusuf, made this known in a statement on Friday, noting that while the National Bureau of Statistics (NBS) reported a slowdown in headline inflation to 21.88 percent in July, the underlying reality remains challenging for many Nigerians as food remains the dominant component of household spending. According to Yusuf, food inflation has remained sticky and…
The Dangote Group has announced that global shipping disruptions have delayed the arrival of its compressed natural gas (CNG) trucks, slowing down its ambitious plan to roll out 3,550 vehicles to support Nigeria’s energy transition and reduce reliance on petrol and diesel. Out of the total order, only 450 trucks have so far arrived in the country, with the remainder still stranded in transit due to ongoing global logistics challenges. The trucks, manufactured by Chinese partners, are a key component of Dangote’s broader push to deepen CNG adoption in Nigeria as part of efforts to lower costs, cut emissions, and…
The Office of the Surveyor-General of the Federation (OSGoF) has raised concerns over the growing number of illegal structures springing up along Nigeria’s shorelines, warning that such developments not only contravene existing laws but also threaten the environment, public safety, and national infrastructure. Surveyor-General of the Federation, Abuduganiyu Adeyemi Adebomehin, said his office has completed an extensive mapping exercise that identified several unapproved constructions along coastal corridors in Lagos, Rivers, Delta, Cross River, and other littoral states. According to him, these structures — many of them private estates, hotels, and makeshift commercial hubs — were erected without proper approvals and…
The Nigerian Institute of Town Planners (NITP) has inaugurated a high-powered panel to oversee the effective execution of planning laws across the country, in what is seen as a critical step towards promoting sustainable urban development and addressing Nigeria’s mounting challenges in city growth, infrastructure provision, and land use management. The panel, according to the NITP leadership, is tasked with developing practical frameworks to guide the enforcement of existing planning regulations, ensure compliance by stakeholders, and strengthen collaboration between professional bodies, state governments, and federal authorities. Speaking during the unveiling in Abuja, NITP President, Nathaniel Atebije, said the move was…
Nigeria has been ranked 8th in Africa and 98th globally on the United Nations’ industrialisation index, according to the latest report assessing the performance of nations in promoting industrial growth and economic diversification. The ranking, released by the United Nations Industrial Development Organization (UNIDO), measures the extent to which countries are advancing in areas such as manufacturing value addition, industrial output, competitiveness, and contribution of industry to national economic growth. According to the report, Nigeria’s position reflects modest improvements in recent years but also underscores the challenges confronting Africa’s largest economy in achieving sustained industrial transformation. Despite its size and…
The Kano State Government has approved the sum of N40.8 billion for the construction and rehabilitation of roads across different parts of the state, in a move aimed at addressing the infrastructure deficit and boosting economic activities. Governor Abba Kabir Yusuf, who disclosed the development after the State Executive Council meeting, said the projects are part of his administration’s renewed effort to improve urban and rural road networks, reduce travel time, and create jobs for thousands of residents. According to him, road infrastructure remains one of the central pillars of his government’s development agenda, as it directly impacts trade, agriculture,…