Nigeria has set its sights on achieving a 7 percent annual economic growth rate, a bold ambition outlined by Vice President Kashim Shettima during his engagements at the 80th United Nations General Assembly (UNGA) in New York. Representing President Bola Tinubu, Shettima told global leaders, investors, and development partners that Nigeria is determined to reposition its economy, restore stability, and ensure sustainable prosperity for its citizens. According to Shettima, the growth target is not a hollow projection but one rooted in the reforms that the Nigerian government has embarked upon since mid-2023. He explained that measures such as the unification…
Author: Temitope Nlewemchi
The Dangote Petroleum Refinery has announced that it will resume gantry self-collection sales to registered oil marketers beginning Tuesday, a development that is expected to boost fuel availability and efficiency in Nigeria’s downstream oil sector. The decision comes after a brief suspension that allowed the refinery to address operational adjustments and strengthen compliance with regulatory standards. The refinery, Africa’s largest, has positioned itself as a pivotal player in Nigeria’s energy landscape. Since beginning operations, its activities have been closely monitored by industry stakeholders, policymakers, and the general public, given its potential to drastically reduce the country’s reliance on imported petroleum…
The African Development Bank (AfDB) has announced a $25 million equity investment into The Currency Exchange Fund (TCX), a global development finance initiative designed to provide local currency hedging solutions for emerging and frontier markets. This latest move is aimed at boosting Africa’s financial stability, reducing foreign exchange risks, and supporting sustainable development projects across the continent. The decision underscores AfDB’s growing commitment to addressing the chronic mismatch between revenue earned in local currencies and debts serviced in foreign currencies, a challenge that has long undermined businesses, governments, and infrastructure projects across Africa. By supporting TCX, AfDB hopes to encourage…
The Federal Government is preparing to issue a bond worth about ₦758 billion before the first week of October, aimed specifically at resolving long-standing pension liabilities, according to the National Pension Commission (PenCom). The move is intended to clear arrears owed to retirees and public sector pensioners, assuring them of relief after years of delay in payments. PenCom revealed in a recent statement that this proposed bond issuance is part of broader government efforts to stabilise the pension system and restore trust among retirees. The acceleration toward issuing the bond reflects increasing public concern over how pension obligations have piled…
Bombardier Inc., the Canadian aerospace company, has publicly commended Dangote Petroleum Refinery, describing it as a world-class facility and a transformative force in the aviation fuel supply chain. This endorsement came during a recent visit by Bombardier’s senior leadership to the refinery in Lekki. Pierre Beaudoin, Chairman of Bombardier’s Board, along with other top executives, expressed admiration for the refinery’s capacity, design, and adherence to international specifications. The Bombardier delegation included regional vice presidents and senior operations officers, who toured the refinery under the guidance of Dangote Group’s management. They emphasized that the facility’s ability to produce jet fuel meeting…
United Bank for Africa (UBA) delivered a Profit After Tax (PAT) of N335.53 billion in the first half of 2025, up about 6% from N316.36 billion in the same period last year. The result, released recently, comes despite headwinds in interest rate volatility, foreign exchange fluctuations, and sharp increases in funding costs in many of its 20-country pan-African operating footprint. Gross earnings for UBA rose by around 17% to N1.608 trillion, significantly higher than the N1.371 trillion posted in H1 2024. A large portion of that growth came from interest income, which climbed to N1.33 trillion from about N1.00 trillion…
Kenya Airways has paid the fine imposed by the Nigerian Civil Aviation Authority (NCAA) following accusations of mistreating Nigerian passengers, including the case of Gloria Omisore. The airline completed payment of the sanction on Wednesday, September 17, 2025, ending weeks of negotiations and public scrutiny. The consumer rights breach stemmed from NCAA investigations into what it described as improper handling of passengers by Kenya Airways at Jomo Kenyatta International Airport (JKIA) in Nairobi. The Gloria Omisore episode was among the highlighted cases. After NCAA raised the matter, Kenyan diplomatic representatives, airline officials, and NCAA leadership held talks aimed at resolving…
The Lagos Chamber of Commerce and Industry (LCCI) has reaffirmed its commitment to nurturing innovation and entrepreneurship among young Nigerians as it prepares to host the annual Omolayole Management Lecture. The forum, which is one of the country’s most respected platforms for leadership and economic dialogue, will once again bring together industry leaders, policymakers, and emerging innovators to address Nigeria’s pressing developmental challenges. This year’s edition of the lecture is themed around the critical role of innovation in transforming Nigeria’s economy, with a strong focus on empowering the youth. LCCI President, Gabriel Idahosa, noted that the lecture provides an opportunity…
Schneider Electric has unveiled a new smart circuit breaker designed to transform energy management for homes, businesses, and industries in Nigeria, further deepening its commitment to driving innovation in the country’s power and energy sector. The launch, which took place in Lagos, aligns with the company’s broader strategy to promote sustainability and improve efficiency through digital technologies at a time when Nigeria continues to grapple with power challenges and rising energy costs. The new product, described as a “connected circuit breaker,” comes equipped with advanced monitoring and control capabilities that allow users to track energy consumption in real-time, detect faults…
Nigeria’s aviation sector is preparing for a major milestone as the country readies to welcome its first dry-lease aircraft in almost two decades, a development many industry players say will reshape the business environment for local airlines. The delivery, scheduled for October 6, is being facilitated through Air Peace and is seen as the beginning of a new chapter for Nigeria’s carriers, which have long been burdened by high costs associated with wet leases. Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the breakthrough during the foundation-laying ceremony for Air Peace’s new Maintenance, Repair, and Overhaul (MRO) hangar in…
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has raised the stakes in its standoff with Dangote Petroleum Refinery, threatening to take legal action over recent claims linking petroleum marketers to smuggling activities. The development has ignited a fresh wave of debate in Nigeria’s downstream oil sector, with stakeholders warning that the clash could have far-reaching consequences for the distribution of fuel nationwide. The controversy began when the Dangote Group, through its refinery management, alleged that some petroleum marketers were engaged in the diversion and smuggling of products. According to the refinery, such activities not only undermine the…
The Federation Account Allocation Committee (FAAC) has announced the disbursement of ₦2.2 trillion to the Federal Government, states, and local government councils as revenue allocation for August 2025. The figure represents one of the highest monthly disbursements in recent years and reflects improved collections from oil and non-oil sources amid ongoing fiscal reforms. According to details released after the FAAC meeting in Abuja, the gross statutory revenue for August stood at over ₦1.05 trillion, while VAT collections contributed ₦520.5 billion. Electronic money transfer levies brought in ₦21.6 billion, and excise duties yielded ₦17.2 billion. Additionally, augmentations from exchange rate differentials…
The Federal Government has paid out ₦330 billion in direct cash transfers as part of its strengthened social protection initiative, reaching more than 8.1 million vulnerable households across Nigeria. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this figure in Abuja, saying the programme is ramping up efforts to cushion the effects of economic reforms like fuel subsidy removal and currency changes. Edun explained that the cash-transfer scheme is being administered via the National Social Safety Net Coordinating Office (NASSCO). The payments are financed by an $800 million facility supported by the World Bank, and beneficiaries…
The Central Securities Clearing System (CSCS) has announced that it processed transactions worth ₦2.1 trillion within the first four months of 2025, underscoring its pivotal role in driving efficiency and stability in Nigeria’s capital market. The clearinghouse, which serves as the financial market’s post-trade services provider, revealed that the milestone reflects growing investor confidence in the Nigerian Exchange (NGX) and the resilience of the market amid global and domestic headwinds. According to the management of CSCS, the value of transactions recorded over the review period signals a positive trajectory for the capital market, with increased activity in equities, fixed income,…
First Bank of Nigeria Limited has once again demonstrated its commitment to empowering Nigeria’s creative and entertainment industry by sponsoring the Calabar Entertainment Conference, a leading platform that brings together stakeholders in film, music, fashion, and the broader cultural economy. The conference, held in Calabar, Cross River State, provided a platform for discussions on harnessing the power of the creative sector to drive economic growth, employment, and youth empowerment. At the event, industry experts, entertainers, and investors deliberated on the opportunities and challenges within the creative space, particularly in relation to technology, financing, and capacity development. Themed around the potential…
The Nigerian Exchange (NGX) closed on a positive note in the latest trading session, with investors recording a collective gain of about N310 billion as the market index advanced on renewed optimism across key sectors. The development signals a rebound in market sentiment after recent fluctuations that saw investors adopt a cautious approach in response to macroeconomic headwinds and global uncertainties. According to market data, the NGX All-Share Index (ASI) appreciated significantly, driven by renewed investor confidence and bargain-hunting in bellwether stocks. The market capitalisation, which represents the total value of listed equities, climbed by N310 billion, pushing it higher…
The Chartered Institute of Stockbrokers (CIS) has announced fresh plans to confront the growing threat of Ponzi schemes in Nigeria by rolling out financial literacy initiatives targeted at young people. The Institute explained that equipping the youth with financial knowledge and investment skills is the most effective long-term strategy to stop the proliferation of fraudulent schemes that continue to defraud millions of unsuspecting Nigerians. Ponzi schemes have become a persistent menace in Nigeria, taking advantage of rising unemployment, economic hardship, and the widespread desire for quick wealth. The schemes often promise unrealistic returns on investments, luring people into parting with…
The Rural Electrification Agency (REA) has disclosed that it has successfully provided electricity access to over eight million Nigerians who were previously living in darkness. This milestone comes as part of the Federal Government’s broader initiative to close the country’s energy access gap and deliver sustainable power solutions to underserved and rural communities. According to the agency, the achievement was made possible through multiple electrification models, including the deployment of solar mini-grids, standalone solar home systems, and productive-use energy projects that support local industries. These initiatives were rolled out under collaborative frameworks with private developers, local entrepreneurs, and international partners,…
Dangote Group has revealed plans to begin importing electric trucks early next year, as part of its strategy to modernise logistics, cut down emissions, and reduce dependency on fossil fuel-powered tanker trucks in its fuel distribution business. The announcement comes amid the rollout of the company’s ambitious compressed natural gas (CNG) fleet programme, and signals a further push toward cleaner energy use in the downstream petroleum sector. At a recent press conference, Aliko Dangote confirmed that the company is working toward deploying electric vehicles (EVs) alongside its existing and incoming fleet of CNG-powered trucks. The electric trucks are scheduled for…
Nigeria’s economic outlook has received a major boost following a fresh projection by the Independent Media and Policy Initiative (IMPI), which forecast that inflation could drop by as much as 17 percent before the end of the year. This comes on the heels of recent positive trends in the country’s inflation data and the impact of sustained monetary and fiscal reforms by the government. For months, Nigerians have been grappling with soaring food and energy prices that have eroded purchasing power and strained household incomes. Inflation, which has remained stubbornly high due to supply chain disruptions, currency fluctuations, and rising…