The International Monetary Fund (IMF) has expressed concern that while Nigeria’s current wave of economic reforms has begun to steady macroeconomic indicators and attract new investor confidence, the positive impacts are yet to be felt by millions of ordinary Nigerians who still struggle daily with high living costs and worsening poverty. In its latest assessment of the country’s economic performance, the IMF acknowledged that Nigeria has taken bold policy steps in recent months, including removing costly fuel subsidies, liberalising its foreign exchange market, and halting ways in which the central bank previously financed government deficits. These decisions, the Fund…
Author: Temitope N.
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…
The House of Representatives Committee on Petroleum Resources (Downstream) has stepped into the ongoing conflict between the Dangote Petroleum Refinery and the National Union of Petroleum and Natural Gas Workers (NUPENG), urging both parties to embrace dialogue and find a peaceful resolution in the interest of national stability. The intervention follows weeks of rising tension sparked by disagreements over supply arrangements, labor issues, and claims of economic sabotage that have unsettled Nigeria’s downstream oil sector. The committee, chaired by Hon. Ikenga Imo Ugochinyere, convened an emergency session on Tuesday in Abuja, where key representatives of Dangote Refinery, NUPENG, the Nigerian…
The Dangote Petroleum Refinery has officially resumed the sale of petrol in naira, reversing its earlier decision to suspend transactions in the local currency. This development comes after the intervention of a special committee set up by the federal government to resolve the pricing and operational disagreements that had sparked concerns across the downstream oil sector. The refinery, which had temporarily halted sales in naira citing operational risks, exchange rate volatility, and payment delays from fuel marketers, confirmed on Wednesday that it has resumed local currency transactions with immediate effect. The suspension had generated intense debate, with stakeholders warning that…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has intensified efforts to attract private sector participation as part of a broader strategy to boost the country’s marine and blue economy. The agency, in line with the federal government’s vision of diversifying revenue sources and strengthening non-oil sectors, has outlined new initiatives to unlock investment opportunities across shipping, port infrastructure, shipbuilding, fisheries, and related maritime services. NIMASA’s push comes at a time when Nigeria is seeking alternative revenue streams to reduce dependence on oil, which has historically dominated government income. The marine and blue economy—spanning fisheries, transport, offshore energy, coastal tourism,…
The National Pension Commission (PenCom) has announced that all Pension Fund Administrators (PFAs) must meet a recapitalisation threshold of ₦20 billion by December 2026. The directive, unveiled in a regulatory circular to stakeholders, underlines the commission’s resolve to strengthen Nigeria’s pension industry, enhance financial sector stability, and boost public confidence in pension fund management. PenCom’s new requirement mandates that each PFA raise its minimum shareholders’ equity to ₦20 billion within the set timeframe. PFAs will be allowed to achieve this through internal capital growth, issuance of shares, or mergers and acquisitions, as long as they remain compliant with regulatory standards.…
The Advertising Regulatory Council of Nigeria (ARCON) has issued a stern warning to the public regarding the rising use of artificial intelligence (AI) images to promote fraudulent Ponzi schemes across the country. The regulatory body expressed concern over the sophistication of these scams, which now employ AI-generated visuals and manipulated media to mislead unsuspecting Nigerians into investing in schemes that promise unrealistic financial returns. ARCON noted that the misuse of AI-generated content in advertising has introduced a dangerous trend that could erode trust in legitimate communication channels if not swiftly addressed. The agency explained that scammers are increasingly creating fake…
The Federal Inland Revenue Service (FIRS) has announced the creation of a dedicated trust fund and an educational sponsorship scheme for the families of its staff members who tragically lost their lives in the recent fire incident at Afriland Towers, Lagos. The measure comes as part of a comprehensive support package aimed at easing the immediate and long-term burdens of the bereaved families, while reaffirming the agency’s commitment to the welfare of its workforce. The Afriland fire, which broke out in the multi-storey building housing several corporate offices, claimed the lives of FIRS employees who were at work during the…
The Dangote Petroleum Refinery has accused the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) of engaging in actions it described as deliberate economic sabotage, following disruptions to crude oil and gas supplies to its multi-billion-dollar facility in Lagos. The accusation comes against the backdrop of escalating tensions between the management of the refinery and the union, whose industrial actions have sparked concerns over fuel availability and broader economic stability. According to the refinery’s management, PENGASSAN’s directives to halt supply have significantly affected production schedules and the distribution of refined petroleum products. Dangote officials argue that these actions…
The Corporate Affairs Commission (CAC) in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced the launch of a nationwide initiative to provide free business registration for 250,000 micro, small, and medium enterprises (MSMEs). The initiative, which was unveiled this week, is part of the federal government’s broader strategy to formalize the informal sector, boost entrepreneurship, and promote economic growth. According to CAC Registrar-General, the free registration drive will enable thousands of small businesses operating without formal documentation to become officially recognized. This will give them access to critical benefits such as business bank accounts,…
First City Monument Bank (FCMB) Group has announced a delay in the release of its financial results for the third quarter of 2025, citing an ongoing interim audit exercise. The development, which was communicated to stakeholders through a regulatory disclosure, has drawn the attention of investors, analysts, and the broader financial market, given the group’s significant role in Nigeria’s banking sector. The bank explained that the decision to conduct an interim audit was part of its effort to strengthen transparency, improve compliance with regulatory requirements, and ensure accuracy in its financial reporting. According to the statement, the audit process is…
Nigeria is set to secure a significant financial boost as the World Bank prepares to approve a $750 million loan on Tuesday, marking one of the largest recent interventions by the global lender in support of the country’s economic reforms. The facility, expected to be approved by the World Bank’s Board of Directors, is designed to strengthen Nigeria’s fiscal management, enhance social protection systems, and support key reforms targeted at stabilizing the economy. The anticipated approval comes at a time when Nigeria is grappling with mounting economic pressures, including high inflation, a volatile exchange rate, revenue shortfalls, and rising debt…
Nigeria’s scrap and waste recycling industry is targeting an ambitious creation of an additional 5 million jobs by the end of 2025, in a bold move to deepen its economic impact and capitalise on the growing green economy. Building on recent gains—where waste management already contributed over 1.6 million jobs annually and around 3.2 percent to GDP—the sector plans a major scale-up across the recycling value chain. Officials and industry experts say the target builds on Nigeria’s estimated 32 million tonnes of solid waste generated each year, of which only a small fraction—less than 20 percent—enters formal recycling streams. By expanding collection,…
The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard…
Nigeria’s banking and insurance sectors, along with other financial institutions, collectively contributed an estimated ₦1.77 trillion to the national economy in the first quarter of 2025, underscoring their growing importance across finance and industry. Data from regulatory and market sources reveal that the banking industry remained the main driver of this contribution. Profits, interest earnings, fees, and charges from lending, advisory services, and digital banking platforms formed the bulk of activity. Several banks also benefited from rising demand for retail and corporate loans, trade finance, and treasury operations amid a recovering economy. Insurance companies, pension fund administrators, and capital market…
The Naira concluded the week on a more positive note, trading at ₦1,534.72 to the U.S. dollar in the official market—a modest but meaningful improvement from the ₦1,550 average recorded earlier in the week. The currency’s uptick is being attributed to increased liquidity in the foreign exchange market, tighter regulatory oversight, and measured intervention by financial authorities. Following weeks of sustained pressure stemming from thin dollar supply and persistent currency volatility, this upward movement brought renewed optimism to import-dependent businesses and households grappling with surging costs. It offers a momentary respite from the uncertainty that has gripped exchange rates, import…