The Federal Government, in collaboration with the Nigerian National Petroleum Company Limited (NNPCL) and other key stakeholders, is reviewing the naira-for-crude policy to address concerns over its implementation and impact on the economy. The policy, which was introduced to ease foreign exchange pressures and stabilize fuel supply, has faced challenges in execution, prompting the need for reassessment. According to sources familiar with the discussions, the review aims to refine the framework to ensure that crude oil transactions conducted in naira remain sustainable and beneficial to both the government and private sector players. The policy was initially designed to reduce the…
Author: Temitope N.
The Central Securities Clearing System (CSCS) is set to host its annual conference, bringing together key financial market players from Africa and the Middle East. The event aims to foster discussions on market development, investment opportunities, and the role of technology in enhancing securities trading and post-trade services. As one of the leading financial infrastructure providers in Nigeria, CSCS is leveraging the conference to strengthen regional collaboration and promote innovation in capital markets. Experts, regulators, and industry leaders will engage in panel discussions on topics such as digital transformation, risk management, and sustainable finance. A major highlight of the conference…
Global trade is expected to maintain a steady pace in early 2025, according to the World Trade Organization (WTO), despite ongoing geopolitical tensions and economic uncertainties. The organization’s latest projections indicate that trade volumes will see moderate growth, supported by resilient consumer demand and recovering supply chains. While global economic conditions remain unpredictable, the WTO points to easing inflationary pressures and stabilizing commodity prices as key factors that could help sustain trade activity. However, risks such as trade restrictions, geopolitical conflicts, and fluctuations in major currencies may still pose challenges. The forecast comes at a time when many economies are…
The federal government has announced plans to deploy 7,000 telecom towers across the country through a public-private partnership aimed at improving network coverage and bridging connectivity gaps. The initiative is part of ongoing efforts to expand digital infrastructure and enhance mobile and internet services, particularly in underserved and rural areas. According to government officials, the project will be executed in collaboration with private sector investors who will provide funding and technical expertise, while the government facilitates regulatory approvals and policy support. The partnership is expected to accelerate broadband penetration, reduce call drop rates, and improve overall service quality for telecom…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has issued a warning that it may withdraw its members from upstream oil and gas operations over unresolved industry concerns. The union cited issues such as unfair labor practices, unpaid benefits, and poor working conditions as reasons for the potential industrial action. According to PENGASSAN leadership, several oil companies have failed to address long-standing grievances, including job security, wage disputes, and breaches of collective bargaining agreements. The union expressed frustration over what it described as a lack of commitment from both employers and government regulators in resolving these challenges.…
The Federal Inland Revenue Service (FIRS) has pledged to strengthen tax policies across West Africa, aiming to boost revenue generation, enhance compliance, and create a more transparent tax system in the region. The commitment was made during a regional tax conference, where officials emphasized the need for collaboration among West African nations to improve tax administration and curb revenue leakages. With many economies in the region facing financial challenges, FIRS stressed the importance of harmonizing tax policies to prevent tax evasion, promote cross-border trade, and attract foreign investment. The agency highlighted the digital economy as a key area requiring regulatory…
CrediCorp has launched a N100 billion car ownership credit scheme aimed at making vehicle acquisition more accessible for Nigerians. The initiative is designed to provide flexible financing options for individuals and businesses looking to purchase new or pre-owned vehicles, easing the financial burden of outright payments. According to CrediCorp, the scheme offers competitive interest rates, extended repayment periods, and minimal upfront deposits to ensure affordability. The company aims to bridge the gap in vehicle financing by catering to salaried employees, entrepreneurs, and corporate organizations seeking fleet expansion. With the high cost of vehicles and foreign exchange challenges affecting the automobile…
The Federal Government has deducted N800 billion from state allocations to service Nigeria’s mounting foreign debt, a move that has sparked concerns among state governments over dwindling resources for development projects. The deductions were made from the monthly Federation Account Allocation Committee (FAAC) disbursements, further straining the finances of many states already grappling with revenue shortfalls. Government officials defended the action, stating that the deductions were necessary to meet Nigeria’s international debt obligations and avoid default. The country’s rising debt profile has put pressure on its foreign reserves, making timely debt servicing a priority to maintain investor confidence and economic…
Nigeria’s Minister of Housing and Urban Development has revealed that less than 10% of the country’s land is properly documented, highlighting a major challenge in land administration and ownership rights. The lack of proper records has contributed to disputes, illegal land grabbing, and difficulties in securing bank loans using land as collateral. According to the minister, the absence of a comprehensive land registry system hinders economic growth, discourages investment, and complicates urban planning efforts. Many landowners still rely on traditional and informal methods of documentation, which are often not legally recognized. The government has reiterated its commitment to improving land…
Nigeria’s oil revenue faces a major setback following an explosion at a key crude oil pipeline capable of transporting 450,000 barrels per day (BPD). The incident, which occurred in a strategic oil-producing region, has raised concerns over supply disruptions, potential revenue losses, and heightened security risks in the sector. Preliminary reports indicate that the explosion, which rocked the pipeline, may have been caused by sabotage, equipment failure, or operational mishaps. Authorities and oil companies operating in the region have launched investigations to determine the exact cause and assess the extent of the damage. The affected pipeline is a crucial part…
Retinaad, a leading digital advertising firm, has introduced artificial intelligence (AI) solutions to revolutionize the way brands connect with their audiences. The company’s AI-driven approach aims to enhance ad targeting, optimize campaign performance, and improve overall return on investment for advertisers. By leveraging machine learning algorithms, Retinaad’s AI technology analyzes consumer behavior, market trends, and engagement patterns to deliver highly personalized advertisements. This allows brands to reach the right audience with precision, reducing wasted ad spend and increasing conversion rates. According to the company, its AI-powered platform can automatically adjust ad creatives, test multiple variations, and refine messaging in real…
Global financial markets have been rattled as escalating Israeli airstrikes fuel fears of a broader conflict in the Middle East. Investors are reacting to rising geopolitical tensions, with major stock indices experiencing sharp declines amid concerns over oil prices, supply chain disruptions, and overall economic uncertainty. Oil prices surged following the intensified military action, as the risk of instability in the region heightened worries about energy supply disruptions. Brent crude and WTI crude both saw significant gains, reflecting investor anxiety over potential supply shocks from key oil-producing nations. Stock markets across Europe, Asia, and the United States opened lower, with…
Google, Microsoft, and other major technology companies are gearing up for a massive $320 billion investment in artificial intelligence (AI) over the coming years. This unprecedented spending spree highlights the growing competition in AI innovation, as companies race to dominate the industry with cutting-edge advancements. The investment is expected to cover a wide range of AI developments, including cloud computing infrastructure, machine learning models, and generative AI tools. Microsoft, which has already deepened its partnership with OpenAI, is expanding its AI-driven services, while Google continues to enhance its Gemini AI models to rival ChatGPT. Other key players, including Amazon, Meta,…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that women now occupy 35% of board positions in Nigerian banks, marking significant progress in gender inclusion within the financial sector. This development reflects ongoing efforts to promote diversity in leadership and ensure that women have a stronger voice in key decision-making roles. Cardoso made this statement while addressing stakeholders at a financial industry event, where he emphasized the importance of gender balance in corporate governance. He noted that the increased representation of women in banking leadership was a result of deliberate policies aimed at fostering inclusivity…
Fidelity Bank has extended its corporate social responsibility efforts to Kano State by providing food supplies to underserved communities, reinforcing its commitment to supporting Nigerians in need. The initiative, aimed at alleviating food insecurity, comes at a time when many households are struggling with the rising cost of living. During the distribution exercise, representatives of the bank emphasized the importance of giving back to society, especially in regions where economic challenges have made daily survival difficult for many families. The food relief package included essential staples such as rice, beans, and other household necessities, ensuring that beneficiaries had access to…
Telecommunications provider 9mobile has come under fire following allegations that it is preventing subscribers from porting to other networks under the Mobile Number Portability (MNP) scheme. Several customers have reported difficulties in switching operators, claiming that their requests to move to rival networks are being deliberately blocked. The allegations have sparked outrage among affected users, many of whom have expressed frustration over prolonged delays, failed porting attempts, and lack of response from 9mobile’s customer service. Some subscribers accuse the telecom company of intentionally making the process difficult to retain customers amid increasing competition in the industry. Under the Nigerian Communications…
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to sell shares, marking a significant step in its transition towards becoming a commercially driven entity. This move is expected to open up investment opportunities for both local and foreign investors, signaling a major shift in Nigeria’s oil and gas industry. The announcement comes as part of the ongoing reforms aimed at enhancing transparency, efficiency, and profitability in the state-owned oil corporation. With the sale of shares, NNPCL is set to operate more like an independent commercial entity, reducing government control while increasing private sector participation. Implications of the Share…
The Nigerian naira continued its downward spiral at the official foreign exchange market, closing at ₦1,536 per dollar. This marks yet another depreciation as the currency faces mounting pressure from forex demand and liquidity challenges. Market analysts attribute the weakening of the naira to persistent dollar shortages and speculative trading, which have intensified since the Central Bank of Nigeria (CBN) adopted a more flexible exchange rate regime. Despite interventions to stabilize the currency, fluctuations remain a concern for businesses and consumers, leading to rising inflation and increased import costs. The latest depreciation reflects the broader economic uncertainties facing Nigeria, as…
The Nigerian stock market extended its losing streak as investors suffered a N31 billion decline in market capitalization, reflecting the persistent sell-offs that have defined recent trading sessions. The downturn highlights growing investor caution amid economic uncertainty, fluctuating global market trends, and domestic policy concerns. Market Performance and Key Indices Trading activity saw major indices dip, with the benchmark NGX All-Share Index (ASI) shedding points as equities across multiple sectors faced downward pressure. Blue-chip stocks, which typically provide stability, were not spared from the declines, as traders engaged in widespread profit-taking and portfolio rebalancing. Market analysts suggest that the current…
Economic expert and former Minister of Finance, Kemi Adeosun, has called on President Bola Tinubu to appoint a National Export Adviser to drive Nigeria’s non-oil export growth and enhance foreign exchange earnings. She emphasized that such a role is critical in diversifying the country’s economy and reducing its heavy reliance on crude oil revenues. Adeosun highlighted the challenges facing Nigeria’s export sector, including poor infrastructure, inconsistent policies, and limited access to global markets. She argued that having a dedicated adviser would help formulate and implement strategic policies to boost exports, attract foreign investment, and improve Nigeria’s trade balance. According to…