A recent economic report has offered a mixed assessment of Nigeria’s current economic performance, highlighting both signs of recovery and persistent structural challenges. The report, compiled by a team of local economists and analysts, examines the country’s fiscal health, inflation trends, and GDP growth over the past year. According to the report, Nigeria’s Gross Domestic Product (GDP) grew by a modest 2.98% in the first quarter of 2025, driven largely by growth in the services and telecommunications sectors. While this represents an improvement from previous quarters, it remains below the government’s annual growth target of 3.5%. Analysts note that oil…
Author: Temitope Nlewemchi
A recent economic report has offered a mixed assessment of Nigeria’s current economic performance, highlighting both signs of recovery and persistent structural challenges. The report, compiled by a team of local economists and analysts, examines the country’s fiscal health, inflation trends, and GDP growth over the past year. According to the report, Nigeria’s Gross Domestic Product (GDP) grew by a modest 2.98% in the first quarter of 2025, driven largely by growth in the services and telecommunications sectors. While this represents an improvement from previous quarters, it remains below the government’s annual growth target of 3.5%. Analysts note that oil…
Amid rising interest in migration among Nigerian youths, a growing number of experts are urging prospective migrants to thoroughly evaluate their motivations and understand the realities before making the life-altering decision to leave the country. This advice comes at a time when the “Japa” phenomenon—a local slang meaning “to flee” or “run away”—has taken firm root in the national psyche, with thousands of Nigerians relocating annually in search of better opportunities abroad. While the aspiration for improved living conditions, higher education, better healthcare, and secure employment is entirely legitimate, experts warn that many Nigerians, particularly the youth, are venturing into…
The Chartered Institute of Personnel Management of Nigeria (CIPM) has formally reiterated that practicing human resource management in Nigeria without its certification is illegal. This reaffirmation, rooted in the provisions of the Act establishing the Institute, is a direct move to professionalize HR practice nationwide and ensure that only qualified and certified individuals are allowed to manage human capital in both private and public organizations. The CIPM Act, CAP I15, Laws of the Federation of Nigeria, 2004, clearly defines the Institute’s mandate to regulate and control the practice of human resource management in Nigeria. The law grants CIPM the exclusive…
At the BRICS Trade Forum held recently in Brazil, Nigerian lawmaker and Chairman of the House Committee on Foreign Affairs, Wole Oke, called on member states of the BRICS alliance to intensify trade among themselves using their respective local currencies. His remarks come amid growing momentum within the bloc to reduce reliance on the US dollar in global trade and financial transactions, a sentiment echoed by other BRICS representatives during the high-level meeting. The BRICS group—comprising Brazil, Russia, India, China, and South Africa—has long expressed interest in challenging the dominance of Western financial institutions and currency systems. With Nigeria attaining…
The Nigeria Customs Service (NCS), through its Federal Operations Unit (FOU) Zone A, has made a significant breakthrough in its anti-smuggling operations with the interception of 11 used vehicles and a variety of smuggled goods, all valued at over ₦1.28 billion. The seizures were made during a series of coordinated operations across the southwestern states of Lagos, Ogun, and Oyo within just two weeks, marking a major success in the Service’s efforts to protect Nigeria’s economy from illegal trade. Comptroller Mohammed Shuaibu, the head of the FOU Zone A, revealed the details of the operation during a media briefing in…
From June 3, 2025, Nigerian bank customers will begin paying for USSD transactions through deductions from their airtime balance instead of their bank accounts. This directive, issued by the Nigerian Communications Commission (NCC), marks a major shift in how digital banking services are billed and is intended to resolve the long-standing dispute between banks and telecom operators over unpaid USSD charges. Previously, banks deducted USSD transaction fees directly from customers’ bank accounts, a method that led to accumulated debts exceeding ₦250 billion owed to mobile network operators (MNOs). The new approach will place the billing responsibility on the end-user and…
Indonesia has suspended its fully online visa renewal system for foreign nationals, shifting to a hybrid model that now requires an in-person visit to immigration offices across the country. The move, announced by the Directorate General of Immigration, affects all types of visa extensions, including Visa on Arrival (VoA), electronic VoA (e-VoA), and Temporary Residence Permits (KITAS). Effective immediately, foreign nationals seeking to renew their stay must first submit applications online and then appear in person for biometric data collection and a short interview. The decision is part of a broader effort by Indonesian authorities to tighten immigration procedures and…
Ontario is preparing to introduce comprehensive labour and immigration reforms by August 2025, aiming to better align the province’s immigration system with its evolving labour market needs and enhance protections for workers. These changes will be enacted through the Working for Workers Seven Act, 2025, a piece of legislation designed to modernize how Ontario manages immigration nominations and workplace standards. The reforms reflect Ontario’s intent to create a more responsive, transparent, and secure system that benefits both employers and workers, as well as prospective immigrants seeking opportunities in the province. A central focus of the reforms is the modernization…
The Central Bank of Nigeria (CBN) has reported a notable increase in the country’s broad money supply (M3), which surged by 4.2 percent month-on-month to reach N119.1 trillion in April 2025. This figure represents a rise from N114.2 trillion recorded in March, underscoring significant liquidity expansion in the Nigerian economy despite ongoing monetary policy stability. This increase occurred even as the CBN held its Monetary Policy Rate (MPR) steady at 27.5 percent for the second consecutive meeting. The decision to maintain the MPR reflected a cautious approach by the bank amid uncertainties in the global economic environment, including inflationary pressures…
APM Terminals Apapa, Nigeria’s largest and busiest container terminal, has temporarily suspended the reception of empty containers following an unexpected spike in import cargo volumes. The decision comes amid growing congestion at the terminal, with yard space stretched to capacity due to the build-up of uncollected empty containers. According to the terminal operator, the sudden and sustained increase in imports in recent weeks has forced shipping lines to prioritize the discharge of laden containers, leaving behind a backlog of empties. The result is a yard filled with containers awaiting evacuation, making it difficult to accept more without compromising operational…
Nigeria’s financial technology sector is witnessing a wave of innovation as new finance management apps are being launched to meet the growing demand for smarter, more accessible tools for managing money. These apps are designed to help different segments of the population—from creatives and freelancers to young people and couples—gain better control over their finances. The recent introductions of Velvy, Moremonee’s “Snappy” feature, Unity Bank’s GenFi platform, and the partnership between Lloyds Banking Group and Lumio represent a significant leap forward in the country’s fintech landscape. Velvy is an app tailored specifically for creatives, freelancers, and small business owners who…
In a strategic move aimed at revitalizing Nigeria’s oil and gas sector, President Bola Tinubu has signed a landmark Executive Order designed to cut upstream petroleum project costs and stimulate fresh investment. The order, officially named the Upstream Petroleum Operations Cost Efficiency Incentives Order, 2025, introduces a system of performance-based tax incentives for oil operators who achieve verifiable cost savings, signaling a major policy shift in the country’s approach to managing its energy resources. This Executive Order comes at a critical time for Nigeria, which has been battling declining production, underinvestment, and an increasingly competitive global energy landscape. The Tinubu…
Nigeria’s oil and gas sector is bracing for major changes as over 55 oil block licences are set to expire before the end of 2025, with a significant number of them—up to 40—reaching their deadline in June. This development has sparked conversations within the industry about the broader implications for oil production, investor confidence, and the stability of Nigeria’s energy output. Many of the licences nearing expiration include key Oil Mining Leases (OMLs) and Oil Prospecting Licences (OPLs) located primarily in the Niger Delta region, the heart of Nigeria’s oil production. Some of the notable blocks on the list include…
French oil and gas multinational TotalEnergies has agreed to sell its 12.5% non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) in a transaction valued at $510 million. The move is part of TotalEnergies’ strategic shift toward a leaner, more efficient upstream portfolio and reflects the changing dynamics of the global energy industry. For Shell, the deal marks a reinforcement of its long-standing commitment to Nigeria’s deepwater sector and a step towards consolidating its position in one of Africa’s most prolific offshore assets. The Bonga oilfield, situated approximately 120 kilometers offshore from the…
Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has been honoured with the prestigious title of Central Bank Governor of the Year at the 2025 African Banker Awards Gala held recently in Abidjan, Côte d’Ivoire. This award, presented by African Banker magazine in collaboration with the African Development Bank Group, recognises Cardoso’s exceptional leadership and impactful reforms that have significantly strengthened Nigeria’s financial system and contributed to economic stability. The African Banker Awards, now in their 19th year, are a benchmark event in Africa’s financial calendar. They bring together senior policymakers, banking executives, and industry…
First City Monument Bank (FCMB) has once again pledged its strong support for the Ojude Oba Festival, one of Nigeria’s most prominent cultural celebrations. The bank highlighted the festival’s important role in promoting unity, preserving cultural heritage, and driving economic activities within Ijebu-Ode and beyond. In a statement ahead of the 2025 edition of the festival, FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, emphasized that the festival aligns closely with the bank’s values of fostering meaningful relationships, community development, and inclusive growth. “Ojude Oba reflects the kind of society we want to build—one that honors legacy, encourages unity,…
Sidi Ould Tah of Mauritania has been elected as the ninth President of the African Development Bank (AfDB), marking a significant milestone for the continent’s leading financial institution. Tah’s election, which took place at the AfDB’s Annual Meetings in Abidjan, Côte d’Ivoire, saw him secure an overwhelming 76.18% of the vote in the third round of balloting. He defeated four other candidates, including notable contenders like Zambia’s Samuel Maimbo and Senegal’s Amadou Hott, underscoring the strong support he garnered across the African membership. At 60 years old, Tah brings to the role over 35 years of extensive experience in African…
KoolBox, a Nigerian technology company specializing in sustainable energy solutions, has launched an innovative solar-powered cooling platform aimed at tackling the challenges of food spoilage and medical storage in Nigeria. The new platform offers affordable and reliable refrigeration options that operate entirely on solar energy, addressing frequent power outages and high electricity costs that limit access to conventional cooling systems. The launch event, held recently in Lagos, showcased KoolBox’s solar refrigeration units designed for both households and small businesses. The company introduced flexible access models, allowing users to either exchange old electric refrigerators for solar-powered ones, convert existing units…
George Onafowokan, Managing Director of Coleman Wires and Cables, has expressed optimism over the growing interest of foreign investors in Nigeria, particularly in the manufacturing sector. Speaking during a recent interview, Onafowokan said that despite economic hurdles, global investors are beginning to see Nigeria as a land of opportunity with strong industrial potential. According to him, the renewed wave of interest is driven by Nigeria’s vast consumer base, improving business environment, and the resilience of local industries. “What we are seeing is a gradual shift. International investors are no longer just eyeing Nigeria—they’re starting to make concrete moves. They…