As world leaders gather for the 2025 G20 Summit, economists and policy experts have sounded a dire warning that the widening gap between the rich and the poor poses a grave threat to global democracy and social stability. They urged G20 nations to prioritise equitable economic policies, wealth redistribution, and stronger social safety nets to prevent the erosion of democratic governance and trust in public institutions. Speaking ahead of the summit, which is focused on “Inclusive Growth and Sustainable Development,” experts from global think tanks, including the World Inequality Lab, the International Monetary Fund (IMF), and Oxfam International, emphasised that…
Author: Temitope N.
Cooking gas retailers across Nigeria have sounded the alarm over a looming scarcity of Liquefied Petroleum Gas (LPG), warning that the supply disruptions and rising prices may soon leave millions of households struggling to afford or access the essential commodity. The retailers, under the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) and Cooking Gas Retailers Association of Nigeria (CGRAN), expressed concern that import delays, supply bottlenecks, and high foreign exchange costs are threatening the stability of the domestic gas market. According to the associations, the current market situation is unsustainable and may worsen if urgent government…
The Centre for the Promotion of Private Enterprise (CPPE) has warned that the recent remarks made by former United States President Donald Trump about possible military intervention in Nigeria could have far-reaching economic implications, particularly on investor confidence and capital inflows. According to the organisation, such comments, though speculative, can unsettle the financial market and create unnecessary uncertainty in the investment climate. Speaking through its Director, Dr. Muda Yusuf, the CPPE explained that international investors are highly sensitive to political rhetoric and threats, especially when they come from a figure with global influence like a former U.S. President. Yusuf noted…
Nigeria’s non-oil exports have maintained strong momentum, reaching $3.23 billion in value despite global trade disruptions and domestic economic pressures. The latest data, released by the Nigerian Export Promotion Council (NEPC), indicates that the country’s export diversification efforts are beginning to yield tangible results, driven largely by agriculture, manufactured goods, and solid minerals. According to the NEPC report for the third quarter of 2025, non-oil exports accounted for a growing share of Nigeria’s foreign exchange earnings, demonstrating resilience amid foreign exchange volatility, high logistics costs, and lingering inflationary trends. The report revealed that over 300 different export products were recorded…
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, has been listed among top African experts and policymakers scheduled to speak at the forthcoming Pan-African Parliament Session in Midrand, South Africa. The session, which will focus on strengthening Africa’s energy governance and promoting sustainable resource management, is expected to bring together legislators, regulators, and energy industry leaders from across the continent. Komolafe’s invitation was confirmed by the Committee on Energy, Infrastructure, and Mineral Resources of the Pan-African Parliament. His selection is seen as recognition of Nigeria’s leadership role in energy reform and the Commission’s recent…
Sterling Financial Holdings Company Plc (Sterling HoldCo), the parent firm of Sterling Bank and Alternative Bank Limited, has announced a robust N341.7 billion revenue for the third quarter (Q3) of 2025, reflecting sustained growth across its core banking and non-banking operations. The performance underscores the company’s strategic diversification following its transition into a holding company structure and its growing footprint in Nigeria’s evolving financial landscape. In a statement released to the Nigerian Exchange Group (NGX), Sterling HoldCo said the impressive revenue figure was driven by strong loan growth, increased transaction volumes, and improved returns from its digital banking platforms. The…
A new travel tax initiative introduced by the Federal Government, estimated to generate $1 billion annually, has triggered widespread protests from aviation stakeholders, travel agencies, and frequent flyers who argue that the move could further burden travelers and weaken Nigeria’s already fragile aviation industry. The controversial policy, unveiled jointly by the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS), aims to impose a new levy on both international and local air tickets, with the goal of increasing government revenue and supporting aviation infrastructure. However, the measure has been met with strong opposition from industry players who describe…
The Federal Government, in collaboration with key Nigerian banks, has unveiled plans to attract $20 billion in diaspora funds as part of a broader strategy to strengthen foreign exchange reserves, support infrastructure development, and drive economic recovery. The initiative, which forms a major component of the government’s economic stabilization plan, seeks to leverage remittances and diaspora investments as sustainable sources of external financing amid volatile global markets and fluctuating oil revenues. According to top government officials, the move aligns with President Bola Tinubu’s economic diversification agenda, which prioritizes the mobilization of private capital and diaspora resources to complement public sector…
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has described the ongoing Lagos–Calabar Coastal Highway project as a major economic lifeline that will reshape the nation’s transport and maritime landscape, enhance trade, and drive inclusive development across the coastal states. Oyetola made the remark during an inspection tour of sections of the project and at a ministerial briefing in Abuja, emphasizing that the multi-billion-dollar infrastructure would serve as a strategic corridor for industrialization, tourism, and logistics. According to the minister, the coastal highway, which spans over 700 kilometres, is designed to connect Lagos in the Southwest to Calabar in…
A private consortium has secured a landmark $50 billion funding package to finance the development of a large-scale refinery project in Ondo State, alongside several other strategic energy and infrastructure initiatives across Nigeria. The funding, which is being described as one of the largest single private-sector investments in the country’s history, is expected to significantly boost Nigeria’s refining capacity, job creation, and foreign exchange savings. According to reliable industry sources, the funds will be channeled into the construction of a state-of-the-art refinery in Ondo, designed to refine over 300,000 barrels of crude oil per day (bpd) upon completion. The project…
Zenith Bank Plc has reported a remarkable financial performance for the nine months ending September 30, 2025, recording a profit after tax (PAT) of ₦917.4 billion, a 287 percent increase compared to ₦236.8 billion posted in the corresponding period of 2024. The tier-one lender’s unaudited financial statements filed with the Nigerian Exchange Limited (NGX) show that its gross earnings soared to ₦3.3 trillion, representing a 220 percent growth year-on-year, driven by robust interest income, foreign exchange gains, and improved non-interest revenue. The performance consolidates Zenith Bank’s position as one of Nigeria’s most profitable financial institutions, reflecting the success of its…
The Nigerian naira strengthened significantly in the foreign exchange market, hitting a 2025 peak of N1,421 per dollar on Friday, driven by a surge in foreign exchange supply and renewed investor confidence. This marks the highest value the local currency has attained this year, reflecting the Central Bank of Nigeria’s (CBN) sustained interventions and improving dollar inflows into the economy. According to traders, the appreciation was largely supported by increased foreign exchange liquidity in both the official and parallel markets, as well as rising remittances and export earnings. Data from the FMDQ Securities Exchange showed that the naira closed at…
Nigeria’s foreign exchange market has witnessed a steady improvement in liquidity and inflows, driven largely by the Central Bank of Nigeria’s (CBN) sustained reform measures, despite a downturn in global oil prices. The local currency, the naira, has shown signs of resilience in recent weeks as confidence strengthens among investors and exporters. Market reports indicated that foreign exchange inflows have increased across official channels, buoyed by the CBN’s efforts to enhance transparency, unify exchange rates, and clear outstanding backlogs owed to foreign investors and airlines. These reforms have restored trust and repositioned Nigeria as an attractive investment destination amid volatile…
Rex Insurance Plc has posted a resilient financial performance for the 2025 fiscal year, reporting profit growth despite a substantial ₦30.2 billion payout in insurance claims. The company’s ability to remain profitable amid the challenging macroeconomic environment underscores its robust risk management framework, prudent underwriting, and strategic focus on operational efficiency. According to its latest financial report submitted to the Nigerian Exchange Group (NGX), Rex Insurance achieved a gross written premium (GWP) of ₦94.8 billion for the period, representing a 26% increase compared to ₦75.3 billion recorded in the previous year. The company attributed the growth to expanding its retail…
The Federal Government has assured Nigerians and the business community that it will carry out extensive stakeholder consultations before the implementation of the next phase of tax reforms slated for 2026. The government said the move is aimed at ensuring fairness, inclusiveness, and efficiency in the nation’s tax system, while also boosting compliance and economic growth. Speaking during a policy dialogue on Nigeria’s tax reform agenda in Abuja, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, said the committee is prioritising dialogue with critical stakeholders, including state governments, businesses, labour unions, civil society…
MTN Nigeria, one of the country’s largest telecommunications and digital service providers, has revealed that its total tax obligations soared to ₦376 billion in 2024, marking a substantial increase over the previous year. The surge in the tax bill, according to the company’s financial disclosures, reflects the impact of inflation, exchange rate volatility, and expanded operations across the telecom and fintech sectors. The company, which remains Nigeria’s leading corporate taxpayer in the private sector, stated that the ₦376 billion comprises company income tax, value-added tax (VAT), education tax, and regulatory levies paid to multiple government agencies. MTN attributed the rise…
Nigerian Breweries Plc, the country’s largest brewing company and a subsidiary of Heineken N.V., has reiterated its unwavering commitment to achieving net-zero carbon emissions across its operations by the year 2050. The declaration reinforces the company’s alignment with global sustainability standards and Nigeria’s broader environmental goals amid rising concerns over climate change and industrial pollution. Speaking during the company’s sustainability performance review in Lagos, Nigerian Breweries’ Managing Director, Hans Essaadi, emphasised that the company’s journey toward a net-zero future has moved beyond mere pledges into measurable action. According to him, the brewer has made significant progress in reducing its carbon…
First Bank of Nigeria Limited has reaffirmed its strong commitment to environmental sustainability with a renewed drive to complete its ambitious 50,000-tree planting initiative before the end of 2025. The bank, which launched the tree-planting campaign as part of its corporate social responsibility under the FirstGreen Sustainability Initiative, announced that it has already planted over 43,000 trees across the country, with the final phase of the project now underway. According to the bank’s Group Managing Director and Chief Executive Officer, Dr. Adesola Adeduntan, the initiative underscores FirstBank’s determination to combat climate change, promote ecological balance, and contribute to Nigeria’s commitment…
NEM Insurance Plc has reaffirmed its commitment to employee wellness, public health awareness, and corporate social responsibility by organizing its annual Fitness and Awareness Walk, an initiative aimed at promoting healthy living and encouraging Nigerians to adopt active lifestyles. The event, which took place over the weekend in Lagos, attracted hundreds of participants, including staff members, fitness enthusiasts, policyholders, and members of the public who joined the company in advocating for physical and mental well-being. Themed “Walk for Life, Walk for Wellness,” the initiative is part of NEM Insurance’s long-term strategy to integrate health consciousness into corporate culture while fostering…
Nigeria’s electricity generation companies (GenCos) have reportedly lost an estimated ₦2.3 trillion in potential revenue over the past few years due to persistent grid bottlenecks, transmission inefficiencies, and limited power evacuation capacity, which continue to hinder the flow of generated electricity to consumers across the country. Despite generating enough power to meet a substantial portion of national demand, thousands of megawatts remain stranded daily, worsening energy shortages and economic inefficiencies. Industry reports indicate that the nation’s installed generation capacity currently stands at over 13,000 megawatts (MW), while available capacity fluctuates between 4,000 MW and 7,000 MW, depending on grid stability…