Nigeria’s economy may be on the brink of a monetary policy shift as the country records another decline in inflation, sparking optimism among businesses, investors, and households that the Central Bank of Nigeria (CBN) could ease its tight monetary stance in the coming months. The latest figures from the National Bureau of Statistics (NBS) show that headline inflation dropped for the fifth consecutive month, a development that economists believe could create the conditions for a reduction in interest rates, which currently stand at record highs. The inflation slowdown comes after months of relentless pressure on the economy caused by a…
Author: Temitope Nlewemchi
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigeria Customs Service (NCS) to fully comply with the Federal Government’s suspension of the controversial 4% Free on Board (FOB) import levy. The business group made the appeal following reports that despite the government’s announcement, some importers continue to face bottlenecks and demands linked to the levy at various entry points. The FOB levy, introduced earlier this year, was widely criticised by the Organised Private Sector (OPS) as an additional burden on businesses already grappling with rising operational costs, foreign exchange volatility, and multiple taxes. Following intense pressure…
Nigeria’s foreign exchange reserves have surged to $42 billion, marking their highest level in six years, a development that analysts and policymakers describe as a turning point in the country’s economic trajectory. The rise, which reflects a combination of improved crude oil earnings, increased foreign exchange inflows, and strategic reforms by the Central Bank of Nigeria (CBN), is seen as a major boost to the nation’s financial stability and its ability to defend the naira against volatility. The new reserve figure is significant, considering that just over a year ago, Nigeria’s reserves had dipped below $34 billion amid global oil…
The Economic Community of West African States (ECOWAS) has taken a major step toward addressing poverty and inequality across the region with the launch of its new Social Protection Framework and an accompanying operational plan. The initiative, which comes at a time when West Africa is grappling with multiple socio-economic challenges, aims to strengthen social safety nets, expand coverage for vulnerable populations, and improve the resilience of households in the face of economic shocks. Announced at a high-level gathering of policymakers, development partners, and civil society actors, the framework underscores ECOWAS’ commitment to inclusive growth and human capital development. For…
Nigeria’s aviation sector has once again come under the spotlight as industry stakeholders strongly voiced their opposition to the revival of a government-owned national airline, insisting instead on the adoption of a flag carrier model. Their arguments, grounded in both past experiences and global trends, point to the risks of repeating mistakes that have historically burdened taxpayers while failing to deliver sustainable gains for the aviation industry. At a recent industry forum, aviation experts, union leaders, and representatives of airline operators criticized the federal government’s lingering inclination toward re-establishing a state-owned carrier, recalling the troubled history of Nigeria Airways, which…
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its current monetary stance by lowering policy rates in order to boost access to credit for small and medium-sized enterprises (SMEs). The call comes amid concerns that Nigeria’s tight monetary policies, though aimed at stabilizing the naira and curbing inflation, are inadvertently stifling private sector growth and making it increasingly difficult for businesses to thrive. Speaking against the backdrop of recent economic data, CPPE argued that while the monetary tightening measures adopted by the apex bank may have yielded some positive…
Nigeria’s e-commerce market is on track to exceed $16 billion by 2030, according to new projections by the Lagos Business School (LBS). The forecast underscores the rapid growth of the digital economy in Africa’s largest market, buoyed by increased internet penetration, mobile adoption, a youthful population, and rising confidence in online transactions. The report highlighted that the surge in e-commerce is being driven by structural changes in consumer behavior, as more Nigerians embrace online shopping for convenience, affordability, and variety. With over 220 million people and an expanding middle class, Nigeria is regarded as one of the most attractive e-commerce…
The management of Dangote Refinery has attributed recent increases in fuel prices across parts of Nigeria to charges imposed by transport unions on truck drivers. The company explained that these extra costs, which are outside the refinery’s control, have created distortions in the petroleum distribution chain, making petrol more expensive by the time it reaches filling stations and consumers. According to the refinery, the practice of unions imposing compulsory charges on truck operators has not only raised logistics costs but also undermined efforts to stabilize the supply of refined products in the local market. This revelation comes just weeks after…
Billionaire businessman Femi Otedola has described the Dangote Refinery as a transformative development for Nigeria’s oil sector and overall economy, declaring that the project has ushered in a new era of change. Speaking in response to the controversy between the refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Otedola stressed that the 650,000 barrels-per-day facility is already altering the dynamics of petroleum supply, reducing Nigeria’s reliance on imports, and boosting confidence in the country’s energy self-sufficiency. Otedola, who has long been a key player in Nigeria’s energy and finance sectors, said the refinery should be seen…
Stanbic IBTC Bank has joined forces with the Chinese General Chamber of Commerce-Nigeria to organize a major badminton competition, bringing together sports enthusiasts, business leaders, and the Chinese community in Nigeria. The collaboration is designed not only to promote physical fitness and cultural exchange but also to strengthen bilateral relations between Nigeria and China through the unifying power of sports. The tournament, which is scheduled to hold in Lagos, has already generated significant attention from stakeholders in both the sporting and business communities. According to the organizers, the event aims to foster friendship, mutual respect, and collaboration while encouraging healthy…
MTN Nigeria has committed ₦100 million to its Cloud Accelerator Program, an initiative designed to empower startups across Africa with funding, mentorship, and access to its technological infrastructure. The company announced that the programme will provide early- and growth-stage entrepreneurs with the resources needed to scale their operations more effectively in Nigeria’s rapidly expanding digital economy. The Cloud Accelerator is structured as a 12-week hybrid programme targeting startups that are delivering innovative solutions in fintech, health tech, agritech, AI and data infrastructure, cybersecurity, e-commerce, and digital identity, among other areas. Beyond funding, MTN will provide participants with access to its…
The National Pension Commission (PenCom) has rolled out a decisive regulatory reform aimed at tightening governance within Nigeria’s pension industry by banning majority ownership in more than one Pension Fund Operator (PFO). The move, according to the Commission, is designed to prevent conflicts of interest, entrench transparency, and maintain fairness in a sector that now manages assets worth over ₦19 trillion. With the announcement, any shareholder—whether an individual, group, or corporate entity—who already controls majority stakes in one Pension Fund Administrator (PFA), Custodian, or related pension operator, will no longer be permitted to exercise similar control in another. This reform,…
The Federal Government has commenced a comprehensive training program for key government agencies and private sector players on the operational rules of the African Continental Free Trade Area (AfCFTA), in a renewed effort to strengthen Nigeria’s participation in the single market and boost non-oil exports. The initiative, spearheaded by the Ministry of Industry, Trade, and Investment in collaboration with the National Action Committee on AfCFTA, comes at a critical time when African countries are intensifying cross-border trade and regional integration efforts. The training, which brought together representatives from customs, immigration, standards agencies, trade associations, and manufacturing groups, focused on equipping…
Nigeria’s economy is beginning to feel the early impact of the Central Bank of Nigeria’s (CBN) sweeping reforms, as recent indicators suggest progress in the fight against inflation and the restoration of confidence in the financial system. The CBN, under the leadership of Governor Olayemi Cardoso, has introduced a series of policy measures aimed at stabilizing the naira, tightening monetary control, and addressing structural imbalances that have fueled price increases over the past two years. Inflation has remained one of the country’s most pressing economic challenges, with food and energy prices biting deep into household incomes. For months, Nigerians have…
The Federal Government has disclosed that Nigeria’s domestic refineries received a total of 67.6 million barrels of crude oil within the past year, underscoring ongoing efforts to strengthen local refining capacity and reduce reliance on imported petroleum products. The figure reflects both state-owned and private refinery allocations as the government intensifies its push to achieve energy security and stabilize fuel supply in the country. According to officials, the allocation marks a significant milestone in Nigeria’s quest to reposition its oil and gas sector. The government explained that ensuring adequate crude supply to refineries, including the state-run plants and new private…
Nigeria’s economy recorded a growth rate of 4.23 percent in the second quarter of 2025, according to the National Bureau of Statistics (NBS). The latest data reflect a continuation of the country’s economic rebound, with both oil and non-oil sectors contributing significantly to the expansion. The report has been welcomed by policymakers and private sector players as a sign of resilience in Africa’s largest economy despite global and domestic headwinds. The NBS report revealed that Nigeria’s Gross Domestic Product (GDP) performance was stronger than the 3.79 percent recorded in the first quarter of the year, marking an upward trajectory driven…
The Federal Government has revoked 1,263 mineral titles belonging to mining companies and operators across the country due to failure to meet the stipulated conditions of their licences. The decision, which comes as part of efforts to sanitize the solid minerals sector, was announced by the Ministry of Solid Minerals Development, marking one of the most sweeping actions in recent years against defaulters in the industry. According to the ministry, the revoked licences cut across various categories, including exploration, mining, quarry, and small-scale mining permits. Officials explained that the action became necessary following repeated defaults by licence holders who failed…
Artificial Intelligence (AI) is revolutionizing the marketing landscape, reshaping how businesses engage with consumers, analyze data, and optimize campaigns. As AI-driven tools become more advanced, companies are leveraging machine learning, automation, and predictive analytics to create highly personalized and efficient marketing strategies. One of the most significant changes AI brings to marketing is enhanced customer targeting. With AI-powered algorithms, businesses can analyze vast amounts of consumer data to identify patterns, preferences, and behaviors. This allows brands to deliver tailored content, recommend products, and anticipate customer needs with unprecedented accuracy. AI is also transforming content creation and management. Automated tools can…
The Nigerian Exchange (NGX) extended its bearish run as investors lost N265 billion in market value, deepening concerns over persistent sell-offs and weak market sentiment. The downturn, which has affected several key sectors, reflects growing investor caution amid economic uncertainties and global financial pressures. The latest decline saw the NGX All-Share Index drop further, erasing gains recorded earlier in the year. Analysts attribute the losses to profit-taking by investors, concerns over inflation, and fluctuations in foreign exchange rates. The banking, consumer goods, and industrial sectors were among the hardest hit, with major stocks recording price declines. Market watchers suggest that…
The nationwide blackout that gripped Nigeria over the past 48 hours has begun to ease after the National Union of Electricity Employees (NUEE) announced the suspension of its strike on Wednesday night. The strike, which had thrown homes, businesses, and industries into darkness, was called off following a marathon meeting between electricity sector unions and the Federal Government in Abuja. The industrial action began after unresolved disputes over workers’ welfare, pension entitlements, and stalled negotiations on salary reviews. The strike led to the shutdown of several critical facilities across the country, including transmission substations operated by the Transmission Company of…