The Federal Government has said Nigeria’s capital importation increased by 83 per cent year-on-year, while the country’s foreign exchange reserves exceeded $50bn. The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this on Monday at the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders’ Summit in Lagos. Oduwole said capital importation rose…
The Federal Government has ruled out a return to fuel subsidy and multiple exchange rates, reaffirming its commitment to ongoing economic reforms despite concerns raised by international investors and development partners. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday during a briefing following Nigeria’s participation in the…
The Federal Government has clarified that the petrol discount introduced by the Nigerian National Petroleum Company Limited (NNPC) retail arm is not a return of fuel subsidy, insisting that no public funds are being used to reduce pump prices. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the clarification in…
The National Association of Nigerian Students (NANS), North-Central Zone, has called on the Federal Government and petroleum regulators to address the impact of rising petrol prices on transportation costs, warning that the trend is making education increasingly expensive for Nigerian students. The association also urged Aliko Dangote and the management of Dangote Petroleum Refinery to…
The Federal Government has commenced a regulatory review of the $1.3 billion Zungeru Hydropower Project over concerns about the plant’s low electricity generation. The 700-megawatt power plant is currently generating about 350MW for the national grid, prompting the Infrastructure Concession Regulatory Commission to investigate the factors limiting its performance. The ICRC said the review would…
Nigeria and the Netherlands have agreed to deepen collaboration aimed at improving financial inclusion and financial health among Nigerians, particularly women and vulnerable groups. The agreement was reached during a bilateral meeting between Vice President Kashim Shettima and Queen Maxima of the Netherlands in New York, United States. Shettima welcomed the Netherlands’ offer to support…
Nigeria’s headline inflation rate fell to 15.39 per cent in August 2026, as the pace of increase in food and other consumer prices moderated, according to the National Bureau of Statistics (NBS). Despite the decline in the annual inflation rate, the Consumer Price Index (CPI), which measures changes in the prices of goods and services…
The Central Bank of Nigeria (CBN) has sanctioned several financial institutions with fines totaling ₦430 million for failing to address customer complaints promptly and for disregarding regulatory directives. The move highlights the regulator’s growing commitment to protecting consumers and improving service standards across the banking industry.Details contained in the CBN’s 2025 Annual Report revealed that…
Africa’s richest man, Aliko Dangote, plans to dedicate one-third of his wealth to philanthropic causes as part of a long-term succession plan, his daughter, Halima Dangote, has revealed. Halima, who is a trustee of the Aliko Dangote Foundation, disclosed the plan in an interview with Bloomberg, stating that the billionaire has secured the support of…
