Nigerian Economy
Surging FX demand fuels naira volatility – Oyedele Warns
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has pointed to discretionary demand for foreign exchange (FX) as a central factor driving the naira’s volatility, stressing that sustainable currency stability hinges on addressing this challenge. Speaking at the Nigerian Economic Summit Group’s (NESG) half-year review of the economy in […]
Naira records strongest gain against dollar as external reserves Hit $41.24b
The Nigerian Naira recorded its highest single-day gain against the U.S. dollar this week at the official foreign exchange market, bolstered by a steady increase in the country’s external reserves. Data from the Central Bank of Nigeria (CBN) revealed that the Naira appreciated to N1,535.47 per dollar on Thursday, up from N1,537.07 on Wednesday, representing […]
NNPC slams neglect for stalled refineries revamp
The Nigerian National Petroleum Company Limited (NNPC) has admitted that years of neglect of the country’s refineries have continued to hinder their full rehabilitation, despite billions of dollars spent on turnaround maintenance and ongoing upgrade projects. Group Chief Executive Officer of NNPC, Bayo Ojulari, disclosed this on Thursday during a meeting with the Petroleum and […]
LCCI drives bold push to attract global investors to Nigeria
The Lagos Chamber of Commerce and Industry (LCCI) has intensified its campaign to attract global investors to Nigeria, highlighting the country’s immense growth potential in technology, agribusiness, energy, and infrastructure. Stakeholders projected that tapping these high-growth sectors could generate nearly a million new jobs, bolstering economic development and youth empowerment. Speaking at the LCCI International […]
36 Governors unite to woo foreign investors
In a historic move aimed at repositioning Nigeria as a leading destination for global investment, the Nigeria Governors’ Forum (NGF) has unveiled Investopedia, a comprehensive platform designed to bridge the country’s infrastructure financing gap, stimulate job creation, and boost economic growth across all 36 states. The initiative was launched in Abuja on Tuesday, with NGF […]
N341tn oil reserves lie undeveloped in Nigeria
Nigeria is sitting on crude oil reserves valued at a staggering N341 trillion, locked away in undeveloped fields across the country’s oil basins, according to a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report revealed that more than 3.5 billion barrels of oil and condensate reserves remain idle, even as the […]
Shipping snag delays Dangote’s CNG fleet
The much-anticipated launch of Dangote Petroleum Refinery’s direct fuel distribution scheme has suffered a major setback as a global shipping crisis has delayed the delivery of thousands of its newly ordered Compressed Natural Gas (CNG) trucks. Out of the 4,000 trucks ordered from China, only 450 have arrived in Nigeria, far below the planned target […]
Foreign Direct Investment Plunges 70% in Three Months
Nigeria’s foreign direct investment (FDI) fell dramatically by 70.06% in the first quarter of 2025, raising fresh concerns over the country’s ability to attract long-term productive capital despite a surge in overall capital inflows. According to the National Bureau of Statistics (NBS) Capital Importation Report, FDI dropped to $126.29 million in Q1 2025, down sharply […]
FRC, LCCI Team Up to Save Struggling MSMEs
The Financial Reporting Council of Nigeria (FRC), in collaboration with the Lagos Chamber of Commerce and Industry (LCCI) and the Centre for Business Integrity (CBi), has launched a strategic partnership to address the high failure rate of Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The initiative, unveiled during a public presentation of the Small […]
MPC Holds Rate, Sparks Debate Over Inflation Risks
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has once again retained the Monetary Policy Rate (MPR) at 27.5%, marking the third consecutive hold in 2025. The decision, announced by CBN Governor Olayemi Cardoso after the MPC’s 301st meeting in Abuja, has sparked mixed reactions among financial experts and business stakeholders. […]