Nigerian Economy
Sterling Bank Academy Powers $5.4bn Non-Oil Export Growth
Sterling Bank Limited has taken a bold step towards reshaping Nigeria’s economic landscape by empowering exporters through its Non-Oil Export Academy, a flagship initiative aimed at boosting foreign exchange (FX) earnings beyond crude oil. The move comes as Nigeria recorded $5.456 billion in non-oil exports in 2024, marking significant progress in diversifying its revenue sources. […]
Rising Trade Tensions Cost Nigeria $527m in US Exports
Nigeria’s trade ties with the United States have taken a sharp hit, with the country losing $527 million in exports to its once top trading partner in just five months — a steep 20 per cent year-on-year decline. This development, which analysts attribute to rising trade tensions and punitive tariff policies under US President Donald […]
Investors Pocket N1.76trn as NGX Soars to N78.73trn
The Nigerian Exchange (NGX) on Thursday, July 10, 2025, recorded a historic surge as equities investors’ wealth jumped by a staggering ₦1.76 trillion. This bullish rally pushed the market capitalisation to an unprecedented ₦78.73 trillion, reinforcing the NGX’s position as one of Africa’s most vibrant financial hubs. According to trading data, the market index advanced […]
Shareholders Reject CBN Move on Unclaimed Dividends
Shareholders across Nigeria have voiced strong opposition to a legislative move mandating the transfer of unclaimed dividends from company registrars to the Central Bank of Nigeria (CBN), describing the action as unconstitutional and an outright violation of investor rights. The Independent Shareholders Association of Nigeria (ISAN), one of the country’s foremost shareholder advocacy groups, issued […]
ECOWAS Bank Backs Lagos-Calabar Highway with $100m Boost
The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million loan to support the ongoing construction of the Lagos-Calabar Coastal Highway, marking a significant milestone in West Africa’s drive for enhanced infrastructure, regional trade integration, and economic development. The funding was approved during the bank’s 92nd Ordinary Session of its Board of […]
Shettima to Privatisation Council: Prioritise Public Interest
Vice President Kashim Shettima has issued a strong directive to members of the National Council on Privatisation (NCP), emphasizing the need for transparent, legally sound, and accountable practices in all ongoing and future privatisation processes. The Vice President, who doubles as Chairman of the Council, gave this charge during the second NCP meeting of 2025 […]
CBN Suspends Dividends, Foreign Investments for Underperforming Banks
A step to fortify Nigeria’s banking system and promote financial stability, the Central Bank of Nigeria (CBN) has issued a directive halting dividend payments, director bonuses, and new offshore investments by banks under regulatory forbearance. The move, which primarily affects lenders such as First Bank, is part of broader efforts to rebuild capital buffers in […]
Nigeria’s Imports Decline by 7% in Q1 2025 as Demand for Foreign Goods Drops
Nigeria’s appetite for imported goods has waned in early 2025, as official data shows a 7% decline in import value in the first quarter of the year, signaling tighter consumer demand and persistent macroeconomic pressures on trade. According to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS), […]
Sycamore MD: Warnings Alone Won’t Stop Ponzi Schemes
The Managing Director of Sycamore Investment and Asset Management Limited, Gbenga Magbagbeola, has called for a coordinated, multi-sectoral approach to end the wave of Ponzi schemes defrauding Nigerians. In an exclusive interview, Magbagbeola stressed that issuing public warnings is not enough to combat the growing financial scams that have cost citizens billions of naira. Speaking […]
FG Unveils Plans for Industrial Hubs in Kano, Abia, and Ogun
In a bold move to drive Nigeria’s industrial transformation, the Federal Government has announced plans to establish major industrial hubs in Kano, Abia, Lagos, and Ogun states. This initiative forms part of the implementation of the Tinubu administration’s Renewed Hope Agenda, aiming to revamp local production, boost employment, and reduce Nigeria’s dependence on imports. The […]