Category: Economy
LASG Releases List of SLGs, Supervisory Councillors for 57 Councils.
The Lagos State Government has released the list of Secretaries to the Local Governments (SLGs) and Supervisory Councillors for the 57 Local Governments and Local Council Development Areas (LCDAs) across the state. The development marks a significant step in consolidating administrative structures at the grassroots level following recent leadership transitions in the councils. Sources within…
GOVERNOR DAPO ABIODUN CON APPROVES ADDITIONAL PENSION BENEFIT TO ALL PENSIONERS IN OGUN STATE
The Ogun State Government has approved an Additional Pension Benefit (APB) under the Contributory Pension Scheme (CPS) to strengthen contributions and retirement security for all civil servants in Ogun State. Announcing the approval, the Governor, Ogun State, His Excellency, Prince Dr Dapo Abiodun MFR CON who was ably represented by the Honourable Commissioner for Finance…
Sa’ad Hanafi Sa’ad Assumes Office as Benin Ag. Zonal Director of the EFCC
Benin City, Edo State — Friday, October 24, 2025 Deputy Commander of the Economic and Financial Crimes Commission (EFCC), DCE Sa’ad Hanafi Sa’ad, on Friday, October 24, 2025, formally assumed office as the new Acting Zonal Director of the Benin Zonal Directorate of the Commission. Sa’ad, a seasoned anti-corruption officer and experienced investigator, brings to…
FG to Revive Kaduna Textile Industry in New Push for Economic Growth
Kaduna, Nigeria – July 29, 2025 In a significant move aimed at revitalizing Nigeria’s manufacturing sector, the Federal Government has unveiled plans to rejuvenate the once-thriving Kaduna Textile Industry, with the goal of boosting industrialization and driving inclusive economic growth. The announcement was made by Senator George Akume, Secretary to the Government of the Federation…
SERAP Demands Tinubu Probe Missing N233bn, Reject $1.08bn World Bank Loan
LAGOS – The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate and recover over N233 billion in missing public funds instead of accepting a $1.08 billion (approx. N1.6 trillion) World Bank loan approved last week. In a letter dated April 5, 2025, SERAP urged the president to direct the…
Naira Plummets to N1,600/$ in Official Market as Parallel Market Gap Widens
The Nigerian naira suffered another significant blow on Friday, crashing to N1,600 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) for the first time in three months. Market Breakdown: What This Means:The latest depreciation marks: Market Reactions:Financial analysts attribute the slide to: CBN’s Challenge:The widening gap between official and parallel rates presents…
World Bank Approves $1.08 Billion for Nigeria’s Education, Nutrition, and Economic Resilience
The World Bank has greenlit $1.08 billion in concessional financing to bolster Nigeria’s education, nutrition, and economic recovery efforts, targeting vulnerable populations across the country. Breakdown of Funding Allocations Objectives and Expected Impact Broader Implications The funding aligns with Nigeria’s push to address systemic challenges in human capital development, particularly post-pandemic economic strains. The World…
Trump Slaps 14% Tariff on Nigerian Exports in Sweeping Trade Policy Shift
Washington D.C., USA – In a move that could significantly impact Nigeria’s economy, former U.S. President Donald Trump announced a new 14% tariff on Nigerian exports to the United States during a “Make America Wealthy Again” event at the White House Rose Garden on Wednesday. Key Details of the New Trade Policy Trump’s Justification Trump…
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
President Tinubu Overhauls NNPC Leadership, Appoints New Board to Drive Oil Sector Reforms
April 2, 2025 | Abuja In a sweeping move to revitalize Nigeria’s energy sector, President Bola Ahmed Tinubu today announced a complete reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, replacing Chairman Pius Akinyelure and Group CEO Mele Kyari alongside all board members appointed in November 2023. New Leadership TeamThe newly constituted 11-member…