Category: Economy
Economic Activities Expand for Second Consecutive Month, CBN Reports
The Central Bank of Nigeria (CBN) has announced that economic activities expanded for the second consecutive month, reaching 51.4 index points in February 2025, according to its Purchasing Managers’ Index (PMI) Report. The report highlights growth in the industry, services, and agriculture sectors, signaling a gradual recovery in the Nigerian economy. Sectoral Performance The CBN’s…
Yobe Audit Exposes N204 Million in Unaccounted Local Government Withdrawals
A review of the 2023 audit report for local governments in Yobe State has uncovered N204 million in unexplained withdrawals by various council areas. The report, which highlights significant lapses in financial accountability, identified unsupported expenditures across multiple local government departments, raising concerns about transparency and governance at the grassroots level. Breakdown of Unexplained Withdrawals…
Nigeria Squandered Future Generations’ Wealth for 50 Years, Tinubu Declares
President Bola Tinubu has declared that Nigeria was on the brink of bankruptcy before his administration took decisive steps to remove the fuel subsidy and implement critical economic reforms. Speaking on Thursday while receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja, Tinubu emphasized that…
US Funding Withdrawal: Nigeria Addressing Healthcare Funding Gaps, Says Health Minister
Nigeria’s Minister of Health and Social Welfare, Prof. Mohammed Ali Pate, has assured that the federal government is taking proactive steps to address funding and policy gaps in the nation’s healthcare system following the recent withdrawal of healthcare funding by the United States. Speaking at an interactive session with the House Committee on AIDS, Tuberculosis,…
Trump Threatens 200% Tariffs on Wine, Alcohol from EU; France Vows Retaliation
US President Donald Trump has threatened to impose 200% tariffs on wine, champagne, and other alcoholic products from European Union countries in retaliation against the bloc’s planned levies on US-produced whiskey. The announcement, made on Thursday via Trump’s Truth Social platform, marks the latest escalation in a series of trade disputes between the US and…
Nigerian Artists Generate Over ₦58 Billion in Spotify Royalties for 2024 – Report
Nigerian music has achieved a remarkable financial milestone, with artists earning more than ₦58 billion in royalties from Spotify in 2024, according to the streaming platform’s annual Loud & Clear report. This figure represents a twofold increase from 2023 and is five times higher than earnings recorded in 2022. The report also reveals a significant…
Oil Sector Reforms Attract $17 Billion in Foreign Investment – NNPC
The Nigerian National Petroleum Company Limited (NNPC) has announced that reforms in the oil and gas sector, driven by the Petroleum Industry Act (PIA) 2021 and Executive Orders issued by President Bola Ahmed Tinubu, attracted approximately $17 billion in foreign investment in 2024. This revelation was made by Mr. Udy Ntia, Executive Vice President of…
Nigeria, China Strengthen Economic Ties at Bilateral Business Summit
Nigeria and China have taken significant steps to enhance their economic partnership and remove trade restrictions during the unveiling of the Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 in Abuja. The event, aimed at fostering collaboration and showcasing investment opportunities, brought together key stakeholders from both nations to discuss strategies for boosting trade, investment,…
Nigeria’s Trade Surplus Soars by 209% to N18.86 Trillion in 2024
Nigeria’s trade surplus surged by 209.6% to N18.86 trillion in 2024, up from N6.09 trillion in 2023, according to the latest Foreign Trade Statistics report released by the National Bureau of Statistics (NBS). The report, which covers the fourth quarter of 2024 (Q4’24), also revealed a significant increase in Nigeria’s trade with Economic Community of…
Reps Urge CBN to Suspend Hike in ATM Charges
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs. The resolution followed a motion of urgent public importance moved by Hon. Marcus Onobun, who drew attention…