Category: Economy
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 $17 billion in foreign investment in 2024. This revelation was made by Mr. Udy Ntia, Executive Vice President of…
Nigeria, China Strengthen Economic Ties at Bilateral Business Summit
Nigeria and China have taken significant steps to enhance their economic partnership and remove trade restrictions during the unveiling of the Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 in Abuja. The event, aimed at fostering collaboration and showcasing investment opportunities, brought together key stakeholders from both nations to discuss strategies for boosting trade, investment,…
Nigeria’s Trade Surplus Soars by 209% to N18.86 Trillion in 2024
Nigeria’s trade surplus surged by 209.6% to N18.86 trillion in 2024, up from N6.09 trillion in 2023, according to the latest Foreign Trade Statistics report released by the National Bureau of Statistics (NBS). The report, which covers the fourth quarter of 2024 (Q4’24), also revealed a significant increase in Nigeria’s trade with Economic Community of…
Reps Urge CBN to Suspend Hike in ATM Charges
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs. The resolution followed a motion of urgent public importance moved by Hon. Marcus Onobun, who drew attention…
EFCC Arrests Four Chinese, 27 Others Over Illegal Mining in Jos
The Economic and Financial Crimes Commission (EFCC) has arrested four Chinese nationals and 27 Nigerians for alleged illegal mining activities in Jos, Plateau State. The arrests were made on Saturday at the premises of Jiasheng Nigeria Limited, located at Dura Rayfield, Mangu Road, Jos, following credible intelligence linking the company to illegal mining operations. In…
Naira Depreciates to N1,570/$ in Parallel Market, Widens Gap with Official Rate
The Nigerian Naira experienced a decline in the parallel market on Monday, depreciating to N1,570 per dollar from N1,545 per dollar over the weekend. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to N1,528 per dollar, according to data published by the Central Bank of Nigeria (CBN). This represents a N14 gain…
Tinubu Urges Governors to Prioritize Poor and Vulnerable Nigerians Amid Hardship
President Bola Tinubu has called on state governors and other political leaders to focus their resources and policies on addressing the needs of poor and vulnerable Nigerians. The President made the appeal on Monday during an Iftar dinner at the State House in Abuja, where he hosted governors, members of the Federal Executive Council (FEC),…
Budget Minister Defends Expansionary Spending, Says It’s Key to Economic Growth
Amid growing concerns over Nigeria’s increasing budget size and deficits, the Federal Government has defended its preference for an expansionary fiscal policy, which involves running large budget deficits and accumulating debt. Senator Abubakar Bagudu, Minister of Budget and Economic Planning, explained the government’s stance during a media chat in Lagos, stating that the expansionary budgetary…