ABUJA – Nigeria’s Central Bank (CBN) has decided to keep its main interest rate at 27.5 percent. CBN Governor Olayemi Cardoso made this known on Tuesday. The decision came after the Monetary Policy Committee’s 300th meeting in Abuja. All committee members…
ABUJA – Nigeria is taking a decisive step to champion its local industries. President Bola Ahmed Tinubu has officially approved the implementation of the “Nigeria First” Policy. This significant policy effectively prohibits government ministries, departments, and agencies (MDAs) from importing foreign…
WASHINGTON – New U.S. tariffs from President Donald Trump’s administration are impacting African economies. Nigeria faces a 14% tariff, South Africa 30%. African Development Bank (AfDB) President Akinwunmi Adesina has spoken out. His analysis, now central to discussions around Trump’s Africa…
ABUJA – The World Bank has raised serious questions about revenue handling by the Nigerian National Petroleum Company Limited (NNPCL). A new report from the international body reveals NNPCL remitted only 50 percent of the revenue gains realized from Nigeria’s…
LAGOS – Nigeria’s crude oil production for April 2025 has become a point of discussion, with differing figures emerging from OPEC and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This variance in reported Nigeria oil output for April 2025 arises as global…
ABUJA – Nigeria’s average annual inflation rate is projected to fall to 22.1 percent in 2025, according to the World Bank. This forecast, part of the latest Nigeria Development Update (NDU) report released Monday, suggests the Central Bank of Nigeria’s (CBN) tight…
ABUJA – Nigeria’s total public debt has climbed by a staggering N57.3 trillion. This significant increase occurred within the first 18 months of President Bola Tinubu’s administration. Data released by the Debt Management Office (DMO) reveals the debt stock jumped from N87.38…
ILORIN – Nigerian manufacturers are facing a severe challenge. FX scarcity in Nigeria and unpredictable exchange rates are causing significant financial losses. Businesses cannot easily pay for the imported raw materials they need. This problem arises because materials, bought and processed much earlier,…
Abuja – President Bola Tinubu approved the National Integrated Electricity Policy (NIEP). This policy seeks to attract $122.2 billion in Nigeria power investments. The objective is to improve the country’s electricity supply industry. Minister of Power, Adebayo Adelabu, explained the policy. He…
Abuja – The Nigerian Presidency disputed Akinwumi Adesina’s statement that Nigerians are economically worse off now than in 1960. Special Adviser Bayo Onanuga said Adesina’s view on Nigeria GDP per capita uses incorrect figures and shows an incomplete understanding of Nigeria’s economic progress.…
