President Bola Tinubu has signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a sweeping legislative overhaul aimed at modernising the nation’s insurance sector and advancing Nigeria’s economic ambition of becoming a $1 trillion economy. The NIIRA 2025 replaces several outdated insurance laws with a unified, forward-looking legal framework that provides for the…
Petroleum product marketers and retailers are trading blame as the premium motor spirit pump price nears N1,000 per litre in Nigeria. On Monday, the Nigerian National Petroleum Company Limited retail outlets across the country increased fuel prices. In Abuja, Nasarawa, and Kogi states, the NNPCL petrol pump price jumped by N65 per litre to N955…
Nigeria’s private sector kicked off the third quarter of 2025 with strong momentum, recording the fastest rate of job creation in nearly two years, according to the Stanbic IBTC Purchasing Managers’ Index (PMI). The headline PMI rose to 54.0 in July from 51.6 in June, the highest since April, signalling a solid improvement in business…
Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria, CBN’s Form A portal. Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade). The form allows customers to purchase forex at the CBN or interbank rate to…
The International Monetary Fund (IMF) has upgraded its forecast for Nigeria’s economic growth to 3.4 per cent in 2025. The new forecast represents a 0.4 percentage point decrease from the 3.0 percent forecast of the IMF in April this year. Similarly, the IMF raised its forecast for the country’s economic growth for 2026 to 3.2…
The Central Bank of Nigeria (CBN) has announced the retention of the Monetary Policy Rate (MPR) at 27.5%, following the conclusion of its 301st Monetary Policy Committee (MPC) meeting held on Tuesday, July 22, 2025. CBN Governor, Dr. Olayemi Cardoso, who briefed journalists after the meeting, said the committee’s decision to hold the rate steady…
Nigeria’s external reserves have climbed to $40.11 billion as of July 2025, according to the Central Bank Governor, Yemi Cardoso. He disclosed this during the Monetary Policy Committee (MPC) briefing held on Monday, July 22, 2025. Cardoso noted that the $40.11 billion reserve level represents approximately 9.5 months of import cover, signaling a significant boost…
The federal government has demonstrated its commitment to achieving a $1 trillion economy by 2030 through the domestic investment summit to actualise the eight-point Renewed Hope Agenda. Jumoke Oduwole, Minister of Industry, Trade, and Investment, said this at the Domestic Investment Summit in Abuja on Monday, tagged “Operationalising Nigeria First Policy.’’ Ms Oduwole said the…
The National Bureau of Statistics (NBS) has reported a year-on-year real GDP growth of 3.13% for Nigeria in the first quarter of 2025, surpassing the 2.27% recorded in Q1 2024. This follows a rebasing exercise using 2019 as the base year, which aligned previous quarterly estimates with new, higher annual GDP figures. The robust performance…
With a record of 104%, Nigeria exceeded the Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota in June 2025 by four percent. In the month under review, the country’s crude oil output was 1.505million barrels of oil per day, surpassing the 1.5mopd, the cartel allowed it to produce. The Nigerian Upstream Petroleum Regulatory…