Nigeria’s non-oil exports has risen to $3.225 billion in the first half of 2025, a 19.59 percent increase from the $2.696 billion recorded in the same period of 2024. This was made known in a post via the X handle of the Personal Assistant to the President on Special Duties Kamorudeen Yusuf. Quoting Nigerian Export…
The execution of Nigeria’s N54.99 trillion budget suffered a major setback as the crude price dropped to $66 per barrel from $70 per barrel, indicating a 5.7 percent decrease, yesterday. This was even as Nigeria’s oil output, including condensate and foreign exchange, stood at 1.8 million barrels per day and more than N1,500 per dollar,…
The Federal Government has said Nigeria’s economy is on a steady growth path, driven by ongoing reforms and increasing investor confidence, despite the United States’ decision to impose a 15 per cent tariff on Nigerian exports. Speaking during an interview on CNN on Thursday, Minister of Industry, Trade and Investment, Jumoke Oduwole, said the country…
The federal government of Nigeria is finalizing a comprehensive new Nigerian Industrial Policy aimed at reversing the country’s dependence on imported goods and strengthening its domestic manufacturing base. The initiative, led by the Ministry of Trade in collaboration with the Manufacturers Association of Nigeria (MAN), is designed to increase the manufacturing sector’s contribution to GDP,…
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 The NIIRA 2025 replaces several outdated insurance laws with a unified, forward-looking legal framework that provides for the…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…