The federal government has said that more than ₦40 trillion of the increase in Nigeria's public debt since 2023 resulted from the revaluation of the country's external debt following the sharp depreciation of the naira, rather than from new borrowing. Minister of Finance and Coordinating Minister of the Economy Wale Edun made the clarification on …
Following the Central Bank of Nigeria's decision to retain its benchmark interest rate, Governor Olayemi Cardoso used the post-Monetary Policy Committee (MPC) briefing on Tuesday to explain the bank's position on some of the country's most pressing financial and monetary issues. Responding to questions from journalists after the two-day MPC meeting, Cardoso defended the CBN's …
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained the Monetary Policy Rate (MPR) at 26.5 per cent, choosing to keep monetary policy tight as rising geopolitical tensions in the Middle East continue to threaten inflation and global economic stability. The decision was taken at the committee's 306th meeting, …
Nigeria attracted $8 billion in private capital across 63 transactions in the second quarter of the year. The inflow accounted for 90 per cent of West Africa's total disclosed deal value. A new report, however, warned that the strong inflow is masking a widening funding gap for mid-sized businesses. The report, titled The Paradox of …
The Central Bank of Nigeria (CBN) on Monday confirmed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC), contradicting an earlier claim by the Accountant-General of the Federation that no such accounts existed. The disclosure was made during a public hearing by the House of Representatives Ad-hoc …
A Federal High Court judgment has affirmed the validity of the rules for the Federal Competition and Consumer Protection Commission (FCCPC) to resume the implementation and enforcement of the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). The FCCPC disclosed this in a statement on Monday, July 20. It said the decision …
The Centre for the Promotion of Private Enterprise (CPPE) has commended the Federal Government's new Social Intervention Programmes. It described the programmes as a timely policy initiative that can strengthen the legitimacy of the country's economic reforms if implemented effectively. The CPPE stated this in a policy brief issued on Monday by its Chief Executive …
Nigeria is failing to unlock an estimated $296 billion blue economy opportunity despite recent improvements in port operations and maritime security. The chairman of the Alliance for Economic Research and Ethics, Dele Oye, raised this concern in a report he issued over the weekend. According to him, chronic underfunding and fragmented regulation are threatening to …
Rather than raising taxes, Nigeria is reshaping its revenue mobilisation strategy to widen the tax base and improve the efficiency of tax collection. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reiterated this at the BusinessDay 14th Annual CEO Forum in Lagos, describing the approach as key to sustaining long-term economic …
The Nigerian Exchange Limited (NGX) ended the week of July 17 on a mixed note, with a strong rally in banking stocks cushioning losses in the broader market as industrial counters weighed heavily on performance. Although the All-Share Index (ASI) slipped 0.14 per cent to close at 243,462.13 points, investors' wealth increased as market capitalisation …
