The Nigeria Customs Service (NCS), Federal Operations Unit, Zone C, Owerri, has intercepted a truckload of illicit drugs valued at over N1 billion along the Okada/Ofosu Expressway in Benin City, Edo State. The seized items include 1,025,000 tablets of Tramadol and 10,000 bottles of Barcadin Codeine Syrup (100ml each), marking a significant breakthrough in the …
The Nigerian Government has approved sweeping tariff reductions on key imports, including vehicles, rice, palm oil and sugar, as part of its 2026 fiscal policy aimed at stimulating economic growth and supporting critical sectors. In a circular issued by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Federal Government confirmed …
The Nigerian Economic Summit Group (NESG) has cautioned the Federal Government against reversing fuel subsidy reforms, warning that such a move could destabilise the economy and undermine recent gains. Speaking during a media briefing on Friday, NESG Head of Research, Dr. Joseph Ogebe, described 2026 as a “make-or-break” year for Nigeria, stressing the urgency of …
While preparing dinner on Friday evening, Madam Juliana Umeh, a mother of three who resides in the Ilasa area of Lagos, suddenly noticed the flame from her blue 12.5kg cylinder gradually dropped and finally stopped. The gas finished in the middle of the cooking. Left with no other option, Mrs Umeh approached a nearby gas …
The African Export-Import Bank (Afreximbank) has reported robust financial performance for the year ended December 31, 2025, highlighting strong balance sheet growth, increased investor confidence, and sustained execution of its strategic priorities across Africa and the Caribbean. The Bank said its total assets and contingencies rose by 21 percent to $48.5 billion from $40.1 billion …
Nigeria’s business environment remained in expansion territory in March 2026, but momentum weakened significantly as rising input costs, weak investment appetite, and persistent structural challenges dragged performance across key sectors, according to the latest Nigerian Economic Summit Group Business Confidence Monitor (BCM). The report paints a picture of a cautious economy, one where businesses are …
Despite the non-oil revenue surge, debt and subsidy pressures mount Nigeria is gradually reducing its long-standing dependence on crude oil as a major source of revenue, as non-oil income and tax collection across the country have been on a steady rise, a new report reveals. The report, titled “Nigeria Unshackled: Inside the Steady Rise …
FG Moves to Centralise Revenue Collection, Retains Technical Oversight with the Solid Minerals Ministry The Federal Government has handed over the collection of mineral royalties from mining operators nationwide to the Nigeria Revenue Service (NRS), in a major policy shift aimed at strengthening revenue administration under the new tax laws. The Ministry of Solid …
The Nigerian Naira maintained a relatively stable performance against the United States Dollar on Thursday, April 2, 2026, as improved liquidity and sustained policy support continued to underpin gains recorded at the start of the new quarter. At the Central Bank of Nigeria-regulated Nigerian Foreign Exchange Market (NFEM), the Naira traded at an average of …
Nigeria has exported the first cargo of its newly introduced Cawthorne crude grade, with approximately 950,000 barrels en route to India's Sikka port. A report by Platts, part of S&P Global Energy, said a spokesperson for the Nigerian National Petroleum Company (NNPC) Limited confirmed the development, saying the shipping was done during the weekend following regulatory approvals …
