The U.S. economy expanded at its fastest pace in almost two years during the second quarter of 2025, driven by robust consumer spending, higher business investment, and a sharp narrowing of the trade deficit. Figures released by the Commerce Department’s Bureau of Economic Analysis on Thursday showed gross domestic product (GDP) grew at an annual …
Vice President Kashim Shettima has restated the Federal Government’s determination to place micro, small, and medium enterprises (MSMEs) at the heart of Nigeria’s economic renewal agenda. He described MSMEs as the “lifeblood of the nation’s economy,” constituting about 80 per cent of businesses in the country. Shettima stated this while delivering his remarks at the …
The National Pension Commission (PenCom) has asked Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report all foreign currency pension contributions above $10,000 to the Nigeria Financial Intelligence Unit (NFIU) within 24 hours of receipt. The directive is contained in the 'Guidelines on Foreign Currency Pension Contributions' released early this week. "In line …
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has denied demanding N1.505 trillion annual subsidies on petroleum products from Dangote Refinery. DAPPMAN spokesperson, Ikem Ohia, who featured on Channels Television’s Morning Brief on Wednesday, said marketers have been in negotiation with Dangote, and they are only calling on the refinery to make products …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that with steady progress made in combating the menace of crude oil theft, the country can now produce above two million barrels per day (bpd). The commission refuted a media report that said the country lost about N8.41 trillion worth of crude oil in four years …
The United States expects to seal trade deals with more Southeast Asian countries in the coming months, U.S. Trade Representative Jamieson Greer said Wednesday during a meeting with regional counterparts in Kuala Lumpur. Greer told economic ministers from the 10-member Association of Southeast Asian Nations (ASEAN) that negotiations on tariff rates are progressing, with some …
Global stocks fell on Wednesday as the dollar strengthened, following Federal Reserve Chair Jerome Powell’s cautious remarks on U.S. interest rates. Powell avoided committing to the sharp rate cuts investors expect in the coming months, dampening market sentiment. Traders still see a 92% chance of an October cut, according to CME FedWatch, but Powell stressed …
The National Pension Commission (PenCom) has introduced fresh guidelines on foreign currency (FCY) pension contributions, creating new opportunities for Nigerians at home and abroad under the Contributory Pension Scheme (CPS). Announcing the initiative in Abuja on Wednesday, PenCom’s Director-General, Omolola Oloworaran, described it as part of the ongoing “Pension Revolution 2.0” aimed at raising standards …
The Dutch government has agreed to sell a 46 per cent stake in TenneT’s German subsidiary to a consortium of global investors for up to €9.5 billion ($11.3 billion), marking a major step in its long-planned divestment of the power grid operator. The stake will go to Dutch pension fund manager APG, Norway’s Norges Bank, …
China has accelerated purchases of Argentine soybeans, booking about 20 cargoes, or 1.3 million tons, since Buenos Aires scrapped export taxes earlier this week, traders said on Wednesday. The surge makes Argentine beans more competitive and continues to erode U.S. market share, already hit by tariffs from the ongoing U.S.-China trade war. Most of the …
