In a bold move aimed at reforming Nigeria's mining sector, the Nigerian Mining Cadastre Office (MCO) has revoked over 4,700 mining licences that were hoarded by speculators and inactive holders. This action, taken in the past year, seeks to create a transparent, competitive, and investor-friendly environment that can attract serious players and boost Nigeria’s position …
The Nigerian naira has risen to a six-month high at the official foreign exchange (FX) market. According to data published on the Central Bank of Nigeria (CBN) website, the naira appreciated to ₦1,514.86 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, 04 September 2025, the last trading day last week before the public …
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that the five per cent surcharge on petroleum products reinstated in the new tax law is aimed at harmonising and providing transparency in the tax system. He said this in a post on Saturday, September 6, while clarifying what is true …
United Capital Research (UCR) has predicted that Nigeria’s headline inflation rate will drop to 20.83 per cent in August 2025, down from 21.88 per cent in July 2025. The pan-African financial services institution said its forecast is based on a combination of factors, including decreasing prices of major food items, relatively stable energy prices, especially …
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigerian government to take concrete actions towards ensuring the implementation of all international partnership agreements for development of the domestic economy. The chamber made the call while reacting to recent international engagements of the Nigerian government, including the diplomatic overtures with Brazil and …
The Nigeria Customs Service (NCS) has rolled out its Automated Excise Register System (ERS), a major step toward digitising excise administration in the country. NCS spokesperson Abdullahi Maiwada announced the launch in a statement on Thursday, saying the system followed a successful pilot phase that ended in August. The ERS went live at three excise …
The federal government has dismissed claims that it increased the pump price of Compressed Natural Gas (CNG), clarifying that recent adjustments were made by private investors. In a statement on Thursday, the Brands and Corporate Communications Manager of the Presidential Compressed Natural Gas Initiative (PCNGI), Matilda Johnson, described reports attributing price hikes to government directives …
Members of the Indigenous Contractors Association of Nigeria (AICAN) today, setember 3, 2025 blocked the entrance to the Federal Ministry of Finance in Abuja, protesting the non-payment of funds for contracts they executed for the Federal Government. The contractors carried placards demanding immediate payment for projects completed since 2024. READ ALSO: NIPCO’s 65.22% Hike in …
The Nigeria Customs Service (NCS) promoted 3,312 officers and appointed four Deputy Comptroller-Generals (DCGs) along with twelve Assistant Comptroller-Generals (ACGs). The decisions came during the 63rd regular meeting of the NCS Board (NCSB) on September 2, 2025, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. The newly appointed …
Venezuela’s government is quietly allowing the use of dollar-pegged cryptocurrencies in private-sector currency exchanges as U.S. sanctions squeeze oil revenues and reduce the flow of foreign currency. U.S. restrictions on oil exports, described by Caracas as “economic war,” have made it harder for businesses to access dollars. Companies seeking raw materials must often exchange bolivars …
