Nigeria must urgently reduce the cost of production or risk conceding its growing African market to competitors, the Executive Secretary of the National Sugar Development Council (NSDC), Kamar Bakrin, has warned. Bakrin spoke at the technical session of the 17th National Council on Industry, Trade and Investment (NCITI) in Enugu, where he presented what he …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, will headline the 7th Africa Emerging Markets Forum in Abuja on July 29 and 30, 2026. The two global economic leaders will feature in a high-level fireside dialogue on how African economies …
The Centre for the Promotion of Private Enterprise (CPPE) has said the United States' decision to impose a 12.5 per cent tariff on imports from Nigeria is unlikely to have a significant impact on the country's export earnings or broader economy, as most Nigerian exports to the US are exempt from the new measures. In …
Beyond the Stopgap measure: import surges haven’t relieved pressure on Nigeria's LPG market For Mrs Esther Akpan, who runs a small-scale restaurant in the Ilasa area of Lagos, it is not yet time to return to using cooking gas, despite the slight drop in prices in recent weeks. Mrs Akpan, who has been cooking …
The Federal Government has inaugurated an inter-ministerial committee to develop a new Value Added Tax (VAT) Modification Order aimed at supporting the implementation of Nigeria's Tax Reform Acts, which took effect on January 1, 2026. The committee was inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the Federal …
Despite windfalls recorded by many oil-producing nations in recent months following the tension in the Middle East, Nigeria lost an estimated N5.1 trillion in expected oil revenue in six months. The 2026 federal budget has a target of 1.84 million barrels per day (bpd), but the data published by the Nigerian Upstream Petroleum Regulatory Commission …
Nigeria is among 60 countries affected by a new round of United States import tariffs that took effect on Friday, as President Donald Trump's administration tightened its trade policy with duties of up to 12.5 per cent on imports from major trading partners. The new measures replace a temporary global tariff introduced earlier this year …
From Okrika clothes and fairly used phones to second-hand furniture, appliances, and cars, rising prices and shrinking purchasing power are reshaping how Nigerians consume. For years, buying second-hand goods in Nigeria carried a social stigma. Used clothes, electronics, fairly used phones, furniture, and appliances were dismissed as "okrika", often associated with people who could not …
Nigeria could face a major funding gap if the United States withdraws all foreign assistance, potentially losing between $740 million and $790 million annually based on historical disbursement trends. The development would end more than a decade of steady US financial support that has channelled almost $8.9 billion into the country since 2015. Data from …
The Nigeria Customs Service, NCS, has disowned a fake recruitment advertisement circulating on social media and warned members of the public against falling victim to fraudsters. The Service also cautioned criminals behind the fake advert to desist from using its name to defraud unsuspecting Nigerians. In a statement issued on Thursday, the NCS urged members …
