The Nigerian Content Development and Monitoring Board (NCDMB) and Nigeria LNG Limited (NLNG) have reaffirmed their commitment to deepen collaboration on local content, as the gas giant's Train 7 project reached 90 percent completion and pre-commissioning activities got underway. The renewed commitment was made on Wednesday when NLNG's Managing Director and Chief Executive Officer, Engr. …
Family-owned businesses across Africa are growing faster than their global counterparts, even as inflation, tax complexity and supply chain disruptions weigh on the operating environment, according to PwC's Africa Family Business Survey 2025. The survey, which sampled 79 family businesses across East, West and Southern Africa, found that 66% reported sales growth in the past …
The Nigerian Electricity Regulatory Commission (NERC) has commended the Edo State Judiciary for adopting the Edo State High Court (Nigerian Electricity Supply Industry) Practice Directions, 2026. In a statement, the national electricity regulator said the move marks a significant milestone in strengthening the legal framework governing the power sector. The new legal framework, which officially …
Aradel Holdings Plc delivered one of the strongest earnings performances in Nigeria's oil and gas sector in the first quarter of 2026. The company posted a triple-digit growth in revenue, profit and production following the expansion of its asset base. Its revenue surged by 265 per cent to ₦728.5 billion, from ₦199.9 billion a year …
Nigeria's latest Company Income Tax (CIT) figures have exposed a growing imbalance in the economy, with foreign-linked entities contributing significantly more tax revenue than domestic businesses. This worry comes at a time when key productive sectors are showing signs of distress. Data released recently by the National Bureau of Statistics (NBS) showed that total CIT …
The federal government has dismissed reports that it plans to introduce new taxes on telecommunications services and petroleum products. It dismissed the claim in a statement on Tuesday by Maryann Duke, Senior Special Assistant on Communications and Press Affairs to the Minister of Finance and Coordinating Minister of the Economy, describing it as inaccurate and …
The International Monetary Fund (IMF) has warned that the rapid rise of stablecoins in Nigeria could weaken the country’s control over its monetary system. It highlighted this concern in a report on Tuesday following the release of its latest Article IV report on Nigeria, detailed in Annex VII. According to the Brettonwood financial institution, more …
The Alliance for Economic Research and Ethics has called on the federal government to reject the International Monetary Fund's (IMF) recommendation for new taxes on fuel, telecommunications services, and consumption. In a policy statement released on June 14 by its chairman, Dele Oye, the think tank group warned that such measures would worsen poverty, raise …
The Centre for the Promotion of Private Enterprise (CPPE) has warned that continued reliance on high interest rates to manage Nigeria's economy could undermine investment, job creation and economic growth, despite recent gains in macroeconomic stability. In a statement on Sunday, the chief executive officer of CPPE, Muda Yusuf, said while the International Monetary Fund's …
When Nigeria returned to democratic rule in 1999, ushering in the Fourth Republic, the average citizen earned far less than today but could afford much more with those earnings. At the time, the gross domestic product (GDP) per capita was estimated at $450, the naira exchanged at around ₦92 to the dollar, petrol sold for …
