The Central Bank of Nigeria (CBN) has been hitting the right notes lately with its effort to increase its reserves, which have now effectively crossed the $50 billion mark, the first time in 13 years. In the last 24 hours, the apex announced that it increased total gold holdings to $3.5 billion after taking delivery …
Nigeria’s economy faces a mix of gains and pressures from the ongoing conflict between the United States, Israel and Iran, with higher global energy prices expected to strengthen government finances even as inflation risks intensify. In a report released on Thursday, March 5, CardinalStone Research said the war, which began on February 28, 2026, has …
The House of Representatives Ad-hoc Committee investigating pre-shipment inspection of exports and the non-remittance of crude oil proceeds has directed key government agencies and a private sector body to submit comprehensive records related to its ongoing probe. The directive followed concerns by lawmakers over incomplete documentation submitted by the agencies, as the committee seeks to …
Nigeria’s private sector showed signs of recovery in February 2026, but key obstacles are still slowing growth, according to the Nigerian Economic Summit Group (NESG). The group revealed this in its latest Business Confidence Monitor (BCM) report released on Wednesday, March 4. The report shows the Business Performance Index hit 117.2 points, its highest in …
Foreign company income tax payments outperformed domestic collections in the third quarter of 2025, driving total Company Income Tax (CIT) revenue to ₦2.96 trillion. A review of the Company Income Tax (Q3 2025) report released on Wednesday, March 4, by the National Bureau of Statistics (NBS) has shown. According to the data, of the ₦2.96 …
The recent escalation of conflict in the Middle East, involving US-led strikes on Iran and subsequent retaliation, has caused a notable surge in crude oil prices in the global energy markets. The surge in crude oil prices in the international market has caused a hike in the prices of Premium Motor Spirit (PMS), also known …
Kogi State Governor Usman Ododo has said the Ajaokuta Economic City will be fully operational by the end of 2026. He made the statement during the historic handover of the licence for the Ajaokuta Free Trade Zone at the Nigeria Export Processing Zones Authority (NEPZA) headquarters in Abuja on Thursday, February 26. Governor Ododo described …
In a move to accelerate financial inclusion across Nigeria, the National Association of Microfinance Banks (NAMB), Federal Capital Territory (FCT) Chapter, has convened a high-level corporate governance training for Chairmen, Executive Directors, and Non-Executive Directors of Microfinance Banks operating within Abuja. The strategic capacity-building session, themed “Corporate Governance: Framework for Growth and Sustainability", brought …
Nigeria’s capital market contribution to Gross Domestic Product (GDP) has increased to 33 per cent from 13 per cent in April 2024, reflecting its expanding role in the economy. The growth follows a 125 per cent increase in market capitalisation, which rose to N123.93 trillion from about N55 trillion. The Director-General of the Securities and …
The Centre for the Promotion of Private Enterprise (CPPE) said Nigeria’s recent rebound in capital importation may be encouraging, but underlying structural risks threaten its sustainability. The economic think tank group gave the warning in a statement on Sunday, signed by its Chief Executive Officer, Muda Yusuf. It noted that total capital inflows rose to …
