ABUJA, NIGERIA – The Federal Capital Territory (FCT) has, for the first time, surpassed Lagos State to become Nigeria’s leading destination for foreign investment. This significant shift in the country’s economic landscape was revealed in the Q1 2025 Capital Importation report released by the National Bureau of Statistics (NBS). According to the report, Abuja…
In a significant move set to reshape global trade dynamics, China has announced the full removal of tariffs on imports from all African countries with which it maintains diplomatic relations. This landmark decision falls under the new “China-Africa Economic Partnership for Shared Development,” a framework designed to significantly enhance Africa’s integration into global trade. The…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and various tanker driver associations have embarked on a protest against the Lagos State Government’s recent hike in the electronic call-up parking fee for trucks along the Lekki-Epe corridor. The associations are warning that the new charge of ₦12,500 per truck, up from the previous ₦2,500, is…
The declaration comes amidst growing concerns over inflation, particularly in food commodities, which has placed significant strain on households across the nation. The national emergency aims to streamline efforts across various government agencies and stakeholders to implement immediate and long-term solutions. Key aspects of the emergency response are expected to include: Increased agricultural production: Measures…
Nigeria’s agricultural sector, vital for food security and economic growth, faces persistent challenges from pests. These pests inflict significant crop losses, threatening livelihoods and hindering national development. While traditional pesticide use offers a quick fix, its long-term consequences – environmental degradation, human health risks, and pest resistance – demand a more sustainable approach. Integrated Pest…
Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (petrol), from N890 to N825 per litre. That is N65 reduction per litre following an earlier N60 reduction per litre on February 1. The refinery, noted that the petrol price has now dropped from N950 per litre in January to N825 per litre,…
As the global financial organization continues to assist the nation’s structural and economic changes, the Federal Government is expected to obtain six additional loans from the World Bank in 2025, totaling $2.23 billion. This will increase Nigeria’s total approved loans to $9.25 billion over three years, according to data from the World Bank’s official website….
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has disclosed that Nigeria’s economic reforms are gaining momentum, with significant progress made in stabilizing the economy. The Minister who made the disclosure at the launch of the October 2024 Nigeria Development Update (NDU) in Abuja, highlighted the country’s economic trajectory….
