business
Afrinvest Sounds Alarm: Nigeria’s Ambitious $1 Trillion GDP Target at Risk An ambitious goal to transform Nigeria’s economy into a $1 trillion powerhouse by 2030 is under threat from significant economic headwinds, according to a new report from leading financial advisory firm, Afrinvest. The report, titled “Beyond Silver Linings: Statistical Gains, Social Strains,” cautions that […]
A Ray of Hope: FG Announces Cash Transfers for 2.2 Million Households The Federal Government is set to disburse cash to 2.2 million vulnerable households, a move the Minister of State for Humanitarian Affairs and Poverty Reduction, Dr. Tanko Sununu, says is part of the administration’s renewed commitment to poverty alleviation. The announcement, made during […]
PenCom Urges FG to Raise Police Pension Contribution to 20% Amidst Welfare Concerns The National Pension Commission (PenCom) has formally urged the Federal Government to increase its pension contribution for police officers from the current 10% to 20%, as part of a comprehensive plan to address the welfare concerns of retired officers. The recommendation was […]
Livestock Supply at Risk in Oyo as Cattle Breeders Take Stand Against Anti-Grazing Legislation In a move that could disrupt the state’s food supply chain, a coalition of cattle breeders and dealers has issued a two-week ultimatum to the Oyo State government, threatening to halt all livestock sales and shut down cattle markets if their […]
Fuel Consumption Plunges by 16% in June, NMDPRA Reports Nigeria’s total fuel consumption has fallen to 1.44 billion litres in June 2025, marking a significant 16.42% decline from the previous month. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed the figure, which represents a daily average of 48.03 million litres, highlighting the continued […]
NAFDAC Seizes 10,000 Cartons of Fake Products in Lagos Market Raid The National Agency for Food and Drug Administration and Control (NAFDAC) has seized over 10,000 cartons of unregistered tomato paste and various cosmetic products during a five-day enforcement operation at the Lagos Trade Fair Market. The raid, conducted by the agency’s Investigation and Enforcement […]
Housing Deficit: Tackling Crisis Requires Stakeholders’ Collaboration, Says MBAN President Nigeria’s massive housing deficit, estimated at over 20 million units, cannot be solved by any single entity and requires active collaboration among all key players in the real estate value chain. This was the view of Mr. Ayo Olowookere, the President of the Mortgage Banking […]
Non-Oil Exports Boom, Hit $3.2bn in Six Months Nigeria’s non-oil export sector has recorded a significant milestone, with total earnings reaching $3.225 billion in the first half of 2025. This remarkable performance, announced by the Nigerian Export Promotion Council (NEPC), signals a powerful surge in the country’s economic diversification efforts. Presenting the First Half-Year Progress […]
Naira Weakness, Inflation Drive Manufacturing Expenses to N2.6tn The severe pressures from a weak Naira and relentless inflation have pushed the operational expenses of Nigeria’s manufacturing sector to a staggering N2.6 trillion in the first half of 2025. This figure, representing the “cost of sales” for a sample of 12 major manufacturing companies, marks a […]
Femi Otedola Reveals How He Lost $898 Million to Economic Downturns in 2009 Lagos, Nigeria August 2025 Nigerian billionaire and industrialist, Femi Otedola, has opened up about one of the most difficult chapters of his business journey a staggering $898 million financial loss suffered in 2009 due to a combination of global and […]
Nigeria’s Economy Poised to Hit $450 Billion by Year-End, Predicts CPPE Boss, Dr. Muda Yusuf Nigeria’s Gross Domestic Product (GDP) is estimated to reach an impressive $450 billion by the fourth quarter of 2025, provided the nation’s economy sustains its recovery trajectory from recent economic reforms without significant disruptions. This optimistic projection was announced by […]
Nigeria’s $2 Billion Sugar Market Beckons Investors, Says NSDC Boss Investors are being urged to seize significant opportunities within Nigeria’s burgeoning sugar sector, which currently boasts a market value exceeding $2 billion. Mr. Kamar Bakrin, the Executive Secretary of the National Sugar Development Council (NSDC), made this compelling appeal on Sunday, August 3, 2025, stressing […]
Aviation Sector Faces Imminent Shutdown as Unions Issue Ultimatum Over Salary Dispute Nigeria’s aviation sector is on the brink of a major shutdown, as key unions have issued a stern seven-day ultimatum to the Minister of Aviation and Aerospace Development, Festus Keyamo, demanding the immediate implementation of a long-delayed new salary structure for workers under […]
Dangote Group Champions Public-Private Partnerships for Bridging Nigeria’s Housing Deficit The Dangote Group has strongly advocated for enhanced public-private partnerships (PPPs) as a crucial strategy to tackle Nigeria’s staggering housing deficit, estimated to be in the millions. This call was made by Dolapo Alli, National Sales Director of Dangote Cement Plc, during the recently concluded […]
New Fuel Surcharge to Generate N796bn Annually for FG, Consumers Decry Imminent Hike The Federal Government is set to introduce a five per cent surcharge on locally produced and imported petrol, a move projected to rake in an estimated N796 billion annually, according to an analysis by The PUNCH. This new tax policy, enshrined in […]
IMF Raises Nigeria’s Economic Growth Forecast to 3.4% Amidst Cautious Optimism The International Monetary Fund (IMF) has upgraded its economic growth forecast for Nigeria to 3.4% for 2025, signaling renewed confidence in the nation’s short-term prospects despite ongoing domestic and global challenges. The new projection, released in the IMF’s July 2025 World Economic Outlook (WEO) […]
Global Stocks Waver as Trade Optimism Wanes, Focus Shifts to Key Economic Data and Corporate Earnings Global stock markets are exhibiting mixed performance and heightened volatility this Tuesday, July 29, 2025, as investor sentiment navigates a landscape where initial trade relief is fading, and attention firmly turns to a flurry of crucial economic data and […]
Digitvant Microfinance Bank Empowers Over 50,000 Businesses with “Market Monie” Loans Digitvant Microfinance Bank, a rapidly emerging player in Nigeria’s fintech landscape, announced on Monday, July 28, 2025, that it has disbursed credit facilities to over 50,000 small and medium-sized businesses through its flagship product, “Market Monie.” The milestone was revealed at a press conference […]
FG Targets Over 2 Million Jobs Through Ambitious Renewed Hope Social Housing Programme The Federal Government has set an ambitious target of generating over two million jobs across Nigeria through its expansive Renewed Hope Social Housing Programme. This initiative, designed to address the nation’s severe housing deficit, is also poised to significantly stimulate local economies […]
Nigeria’s Real Estate Sector Soars to N41.3 Trillion, Becomes Third Largest GDP Contributor Nigeria’s real estate sector has experienced a monumental surge, with its valuation climbing to an impressive N41.3 trillion in 2024. This remarkable growth, confirmed by the latest rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS) on […]