July 11, 2025 | Lagos, Nigeria — At the Afreximbank annual meeting, industrial magnate Aliko Dangote announced plans to double the capacity of his urea fertilizer plant, currently Africa’s largest, from 3 million to 6 million metric tonnes annually within 40 months. This ambitious expansion aims to end Africa’s reliance on imported fertilizer, estimated at
Abuja | July 10, 2025 — The Nigerian Senate has called on the Federal Government to end the continuous use of public funds to subsidize power distribution companies (DISCOs), warning that the current arrangement is economically unsustainable and counterproductive. During plenary on Tuesday, lawmakers decried the heavy financial burden placed on the federal budget through
In a bold move that signals intensified competition in the tech industry, Meta Platforms Inc. has reportedly succeeded in enticing a leading artificial intelligence (AI) engineer away from Apple, offering a staggering pay package valued at over $200 million. This landmark recruitment underscores Meta’s aggressive push to dominate the AI landscape amid growing demand for
Lagos, July 9, 2025 — The Corporate Accountability and Public Participation Africa (CAPPA) has warned that Nigeria is forfeiting more than ₦200 billion each year due to its underwhelming sugary drink tax, emphasizing the urgent need for reform to address health and economic costs. Presenting at a public health symposium in Lagos, CAPPA’s Executive Director, Akinbode Oluwafemi,
Abuja, July 9, 2025 — The Central Bank of Nigeria (CBN) has issued a directive mandating all commercial banks to submit detailed Capital Restoration Plans (CRPs) by July 14, 2025, as part of its exit strategy from COVID-era regulatory forbearance. The circular, signed by the Director of Banking Supervision, Olubukola Akinwunmi, stipulates that affected banks must present
Abuja, July 9, 2025 — The Central Bank of Nigeria (CBN) has issued a warning that persistent increases in input costs across key sectors may soon trigger a resurgence in consumer price inflation. The alert follows the release of the June 2025 Purchasing Managers’ Index (PMI) report by the bank. According to the CBN, input
Starting from January 2026, all financial institutions operating in Nigeria will be mandated to report customer accounts with monthly transactions of ₦5 million and above to the Federal Inland Revenue Service (FIRS), as part of the Federal Government’s effort to enhance transparency and widen the tax net. This directive, which comes under the evolving tax
Cairo, July 9, 2025 — Africa’s premier trade finance institution, Afreximbank, has recently been hit by two consecutive credit rating downgrades that have sparked intense debate between development-driven priorities and strict global financial metrics. Moody’s on July 1 downgraded Afreximbank’s long-term issuer rating from Baa1 to Baa2, citing concerns over weaker asset performance and a shift
Abuja, July 9, 2025 — The Federal Ministry of Humanitarian Affairs & Poverty Reduction convened with the National Association of Small & Medium Enterprises (NASME) in Abuja today to formalize collaboration aimed at boosting economic resilience and aiding vulnerable populations through targeted SME interventions. During the meeting, key representatives from both agencies explored opportunities to:
Kuda Technologies, the Lagos‑based neobank, has finally rolled out its long‑awaited cross‑border remittance service—three years after shelving its initial plans. Now, Nigerians abroad can send funds directly to bank accounts back home via Kuda’s new multi‑currency wallet, designed to hold and transfer funds in major currencies. According to a statement from founder and CEO Babs
