Nigeria’s foreign exchange earnings from diaspora remittances may soon come under significant pressure following the passage of a controversial bill in the United States that proposes a 3.5 per cent levy on international money transfers made by non-citizens. The bill, titled the “One Big Beautiful Bill Act,” is a sweeping legislative initiative spearheaded by former
In a landmark development for Nigeria’s digital landscape, the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, welcomed Bill Gates, Co-Chair of the Bill & Melinda Gates Foundation, along with key members of the Foundation’s delegation, including Paulin Basinga, Uche Amaonwu, and Bunmi Okunowo, for a high-level engagement aimed at boosting Nigeria’s
Lagos, Nigeria – June 4, 2025 The latest Nairalytics Food Price Survey conducted in selected markets across Lagos has revealed a sharp increase in the prices of several essential food commodities between April and May 2025. The report highlights a significant inflationary trend in food items, with tomatoes, pepper, and palm oil experiencing the steepest
The Nigeria Deposit Insurance Corporation (NDIC) has called on financial sector stakeholders, policymakers, and the general public to actively participate in the ongoing review of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance Systems. The Corporation emphasized that this review process is vital to strengthening the resilience and relevance of
LAGOS — The Nigerian Exchange Limited (NGX) has recorded a historic milestone as the total market capitalisation for debt, equities, and Exchange Traded Funds (ETFs) surpassed N120 trillion, driven by increased foreign investor participation and renewed confidence in the Nigerian capital market. According to market data released on Tuesday, this significant leap in capitalisation reflects
Nigeria’s steel industry is poised for a major resurgence as the Federal Ministry of Steel Development enters into a strategic collaboration with the Nigeria-China Strategic Partnership (NCSP) to breathe new life into the Ajaokuta Steel Company. The initiative, which has received the full backing of President Bola Ahmed Tinubu, marks a significant turning point in
Oando Plc has posted a significant profit of N220.1 billion for the financial year ended December 31, 2024, representing a strong rebound from the N60.3 billion profit reported in 2023. The Group’s revenue surged to N4.09 trillion, up from N2.85 trillion in the previous year, driven by improved performance across its core businesses, including exploration
In a move that signals stronger synergy between government and indigenous energy players, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Tuesday received a high-powered delegation from Renaissance Africa Energy Company Limited (RAEC) at his Abuja office. The visit forms part of ongoing strategic engagements aimed at deepening
Port Harcourt, June 3, 2025 — Green Energy International Limited (GEIL) has officially commissioned the Otakikpo onshore crude oil export terminal, the first indigenous oil terminal of its kind in Nigeria. Located in the OML 11 block near Port Harcourt, Rivers State, the $400 million terminal is set to transform Nigeria’s crude evacuation process by
Abuja, Nigeria – June 3, 2025 Renowned Nigerian businessman and philanthropist, Mr. Femi Otedola, has expressed confidence in the Federal Government’s economic reforms, following a strategic meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja. The high-level meeting, which also had in attendance the Minister of Budget
