In a significant boost to Nigeria’s economic prospects, the Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This remarkable turnaround marks a departure from the deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022, respectively. The surplus is attributed
The Renewable Energy Association of Nigeria (REAN) has strongly cautioned the Federal Government against implementing a proposed ban on the importation of solar panels, urging for a more strategic and phased approach that aligns with the realities of Nigeria’s energy sector. In a statement issued on Wednesday, REAN emphasized that while the federal government’s desire
In a strategic move to boost economic development and empower grassroots entrepreneurs, the Nigeria LNG Limited (NLNG) has officially launched an enhanced Micro, Small, and Medium Enterprises (MSME) scheme in collaboration with the Bank of Industry (BoI). The initiative, unveiled during a formal event held in Port Harcourt, is designed to improve access to finance,
The European Union, in partnership with the Federal Government, is promoting circularity in the fashion and textile industry in line with the United Nations International Zero Waste agenda. The European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, stressed the need to reduce waste generated in the textile industry. Globally, this stands at an alarming
The Nigeria National Petroleum Corporation (NNPC) Foundation has launched a free cataract screening and surgery initiative in Bayelsa State, aiming to restore sight to over 1,000 individuals. The programme, which took place on Monday, was held at the Federal Medical Centre, Yenagoa, and the Niger Delta University Teaching Hospital, Okolobiri, both located in the Yenagoa
Dangote Industries has revealed bold plans to eliminate the need for importing key products such as cement, petroleum, and agricultural goods, further solidifying its position as a major player in Nigeria’s industrial and economic landscape. The conglomerate, led by Africa’s richest man Aliko Dangote, aims to make Nigeria self-sufficient in these critical sectors, contributing to
In a major development affecting Nigeria’s third tier of government, state governors across the federation have reportedly implemented measures preventing elected local government chairpersons from opening accounts with the Central Bank of Nigeria (CBN) to access funds from the federation account.Multiple sources within the Nigeria Union of Local Government Employees (NULGE) confirmed that this move
The United States has imported Nigerian goods valued at approximately $643 million within the first two months of 2025, according to recent data released by the US Department of Commerce.This significant trade volume underscores the continuing economic relationship between both nations, with Nigeria maintaining its position as one of America’s key African trading partners. The
The Federal Government has expressed concern over the impact of the newly imposed tariffs by U.S. President Donald Trump on Nigerian exports, warning that both oil and non-oil sectors could suffer significant setbacks. The tariffs, which are set to disrupt trade relations between Nigeria and the United States, could undermine the competitiveness of Nigerian products
International trade offers numerous socio-economic and political benefits, such as revenue generation, fostering relationships between nations, and ensuring optimal resource allocation. Free trade, in particular, should encourage political and economic cooperation globally. However, the reality under President Donald Trump’s administration has deviated from this ideal, as his stance on trade tariffs signals a shift from
