Abuja | September 12, 2025 — The Federal Government has abolished the 5 percent excise duty previously imposed on telecommunications services, including voice calls and data usage, in a move expected to bring relief to millions of Nigerian subscribers. The National Orientation Agency (NOA) announced the development on Thursday via its official X (formerly Twitter)
San Francisco/New York | September 11, 2025 Artificial intelligence research company OpenAI has signed one of the largest cloud-computing contracts in history, committing to purchase $300 billion worth of computing power over five years from Oracle, according to reports confirmed by The Wall Street Journal and Reuters.The agreement, scheduled to begin in 2027, will provide
Abuja, Nigeria | September 10, 2025 The National Insurance Commission (NAICOM) has announced the enforcement of new minimum capital requirements for insurance and reinsurance companies, following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law in August by President Bola Tinubu.Under the revised framework, insurance operators have 12 months to
Lagos, Nigeria | September 9, 2025 Consumer goods giant, PZ Cussons Nigeria Plc, has bounced back to profitability, posting a remarkable ₦10 billion profit after a turbulent period of foreign exchange-induced losses. The company, which had struggled in recent years due to naira volatility and rising operating costs, attributed its strong turnaround to relative stability
Lagos, Nigeria | September 8, 2025 – Nigeria’s foreign exchange (FX) market recorded total inflows of $2.80 billion in August, reflecting renewed confidence and stronger domestic participation, according to figures released by the FMDQ Exchange. The report showed that the inflows, a combination of local and foreign sources, underscore the continuing resilience of the Nigerian
The Presidential Tax Policy Committee has announced that kerosene, liquefied petroleum gas (LPG), and compressed natural gas (CNG) will be exempt from the recently introduced 5% fuel surcharge, offering some relief to consumers and stakeholders in Nigeria’s energy sector. In a statement released on Monday, the Committee clarified that the surcharge, aimed at generating additional
Abuja, Nigeria – Friday, September 6, 2025 The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that there are no subsidies in Nigeria’s oil and gas sector, emphasizing that the market operates under a fully deregulated framework. The Director of the Public Affairs Department, Mr. George Ene-Ita, made the statement to the News
Lagos, Nigeria | September 6, 2025 The Nigerian naira recorded a steady appreciation in both the parallel and official foreign exchange markets during the first week of September 2025, extending gains observed at the end of August. Data from Nairametrics show that in the parallel market, the naira opened at ₦1,539 to $1 on Monday,
Lagos, Nigeria | September 4, 2025 Standard Bank has adjusted its medium-term outlook on the Nigerian naira, forecasting that the currency will close 2025 at ₦1,585.5 per US dollar, a stronger position than its earlier projection of ₦1,697.5/$1. The bank, in its latest assessment obtained by Nairametrics on Wednesday, noted that recent improvements in Nigeria’s
September 3, 2025 – Gold surged to fresh record highs in global markets on Tuesday, buoyed by strong investor demand and ongoing supply concerns, even as Nigeria ramped up efforts to tackle illegal mining within its borders. Analysts attributed the surge to global economic uncertainties, currency pressures, and heightened interest in safe-haven assets. Spot gold
