Nigeria Economy news

By Babajide Komolafe, Economy EditorThe Central Bank of Nigeria, CBN, yesterday removed the limit on cash deposit and raised the weekly cash withdrawal limits across all channels to N500,000 from N100,000.The apex bank disclosed this in a circular to all banks titled, “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director, Financial Policy & Regulation Department.The circular stated: “Effective January 1, 2026, the following cash-related policies, which ar

By Elizabeth AdegbesanThe Cost of a Healthy Diet (CoHD) rose by 27.3 percent year-on-year, YoY, to N1,611 per adult per day in July 2025 from N1,265 per adult per day in July 2024.The National Bureau of Statistics (NBS) disclosed this in its CoHD report for July 2025.The NBS said: “The national average Cost of a Healthy Diet was N1,611 per adult per day in July 2025.“At the state level, Ekiti, Bayelsa and Imo States recorded the highest costs with N2,663, N2,352 and N2,235 resp

By Obas EsiedesaThe Federal Government has issued a strong warning to international oil companies (IOCs) and other operators in the petroleum industry, insisting that only those ready to fast-track field development and sanction real projects will retain their place in Nigeria’s energy landscape.  According to the FG, accelerating real activity—not dormant licences—remains critical to boosting crude oil output, strengthening the economy and keeping Nigeria

NCDMB, BOI sign dealBy Obas Esiedesa, AbujaThe Federal Government has launched a $100 million equity investment scheme aimed at boosting the capacity of Nigerian companies operating in the oil and gas sector.The initiative was unveiled on Tuesday at the 2025 Practical Nigerian Content Forum in Yenagoa, Bayelsa State, by the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Ogbe.Speaking at the signing of a Memorandum of Understanding between the NC

President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has criticised the crude supply practices of international oil companies, insisting that Nigeria has no justification for importing crude or refined petroleum products if existing laws are properly enforced.  Speaking during a visit by the South South Development Commission (SSDC) to the Dangote Petroleum Refinery and Fertiliser Complex in Lagos, Dangote said the Petroleum Industry Act (PIA) already establishes

By Peter EgwuatuThe Securities and Exchange Commission (SEC) has said it is strengthening inter-agency collaborations to identify and prosecute the promoters of Ponzi schemes in line with the Investments and Securities Act (ISA) 2025.The Divisional Head, Legal and Enforcement, SEC, Mr John Achile, who disclosed this at the Commission’s Journalists’ Academy 2025 in Lagos, said SEC would continue to ensure criminal investigation/prosecution in collaboration with law enforcement a

By Babajide KomolafeThe Central Bank of Nigeria, CBN, yesterday, said that the Composite Purchasing Managers’ Index, PMI, rose  to 56.4 points in November, marking the twelfth consecutive month of expansion in economic activity.According to the PMI report for November released by the apex bank on Monday 29 out of 36 subsectors surveyed expanded during the month reflecting the broadest and most robust growth pattern seen so far this year.The industry sector maintained its upward

First City Monument Bank (FCMB) has been named Nigeria’s ‘Best SME focused Bank’ for 2025 by the Chartered Institute of Bankers of Nigeria (CIBN). This recognition comes as FCMB holds a leading 24% share of the banking industry’s ¦ 1.8 trillion total SME disbursement for 2024. The award was presented at the 60th Annual Bankers Dinner in Lagos on November 28, 2025, highlighting First City Monument Bank’s strong role in supporting small and medium-sized b

By Obas Esiedesa, AbujaThe Federal Government, yesterday, unveiled 50 oil and gas blocks for bidding, targeting about $10 billion in fresh investments and an additional 400,000 barrels per day in national production.In the long term, the government hopes to deliver 10 billion barrels of oil over the next decade.Announcing the bid round in Abuja, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, said the blocks, spread across onshor

•As non-oil sector contributes 96%By Elizabeth AdegbesanNigeria has recorded growth  at 3.98% in its Gross Domestic Year-on-Year (YoY).It went up significantly to 4.23% in the second quarter of 2025 (Q2’25) and now reversing to 3.98% in Q3’25.On Quarter-on-Quarter (Q-o-Q) reversal in economic growth rate, the National Bureau of Statistics, NBS, yesterday, put the country’s Gross Domestic Product, GDP, at 3.98 percent for the third quarter of 2025 (Q3’25),

By Peter Egwuatu The Federal Government, PwC Nigeria and other stakeholders have emphasised the need for collaboration among regulators and operators in order to improve the supply of power in the country.This was agreed during the discussions with stakeholders and industry leaders at PwC Nigeria’s15th Annual Power and Utilities Roundtable.The forum, themed “Nigeria’s multi-tier electricity market: Imperatives for successful evolution”, explored the key actions

By Babajide KomolafeEcobank Nigeria Limited has announced the launch of a tender offer for its outstanding U.S.$300 million, 7.125% Senior Note Participation Notes due 2026.The bank in a statement said: “As at the date of this announcement, $150 million of the Notes remain outstanding.“The proposed offer commenced on Friday, 28 November 2025, and is expected to settle on or before 31 December 2025. Holders whose Notes are validly tendered and accepted for purchase will receive

Manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN) have kicked against a proposal to increase excise duty on carbonated sugar-sweetened beverages (SSB) through amendment of extant law.Stakeholders expressed divergent views at a public hearing jointly organised by the Senate Committees on Finance and Customs on the proposed amendment to the Customs and Excise Tariff (Consolidation) Act last week.The bill seeks to increase the current SSB excise tax from N10

By Yinka Kolawole  The manufacturing sector remained the top-contributing sector to Nigeria’s Value-added Tax (VAT) collections in the first half of 2025 (H1’25), with a contribution of N584.63 billion, representing 26.6 percent of the total local VAT collections of N2.197 trillion within the period, thus reaffirming the sector’s critical role in the country’s economic development.Analysis of the latest data released by the National Bur

By Babajide Komolafe, Economy Editor & Yinka KolawoleAgainst the backdrop of the declaration by the Federal Government that Nigeria’s economy has turned the corner to stability and recovery, going by some macroeconomic indicators, current trend in foreign investments inflow has indicated that foreign investors are yet to buy into the position.Financial Vanguard findings from the latest Central Bank of Nigeria, CBN, data on foreign capital importation so far in 2025 show that the share

—As OPEC+ nations reaffirm commitment to oil market stabilityBy Udeme Akpan, Energy EditorThe Dangote Petroleum Refinery and other major depot operators have reduced the average gantry price of Premium Motor Spirit, PMS, to N840 per litre, down from N843 per litre.The price adjustment follows a decline in global crude oil prices, as Brent crude — the benchmark for many international grades — fell to an average of $62 per barrel over the weekend. Industry checks by Vanguard sho

The NGX All-Share Index fell by 0.14 per cent to 143,520.53, while market capitalisation closed at N91.286.p trillion for the week.This compared with 143,722.62 points and N91.415 trillion recorded in the previous week, reflecting weaker sentiment across the market.The News Agency of (Nigeria) investors “lost about N129 billion this week as profit-taking continued across major counters”.Most indices closed lower, except NGX CG, NGX Premium, NGX Banking, NGX Pension, NGX AFR Div. Yie

•To unveil revised FX manual to sustain gain
•CBN will not go back to ways & means borrowing
•Highlights policy priorities for 2026By Babajide Komolafe, Economy EditorNigeria recorded a major rebound in external investor confidence as foreign capital inflows surged to $20.98 billion in the first ten months of 2025, the highest in years, according to the Central Bank Governor, Mr. Olayemi Cardoso.Speaking at the 2025 Annual Bankers’ Dinner of the Chartered Institute of B

By Progress Godfrey, AbujaNigeria generated N4.76 trillion in company income tax (CIT) in the first half of 2025, marking a 38 per cent rise from the N3.45 trillion recorded in the same period of 2024, according to fresh data from the National Bureau of Statistics (NBS).The jump was driven almost entirely by domestic companies, whose tax remittances surged even as payments from foreign firms weakened.CIT collections climbed from N1.98 trillion in Q1 to N2.78 trillion in Q2, representing a 40 pe

By Bashir BelloKANO —The National Agency for Food and Drug Administration and Control, NAFDAC, has cautioned operators and manufacturers within the Kano Free Trade Zone against sharp practices and manufacturing of substandard products capable of undermining Nigeria’s global rating.The agency’s Coordinator in Kano, Kassim Ibrahim, made the call during a 2 – day investors/stakeholders meeting organized by the Kano Free Trade Zone with the theme: “Strengthening p

•Tier-2 banks lead rise in deposit•Two banks record declineBy Babajide Komolafe, Economy EditorTop ten banks in Nigeria have accumulated N33.24 trillion in savings deposits in  the nine months ending September 2025, a 6.8 per cent increase from N31.13 trillion in the  same period of 2024.A breakdown of the financial statements of the banks for the period in 2025 showed that the five tier-2 banks recorded higher increases in savings deposits while two tier-1 banks r

By Obas Esiedesa, AbujaThe International Energy Agency (IEA) has commended ongoing reforms in Nigeria’s upstream petroleum sector, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) explained how the Petroleum Industry Act (PIA) 2021 has fundamentally reshaped governance, improved transparency, and strengthened investor confidence in the industry.A statement by the Commission on Wednesday said a high-level IEA delegation, led by Africa Programme Manager, Rita Maderia, m

By Udeme AkpanDangote Group has put in place a series of strategic technical partnerships to support the next phase of expansion of its fertiliser operations in Nigeria, as well as the development of new fertiliser plants in Ethiopia.The company said the collaborations mark a significant step in its long term plan to strengthen regional food security, enhance agricultural productivity, and deepen Africa’s position in the global fertiliser market.Meanwhile, Dangote Cement Plc has also

The equities market halted its bullish run on Wednesday, posting a loss of N444 billion after renewed selloffs hit several major stocks.Sharp declines in Learn Africa, Cadbury, Meyer, UPDC, International Breweries and 24 other laggards pushed the market into negative territory.The market capitalisation fell by N444 billion, or 0.49 per cent, to N90.996 trillion at the close.The All-Share Index also shed 698.56 points, dropping by 0.49 per cent to 143,064.57 from Tuesday’s 143,763.13.Conse

By Babajide KomolafeThe Committee of e-Business Industry Heads (CeBIH) has said that the 2025 annual conference will seek a national agenda aimed at redefining financial inclusion through a cultural transformation in Nigeria’s consumer credit system.Speaking at a press conference in Lagos ahead of the annual conference, scheduled to hold next week Tuesday and Wednesday in Lagos, the Chairman of CeBIH, Mr. Ajibade Laolu-Adewale, said the conference seeks to move the country beyond basic ac

By Obas Esiedesa, AbujaNewly appointed Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Hon. Musa Sarkin Adar, expressed commitment to drive a comprehensive amendment of the NEITI Act 2007, describing the law   as outdated and inadequate for today’s governance and compliance demands.Addressing management and staff at the agency’s Abuja headquarters, Adar, who resumed office yesterday,   said the 17-year-old law no lon

By Providence AyanfeoluwaThe Federal Government has endorsed the Ebenco Global Link Limited modular refinery project in Koko, Delta State, describing it as a critical milestone in efforts to curb crude oil theft, illegal refining, and chronic supply gaps in Nigeria’s petroleum sector.Ebenco is advancing construction of its 30,000-barrel-per-day modular refinery, which the government says ranks among the most significant indigenous refining projects in decades. Designed as a fully loc

By Babajide KomolafeNigeria’s monthly trade surplus fell by 35 per cent, month-on-month, MoM to $1.39 billion in July from $2.14 billion in June, driven by increase in imports and slight decline in exports.  The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for July, which showed that total exports fell by 0.8 per cent while total import rose by 25.09 per cent during the month.  The report said: “The trade surplus narrowed to $1

By Udeme AkpanDangote Group has announced a strategic partnership with Honeywell International Inc. to support the next phase of expansion at the Dangote Petroleum Refinery.  The company in a statement said that the collaboration is expected to boost the refinery’s processing capacity to 1.4 million barrels per day by 2028, moving it closer to becoming the world’s largest petroleum refining complex.Under the agreement, Honeywell will provide advanced catalysts, specia

•16 banks cross new capital threshold  •Recovers N2trn intervention fundsEmeka Anaeto, Business Editor & Emma Ujah,  Abuja Bureau ChiefThe Central Bank of Nigeria (CBN) yesterday retained the Monetary Policy Rate (MPR) at 27 per cent citing the need to allow previous reduction to sufficiently transmit to the economy.Meanwhile the apex bank disclosed that 16 banks have met the new minimum capital requirements, adding   that 27 had raised capital. 

By Udeme AkpanRenaissance Africa Energy Company Limited has taken its energy security and industrialisation advocacy to the University of Ibadan with a commitment to education, youth empowerment, and community development.Speaking at the university’s alumni homecoming event, Managing Director and Chief Executive Officer of Renaissance, Tony Attah, hinged the economic emancipation and growth of Nigeria on the eradication of energy poverty and the embrace of sustainability, leveraging

… as banks’ credit to govt increasesBy Peter EgwuatuMoney supply to Nigeria’s economy has significantly surged to a record N117.8 trillion in two years, amid growing banks’ credit to the government.Vanguard findings from the data released by the Central Bank of Nigeria, CBN, shows that money supply, M3 grew by 75.9% to N117.783 trillion in September 2025 from N66.944 trillion in the same period 2023, reflecting excess liquidity in the economy.Also banks’

By Peter EgwuatuThe  Securities and Exchange Commission (SEC) has urged financial sector stakeholders to strengthen and sustain a culture of proactive compliance to safeguard Nigeria’s position in the global financial system following its recent exit from the Financial Action Task Force (FATF) Grey List.Speaking at the Nigerian Capital Market Institute Compliance Summit on Monday, Dr. Emomotimi Agama, described the gathering as crucial to the future of the country’s f

•Targets mid-2026 for final decision on refineriesBy Obas Esiedesa, AbujaNigerian National Petroleum Company Limited, NNPCL, has declared a profit after tax of N5.4 trillion for the 2024 financial year, a growth of 63.6 percent when compared to N3.3 trillion recorded in the previous year.  The company’s revenue also grew to N45.07 trillion from N23.9 trillion recorded in 2023. The NNPC financial statements released on Monday also showed that profit before tax went

By Babajide KomolafeThe Central Bank of Nigeria (CBN) is working on a policy that would impose a five-year ban on ‘serial dud cheque issuers’.Under the proposed penalty clause a customer is designated ‘serial dud cheque issuer’ when he/ she issues cheques three times and they are not honoured due to insufficient funds.The CBN announced this in an  exposure draft of  its planned ‘Guidelines on the Treatment of Dud Cheques’ released yesterda

By Obas Esiedesa, AbujaPower generation companies, GENCOs, have rejected contract offers from the Federal Government requiring them to accept 50 per cent of the total debt owed them for electricity supplied to the national grid.Read Also: (Black Market) Dollar to Naira exchange rate today, Monday November 24, 2025Described as a 50 per cent “haircut”, the proposed contracts were sent out to each power generation company, with the exception of Azura Power West Africa.The government pr

–Govt sets up NBET Bond SPV
–NBET novates liability to new company
–It sends wrong signal to investors, expertBy Obas Esiedesa, AbujaPower generation companies have rejected contract offers from the Federal Government requiring them to accept 50 percent of the total sum of debt owed to them for electricity supplied to the national grid.Described as a 50 percent “haircut”, the proposed contracts were sent out to each power generation company with the exception of Az

Dangote Group is set to end Nigeria’s dependence on imported sugar with an investment of more than $700 million sugar expansion plan aimed at boosting local production.Dangote Sugar Refinery, one of the group’s subsidiaries, is planning to invest the money in land development, equipment, infrastructure, training and community engagement, with the aim to build a supply chain that can produce enough raw sugar locally to meet domestic demand and support future manufacturing e

…Says 500,000 direct jobs at risk The Manufacturers Association of Nigeria (MAN) has warned that the decision to ban the production and sale of alcoholic beverages packaged in sachets and small PET bottles by 31st December, 2025 could lead to the loss of over N1.9 trillion investments by indigenous companies and 500,000 direct, and 5 million indirect jobs.The outcry follows the recent directive by the National Agency for Food and Drug Administration and Control (NAFDAC) to

By Yinka KolawoleThe federal government has stopped receiving applications for the Pioneer Status Incentive (PSI) with effect from November 10, 2025, which implies that corporate organisations will no longer enjoy three-year tax-free incentives for new businesses.The Nigerian Investment Promotion Commission (NIPC) said the move is part of preparations for the full transition to the new Economic Development Tax Incentive (EDTI) scheme, which will officially take effect on January 1, 20

By Godwin OritseThe Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has said that effective Port State Control (PSC) is one of the most potent tools of ensuring global safety and maintenance of environmental standards in shipping.Mobereola who said this at a 5-day Regional Train the Trainer Workshop on Port State Control (PSC) for Member States of the Abuja Memorandum of Understanding (MoU), with the support of the International Mari

Peter EgwuatuBarring unforeseen circumstance, the Securities and Exchange Commission (SEC) will officially transition to a T+2 settlement cycle for equities transactions from Friday, November 28, 2025, in a move designed to align with global best practices and enhance market efficiency.The commission disclosed this in a statement, noting that the transition from the current T+3 (trade date plus three days) settlement cycle is now at the implementation stage following months of preparation

By Babajide KomolafeThe Federal Inland Revenue Service (FIRS) has refuted recent allegations concerning the appointment of Xpress Payments as part of the national revenue collection system, describing the claims as inaccurate and capable of politicising a strictly administrative process.In a statement, signed by Arabinrin Aderonke Atoyebi, Technical Assistant on Broadcast Media to the Executive Chairman of FIRS, in response to commen by former Vice President, Atiku Abubakar, the agenc

By Peter EgwuatuInvestors lose N2.1 trn as sell pressures, weak demand deflate stocksBy Peter EgwuatuThe Nigerian equities market continued its bearish stretch last week, reflecting sell pressures and weak demands, which resulted in investors losing N2.1 trillion in five trading days.Specifically, the Nigerian Exchange Limited, NGX market capitalisation, which reflects total value of stocks listed on the Exchange, dropped to N91.410 trillion from N93.501 trillion in the previous week.

By Godwin Oritse THE Association of Nigerian Licensed Customs Agents, ANLCA, is lamenting that the newly commissioned B’odogwu unified digital customs management system initiated and operated by the Nigeria Customs Service, NCS, is suffering frequent down-time.They claimed that the platform has caused more financial losses due to delays in processing cargo clearance at the ports.Speaking to Vanguard on the development, the Vice President of the association, Mr. Segun Oduntan, ac

By Emeka Anaeto, Business Editor; Babajide Komolafe & Emma UjahThe Central Bank of Nigeria (CBN) says its ongoing reform measures are restoring stability to the economy, but stressed the need for deeper coordination between fiscal and monetary authorities to sustain the gains.Speaking at the 2025 Seminar for Finance Correspondents and Business Editors in Abuja, CBN Deputy Governor (Corporate Services), Ms. Emem Usoro, said coordinated policy actions over the past two years ha

By Peter Egwuatu Lagos State has successfully raised N244.82 billion through the issuance of green and conventional bonds, with proceeds earmarked for major infrastructure projects across the state.Speaking at the Ministry of Finance/DMO bond signing ceremony in Lagos, Governor Babajide Sanwo-Olu thanked investors for their strong confidence in the state, noting that the issuance is part of Lagos’ N1 trillion debt and hybrid instruments programme.Sanwo-Olu highlighted Lagos&rsqu

By Bashir BelloA Financial Technology Platform, PalmPay Limited, has cautioned its customers across the country to be wary of antics of scammers and fraudstersThe bank’s Managing Director, Chika Nwosu, made the call during a road walk in Kano organized to sensitize the public to protect themselves from fraudulent tactics.Nwosu said the campaign became necessary to ensure no customer of the bank fell prey to the fraudsters.The Managing Director noted that while the number of fraud inc

By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, has said it did not license Zudal Microfinance Bank Limited to operate or carry out any form of banking or microfinance business in Nigeria.CBN disclosed this today in a statement on its X handle titled: “ZULDAL Microfinance Bank is not licensed by the CBN.”CBN also warned the public to desist from any engagements with the said bank.The CBN stated: “The attention of the Central Bank of Nigeria (CBN) has been dr

By Providence AyanfeoluwaThe State of Entrepreneurship Index for Nigeria rose marginally to 0.47 index points in 2025 from 0.46 in 2024 according to The Fate Institute 2025 State of Entrepreneurship in Nigeria Report.The Institute noted that this marginal increase reflects a modest improvement in Nigeria’s entrepreneurial landscape since 2001 when it started measuring entrepreneurship development across Nigeria.The report, which covered 10,882 businesses across all 36 states and