CBN touts reform gains, seeks stronger fiscal–monetary alignment

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

As Black Friday 2025 unfolds across Nigeria, new insights from Jumia’s third quarter, Q3’25 financial results reveal that more Nigerians are relying on digital retail to navigate inflation and rising living costs. The data points to a more deliberate, value-driven shopper, one using online platforms to stretch budgets, compare options quickly, and extract more value from each purchase.Jumia reported a 30 percent year-on-year increase in physical goods orders, while Gross M

By Babajide Komolafe, Economy EditorRenowned economist and Chief Consultant at B. Adedipe Associates Limited, Professor Biodun Adedipe, has said Lagos State must aggressively deepen wealth creation if it aims to build an inclusive, resilient, and globally competitive economy.Speaking yesterday at the Roundtable Discussion on Lagos Economic Outlook 2026, Adedipe stressed that the state stands at a pivotal moment where deliberate policies, bold investments, and strategic innovation will dete

By Babajide Komolafe, Economy EditorBanks, insurance and other financial instiutions’ contribution to the economy fell by 15 per cent to N1.512 trillion in the third quarter, Q3’25 from N1.778 trillion in the first quarter of the year, Q1’25.   This followed the second consecutive decline in the sector’s quarterly contribution to the nation’s Gross Domestic Product, GDP in the Q3’25. Vanguard analysis of the Gross Domestic Product, third q

By Babajide KomolafeThe Federal Inland Revenue Service (FIRS) has stated that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments and improve long-term fiscal stability.The agency also clarified that the much-debated 4% development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.In recent weeks, the new Nigeria Tax Act (NTA) and Nigeria Tax Administration Act

By Peter EgwuatuNigerian Exchange Limited (NGX) has introduced Commercial Paper (CP) listings, following approval from the Securities and Exchange Commission, SEC, marking another significant expansion of its product suite.This development deepens Nigeria’s short-term debt market and reinforces NGX’s role as a versatile hub for capital formation.The new listing window enables corporates and issuers to list and trade both conventional and non-interest commercial papers directly

By Babajide KomolafeNigeria’s business confidence continued its upward trajectory, as the Business Performance Index rose to 113.3 points in November, up from 111.3 points in October, according to the latest report of the Nigeria Economic Summit Group (NESG) Business Confidence Monitor (BCM).The report stated: “Nigeria’s business environment maintained its expansionary trajectory in November 2025, marking eleven consecutive months of favourable operating conditions.“The

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