Nigeria’s financial obligations to the International Monetary Fund (IMF) surged by over ₦2.5 trillion in 2024, effectively doubling the country’s liabilities to the global lender within a year. This escalation is attributed primarily to the depreciation of the naira and increased borrowing under President Bola Tinubu’s administration. According to the Central Bank of Nigeria’s (CBN)
In a bold step toward reshaping Nigeria’s economic landscape, the African Development Bank (AfDB) has rolled out a new five-year roadmap that will inject an average of $650 million annually into the country from 2025 to 2030. The initiative is designed to fast-track infrastructure development, empower young people and women, and support Nigeria’s push toward
As Nigeria commemorates International Workers’ Day on May 1, 2025, labour unions nationwide have renewed calls for an urgent review of the ₦70,000 minimum wage, citing the escalating cost of living and inflation that have rendered current earnings insufficient. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have expressed concerns over the
In a significant leadership overhaul at the Nigerian National Petroleum Company Limited (NNPCL), the managing directors of the Port Harcourt, Warri, and Kaduna refineries have been dismissed. This move follows the recent appointment of Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of NNPCL. He succeeds Mele Kyari, who was relieved of his
The Federal Government has clarified that there is currently no immediate plan to ban the importation of photovoltaic (PV) solar panels into Nigeria. This comes amid ongoing discussions about boosting local manufacturing capacity to meet the country’s energy needs. Abba Aliyu, Managing Director of the Rural Electrification Agency (REA), stated that while efforts are underway
Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has raised concerns over a high-ticket mentorship programme offered by Dr. Stephen Akintayo, a well-known motivational speaker and investment coach. In a post on his Facebook page on April 23, 2025, Akintayo revealed a limited offer, 10 exclusive slots for a one-on-one mentorship and business
Aliko Dangote, Africa’s richest man and President of the Dangote Group, has been appointed to the World Bank’s Private Sector Investment Lab, an initiative focused on accelerating private investment and job creation in developing countries. The appointment, announced on April 23, 2025, marks a significant expansion of the Lab as it enters its implementation phase.
Despite the Nigerian government’s removal of fuel subsidies, the Nigeria Customs Service (NCS) reports that fuel smuggling remains a lucrative activity due to significant price disparities between Nigeria and its neighboring countries. At a press briefing in Abuja on Tuesday, Comptroller General of Customs, Adewale Adeniyi, explained that the price of Premium Motor Spirit (PMS)
The International Monetary Fund (IMF) has released it new economic outlook report, reversing Nigeria’s economic growth projections for 2025 and 2026. The April report was released on Tuesday during World Economic Outlook (WEO) at a press briefing at the ongoing IMF/World Bank 2025 Spring Meetings in Washington, D.C. The report cut the forecast for Nigeria’s
Members of the NNPC Staff Cooperative Multipurpose Society are calling for urgent intervention amid growing concerns about financial mismanagement, illegal interference, and disregard for court orders within their organization. The controversy revolves around an alleged N806 million discrepancy in the cooperative’s 2022 financial records. Despite ongoing demands from members, the Management Committee has reportedly failed
