Economy News

Abuja, Nigeria — A new fiscal review has raised fresh concerns over the financial health of Nigerian states, as twelve sub-national governments failed to meet their 2025 first-quarter revenue targets despite collectively spending over N117 billion on debt servicing. This was revealed through Q1 budget implementation reports obtained from state portals and the Open Nigerian […]

Addis Ababa, Ethiopia— The Africa Minerals Strategy Group (AMSG) has taken a decisive step toward harmonizing the continent’s mineral resource management by unanimously endorsing the Pan-African Resources Reporting Code (PARC). The announcement was made by Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, at the sixth AMSG inter-ministerial meeting, with the group’s Secretariat releasing […]

Abuja, Nigeria—In response to Nigeria’s deepening food security challenges, the Federal Ministry of Agriculture and Food Security has called for a series of prayer and fasting sessions, urging staff to seek divine intervention for national development and protection. The directive was issued through an internal circular dated June 11, 2025, signed by Mrs. Adedayo Modupe […]

Lagos — The Nigerian capital market is poised for a significant boost as Dangote Petrochemicals prepares for its highly anticipated listing on the Nigerian Exchange (NGX), a move expected to elevate market performance and attract fresh investment into the nation’s bourse. Chairman of the NGX Group, Dr. Umaru Kwairanga, shared optimism over the development, noting […]

Abuja, Nigeria—The Peoples Democratic Party (PDP) has called on President Bola Tinubu to urgently review and reverse economic policies burdening Nigerians, particularly high fuel prices, electricity tariffs, and charges on essential services. In a statement issued Friday by its National Publicity Secretary, Debo Ologunagba, the PDP urged the government to use the Eid-el-Kabir season to […]

Abuja, Nigeria — Ram sellers across major Nigerian cities have lamented poor patronage as prices of rams surge ahead of the Eid-el-Kabir celebrations, attributing the spike to insecurity, inflation, and supply chain disruptions. In Abuja, livestock traders at the Dei-Dei market blamed the drastic price increase on reduced supply from the Northwest and neighboring countries, […]

Lagos, Nigeria — Africa’s largest oil refinery, the Dangote Refinery, is now fully capable of meeting the fuel needs of Nigeria and the wider West African region, according to its founder and industrialist, Aliko Dangote. He made the declaration during a high-level visit by ECOWAS Commission President, Dr. Omar Alieu Touray, to the world-class facility […]

Abuja, Nigeria — Former Nigerian President Muhammadu Buhari has commended Dr. Akinwumi Adesina for what he described as an exceptional and historic tenure at the African Development Bank (AfDB), marking the end of Adesina’s two-term leadership of the continental financial institution. In a message of goodwill, Buhari expressed satisfaction with Adesina’s achievements, praising his transformative […]

Abuja, Nigeria— The World Bank has raised concerns over the Nigerian National Petroleum Company Limited’s (NNPCL) partial remittance of revenue gains following the removal of the Premium Motor Spirit (PMS) subsidy. This observation was detailed in the World Bank’s latest Nigeria Development Update (NDU), released in May 2025. The report indicates that despite the official […]

Abuja, Nigeria— Social media activist Martins Otse, popularly known as VeryDarkMan (VDM), has been released from the custody of the Economic and Financial Crimes Commission (EFCC) after five days. This was confirmed by his legal representative, Deji Adeyanju, who told our correspondent on Wednesday, “He has been released.” Otse had been in EFCC custody since […]