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Nigeria’s exports to China jump 80% to $2.3bn

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Apple unveils new commission rates for external app payments

Tech

BOI to channel 80% large enterprise loans towards priority

Business featured

NCAA to make RFID baggage tracking mandatory at airports

Aviation featured

RMAFC completes review of Nigeria’s revenue allocation formula

Finance

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Aviation

FG unveils plans for direct flights between Nigeria, Tanzania

Nigeria and Tanzania are poised to enhance their bilateral relations with the planned introduction of direct flights between the two nations. This initiative is part of a broader strategy to deepen economic and diplomatic ties. Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, held a meeting with the Head of Chancery at the Tanzania […]

Oil and Gas

Nigeria’s gas-led energy transition attracts $5b in global investments — NGA

The Nigerian Gas Association has said that Nigeria’s gas-led energy transition strategy is attracting growing international interest, with over $5 billion in new investments recorded in the sector as of 2024. NGA President, Akachukwu Nwokedi, revealed this during a press briefing on Saturday in Lagos, ahead of the upcoming 29th World Gas Conference slated for […]

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UN faces financial crisis, cuts workforce in Nigeria, eight other nations

The United Nations Office for the Coordination of Humanitarian Affairs is set to cut its workforce by 20% following a $58 million funding shortfall. This move will impact operations in Nigeria and eight other countries, as the agency restructures to cope with declining financial resources. U.N. aid chief Tom Fletcher announced the restructuring in a […]

Business

China welcomes US electronics tariff exemption, calls it minor progress 

China has described the United States decision to exempt certain consumer electronics from its tariffs as a minor but welcome step toward addressing what it calls unfair trade practices. Beijing urged Washington to go further by removing all additional levies. On April 11, the Trump administration announced that smartphones, computers, and other electronics would be […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
News

The World Bank has committed over $16 billion to Nigeria’s electricity, education, healthcare

The World Bank has committed over $16 billion to Nigeria’s electricity, education, healthcare This funding has largely come in the form of concessional loans provided by the International Development Association and the International Bank for Reconstruction and Development. In a statement on Saturday, the World Bank said the investments are aimed at supporting Nigeria in […]

Apple faces $1.1bn in tariff costs as trade tensions escalates
Tech

Apple, Samsung benefit as Trump excludes key electronics from tariffs

President Donald Trump’s administration exempted smartphones, computers, and other electronics from its so-called reciprocal tariffs, aiming to shield consumers from price hikes and support major tech firms like Apple Inc. and Samsung Electronics Co. The exclusions cover smartphones, laptops, hard drives, computer processors, and memory chips—popular electronics that are largely not produced in the U.S., […]

News

FG, Japan partner to foster entrepreneurial growth, innovation

The Federal Government of Nigeria has signed a Memorandum of Understanding with the Government of Japan to support business start-ups and promote innovation across the country. As part of the agreement, groundbreaking projects valued at $30.9 million will be implemented, including a key initiative—the Development of the Start-up Hub—spearheaded by the National Information Technology Development […]

VFD Bank Records ₦366m profit in 2024, reverses two-year loss
News

VFD Bank Records ₦366m profit in 2024, reverses two-year loss

VFD Microfinance Bank, the digital-first banking arm of VFD Group Plc, has posted a profit of ₦366 million ($232,233) for the 2024 financial year, marking a sharp turnaround from a ₦211 million ($132,739) loss recorded in 2023. The improvement also represents a significant leap from the modest ₦1.8 million ($1,127) profit reported in 2022, according […]

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Fitch upgrades Nigeria’s rating to ‘B’ amid reform push

Fitch Ratings has upgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating from ‘B-’ to ‘B’ and assigned a stable outlook to the country. According to Fitch Ratings’ assessment published on its website on Friday, the upgrade reflects growing confidence in Nigeria’s commitment to broad policy reforms initiated since the shift to orthodox economic policies in June […]

News

Crude oil reserves hit 37bn barrels, gas jumps to 210.54TCF – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has revealed the country’s official petroleum reserves, showing a total of 37.28 billion barrels of crude oil and condensate, as well as 210.54 trillion cubic feet of natural gas. This was disclosed on Friday in a press release titled “The Declaration of Annual National Petroleum Reserves Position as of […]

AfDB President Adesina criticizes border opening for food imports
News

Adesina slams Nigerian banks for neglecting innovative youth-led businesses

The President of the African Development Bank, Akinwumi Adesina,has criticized commercial banks in Nigeria and across Africa for not adequately supporting young entrepreneurs. In an interview with Channels TV on Thursday, he stated that the current banking system is not structured to help youth with innovative ideas access the capital they need. Adesina emphasized that […]

News

FG inaugurates new Galaxy Backbone board to accelerate digital transformation

The Federal Government has inaugurated a new Board of Directors for Galaxy Backbone Limited, Nigeria’s ICT infrastructure provider, to advance the country’s digital economy agenda. The inauguration ceremony was held at the Office of the Secretary to the Government of the Federation (SGF) in Abuja and was presided over by Senator Dr. George Akume, who […]

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