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Microsoft warns Africa risks becoming AI consumer

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Tony Elumelu’s Heirs Holdings stake in Seplat crosses $1bn

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EFCC charges two over alleged unlawful supply of FCMB

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New airbus acquisition strengthens Ibom Air – Eno

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UK economy hits unexpected growth
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UK economy hits unexpected growth

Britain’s economy rebounded from a brief recession in the first quarter with stronger-than-expected growth, according to revised data released on Friday. This development provides a boost to embattled Prime Minister Rishi Sunak just days before the general election. The Office for National Statistics reported that gross domestic product grew by 0.7 percent in the first […]

Healthy diet cost surges 32% in five months — NBS
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Healthy diet cost surges 32% in five months — NBS

In the face of a persistent rise in inflation, it has been proven that the cost of a Healthy Diet (CoHD) increased by 32% to N1,041 per adult per day in May 2024 from N786 in December 2023. This was disclosed by the National Bureau of Statistics yesterday in its CoHD report for May 2024, […]

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Nigeria’s foreign reserves hit $34.07bn – CBN

The Central Bank of Nigeria revealed that Nigeria’s external reserves reached a record high of $34.07 billion on June 26, 2024. This was disclosed in the CBN’s latest FX data on its official website, marking the highest level since March 2024. Last week, the reserves reached a three-month high of $33.5 billion and have since […]

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Kano electricity DisCo sues MAN over N5bn revenue loss

Kano Electricity Distribution Company has sued the Manufacturers Association of Nigeria in the High Court of the Federal Capital Territory, Abuja, for unlawful interference that resulted in revenue losses of up to N5.3 billion. The lawsuit was filed by the DisCo in response to MAN, Kano Branch and its over 41 member affiliate’s refusal to […]

Business News

$27.2bn Escravos seaport project gets Delta govt revalidation

Mercury Maritime Concession Company, the principal proponent of the $27.29 billion Escravos Deep Seaport Industrial Complex Project in Warri, Delta State, announced that it has gained clearance and revalidation from the Delta State Government. The firm noted that, in addition to the state government revalidation, it had obtained assurance from the Federal Government that the […]

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Ethiopia, UAE, Turkey revoke Nigerians’ visa-on-arrival, e-visa privilege

Ethiopia, Turkey, and the United Arab Emirates have revoked earlier benefits for Nigerian passport holders, including visa-on-arrival, e-visa, and outright passport issues. Turkey no longer allows Nigerian passport holders to obtain an e-visa, which was formerly a simple process for nationals, according to Businessday. In 2022, UAE sanctioned Nigerians and a few other Africans from […]

Nigeria remains safe investment destination, says finance minister Edun Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s position as a secure and promising destination for investment, citing ongoing reforms and renewed economic momentum. Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun highlighted the government’s commitment to fiscal stability and structural reforms aimed at revitalising the economy. “One of the reasons for the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) is to increase production and reduce costs,” Edun said, adding that the administration is also intensifying efforts to diversify the economy and attract private sector participation. According to the minister, the government is focused on optimising state-owned assets to close budgetary gaps and remains committed to upholding the sanctity of contracts — a principle key to building investor trust. “We are committed to stabilising the economy so the private sector will find it attractive to invest,” he said. “Our goal is to ensure fiscal congruence and support sustainable growth.” Edun outlined President Bola Tinubu’s reform agenda, which he said is already producing positive signs of recovery. These include narrowing budget deficits, a stabilising exchange rate, and an improved trade balance. “The economy is showing signs of growth. We are targeting seven per cent annual growth, and the policies we’ve implemented have laid the groundwork to achieve this,” he stated. He identified agriculture as a top priority, emphasizing the importance of boosting local production across the entire value chain to enhance food security. “We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate,” Edun said. Highlighting digital infrastructure as another cornerstone of economic growth, the minister revealed that 90,000 kilometres of fibre optic cable have been deployed nationwide to strengthen connectivity and support Nigeria’s growing tech ecosystem. In addition, 4,000 kilometres of roads have been put forward for private sector participation, with 1,000 kilometres already approved for delivery. Meanwhile, Central Bank Governor Yemi Cardoso echoed Edun’s optimism, noting that the government's tough economic decisions are starting to yield results. “The difficult reforms undertaken have begun to bear fruit,” Cardoso said. “We’ve managed to stabilise the macroeconomy. Fitch’s recent upgrade of Nigeria’s credit rating reflects the progress we’re making.” He acknowledged the challenges of the past 18 months but stressed the administration’s resolve to build a stronger, more resilient economy. “This is about building trust and moving forward with confidence. If we stay the course, we will achieve our goals,” he concluded.
News Telecommunications

Nigeria to install $2bn fibre-optic infrastructure – Wale Edun

The Federal Government has proclaimed its intention to make Nigeria the third-largest terrestrial fiber-optic infrastructure nation in Africa, with a proposed installation reaching 90,000 kilometers. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Fibre Forward Strategic Development Workshop on Wednesday, according to The Punch. The […]

Economy News

CBN stops FX price verification portal for importers

The Central Bank of Nigeria has announced that the foreign exchange price verification system portal used by importers will be discontinued from July 1. It also said that the Price Verification Report will no longer be required for the completion of Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods […]

FG didn't tamper with MTN, 9Mobile, other internet connection - Minister
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FG initiates NIN data leak probe

The Federal Government has initiated an investigation into the alleged unauthorized selling of National Identification Numbers following accusations that Nigerians’ personal information was available for purchase online for a charge. The discovery has aroused significant concern about the preservation of individual privacy rights and the potential economic consequences. This disclosure was made in a statement […]

News Telecommunications

FG, banks in discussion on nationwide broadband rollout

The Federal Government announced on Wednesday that it has achieved substantial progress in discussions with Development Finance Institutions to establish a Special Purpose Vehicle aimed at expanding the country’s fibre optic network by 90,000 kilometers. The Minister of Communications and Digital Economy, Bosun Tijani noted a productive discussion with stakeholders, outlining the SPV’s next steps. […]

News Oil and Gas

Another 165 illegal refinery uncovered – NNPCL

The Nigerian National Petroleum Company Limited stated that had discovered additional 165 illicit refineries in various areas around the Niger Delta, in the past week. According to an NNPCL documentary, between June 15 and 21, government and private security services reported around 400 cases of oil theft and vandalism. It was reported that 69 unlawful […]

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