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Nigeria’s FX reserves hit $41bn, highest in 44 months

Nigeria’s foreign exchange reserves climbed to $41.00 billion on August 19, 2025, reaching a 44-month high. Data released on the Central Bank of Nigeria website shows this is the largest reserve level since December 3, 2021, reflecting consistent external inflows in recent weeks. The recent upturn follows months of gradual decline and volatility, mainly driven […]

Exchange rate for cargo clearance hits N1605.8/$1
Business

Nigerian firm lands $40m Afreximbank funding for St. Kitts deep-water port

Nigerian entrepreneur and Managing Director of Aquarian Consult, Mrs. Aisha Maina, has secured a $40 million investment, backed by the African Export-Import Bank, to develop a deep-water port in St. Kitts, aimed at establishing a direct trade corridor between Africa and the Caribbean. According to the statement, the agreement, also involving the Government of St. […]

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Nigeria exploring alternatives as US tariff kicks in – Minister

A 15 per cent United States tariff on Nigerian imports is set to take effect Thursday, but Nigeria seems largely unbothered, focusing instead on regional and alternative markets. Speaking to CNN on Wednesday, Trade Minister, Jumoke Oduwole, stated that the U.S.–Nigeria trade relationship is “primarily energy-focused,” noting that the government is actively working to expand […]

Business

Nigeria’s trade mission to US set for September

The Nigerian-American Chamber of Commerce has announced plans to lead a trade and investment mission to the United States from September 9 to 15. In a statement on Tuesday, the chamber said the mission, themed “Flavours Without Borders,” will take place in Miami, Florida. The statement was jointly signed by the Acting Director-General, Wofai and […]

Nigeria borrowed money to fight Boko Haram - Oyedele
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Nigeria cuts debt servicing to below 50% of revenue

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has revealed that Nigeria now spends less than 50 per cent of its revenue on debt servicing—significantly down from nearly 97 per cent before recent economic reforms. Oyedele made the disclosure in Lagos on Monday while delivering the keynote address at […]

China’s rare earth magnet exports hit six-month high in July
Business

Nigeria-China ties secure $20bn investment commitments

The Director General of the Nigeria-China Strategic Partnership, Joseph Olasunkanmi Tegbe, has revealed that recent engagements between Nigeria and China have attracted investment commitments exceeding $20 billion across critical sectors of the Nigerian economy. Tegbe made this disclosure in a statement issued by the NCSP on Friday, following a media briefing in Abuja. He emphasised […]

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Why Nigeria must lift millions out of poverty – IMF

The International Monetary Fund has called on Nigeria to intensify efforts toward inclusive growth, tighten fiscal discipline, and improve domestic revenue mobilisation as crucial steps toward long-term economic stability and prosperity. In a blog post on Monday, IMF Mission Chief to Nigeria, Axel Schimmelpfennig, and Resident Representative, Christian Ebeke, praised recent reform efforts but cautioned […]

Nigeria’s non-oil exports rise to $1.79bn in Q1 2025 – NEPC
Business

Nigeria’s trade surplus rises over 50% amid exports surge

Nigeria’s trade surplus surged by 51.07% to N5.17 trillion in the first quarter of 2025, up from the previous quarter, driven by robust export growth. This figure is according to the National Bureau of Statistics Foreign Trade Statistics report released Wednesday. Total merchandise trade reached N36.02 trillion, a 6.19% increase from N33.92 trillion in Q1 […]

Top 10 most expensive foods in Nigeria for October 2024
Business

FG, Japan partner on $110m emergency loan for food security

The Federal Government has strengthened its collaboration with the Japan International Cooperation Agency to accelerate the rollout of a ¥15 billion (approximately $110 million) emergency loan aimed at boosting food security in Nigeria. This was revealed in a statement issued on Wednesday by the Federal Ministry of Finance and the Coordinating Ministry of the Economy, […]

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Nigeria falls to 66th in 2025 Global Startup ecosystem ranking

Nigeria has dropped to 66th place in the 2025 Global Startup Ecosystem Index by StartupBlink, falling two spots from 64th in 2024. In Africa, Nigeria now ranks fourth, showing the slowest growth—less than 6%—among the continent’s top seven startup hubs. StartupBlink ranks countries based on the level of startup activity, the impact and success of […]

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No more exploitation, AGF Fagbemi celebrates Nigeria’s $210m P&ID case win

The Nigerian Government has announced the recovery of $210 million following a hard-fought legal battle against Process and Industrial Development Limited over a failed gas contract. Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, revealed the development on Thursday evening while receiving members of the legal team that represented Nigeria in […]

Musk's Starlink challenges China's broadband satellite
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Nigeria, African nations launch space agency to bridge climate data gap

The African Space Agency officially opened last month under the African Union, with its headquarters in Cairo. Still in the process of staffing key roles, the agency will coordinate national space programs across the continent. Its goal is to enhance Africa’s space infrastructure by launching satellites, establishing weather stations, and ensuring data sharing within Africa […]

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