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Households and small businesses across Nigeria are paying nearly two and a half times more for cooking gas than they did at the start of the year, pushing marketers toward large scale importation in a bid to crash prices and end a biting scarcity. Cooking gas now sells at N2,400 per kilogramme in several locations,…
The Central Bank of Nigeria has directed banks, fintech firms and payment service providers to store all payment transaction data generated within the country on local servers effective January 1, 2027. The directive forms part of broader reforms aimed at strengthening oversight of the rapidly expanding digital payments sector. In a circular issued by…
Nigeria’s fixed-income market posted one of its strongest single sessions of the year as total turnover crossed the N1tn mark, with investors pouring capital into short-dated government paper offering near-22 per cent returns. Data from the Central Bank of Nigeria’s official Fixed Income Dashboard, released on Thursday, 4 June 2026, showed market turnover reaching…
Nigeria’s domestic gas market posted a roughly 30 per cent rise in sales between January 2022 and January 2025, a gain attributed to reforms under the Petroleum Industry Act 2021 and a series of executive orders signed by President Bola Tinubu, according to a legal analysis by Lagos-based law firm Tope Adebayo LP. The…
Telecommunications has cemented its place as one of the largest single contributors to public finance worldwide, with the global mobile industry generating more than $810 billion in tax revenues for governments in 2025, underlining its widening role in digital transformation, economic growth, and public sector financing. The figure, contained in the GSMA’s The Mobile…
Elon Musk has officially become the world’s first trillionaire following the highly anticipated, record-breaking stock market debut of his aerospace company, SpaceX. Wall Street history was rewritten on Friday as the company’s Initial Public Offering (IPO) experienced a spectacular, unprecedented opening-day surge on the New York Stock Exchange. Driven by intense institutional demand and frantic…
Nigeria’s trade sector attracted $65.79m in foreign capital in the first quarter of 2026, a 91.31 per cent rise from the $34.39m recorded in the same period of 2025, even as inflows moderated after a strong second half of last year. Data from the National Bureau of Statistics’ capital importation report showed the year-on-year…
The Lagos State Electricity Regulatory Commission has named 38 companies operating across Lagos that have failed to apply for licences and the necessary regularisation despite repeated directives, raising fresh questions about compliance in the state’s emerging electricity market. The firms, which include MTN, Flour Mills, Golden Penny, First Global Commerce Solutions Limited, African Steel…
The Senate has abolished the fixed ten naira per litre excise duty on sugar-sweetened beverages across Nigeria. Lawmakers voted to replace the rigid volume-based tariff with an adjustable percentage-based tax tied directly to retail prices. The legislative shift follows the adoption of a comprehensive report by the Joint Committee on Finance and Customs, Excise and…
Commercial banks operating within the country will now face a 100 million Naira penalty for breaching foreign exchange operational guidelines. The Central Bank of Nigeria announced a strict disciplinary framework to curb speculative trading and stabilise the local currency. Financial institutions that fail to report accurate transaction data or facilitate unauthorized currency transfers will face…
