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Nigeria has effectively ended its era as a mono-product oil economy. New data from Quartus Economics reveals that between 2010 and 2024, the federation earned N161.1 trillion, with non-oil streams now providing the majority of government income. For the first time in decades, tax and non-oil revenues have eclipsed crude oil as the primary pillars…
Nigeria discards roughly 38 million tonnes of food each year, the highest volume of any African nation, according to data disclosed by the European Union during this year’s International Zero Waste Day commemoration in Abuja. The staggering figure has prompted urgent calls from the EU, Federal Government, and United Nations Industrial Development Organisation for…
Oil prices climbed on Monday as a fresh cycle of threats between Washington and Tehran dashed hopes for a diplomatic truce. President Donald Trump used his Truth Social platform to warn of an imminent strike on Iranian power plants and bridges. He demanded that Iran bow to his terms for reopening the Strait of Hormuz….
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has warned that Nigeria’s current economic trajectory is failing the poor. Speaking virtually at the Nigeria Business Summit 2026 in Lagos, Edun noted that while average yearly GDP growth has climbed from 2% to 4%, the uptick remains too shallow to lift millions…
The Nigeria Sovereign Investment Authority (NSIA) has reported a bruising 91% drop in annual profit, as the era of easy gains from naira devaluation came to an abrupt halt. Net income for the 2025 financial year fell to $107.03m, a staggering descent from the $1.24bn recorded in 2024. The state-owned fund, which manages Nigeria’s oil…
Africa loses $88 billion to illicit financial flows every year. Wale Edun, Nigeria’s Finance Minister, laid out this grim arithmetic at an African Union tax summit in Abuja. These vanished billions represent a direct theft from the continent’s schools, hospitals, and power grids. The minister argues that Africa can no longer beg or borrow its…
The Lagos State Internal Revenue Service (LIRS) has warned that March 31 remains the final statutory deadline for filing annual income tax returns. Despite the looming cut-off, a significant portion of the city’s workforce remains oblivious to the requirement. The agency clarified that filing “Form A” is a legal obligation for every taxable resident, including…
The Nigerian Ports Authority (NPA) has launched a multi-billion-naira rehabilitation of the Onne, Warri, and Calabar ports to decentralise maritime traffic. Abubakar Dantsoho, Managing Director of the NPA, confirmed the investment during the Enugu International Trade Fair. The agency aims to drive cargo to the eastern flank and ease the chronic congestion seen in Lagos….
Nigeria is moving to triple its gas reserves. The Nigerian National Petroleum Company Limited (NNPC) has unveiled a blueprint to grow the nation’s validated gas reserves from 210 trillion cubic feet (tcf) to 600 tcf. Olalekan Ogunleye, NNPC’s Executive Vice President for Gas, Power, and New Energy, disclosed the plan on Friday at the CERAWeek…
Nigeria has effectively ended the era of fiscal dominance. Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced on Thursday that the federal government’s “Ways and Means” debt has crashed to N2.84 trillion. This represents a massive reduction from the N26.95 trillion inherited by the current administration. Speaking at the Monetary Policy Forum in Abuja,…
