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Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed confidence that the country’s ongoing macroeconomic reforms have fortified the economy against potential shocks from escalating geopolitical tensions in the Middle East, particularly the evolving crisis involving the United States, Israel and Iran. Cardoso made the assertion on Wednesday while delivering a Distinguished…
Net foreign exchange inflow into the Nigerian economy fell by 18.3 per cent year on year to 61.29 billion dollars in the eleven months ended November 2025. The Central Bank of Nigeria data showed the drop from 69.61 billion dollars recorded in the corresponding period of 2024. This development stemmed from a 25.2 per…
Tokyo has moved ahead of its international partners. Japan will begin releasing strategic petroleum reserves as early as Monday, Prime Minister Sanae Takaichi announced on Wednesday, in a unilateral step that signals the depth of concern in the world’s fourth-largest economy over a rapidly deteriorating energy supply outlook tied to the widening conflict in…
The Nigerian Export Promotion Council (NEPC) has revealed that non-oil goods account for only 10 per cent of Nigeria’s total exports to the European Union. Despite a substantial total trade volume of $21.87 billion in 2024, the export basket remains heavily dominated by crude oil. Mrs. Nonye Ayeni, the NEPC Executive Director, urged domestic agro-exporters…
The Nigerian Railway Corporation has announced plans to introduce electric-powered trains on major rail corridors, beginning with the Warri and Lagos routes where domestic gas resources can provide reliable power generation for operations. Managing Director Kayode Opeifa disclosed the electrification strategy during an appearance on Sunrise Daily on Channels Television, framing the initiative as…
The Nigerian Naira opened the second week of March 2026 with a show of resilience, trading at 1,391.58 per dollar in the official Nigerian Foreign Exchange Market (NFEM) on Monday, March 9, 2026. This represents a slight appreciation from the 1,398.00 closing rate recorded last Friday. Market transparency remains at an all-time high as the…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has dismissed fears of a fiscal collapse, describing Nigeria’s current economic turbulence as a necessary “fiscal correction.” In a detailed brief released on Friday, Edun argued that the administration is prioritising long-term sustainability over “short-term illusion.” The document, aimed at deepening public understanding…
The Central Bank of Nigeria (CBN) has confirmed that 30 banks have successfully met the new minimum capital thresholds ahead of the March 31 deadline. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, disclosed on Friday that 33 lenders have raised fresh capital through rights issues, private placements, and initial public offerings. The…
Nigeria’s Federal Government has reaffirmed that food security sits at the heart of the country’s economic stabilisation strategy, poverty reduction agenda and national sovereignty, with senior ministers using a high-level quarterly engagement forum in Abuja to outline the administration’s agricultural reform efforts and stress the importance of citizen participation in governance. The declaration came…
The Nigeria Export Promotion Council (NEPC) has warned that the widening gap in Niger State’s mining sector is bleeding the national economy. Executive Director Nonye Ayeni told a workshop in Minna on Thursday that illegal and uncoordinated mining remains a persistent rot in the industry. The Council is now pressuring the state government and local…
