Edun: 4% GDP Growth Insufficient to Break Nigeria’s Poverty Trap

Edun Sounds Alarm Over $88bn Yearly Loot

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…

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Naira Holds Steady Amid Persistent Dollar Demand

Naira Holds Steady as Liquidity Cushions Demand

The naira opened the second quarter with quiet resilience, trading at ₦1,385.27 against the dollar on Wednesday. This stability marks a departure from the frantic devaluations that once defined the Nigerian Foreign Exchange Market. Traders report a steady flow of greenbacks from autonomous sources, suggesting that private supply is finally meeting local needs. The market…

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GenAI Threatens Jobs, ILO-World Bank Alert

  A joint working paper by the International Labour Organisation (ILO) and the World Bank has cautioned that generative artificial intelligence (GenAI) will fundamentally alter labour markets across the world, with the most vulnerable economies standing to lose the most if deliberate policy action is not taken. The study, prepared as a background paper for…

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Nigerian Nabbed in Indian Narcotics Sting

Nigerian Nabbed in Indian Narcotics Sting

Indian police have arrested a 44-year-old Nigerian, Samuel Ikkena, for allegedly masterminding a narcotics syndicate in Bengaluru. Authorities seized a haul of MDMA crystals, cannabis, and heroin with a potential street value of ₦360 million ($5.14 crore). The arrest exposed a sophisticated distribution network that targeted students and residents across the city. Ikkena, who claimed…

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Gas Price Rises to $2.18 Per MMBtu

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority has announced an upward adjustment in the Domestic Base Price of natural gas, setting the new rate at $2.18 per Million British Thermal Units effective April 1, 2026. The new pricing structure represents a five-cent increase from the 2025 rate of $2.13 per MMBtu applicable…

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New Vehicle Import Policy Mandates Pre-Shipment Certification

  The Federal Government has formally launched a new regulatory framework that bars all imported vehicles from entering Nigeria without prior certification, shifting vehicle import oversight from post-arrival inspection to mandatory pre-shipment verification. The policy, officially named the Standard Organisation of Nigeria–National Automotive Design and Development Council Vehicle Conformity Assessment Programme (SON-NADDC VehCAP), introduces a…

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Senate Clears $6bn Loans For Budget Deficit

  The Senate has granted approval for President Bola Tinubu to secure $6 billion in external loans, clearing the way for fresh borrowing to address fiscal gaps and fund rehabilitation work at Nigeria’s busiest seaports. The approval followed the consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator…

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