business
Housing Deficit: Tackling Crisis Requires Stakeholders’ Collaboration, Says MBAN President Nigeria’s massive housing deficit, estimated at over 20 million units, cannot be solved by any single entity and requires active collaboration among all key players in the real estate value chain. This was the view of Mr. Ayo Olowookere, the President of the Mortgage Banking […]
Non-Oil Exports Boom, Hit $3.2bn in Six Months Nigeria’s non-oil export sector has recorded a significant milestone, with total earnings reaching $3.225 billion in the first half of 2025. This remarkable performance, announced by the Nigerian Export Promotion Council (NEPC), signals a powerful surge in the country’s economic diversification efforts. Presenting the First Half-Year Progress […]
Naira Weakness, Inflation Drive Manufacturing Expenses to N2.6tn The severe pressures from a weak Naira and relentless inflation have pushed the operational expenses of Nigeria’s manufacturing sector to a staggering N2.6 trillion in the first half of 2025. This figure, representing the “cost of sales” for a sample of 12 major manufacturing companies, marks a […]
Femi Otedola Reveals How He Lost $898 Million to Economic Downturns in 2009 Lagos, Nigeria August 2025 Nigerian billionaire and industrialist, Femi Otedola, has opened up about one of the most difficult chapters of his business journey a staggering $898 million financial loss suffered in 2009 due to a combination of global and […]
Nigeria’s Economy Poised to Hit $450 Billion by Year-End, Predicts CPPE Boss, Dr. Muda Yusuf Nigeria’s Gross Domestic Product (GDP) is estimated to reach an impressive $450 billion by the fourth quarter of 2025, provided the nation’s economy sustains its recovery trajectory from recent economic reforms without significant disruptions. This optimistic projection was announced by […]
Nigeria’s $2 Billion Sugar Market Beckons Investors, Says NSDC Boss Investors are being urged to seize significant opportunities within Nigeria’s burgeoning sugar sector, which currently boasts a market value exceeding $2 billion. Mr. Kamar Bakrin, the Executive Secretary of the National Sugar Development Council (NSDC), made this compelling appeal on Sunday, August 3, 2025, stressing […]
Aviation Sector Faces Imminent Shutdown as Unions Issue Ultimatum Over Salary Dispute Nigeria’s aviation sector is on the brink of a major shutdown, as key unions have issued a stern seven-day ultimatum to the Minister of Aviation and Aerospace Development, Festus Keyamo, demanding the immediate implementation of a long-delayed new salary structure for workers under […]
Dangote Group Champions Public-Private Partnerships for Bridging Nigeria’s Housing Deficit The Dangote Group has strongly advocated for enhanced public-private partnerships (PPPs) as a crucial strategy to tackle Nigeria’s staggering housing deficit, estimated to be in the millions. This call was made by Dolapo Alli, National Sales Director of Dangote Cement Plc, during the recently concluded […]
New Fuel Surcharge to Generate N796bn Annually for FG, Consumers Decry Imminent Hike The Federal Government is set to introduce a five per cent surcharge on locally produced and imported petrol, a move projected to rake in an estimated N796 billion annually, according to an analysis by The PUNCH. This new tax policy, enshrined in […]
IMF Raises Nigeria’s Economic Growth Forecast to 3.4% Amidst Cautious Optimism The International Monetary Fund (IMF) has upgraded its economic growth forecast for Nigeria to 3.4% for 2025, signaling renewed confidence in the nation’s short-term prospects despite ongoing domestic and global challenges. The new projection, released in the IMF’s July 2025 World Economic Outlook (WEO) […]
Global Stocks Waver as Trade Optimism Wanes, Focus Shifts to Key Economic Data and Corporate Earnings Global stock markets are exhibiting mixed performance and heightened volatility this Tuesday, July 29, 2025, as investor sentiment navigates a landscape where initial trade relief is fading, and attention firmly turns to a flurry of crucial economic data and […]
Digitvant Microfinance Bank Empowers Over 50,000 Businesses with “Market Monie” Loans Digitvant Microfinance Bank, a rapidly emerging player in Nigeria’s fintech landscape, announced on Monday, July 28, 2025, that it has disbursed credit facilities to over 50,000 small and medium-sized businesses through its flagship product, “Market Monie.” The milestone was revealed at a press conference […]
FG Targets Over 2 Million Jobs Through Ambitious Renewed Hope Social Housing Programme The Federal Government has set an ambitious target of generating over two million jobs across Nigeria through its expansive Renewed Hope Social Housing Programme. This initiative, designed to address the nation’s severe housing deficit, is also poised to significantly stimulate local economies […]
Nigeria’s Real Estate Sector Soars to N41.3 Trillion, Becomes Third Largest GDP Contributor Nigeria’s real estate sector has experienced a monumental surge, with its valuation climbing to an impressive N41.3 trillion in 2024. This remarkable growth, confirmed by the latest rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS) on […]
Efficiency Management Firm Trains 15 Bauchi NGOs on International Procurement Standards In a significant move to bolster accountability and operational efficiency within the non-profit sector, Efficiency Management Consulting Firm has commenced a two-day capacity building workshop for 15 Non-Governmental Organisations (NGOs) in Bauchi State. The training, which began on Thursday, July 24, 2025, focuses on […]
EFCC Chairman Olukoyede Calls for Enhanced Collaboration to Combat Money Laundering, Illicit Financial Flows The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has intensified his call for stronger synergy and collaboration among all stakeholders in the fight against money laundering and other economic and financial crimes. This urgent appeal […]
EU Commits €1.5 Million (Over ₦2.6 Billion) in Aid for Displaced Persons in Benue State Amidst Worsening Humanitarian Crisis The European Union (EU) has announced a significant humanitarian assistance package totaling €1.5 million (approximately ₦2.65 billion, using current exchange rates for estimation) to support victims of the ongoing conflict and internally displaced persons (IDPs) in […]
Chinese Yuan Gains Ground Against US Dollar, Reaches 7.1385 Central Parity Rate The Chinese currency, Renminbi (Yuan), has strengthened against the US dollar, with its central parity rate reaching 7.1385 on Thursday. This upward movement reflects shifts in the global foreign exchange market and China’s managed floating exchange rate system. According to the China Foreign […]
Dangote Refinery: Lifting Products More Costly Than From Lomé Due to Port Charges, Says Aliko Dangote In a candid revelation that has sent ripples through Nigeria’s downstream petroleum sector, Africa’s richest man, Aliko Dangote, has disclosed that it is currently more expensive for oil marketers to lift refined petroleum products from his Lekki-based refinery than […]
Global Travel Industry Leaders to Unveil Cutting-Edge Tech at Amsterdam Summit The global travel industry’s leading players, including major airlines, hotels, fintech firms, and travel platforms, are set to converge in Amsterdam from October 20 to 22, 2025, to showcase cutting-edge innovations and technologies poised to shape the future of post-pandemic travel recovery. The highly […]