President Bola Tinubu has announced a new era of economic cooperation between Nigeria and Brazil during a state visit, welcoming the imminent return of Brazil’s state-owned oil company, Petrobras, to Nigeria. The visit culminated in the signing of five strategic Memoranda of Understanding (MoUs) designed to strengthen diplomatic and economic relations. At a joint press conference with Brazilian President Luiz Inácio Lula da Silva, Tinubu emphasised the potential for collaboration,…

Nigeria’s Finance Minister, Wale Edun, and Brazil’s Vice President, Geraldo Alckmin, presided over a ministerial meeting in Brasília focused on strengthening bilateral economic relations. Both leaders emphasised the immense potential for partnership between the two countries, particularly in an evolving global economic landscape. Sunday Dare, Special Adviser, Media and Public Communication to President Bola Tinubu disclosed this in a statement on his X page on Monday. READ ALSO: Nigeria, Brazil strengthen…

In a move to boost its non-oil export sector, the Lagos State Government, in partnership with the African Export-Import Bank (Afreximbank), has trained 253 entrepreneurs as part of the Lagos State Export Readiness Programme (LASERP). From this group, 20 “Trade Champions” were chosen to represent the state at the Intra-African Trade Fair (IATF) 2025 in Algiers. At the programme’s closing ceremony, Lagos State Governor, Babajide Sanwo-Olu, who was represented by…

The Federation Account Allocation Committee (FAAC) has shared a total of N2.001 trillion to the three tiers of government as allocation for July 2025. The distribution followed the committee’s August meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. The shared sum came from a gross revenue inflow of N3.836 trillion, comprising statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL),…

The Chartered Institute of Stockbrokers (CIS) is urging the Nigerian government to forge a stronger public-private partnership to realise its goal of a $1 trillion economy. In a recent communique, the Institute stated that while the target is achievable, it will require a deliberate and coordinated effort to expand capital formation across all sectors. READ ALSO: Nigeria targets global markets with new blue economy policy The CIS, through its President, Oluropo…

President Bola Tinubu has permanently removed the controversial 5% excise duty on telecommunications services, a levy that had sparked widespread criticism from industry players and consumer groups. The confirmation came on Tuesday from the Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, during a press briefing in Abuja. “The 5% excise duty is no longer in effect,” Maida announced. “Initially, it was only suspended, but the President has…

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, convened a strategic meeting with the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, at the CBN headquarters in Abuja. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, was also present at the meeting. The high-level discussion centered on strengthening the collaboration between Nigeria’s monetary and fiscal authorities. The goal is to sustain…

The National Pension Commission (PenCom) has directed all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to immediately stop accepting or processing equity contribution applications from seven Primary Mortgage Banks (PMBs) due to their alleged failure to comply with the commission’s housing loan guidelines. In a circular dated 11 August 2025, signed by Obiora Ibeziako, Head of Benefits and Insurance Department at PenCom, the commission instructed PFAs and PFCs…

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced that it has started a process to review the formula used for sharing revenue among Nigeria’s federal, state, and local governments. This was confirmed by the RMAFC Chairman, Mohammed Shehu, at a press conference in Abuja on Monday. According to Shehu, this review is crucial because the existing revenue-sharing formula, which has been in place since 1992, no longer reflects…

The Nigeria Customs Service (NCS) and the Nigerian Economic Society (NES) have agreed to step up collaboration as part of efforts to shape policies that will accelerate national economic growth. This was the highlight of discussions when the NES leadership, led by its National President, Prof Adeola Adenikinju, paid a courtesy call on the Comptroller-General of Customs (CGC), Bashir Adeniyi, at the Service’s headquarters in Abuja recently. The visit comes…

Vice President Kashim Shettima praised Zenith Bank for its enduring culture of innovation and integrity, highlighting its significant role in shaping Nigeria’s financial sector. Speaking at the bank’s 35th anniversary celebration in Lagos, Shettima credited the institution with not only safeguarding Nigeria’s wealth but also fostering the nation’s aspirations, solidifying its position as the country’s largest bank by Tier-One capital. Shettima, a proud alumnus of the bank, observed that since…

The Nigerian National Petroleum Company Limited (NNPCL) and its industry collaborators (the International Oil Companies (IOCs) and independent producers are working to cut oil production expenses and attract major new investments. The initiative aims to save approximately $3 billion initially, to reach $4.5 billion by December 2025. This plan was announced by NNPCL’s Group Chief Executive Officer (GCEO), Bayo Ojulari, at the 50th anniversary of the Nigerian Association of Petroleum…