After a decade at the helm of the African Development Bank (AfDB), Akinwumi Adesina is preparing to exit the role with a record of significant growth and development. Speaking yesterday during a media breakfast in Abidjan, Côte d’Ivoire, he revealed that the Bank’s capital base had expanded from $93 billion in 2015 to $325 billion – an extraordinary increase over his two-term tenure. Adesina, the first Nigerian to serve as…

Vice President Kashim Shettima has declared that institutional reforms are critical to resolving the majority of Nigeria’s public policy and bureaucratic challenges. He stated that such reforms could address as much as 80 per cent of the issues plaguing the nation’s governance systems. Speaking on Monday at the official presentation of the draft National Public Policy Development and Management Framework, Shettima described the new initiative as a “long-overdue” move to…

Naira Shows Stability as Dollar, Yuan Ease Slightly. The Nigerian Naira continued to demonstrate signs of           resilience on Monday, May 26, 2025, trading with relative stability in the black-market foreign exchange (FX) segment. After a week of moderate activity, the local currency managed to post marginal gains against the U.S. Dollar and Chinese Yuan, while remaining steady against the Euro and experiencing minimal fluctuations against the…

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) for allegedly failing to disclose details of any direct payments made to Nigeria’s 774 local government councils, including councils in Rivers State. SERAP revealed on its website on Sunday that the suit numbered FHC/L/MSC/521/2025 was filed last Friday at the Federal High Court in Lagos. In the suit, SERAP asked the court…

The naira maintained a relatively stable performance against major global currencies throughout the week, with modest fluctuations recorded in exchange rates against the US Dollar, British Pound (UK), Euro (EU), and Chinese Yuan. Highlights: • USD/NGN: The naira saw a slight appreciation from ₦1595.64 on May 21 to ₦1580.26 on May 24 before adjusting to ₦1587.80 on May 25. • GBP/NGN: The pound exchange rate rose slightly by week’s end,…

The Nigeria Customs Service (NCS) has recorded an all-time high revenue of ₦1.3 trillion in the first quarter of 2025 —more than double the ₦600 billion collected during the same period in 2023. Comptroller-General of Customs, Adewale Adeniyi, attributed the impressive revenue growth to a series of transformative reforms introduced under President Bola Tinubu’s Renewed Hope Agenda. He made the disclosure in a forthcoming State House documentary marking the President’s…

In a week marked by cautious market optimism, the Nigerian Naira recorded modest gains against four of the world’s major currencies. From May 20 to May 23, 2025, official rates from leading financial platforms show that the Naira appreciated slightly against the US Dollar (USD), British Pound Sterling (GBP), Euro (EUR), and Chinese Yuan (CNY). This upward trend reflects continued central bank interventions and a slight easing in foreign exchange…

Femi Otedola, Chairman of FBN Holdings Plc (First HoldCo), has attributed his growing confidence in Nigeria’s financial sector and his over ₦320 billion investment in the group to the economic reforms introduced by the Federal Government and policy shifts by the Central Bank of Nigeria (CBN). Speaking during the 13th Annual General Meeting of First HoldCo Plc on Thursday, Otedola highlighted the transformative impact of recent government initiatives, noting they…

The global exchange board showed mixed signals on Thursday, as major economies responded to ongoing macroeconomic pressures and interest rate speculation. The latest figures from the Daily Exchange Index reflect a slight dip in the value of the US dollar, while the British pound maintained relative strength against a backdrop of economic uncertainty. Key Rates – 22 May 2025 Region Exchange Index Movement US 1593.75 ▼ Down from 1610.97 (20…

Aliko Dangote, President of the Dangote Group, has called on both federal and state governments to prioritise homegrown investors as a strategic step towards attracting foreign capital and stimulating economic development. Speaking at the Taraba International Investment Summit held in Jalingo, Dangote stressed that foreign investors are more likely to show interest in Nigeria when they observe local entrepreneurs thriving and receiving governmental support. READ ALSO: Dangote Refinery slashes petrol price…

The average retail price for Premium Motor Spirit (PMS), commonly referred to as petrol, climbed significantly to N1,239.33 per litre in April 2025. This marks a sharp 76.73% increase compared to N701.24 recorded in the same period last year, according to the latest report by the National Bureau of Statistics (NBS). Despite the annual spike, the month-on-month data offers a slight reprieve. Prices dipped by 1.77% from N1,261.65 in March…

The naira recorded modest gains against major global currencies on Tuesday, May 21, 2025, signaling continued efforts by the Nigerian government and the Central Bank to stabilize the foreign exchange market. Market data show that the naira appreciated slightly against the US dollar, British pound, euro, and Chinese yuan, with traders pointing to improving investor confidence and stronger supply in the forex market. The appreciation comes as economic policymakers intensify…