The Presidency announced on Monday that the Automobile Compressed Natural Gas (AutoCNG) initiative has secured over $491 million in investments over the past year. The announcement was made by Michael Oluwagbemi, Programme Director and CEO of the Presidential CNG Initiative (PCNGI), during a “Meet the Press” briefing at the Presidential Villa in Abuja. Oluwagbemi revealed that the initiative has generated significant employment opportunities, with more than 9,000 direct jobs and…

Global crude oil prices have taken a significant hit, sliding by over 12% to around $65.50 per barrel, in the wake of sweeping new trade tariffs imposed by U.S. President Donald Trump on multiple countries. The sharp decline marks a notable reversal from recent highs, as oil had been trading above $70 per barrel before the tariffs were announced. The development has raised alarm bells for oil-dependent economies like Nigeria,…

The Central Bank of Nigeria (CBN) has categorically disowned a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes—set for circulation on May 1. The apex bank described the circular as “fake” in a statement via its official handle on X (formerly Twitter). The viral circular widely shared on social media, falsely attributed to the CBN, stated, “The Central Bank of Nigeria (CBN) has officially announced the introduction…

Nigeria has received a loan totalling $1.08 billion from the World Bank to support education, nutrition, and economic resilience in Nigeria. The financial institution stated on its website on Wednesday that the concessional loans are aimed at improving the quality of education, building household and community resilience, and enhancing nutrition for underserved groups. The statement read, “The World Bank has approved three operations in Nigeria, totalling $1.08bn in concessional financing,…

*Sahel alliance imposes 0.5% import duty on ECOWAS goods *This marks the end of free trade across West Africa and highlights a growing rift between Sahel states and influential democracies in ECOWAS *Diplomatic resolution crucial to avoiding further economic fragmentation in West Africa This import duty on ECOWAS states will take immediate effect and aims to finance the activities of the Sahel states, although specific details have not been provided.…

The Initial public offering (IPO) market was expected to see a resurgence during Donald Trump’s second term, fuelled by his promises of deregulation and tax cuts, which were anticipated to encourage tech companies to go public. However, early signs suggest that the market is not responding as hoped. This weakness was demonstrated by the underwhelming debut of CoreWeave, a leading GPU supplier for AI workloads. The company’s IPO was downsized,…

President Bola Tinubu has explained why his administration removed the Federal Capital Territory (FCT) from the Treasury Single Account (TSA). The president, who spoke in Abuja while receiving FCT residents at the Presidential Villa for Sallah homage on Sunday said the move was done to expedite development and enhance resident participation in governance. President Tinubu also said the bureaucracy associated with the TSA was hampering infrastructure growth in the capital…

Lagos State Governor, Babajide Sanwo-Olu, has commended Alaro City, a transformative urban development in West Africa, for injecting over $1 billion into Lagos’ economy and accelerating industrialization. During a recent tour of Alaro City, developed by Rendeavour in partnership with the Lagos State Government and other stakeholders, Governor Sanwo-Olu praised its significant role in shaping the state’s economic future. He was accompanied by the Honourable Commissioner for Commerce, Cooperatives, Trade,…

Nigeria’s money supply (M3) declined for the first time in 2025, dropping from N110.94 trillion in January to N110.32 trillion in February 2025. The figure represents a 0.56 per cent decline month-on-month and a 15.45 per cent increase year-on-year compared to the N95.56 trillion recorded in February 2024. The year-on-year change indicates that Nigeria’s monetary base has expanded over the past 12 months despite the recent slowdown. M3, which measures…

The Kwara State Government has reaffirmed its commitment to strengthening state-owned businesses as part of its broader plan to achieve a self-sufficient economy. Speaking during a working visit to HHL Insurance Brokers Limited, the General Manager of the Kwara State Public Procurement Agency (KWPPA), QS Raheem Abdulbaki, emphasised the agency’s dedication to promoting local content across the state. He noted that these efforts have been consistently implemented over the past…

Africa’s most populous country among former crisis-hit economies attracting foreign inflows Foreign investors have flocked to Nigeria’s markets in recent months, as the threat of a US trade war with larger developing economies has sent portfolio managers looking for cover in former crisis-hit frontier markets now on the rebound. The Nigerian naira is among the world’s top-performing currencies since November’s US election with a rise of more than 7…

According to data from the Central Bank of Nigeria (CBN), the naira appreciated by 0.16 percent to 1530.52/$ at the close of trading on Wednesday, March 19, from 1532.93/$ in the previous session. The naira traded as high as 1545/$ and reached a low of 1500/$, which was lower than Tuesday’s figures. In the parallel market, CardinalStone Research reported that the naira remained unchanged at 1,585.00/$, causing the spread for…