Nigeria’s inflation rate slowed in August 2025, with the National Bureau of Statistics (NBS) reporting a headline figure of 20.12 percent, down from 21.88 percent in July. The data released on Monday show a 1.76 percentage point decline month-on-month, reflecting a moderation in the pace of rising prices. Compared with the same period a year earlier, increase was also notably lower — 12.03 percentage points below the 32.15 per cent…

Nigeria’s inflation rate has declined for the fifth consecutive month, increasing pressure on the Central Bank of Nigeria (CBN) to cut its benchmark interest rate from the current 27.50 per cent. According to the latest data released by the National Bureau of Statistics (NBS), headline inflation dropped to 20.12 per cent in August 2025, down from 21.88 per cent recorded in July. This represents a 1.76 percentage point drop month-on-month.…

Vice President Kashim Shettima has declared that revitalising Nigeria’s railway system is essential for the nation to maintain its position as Africa’s leading logistics hub. Speaking at the 2nd International Railway Conference in Abuja, he emphasised that a modern and efficient rail network is a cornerstone of the President Bola Tinubu administration’s “Renewed Hope Agenda.” “The challenge ahead of us is to lead this race as the logistics hub of…

The Lagos State government has reaffirmed its commitment to youth empowerment and job creation at the 2025 Lagos State Job Fair, which drew over 5,000 young job seekers and more than 300 companies. The event, held during the week at the Blue Roof, Lagos Television in Agidingbi, was organised by the Ministry of Wealth Creation and Employment. Representing Governor Babajide Sanwo-Olu, the Commissioner for Information and Strategy, Gbenga Omotoso, stated…

Ekiti State Governor, Biodun Oyebanji, has called on the Joint Tax Board (JTB) to establish an effective and equitable tax system in Nigeria, aligning with the recent National Tax Reforms passed by the National Assembly. Speaking at the 2025 JTB Strategic Retreat in Ikogosi-Ekiti, the governor reaffirmed his administration’s commitment to implementing the reforms, which he says are crucial for economic growth and citizen welfare. Oyebanji commended President Bola Tinubu…

The Nigerian government has announced that, starting from 1 January 2026, all Nigerians and non-residents will be required to obtain a Tax Identification Number (Tax ID) to open or operate bank accounts and access financial services. This directive follows the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu. The law makes it compulsory for individuals and entities to present a valid Tax…

Wale Tinubu, the Group Chief Executive of Oando Plc, is urging African nations to take charge of their own destiny by building a robust, self-sufficient energy and financial infrastructure. During a recent fireside chat with Omar Yedder, Group Publisher and Managing Director of African Business, at the Intra-African Trade Fair 2025 (IATF 2025) in Algeria, Tinubu laid out a vision for the continent’s future based on internal investment, stronger regional…

The Nigerian government’s 2025 budget, known as the “Budget of Restoration,” is on track to begin implementation by the end of September. This announcement was made by the Director-General of the Budget Office of the Federation (BoF), Tanimu Yakubu, during a recent forum in Abuja. The news comes after growing public concern over the delay in implementing the N54.99 trillion budget, which was passed into law nine months ago. READ…

The Central Bank of Nigeria (CBN) has unveiled a new strategic framework, the Nigeria Payments System Vision 2028 (PSV 2028), aimed at strengthening the country’s financial ecosystem and positioning it for global competitiveness. Launched yesterday at the inaugural meeting of the PSV 2028 Project Committee in Lagos, the initiative was described by Musa Jimoh, Director of the CBN’s Payments System Policy Department, as a critical “national assignment.” RESD ALSO: Edun meets…

Nigeria and Angola are poised to strengthen their relationship by signing at least 15 new Memoranda of Understanding (MoUs) during the fifth session of the Nigeria-Angola Bilateral Economic Joint Commission in Luanda. According to Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu, these agreements will significantly advance bilateral relations. She highlighted that the MoUs would serve their mutual interests, reinforce domestic institutions, stimulate economic and social progress, and…

Vice President Kashim Shettima has stated that the courageous reforms being implemented by President Bola Tinubu’s administration are a testament to the power of political will in economic policy. Speaking at the 66th Annual Conference of the Nigerian Economic Society (NES) on Tuesday, he said these reforms are crucial for addressing Nigeria’s long-standing structural weaknesses. Shettima acknowledged that the reforms have been painful but necessary, comparing them to a “painful…

Lagos State has been chosen to host the 2027 Intra-African Trade Fair (IATF), following an announcement by the African Export-Import Bank (Afreximbank), the African Union, and the African Continental Free Trade Area (AfCFTA) Secretariat. The decision is widely regarded as a landmark achievement for Nigeria and the West African sub-region, reaffirming Lagos’ status as one of Africa’s leading economic hubs. Governor Babajide Sanwo-Olu described the nomination as “a reflection of…