Nigeria, alongside other African nations and the United Nations, has issued a forceful call for unified action and resolute determination to combat pervasive food insecurity on both the African continent and a global scale.  The demand for predictable concessional finance to fuel investments in agriculture, rural transformation, infrastructure, and literacy across Africa was a central theme, with leaders stressing the imperative of aligning climate finance with robust food systems. Speaking…

President Bola Tinubu has signed the Nigeria Tax Act into law, exempting several goods and services from the 7.5% value-added tax (VAT). The Act, part of a broader tax reform initiative, was signed on June 26, alongside three other laws — the Nigeria Tax Administration Act, the Joint Revenue Board (Establishment) Law, and the Nigeria Revenue Service (Establishment) Act. These reforms, which are expected to take effect from January 1,…

Nigeria could have attained a $1 trillion economy if the nation had embraced its current fiscal and tax reform agenda a decade earlier, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. Speaking yesterday at PwC’s ‘Executive Summit on Nigeria’s Tax Reform’ in Lagos, Oyedele stressed that past economic mismanagement, particularly concerning exchange rates, had severely hampered the country’s progress. Oyedele contended that without the…

The Federal Government (FG) is fast-tracking the implementation of the National Single Window (NSW), a key initiative under President Bola Tinubu’s administration, to enhance transparency, curb revenue leaks, and streamline trade processes. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, confirmed this commitment yesterday during his appearance before the National Assembly Joint Committee on Customs and Tariffs. He emphasised the government’s resolve to digitise trade operations,…

Vice President Kashim Shettima has issued a warning about the severe economic consequences of deforestation in Nigeria. He revealed that over 90% of the nation’s original forest cover has been depleted, with an alarming annual loss of more than 400,000 hectares. “This is not just an environmental crisis; it is an economic emergency,” Shettima declared on Monday while inaugurating the Nigeria Forest Economy Summit 2025 in Abuja. The summit, themed…

Nigeria’s headline inflation slowed to 22.22% in June 2025 from 22.97% in May, marking a 0.75 percentage point drop, according to the National Bureau of Statistics (NBS). The decline also represents a notable 11.97-point decrease from June 2024, when the rate stood at 34.19%. The NBS explained in its latest Consumer Price Index (CPI) report released on Wednesday that the easing in the year-on-year figure reflects changes in the rebased…

Governor Lucky Aiyedatiwa of Ondo State on Friday, received his Bauchi State counterpart, Bala Mohammed, in Akure as both states formalised a strategic partnership aimed at boosting agriculture, industrial development, and investment. The high-profile meeting has already yielded significant dividends, with Residents Group Cement confirming plans to invest $2.6 billion in Ondo State for the construction of a fertiliser and harmonial plant, as well as a major petrochemical facility. The…

The Nigerian Exchange Limited (NGX) recorded a major milestone on Thursday as investors gained N1.806 trillion in a single trading session. This followed a sharp increase in the All-Share Index (ASI), which rose by 2,457.13 points, or 2.01%, to close at 124,446.80 the highest level in the history of the exchange. The ASI had previously closed at 121,989.67. Thursday’s rise pushed the index beyond the 124,000 mark for the first…

President Bola Tinubu has restated his administration’s resolve to tackle inflation and promote economic stability through fiscal discipline, transparency, and active citizen engagement. Speaking at the opening of the National Conference on Fiscal Governance, Transparency and Accountability in Abuja on Monday, Tinubu said the government is taking steps to strengthen financial systems across ministries, departments, and agencies. The three-day event was organised by the National Assembly’s Public Accounts Committee. Represented…

Nigeria allocated 4.1 per cent of its Gross Domestic Product (GDP) to debt servicing in 2024, marking an uptick from 3.7 per cent in 2023, according to the African Development Bank’s (AfDB) latest Country Focus Report. The report highlights the growing cost of debt in the face of tightening global credit conditions and high domestic interest rates. It noted that the surge in debt service costs stemmed from rising interest…

The Nigerian Exchange (NGX) recorded its second consecutive gain on Thursday, buoyed by a strong performance from 55 companies including Academy Press, Berger Paints, Deap Capital, Guinea Insurance, and Unilever Nigeria. The All-Share Index (ASI) rose by 637.27 points or 0.53%, closing at 120,977.20, while market capitalisation jumped from ₦76.180 trillion on Wednesday to ₦76.583 trillion on Thursday, reflecting renewed investor confidence and robust buying interest. NGX data revealed a…

In a strategic move widely seen as an effort to counter growing Chinese and Russian influence on the African continent, U.S. President Donald Trump has announced an unexpected summit with five African heads of state. The meeting, set to take place at the White House on July 9, will bring together leaders from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal, a White House official confirmed on Wednesday. According to the official,…