Nigeria’s economy expanded by 4.23% year-on-year in the second quarter of 2025, according to the latest GDP report released by the National Bureau of Statistics (NBS) on Monday. The growth marks a notable improvement compared to 3.48% recorded in Q2 2024 and 3.13% in Q1 2025, signaling stronger economic performance supported by the recent GDP rebasing, higher oil production, and a resilient non-oil sector. “Following the rebasing of the Gross…

Trading activity in the insurance sector on the Nigerian Exchange Limited (NGX) slowed last week, with investors exchanging 481.1 million shares worth ₦1.41 billion across 10,655 deals. This represented a decline from the previous week’s total of 523.5 million shares valued at ₦1.45 billion in 12,666 transactions. The data, released by the Nigerian Exchange Limited on Saturday, indicates a week-on-week dip in market activity—volume declined by 8.8%, value by 2.5%,…

Governor Dapo Abiodun of Ogun State has said the state’s economy has quadrupled in the past six years, growing from N3.5 trillion to N16 trillion. He announced this during a visit from representatives of the MAG Group, a company that has pledged a massive $1.8 billion to $2.5 billion investment in the state. The investment, announced by the company’s Strategic Adviser, Fayad Fayad, is a groundbreaking initiative to build a…

Governor Babajide Sanwo-Olu of Lagos State has reaffirmed the state’s commitment to forging strategic partnerships with the US state of Georgia in infrastructure, healthcare, education, technology, and the creative industries. He spoke at the US–Nigeria Policy and Trade Forum, held alongside FNITCC-AFRICON 2025 at the Georgia State Capitol in Atlanta yesterday. Sanwo-Olu said Lagos was open for investment and eager to establish collaborations that would outlast the current administration and…

The Federation Account Allocation Committee (FAAC) has disbursed a record N2.225 trillion to the three tiers of government and other statutory recipients for the month of August 2025. This marks the highest-ever monthly allocation in Nigeria’s history and the second consecutive month that disbursements have exceeded the N2 trillion threshold. According to a communiqué issued after the FAAC meeting in Abuja, the significant increase was driven by a rise in…

President and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has expressed strong doubts about the revival of the Ajaokuta Steel Company, saying it is no longer viable in today’s world and that Nigeria must stop deceiving itself about its prospects. In a video making rounds on social media, Africa’s richest man said no nation can be built without a steel industry, but insisted that Ajaokuta, in its current state,…

President and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has said many wealthy Nigerians are unwilling to invest in the country due to the difficult operating environment. Speaking during a recent media interaction, Africa’s richest man said there are individuals in Nigeria with more liquid cash than him who choose to stay away from domestic investment challenges. Dangote said such individuals prefer to stay in places like Monaco, France,…

The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, has called on African nations to forge stronger partnerships to achieve sustainable energy security across the continent. Andy Odeh, NNPC Chief Corporate Communications Officer, in a statement on Tuesday, said Ojulari spoke at the 7th African Petroleum Producers’ Organisation (APPO) National Oil Companies CEOs Forum. He underscored the urgent need for Africa to accelerate its energy transition and take control…

SCUML stands for Special Control Unit against Money Laundering

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…