Africa’s richest man, Aliko Dangote, has signed a $2.5 billion agreement with the Ethiopian Government to construct one of the world’s largest single-site fertiliser plants in Gode, located in the Somali Regional State of Ethiopia. The agreement, formalised on Thursday, is between Dangote Group and Ethiopian Investment Holdings (EIH), the government’s strategic investment arm. Under the deal, Dangote Group will hold a 60% equity stake, while EIH will retain 40%.…

The Nigerian stock market sustained its bullish momentum on Tuesday, recording a significant N203 billion increase in market capitalisation as investors showed renewed confidence in key sectors. Data from the Nigerian Exchange Limited (NGX) revealed that the market capitalisation rose from N89.493 trillion on Monday to N89.696 trillion by the close of Tuesday’s trading session, representing a 0.23 percent growth. Similarly, the All-Share Index (ASI) advanced by 321.59 points, or…

President Bola Tinubu has praised the significant growth of Nigeria’s capital market since his administration took office. He said this while meeting with the leadership of the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC) during his state visit to Brazil. He attributed the increase in market capitalisation and trading activity to the confidence investors have in his economic reforms. READ ALSO: SERAP urges Tinubu to halt pay…

By Ismaeel Aleem  President Bola Tinubu has approved a six-month ban on the export of raw shea nuts, effective immediately, to strengthen Nigeria’s shea industry and curb informal cross-border trade. The directive, announced by Vice President Kashim Shettima during a multi-stakeholder meeting at the Presidential Villa, aims to transform Nigeria into a global supplier of refined shea products, with projections to generate $300 million annually in the short term. Shettima…

President Bola Tinubu has announced a new era of economic cooperation between Nigeria and Brazil during a state visit, welcoming the imminent return of Brazil’s state-owned oil company, Petrobras, to Nigeria. The visit culminated in the signing of five strategic Memoranda of Understanding (MoUs) designed to strengthen diplomatic and economic relations. At a joint press conference with Brazilian President Luiz Inácio Lula da Silva, Tinubu emphasised the potential for collaboration,…

Nigeria’s Finance Minister, Wale Edun, and Brazil’s Vice President, Geraldo Alckmin, presided over a ministerial meeting in Brasília focused on strengthening bilateral economic relations. Both leaders emphasised the immense potential for partnership between the two countries, particularly in an evolving global economic landscape. Sunday Dare, Special Adviser, Media and Public Communication to President Bola Tinubu disclosed this in a statement on his X page on Monday. READ ALSO: Nigeria, Brazil strengthen…

In a move to boost its non-oil export sector, the Lagos State Government, in partnership with the African Export-Import Bank (Afreximbank), has trained 253 entrepreneurs as part of the Lagos State Export Readiness Programme (LASERP). From this group, 20 “Trade Champions” were chosen to represent the state at the Intra-African Trade Fair (IATF) 2025 in Algiers. At the programme’s closing ceremony, Lagos State Governor, Babajide Sanwo-Olu, who was represented by…

The Federation Account Allocation Committee (FAAC) has shared a total of N2.001 trillion to the three tiers of government as allocation for July 2025. The distribution followed the committee’s August meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. The shared sum came from a gross revenue inflow of N3.836 trillion, comprising statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL),…

The Chartered Institute of Stockbrokers (CIS) is urging the Nigerian government to forge a stronger public-private partnership to realise its goal of a $1 trillion economy. In a recent communique, the Institute stated that while the target is achievable, it will require a deliberate and coordinated effort to expand capital formation across all sectors. READ ALSO: Nigeria targets global markets with new blue economy policy The CIS, through its President, Oluropo…

President Bola Tinubu has permanently removed the controversial 5% excise duty on telecommunications services, a levy that had sparked widespread criticism from industry players and consumer groups. The confirmation came on Tuesday from the Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, during a press briefing in Abuja. “The 5% excise duty is no longer in effect,” Maida announced. “Initially, it was only suspended, but the President has…

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, convened a strategic meeting with the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, at the CBN headquarters in Abuja. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, was also present at the meeting. The high-level discussion centered on strengthening the collaboration between Nigeria’s monetary and fiscal authorities. The goal is to sustain…

The National Pension Commission (PenCom) has directed all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to immediately stop accepting or processing equity contribution applications from seven Primary Mortgage Banks (PMBs) due to their alleged failure to comply with the commission’s housing loan guidelines. In a circular dated 11 August 2025, signed by Obiora Ibeziako, Head of Benefits and Insurance Department at PenCom, the commission instructed PFAs and PFCs…