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,…

The average retail price of Automotive Gas Oil, commonly known as diesel, rose by 25.24% in May 2025 compared to the same month last year, according to fresh data from the National Bureau of Statistics (NBS). Consumers paid an average of N1,758.26 per litre in May 2025, up from N1,403.96 per litre in May 2024. The NBS report titled “Automotive Gas Oil (Diesel) Price Watch” also revealed a marginal month-on-month…

The Nigerian naira continued its decline against major global currencies today, Wednesday July 2, 2025, reflecting growing pressure on the local economy and foreign exchange market. According to data from the google finance  the official exchange rates are as follows: £1 (British Pound) = ₦2,101.87 $1 (US Dollar) = ₦1,533.75 €1 (Euro) = ₦1,813.40 ¥1 (Chinese Yuan) = ₦214.13 This marks one of the lowest valuations of the naira in…

The Federal High Court in Abuja has refused the bail applications of three promoters of Crypto Bridge Exchange (CBEX) over their alleged involvement in a $1 billion fraud. Presiding judge, Justice Emeka Nwite, delivered the ruling, stating that the evidence against the defendants was substantial. The defendants, identified as Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, and Chukwuemeka Ehirim, are accused of obtaining over $1 billion fraudulently, an amount said to exceed…

Nigeria’s total public debt surged to N149.39 trillion by the end of March 2025, according to the latest figures released by the Debt Management Office (DMO). This represents a substantial increase of N27.72 trillion, or 22.8%, compared to the N121.67 trillion recorded in the first quarter of 2024. Quarter-on-quarter, the nation’s debt grew by N4.72 trillion, or 3.3%, from N144.67 trillion at the close of December 2024. READ ALSO: Obi: I’ll…

The Director-General of the National Pension Commission (PenCom), Ms Omolara Oloworaran, has said.

The Nigerian Exchange Group (NGX Group) and key capital market stakeholders have expressed strong support for the planned listing of Dangote Fertiliser Limited on the Nigerian Exchange, in what is expected to be a landmark move for the nation’s capital market. The development follows a recent strategic visit by the board and management of NGX Group—alongside stakeholders from across the capital market—to the Dangote refinery and fertiliser facilities located in…

Nigerian business mogul Femi Otedola has commended President Bola Tinubu for signing the tax reform bills into law. In a statement posted on his X page on Friday, he described the move as a significant step towards creating a more transparent, efficient, and investment-friendly economy. READ ALSO: Femi Otedola celebrates Aliko Dangote, hails him as Africa’s greatest entrepreneur Mr Otedola welcomed the reforms, noting that they would simplify Nigeria’s tax system,…

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has raised the alarm over what it described as a calculated sabotage campaign orchestrated by a network of individuals, both within and outside the organisation. In a statement released on Friday, NNPC Ltd. said the group behind the scheme is deliberately spreading falsehoods and misinformation aimed at undermining the company’s leadership and discrediting its reform efforts. According to the management, “Their tactics…

Nigeria’s Federal Government recorded a revenue of ₦6.9 trillion between January and April 2025, marking a significant 40% increase from the ₦5.2 trillion generated during the same period in 2024. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Second Quarter 2025 Citizens and Stakeholders’ Engagement Session on fiscal performance and reform outlook held in Abuja on Monday. Highlighting the administration’s…