Nigeria’s gross external reserves have reached $42 billion, marking their highest level since September 2019, according to new data from the Central Bank of Nigeria (CBN). The significant increase is being attributed to a rise in hydrocarbon export revenues and a consistent inflow of foreign exchange. Data from the Central
As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) holds its 302nd meeting on Monday, some stakeholders have urged loosening of the policy rates. They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja. NAN reports that the MPC had retained the baseline
Felix Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has encouraged Nigerian oil and gas service companies to leverage their skills in the deepwater sector. During a visit to West African Ventures Nigeria Limited’s facilities at the Federal Ocean Terminal in Onne, Rivers State, he highlighted
President Bola Ahmed Tinubu said on Tuesday in Abuja that the revenue target for 2025 was achieved in August, following economic reforms focused on stimulating the non-oil sector. He said that the bulk of the revenue came from the non-oil sector. The President assured Nigerians that the Renewed Hope Agenda
The Federal Government is working hard on plans to put the new National Industrial Policy into action. This policy aims to boost industries and change the economic situation in West Africa. It will be a major topic at the upcoming West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025,
Nigeria’s manufacturing industry is increasingly looking for local solutions as the country deals with the effects of currency devaluation and a lack of foreign money. According to a recent report from the Financial Times, businesses are adjusting to changes in the foreign exchange market by focusing more on using local
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has issued a critical alert that Nigeria needs to quickly turn its oil reserves into production, stressing that crude oil sitting underground is of no value until it’s extracted. Reports indicate that around 220 oil blocks
In a bold move that cements its position as a digital trailblazer on the continent, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has launched the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its AI-powered chatbot, LEO. With this milestone, UBA becomes the first financial
On Wednesday, the African Development Bank announced that it will provide $1.2 million in grants to help with a feasibility study on Battery Energy Storage Systems in Nigeria. This initiative aims to assess the effectiveness of these systems in conjunction with the power grid, identify appropriate business and regulatory frameworks
…seeks reduction in MPR The Lagos Chamber of Commerce and Industry (LCCI) has urged for sustainable market-driven reforms that will help prices stay stable and the economy grow. In a statement by Chinyere Almona, the director general of LCCI, it was noted that while some recent policies have helped stabilize