Economy

Nigeria is cuddling up to two key points to deliver gas to countries in Europe as the country advances towards export of gas under its gas export target. The first route is through Algeria, and this is a very likely route as the…
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Nigeria’s external reserves, which represent the country’s stock of foreign currency, have reached a 22-month high of $37.39 billion as of September 19, 2024. Data from the Central Bank of Nigeria (CBN) revealed that as of September…
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President Bola Tinubu has called on Nigerians to remain patient despite the high cost of living, stating that the country can no longer expect “a free bowl” without addressing its economic challenges. The President made this remark…
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The Central Bank of Nigeria (CBN) has disclosed its intention to re-introduce and enforce the payment of the controversial Cybersecurity Levy on electronic transactions by Nigerians. The CBN made this known in its Monetary, Credit,…
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The Nigeria Customs Service (NCS) has disclosed that increasing petrol smuggling is affecting the availability of the country’s foreign exchange (FX). This statement was made by Husseini Ejibunnu, Coordinator of the Operation…
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The BRICS economic bloc is quickly expanding its influence, with 34 countries expressing interest in joining its activities, according to Russian President Vladimir Putin, reflecting the bloc’s ability to provide an alternative to the…
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The Central Bank of Nigeria (CBN) has warned that the removal of fuel subsidies, rising import costs, and increased external debt servicing could negatively impact the growth of the nation's external reserves in 2024/2025.  This was…
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CBN Headquarters Nigeria’s external reserves recorded an increase of $424.68 million between August 30 and September 10, highlighting an improved financial outlook for the country. Data sourced from a report by the Central Bank of…
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A former Chairman of the Society of Petroleum Engineers (SPE), Nigeria Council, Mr. Joe Uwakwe, has raised the alarm that cross-border smuggling of petrol was hurting the economy. Uwakwe disclosed this at a webinar organised…
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The Nigerian Economic Summit Group has explained how state governors spent the country’s $50 billion Excess Crude Account in 2010, which would have served as a buffer for petrol subsidy challenges. The Chief Executive Officer of…
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