NIGERIA has posted an overall balance of payments surplus of $4.60 billion in third quarter (Q3) of 2025, a radical shift from the deficit position in the preceding quarter according to data released by the Central Bank of Nigeria (CBN). Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali (Mrs.), also announced that…
The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc. In a statement, CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali said the action is part of its efforts to re-position the mortgage sub-sector and promote a culture of…
The Federal Government of Nigeria has secured a $1 billion innovation fund to support start-ups operating in the marine and blue economy sector, as the country intensifies efforts to diversify its economy away from oil. The Chief Executive Officer, Maritime Innovations Hub, Mrs Ronke Kosoko, disclosed during a press conference organised in collaboration with the…
The Central Bank of Nigeria (CBN) has directed the newly inaugurated Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF) to ensure that lack of collateral or remote location no longer prevents Nigerian farmers from accessing credit. CBN governor, Mr. Olayemi Cardoso, gave the directive in Abuja during the inauguration ceremony, describing the Scheme as…
AN indigenous technology company, Optimus AI Labs, is strengthening its push into enterprise artificial intelligence (AI), with focus on improving customer support and service delivery across the country’s financial services industry. Speaking with a group of media execs in Lagos, its Chief Executive Officer and Co-Founder, Lanre Basamta, said Optimus AI Labs has spent the…
Nigeria could enter 2026 on its strongest economic footing in more than a decade, according to leading economist, Bismarck Rewane. He said a combination of easing inflation, rising investment, major corporate listings and stabilising monetary conditions will propel the country into a new and more durable cycle of growth. Presenting his projections at the Parthian…
Between 2022 and 2024, Nigeria’s telecom sector attracted $991million in foreign direct investment (FDI) into the economy. According to a report prepared by the Nigerian Communications Commission (NCC), FDI into the Nigerian telecom industry in year 2023 was approximately $134,754,819.27 against $399, 905,531.38 as at year 2022. In 2024, it was approximately $456,589,936.15 against $134,754,819.27…
Nigeria has emerged as a powerhouse in the global smartphone recovery, registering a massive 29per cent year-on-year surge in shipments in the third quarter (Q3) of 2025. This dramatic rebound, highlighted in a new report by technology market analyst firm Omdia, signifies a major turnaround for the country after a challenging period of currency volatility…
First City Monument Bank (FCMB) has expanded the pool of interest-free loans available to women-owned and women-led Small and Medium-Scale Enterprises (WSMEs) under its flagship SheVentures initiative from N200 million to N1 billion. The facility, the bank said, will allow women entrepreneurs across various sectors to access loans of up to N10 million, alongside business…
