Nigeria’s epileptic electricity situation is costing the economy more than $35billion (about ₦48 trillion) annually, according to a new economic brief released by financial expert and Director of Arthur Group, Martins Itua. The report blamed the losses to chronic power shortages, widespread reliance on self-generated electricity, disrupted business operations, damaged equipment, and post-harvest losses across…
As Nigeria intensifies efforts to expand non-oil revenue and improve tax collection under its fiscal reform agenda, corporate tax contributions from major private-sector operators are becoming increasingly critical to government financing. Supporting that drive, MTN Nigeria said it has paid N878.7 billion in taxes, levies and duties to federal and state authorities in the 2025…
International confidence in Nigeria’s entrepreneurial ecosystem deepened yesterday as Norway’s Deputy Minister of Foreign Affairs, Andreas Kravik, led a high-level Norwegian delegation to Lagos, promising long term support for startups. The visit, hosted at OmniRetail’s headquarters, spotlighted Nigeria’s fast-growing innovation and tech sector and reaffirmed long-term foreign investor interest in African startups solving real economic…
By Segun Ajayi-Kadir The Manufacturers Association of Nigeria (MAN) views the past three years as a period of difficult but consequential economic transition. The administration embarked on substantive macroeconomic reforms intended to correct long-standing structural distortions within the economy and reposition the country for sustainable growth. While we acknowledge the necessity of these reforms and…
The National Bureau of Statistics (NBS) said Nigeria’s total capital importation rose to $10.37 billion in the first quarter (Q1) of this year. The figure represents an 83.83 per cent increase compared to the $5.64 billion recorded in the corresponding period of last year. In its latest capital importation report released yesterday, the NBS said…
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has pushed back against the fresh lawsuit filed by the Dangote Petroleum Refinery seeking to invalidate fuel import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). In a statement, the group argued that the licences being challenged were not mere administrative…
The Dangote Petroleum Refinery has taken the Federal Government to court over fresh fuel import licences issued to oil marketing companies in the country. Despite the refinery’s condemnation and rising domestic refining capacity, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, issued fresh fuel import licences to major petroleum marketers in 2026. Industry data…
The Monetary Policy Committee (MPC) said rising political spending and foreign exchange (forex) demand pressures associated with the 2027 elections will test the resilience of Nigeria’s economy. Members of the Central Bank of Nigeria (CBN)-led MPC, in their personal notes at the last MPC meeting released on Thursday including Aloysius Ordu, Bandele Amoo, Lamido Yuguda,…
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Jani Ibrahim, has appealed to government stakeholders in Nigeria and China to accelerate the frameworks for the establishment of direct flights between Nigeria and China. The NACCIMA President said this will significantly reduce travel time and ease the stress…
