The Manufacturers Association of Nigeria (MAN) yesterday said the manufacturing sector is positively responding to the economic therapy of President Bola Tinubu. Its Chairman, for Oyo, Osun, Ondo, and Ekiti, Dr Sam Olawoye, said the sector is gradually recovering from recent economic shocks. He spoke during an interview in Ibadan while assessing the impacts of…
In the first quarter (Q1) 2025, Nigeria recorded N5.172 trillion trade surplus, according to the National Bureau of Statistics (NBS). NBS in its “Foreign Trade in Goods Statistics Q12025,” revealed that the country’s import dipped to N15.426 trillion as export rose to N20.59trillion, totally N36.02trillion trade in the period under review. The report said total…
The Nigeria Customs Service (NSC), Federal Operation Unit (FOU), Zone ‘A’, Ikeja has swooped down on smugglers, seized bullet proof vests, goods worth over N1.2 billion and arrested seven suspects in connection with the 46 seizures that were made by the officers of the unit in the last two weeks. Addressing reporters in Lagos yesterday,…
Prominent Nigerian businessman Femi Otedola and other major investors have expressed renewed confidence in the Federal Government’s economic reform agenda and pledged to deepen their investments in sectors vital to the country’s inclusive growth and competitiveness. Otedola made this known during a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy,…
The Federal Executive Council (FEC) on Monday approved Nigeria’s full membership of the Asian Infrastructure Investment Bank (AIIB) as a non-regional member, marking a significant milestone in the country’s international economic engagement. The Council also approved the transmission of a bill to the National Assembly to establish the National Cocoa Management Board, in a bid…
The Federal Government has directed the Economic Management Team (EMT) to chart a fresh path for Nigeria’s economic future, targeting a medium-term growth rate of seven per cent. This next phase of the economic roadmap is expected to focus on unlocking rapid and sustained inclusive growth, anchored on a mix of fiscal discipline, investment incentives,…
The global crude oil market continues its turbulent descent, driven largely by the unpredictable tariff regime of United States (U.S) President Donald Trump, with rippling effects now hammering Nigeria’s oil-dependent economy, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Speaking at the State House yesterday during the Meet-the-Press series organised by the…
The Nigeria Customs Service (NCS) has generated over N347billion revenue from its Tin-Can Island port in Lagos, in the first quarter of this year. This was disclosed in Lagos on Monday, by the Area Comptroller of Frank Onyeka. According to him, “in January the Command generated N116, 412,735,766.23, which represents 24.06 per cent more than…
The World Bank has approved three funding operations for Nigeria, totaling $1.08 billion in concessional financing. These initiatives aim to improve quality of education, strengthen household and community resilience, and enhance nutrition for underserved groups. The funding includes $500 million in additional financing for the NIGERIA: Community Action for Resilience and Economic Stimulus (NG-CARES) Program,…
