CBN Cuts Interest Rate to 26.50% As Inflation Continues to Drop

BusinessNewsNigeriaCBN Cuts Interest Rate to 26.50% As Inflation Continues to Drop

By Ezinwanne Onwuka (Senior Reporter)February 25, 2026

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points, lowering it from 27 per cent to 26.50 per cent. The announcement was made following the apex bank’s 304th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday. CBN Governor Olayemi Cardoso said the decision was unanimous among all members of the MPC. “The committee decided to reduce the monetary policy rate by 50 basis points to...

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NRS Sets ₦40.7tn Revenue Target for 2026

BusinessEconomyNewsNigeriaNRS Sets ₦40.7tn Revenue Target for 2026

By Ezinwanne Onwuka (Senior Reporter)February 11, 20261

The Nigerian Revenue Service (NRS) has set an ambitious revenue target of ₦40.7 trillion for 2026, following what it described as a strong performance in 2025 when it generated ₦28.3 trillion in tax revenue. The figure represents a 30.3 per cent increase from the ₦21.7 trillion recorded in 2024. The new target and performance breakdown were announced on Tuesday during the agency’s 2026 leadership retreat in Abuja. Speaking at the retreat, the Chairman of the...

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NAFDAC Begins Enforcement of Sachet Alcohol Ban

BusinessNewsNigeriaNAFDAC Begins Enforcement of Sachet Alcohol Ban

By Ezinwanne Onwuka (Senior Reporter)January 31, 2026

…Says No Company Has Been Shut Down The National Agency for Food and Drug Administration and Control (NAFDAC) has resumed enforcement of the ban on the production and sale of alcoholic drinks packaged in sachets and small bottles, clarifying that no alcohol-producing company has been shut down as a result of the action. In a press statement issued on Thursday, the agency said the enforcement applies to alcoholic beverages packaged in sachets and in PET...

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Anambra Traders Pledge End to Monday Sit-at-Home

BusinessNewsNigeriaAnambra Traders Pledge End to Monday Sit-at-Home

By Ezinwanne Onwuka (Senior Reporter)January 31, 2026

… Set to Resume Full Business Activities Traders at the Onitsha Main Market and other major markets across Anambra State have pledged to end the long-running Monday sit-at-home and resume full business activities from Monday, in line with the state governor’s directive, Prof. Chukwuma Soludo. The assurance was given on Thursday during an interactive meeting between market leaders and the governor, following the continued closure of the Onitsha Main Market and the prolonged sit-at-home, which...

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LASG, MTN Partner to Redevelop Obalende Under‑Bridge into Y’ELLO Bus Park

BusinessNewsNigeriaLASG, MTN Partner to Redevelop Obalende Under‑Bridge into Y’ELLO Bus Park

By Ezinwanne Onwuka (Senior Reporter)January 28, 20261

The Lagos State Government has announced a strategic partnership with MTN Nigeria to redevelop the long‑neglected Obalende under‑bridge into a modern transport hub to be known as the Y’ELLO Bus Park. The project aims to transform one of the city’s most congested and degraded spaces into a safe, functional and environmentally friendly facility for commuters and residents. Tokunbo Wahab, the state’s Commissioner for Environment and Water Resources, made the announcement on Tuesday via his official...

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Nigeria’s FX Reserves Hit $46bn, Highest Level Since 2018

BusinessNewsNigeriaNigeria’s FX Reserves Hit $46bn, Highest Level Since 2018

By Ezinwanne Onwuka (Senior Reporter)January 25, 20261

Nigeria’s foreign exchange (FX) reserves climbed to US$46.01 billion on 22 January 2026, data from the Central Bank of Nigeria (CBN) show. This marks the highest level in almost eight years. The figure, released in the CBN’s latest reserves report, represents a steady year-to-date increase of about 0.99 per cent, rising from US$45.56 billion on 1 January to US$46.01 billion on 22 January. On 21 January, reserves were reported at US$45.98 billion, indicating consistent accretion....

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Nigeria Delisted from EU High-Risk Financial Jurisdiction List

BusinessNewsNigeriaPoliticsNigeria Delisted from EU High-Risk Financial Jurisdiction List

By Ezinwanne Onwuka (Senior Reporter)January 17, 2026

Nigeria has been formally removed from the European Union’s list of high-risk third-country jurisdictions for anti-money laundering and counter-terrorism financing (AML/CFT). The European Commission’s update takes effect on 29 January 2026. Under the revised list contained in European Commission Delegated Regulation (EU) C (2025) 8460, Nigeria was delisted alongside five other African countries — South Africa, Burkina Faso, Mali, Mozambique and Tanzania — following sustained reforms to strengthen national AML/CFT frameworks. The delisting decision reflects...

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Food Inflation Falls to 10.84% in December

BusinessNewsNigeriaFood Inflation Falls to 10.84% in December

By Ezinwanne Onwuka (Senior Reporter)January 17, 2026

Nigeria’s headline inflation rate eased to 15.15 per cent in December 2025, the National Bureau of Statistics (NBS) has reported. According to the latest Consumer Price Index (CPI) report released on Thursday, the CPI index rose to 131.2 points in December 2025 from 130.5 points in November, indicating that prices continued to rise but at a significantly slower pace. On a year-on-year basis, the inflation rate declined from 17.33 per cent in November 2025 and...

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World Bank Upgrades Nigeria’s Growth Forecast to 4.4% for 2026, 2027

BusinessNewsNigeriaWorld Bank Upgrades Nigeria’s Growth Forecast to 4.4% for 2026, 2027

By Ezinwanne Onwuka (Senior Reporter)January 14, 2026

Nigeria’s economy is on track to record its fastest growth in more than a decade, the World Bank has said, revising its forecast for the country’s economic growth to 4.4 per cent for both 2026 and 2027. The announcement was made in the World Bank’s latest Global Economic Prospects report, released on Tuesday. The revised growth projection marks a significant improvement over the June 2026 forecasts of 3.7 percent and 3.8 percent, respectively. According to...

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Nigeria Secures Tariff-Free Access to UAE Market as CEPA Takes Effect

BusinessNewsNigeriaNigeria Secures Tariff-Free Access to UAE Market as CEPA Takes Effect

By Ezinwanne Onwuka (Senior Reporter)January 14, 2026

…Tinubu Announces Investopia Lagos Co-Hosting Nigeria and the United Arab Emirates (UAE) have signed a Comprehensive Economic Partnership Agreement (CEPA), aimed at deepening trade, investment, and economic cooperation between the two countries, as government officials described it as a major milestone in Nigeria’s economic diplomacy. The agreement was signed on the sidelines of the 2026 Abu Dhabi Sustainability Week (ADSW) in Abu Dhabi, with President Bola Tinubu and the President of the UAE, Mohamed bin...

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