Nigerian Stock Market Recovers with ₦101 Billion Gain

BusinessNewsNigeriaNigerian Stock Market Recovers with ₦101 Billion Gain

By Ezinwanne Onwuka (Senior Reporter)April 10, 2025

On Tuesday, the Nigerian stock market saw a positive change, recovering ₦101 billion after several days of losses. The total value of all the stocks on the market rose by ₦101 billion, ending the day at ₦65.589 trillion, up from ₦65.488 trillion on Monday. The stock market’s key index also went up by 159.88 points, closing at 104,376.75, a small but welcome rise from the previous day. However, not all stocks performed well. While some...

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CBN Reports $6.83bn Balance of Payments Surplus in 2024

BusinessNewsNigeriaCBN Reports $6.83bn Balance of Payments Surplus in 2024

By Ezinwanne Onwuka (Senior Reporter)April 10, 2025

The Central Bank of Nigeria (CBN) has announced a remarkable turnaround in the country’s external financial standing, recording a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This marks a significant recovery from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022. According to a press release on 9 April 2025, the CBN stated that the surplus “reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance,...

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FG Set To Review 2025 Budget Assumptions 

BusinessNewsNigeriaPoliticsFG Set To Review 2025 Budget Assumptions 

Uzoamaka Ikezue (Staff Reporter)April 8, 2025

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy has said that the federal Government would take a second look at the 2025 budget assumptions. Edun’s statement is coming after US President Donald Trump slapped a 14 per cent tariff on non-mineral exports. This was disclosed at the corporate governance forum on Monday in Abuja, where a performance scorecard for State Owned Enterprises (SOEs) was also launched. In the 2025 Appropriation Act,...

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World Bank Injects $1.08bn into Nigeria’s Development

BusinessNewsNigeriaWorld Bank Injects $1.08bn into Nigeria’s Development

By Ezinwanne Onwuka (Senior Reporter)April 3, 2025

The World Bank has approved three operations in Nigeria, amounting to $1.08 billion in concessional financing, to improve education quality, enhance nutrition, and support economic resilience for vulnerable communities. The funding includes $500 million for the Hope for Quality Basic Education for All (HOPE-EDU) initiative, $500 million in additional financing for the Nigeria: Community Action for Resilience and Economic Stimulus (NG-CARES) programme, and $80 million for Accelerating Nutrition Results in Nigeria (ANRIN 2.0). The NG-CARES...

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CBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

BusinessEconomyNewsNigeriaCBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

Anthony O. OgboApril 2, 2025

The Central Bank of Nigeria (CBN) has announced a significant improvement in Nigeria’s Net Foreign Exchange Reserve (NFER), which has surged to $23.11 billion, the highest level in over three years. This marks a sharp increase from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The CBN attributed this growth to strategic policy measures, including a deliberate reduction in short-term foreign exchange liabilities, such as FX swaps...

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BusinessNewsPoliticsNIPSS: Fuel Subsidy Removal Was Tough but Necessary, Nigerians Must Endure

By Ezinwanne Onwuka (Senior Reporter)April 1, 2025

…Fuel Prices May Drop to ₦750 Per Litre Before Year-End The National Institute for Policy and Strategic Studies (NIPSS) has described the removal of fuel subsidy by President Bola Tinubu as a necessary decision to save Nigeria’s economy, urging Nigerians to endure the hardship caused by the policy. The fuel subsidy removal, announced unexpectedly during Tinubu’s inauguration on 29 May 2023, led to a sharp increase in petrol prices, with the product now selling for...

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Forbes Names Dangote, Adenuga, Rabiu, Otedola Among Africa’s Richest

BusinessNewsNigeriaForbes Names Dangote, Adenuga, Rabiu, Otedola Among Africa’s Richest

By Ezinwanne Onwuka (Senior Reporter)March 31, 2025

Four Nigerian billionaires—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have been named in Forbes’ 2025 list of the richest individuals in Africa. According to the ranking published on Saturday, Dangote, the President and CEO of the Dangote Group, remains Africa’s richest man for the 14th consecutive year. His net worth surged from $13.9 billion in 2024 to $23.9 billion in 2025, largely due to the valuation of his Lagos-based refinery, which began operations last...

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133 Arrested as EFCC Shuts Down Ponzi Scheme Academy in Abuja

BusinessCrime & SecurityNewsNigeria133 Arrested as EFCC Shuts Down Ponzi Scheme Academy in Abuja

By Ezinwanne Onwuka (Senior Reporter)March 25, 2025

The Economic and Financial Crimes Commission (EFCC) has broken up a Ponzi scheme operating under the name Q University, also known as Q-Net, and arrested 133 suspects in Abuja. According to a statement by the anti-graft agency, the suspects were apprehended on Monday, 24 March 2025, at Compensation Layout in Gwagwalada, Federal Capital Territory (FCT), following intelligence reports on the academy’s operations. The EFCC described the academy as a fraudulent recruitment centre where unsuspecting young...

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Fuel Prices Surge as Dangote Refinery Suspends Sales in Naira

BusinessEconomyNewsNigeriaFuel Prices Surge as Dangote Refinery Suspends Sales in Naira

By Ezinwanne Onwuka (Senior Reporter)March 20, 2025

Nigerians are bracing for another fuel price hike after Dangote Petroleum Refinery temporarily halted the sale of refined petroleum products in naira, citing currency mismatches in crude oil purchases. The refinery announced that its sales in naira had surpassed the value of naira-denominated crude received, making it necessary to suspend local currency transactions. “To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result,...

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Nigeria’s Inflation Rate Falls for Second Consecutive Month

BusinessEconomyNewsNigeriaNigeria’s Inflation Rate Falls for Second Consecutive Month

By Ezinwanne Onwuka (Senior Reporter)March 18, 2025

Nigeria’s inflation rate dropped to 23.18 per cent in February 2025, down from 24.48 per cent in January, according to the National Bureau of Statistics (NBS). This marks the second consecutive month of decline following the rebasing of Nigeria’s Consumer Price Index (CPI) in January 2025. The rebasing updated the base year from 2009 to 2024 and expanded the number of goods and services tracked from 740 to 960, providing a more accurate picture of...

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