BUA Group Chairman, Abdul Samad Rabiu calls for shift from extraction to value addition
The Chairman of BUA Group, Abdul Samad Rabiu, has called for a major shift in Nigeria’s economic strategy, urging the country to move away from raw material extraction and focus more on value addition. He said Nigeria must begin processing its natural resources locally instead of exporting them in their raw form. Rabiu explained that […]
Naira continues to appreciate against US dollar as CBN directs FX sales to BDCs
The Nigerian naira has continued to gain value against the United States dollar following a new directive from the Central Bank of Nigeria (CBN). The apex bank instructed authorised dealers to sell foreign exchange to Bureau De Change (BDC) operators in a move aimed at improving dollar supply in the retail market. Financial analysts say […]
Naira closes week at N1,366.19 per dollar as Nigeria’s external reserves hit $46.91bn
The Nigerian naira closed the week at ₦1,366.19 per dollar at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN). This came as Nigeria’s external reserves rose to $46.91 billion, reflecting improved foreign currency inflows into the country. CBN figures showed that the naira weakened slightly on Friday, slipping […]
Tinubu, Shettima meet World Bank delegation at State House
President Bola Ahmed Tinubu and Vice President Kashim Shettima have met with a senior delegation from the World Bank at the State House in Abuja. The meeting took place on Tuesday and reflects ongoing engagement between Nigeria and international development partners. The World Bank team was led by the Managing Director of Operations, Anna Bjerde. […]
FAAC shares N1.969tn as December revenue to FG, states, LGCs in Nigeria
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.969 trillion as revenue for December 2025 to the Federal Government, state governments, and local government councils across Nigeria. The allocation was approved at the January 2026 FAAC meeting held in Abuja, according to a statement from the Office of the Accountant General of […]
Geopolitical Zones‘ Contribution To VAT Pool & Received Without Lagos & Rivers
Data from 2025 shows a clear picture of how Nigeria’s six geopolitical zones contributed to the Value Added Tax (VAT) pool and what they received back—after removing Lagos and Rivers from the calculation. The figures highlight wide differences between what regions generated and what they eventually got through federal allocation. This has again brought the […]
Federal Government approves N1trn Kano Metropolitan Rail project
The Federal Government has approved a N1 trillion Kano Metropolitan Rail Service, a major infrastructure project aimed at transforming urban transportation and boosting economic growth in Kano State. The announcement was made by Governor Alhaji Abba Kabir Yusuf during the 2025 National Qur’anic Recitation Competition in Borno State. Governor Yusuf explained that the rail project […]
Shutting down Onitsha market is putting fire to fire — Shop owner
A shop owner at the Onitsha Main Market, Gibson Okafor, has criticised the decision to shut down the market, saying it will only make things worse. He described the move as “putting fire to fire,” warning that it could deepen the economic hardship already faced by traders and customers. Okafor spoke on Wednesday during an […]
CBN issues fresh directive to Nigerian banks on NAFDAC licenses for import
The Central Bank of Nigeria (CBN) has issued a new directive allowing Nigerian banks to temporarily accept National Agency for Food and Drug Administration and Control (NAFDAC) licences that expired on December 31, 2025, for import-related transactions. The directive is aimed at ensuring smooth processing of Forms M and access to foreign exchange for affected […]
Nigerian naira continues depreciation against US dollar
The Nigerian naira continued its downward movement against the United States dollar at the official foreign exchange market on Thursday, reflecting ongoing pressure on the local currency. Data from the Central Bank of Nigeria (CBN) showed that the naira weakened slightly compared to the previous trading day. According to the CBN figures, the naira exchanged […]