Nigeria’s economy recorded a 3.89 per cent growth in real Gross Domestic Product (GDP) in the first quarter of 2026, with the non-oil sector contributing the largest share of economic activities, according to the National Bureau of Statistics (NBS). The NBS disclosed this in its Q1 2026 GDP report released on Monday, showing an improvement…
Aliko Dangote has revealed that the Dangote Refinery is attracting billions of dollars in investment commitments ahead of its planned Initial Public Offering (IPO) scheduled for September 2026. Dangote made the disclosure during a visit by Femi Otedola alongside senior executives of First HoldCo to the 650,000 barrels-per-day refinery in Lekki, Lagos. According to him,…
The Central Bank of Nigeria (CBN) announced today its decision to maintain the Monetary Policy Rate (MPR) at its current level of 26.50 percent. This decision was reached unanimously by all members of the Monetary Policy Committee (MPC) during their 305th meeting, concluding in Abuja on Wednesday. CBN Governor Olayemi Cardoso revealed the outcome of…
Nigeria’s Federal Government bonds continued to attract strong investor demand in May 2026, recording a 32.8% oversubscription at the latest auction conducted by the Debt Management Office. According to the DMO, investors submitted bids totaling N797.17 billion (including N280 billion in non-competitive bids) for the N600 billion offered. Total allotments rose sharply to N614.51 billion,…
The Debt Management Office (DMO) has announced plans for a fresh N600 billion Federal Government of Nigeria bond auction for May 2026, alongside the listing of a N47.36 billion Sovereign Green Bond on the Nigerian Exchange Limited (NGX). According to separate statements issued by the agency, the bond auction is part of government efforts to…
The February 2026 VAT distribution released by the Federation Account Allocation Committee (FAAC) shows significant differences between what Nigerian states contributed to the national VAT pool and what they received in allocations. Below is the full breakdown of state-by-state contributions and receipts. — Top VAT Contributors Lagos State Contributed: N215.34bn Received: N51.93bn (24.12%) Rivers State…
The Manufacturers Association of Nigeria (MAN) has urged the Lagos State Government to simplify its tax system in order to encourage industrial growth, reduce business challenges, and attract new investments into the manufacturing sector. The appeal was made by Chairman of MAN’s Apapa Branch, Raphael Danilola, during the association’s annual business luncheon held in Lagos….
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has voiced its support for the Nigerian National Petroleum Company Limited’s (NNPCL) recent agreement with Chinese companies aimed at revitalizing the Port Harcourt and Warri refineries. According to NUPENG President, Otunba Salimon Oladiti, the reactivation of these refineries is expected to alleviate the considerable economic…
A potential decrease in petrol prices is on the horizon for Nigerians, as the Nigerian National Petroleum Company Limited (NNPCL) has inked a deal with Chinese companies to revive the Port Harcourt and Warri refineries. This development, announced on April 30, 2026, signals a significant step towards alleviating the strain of high fuel costs. The…
Nigerian bank customers are expressing a range of opinions following the implementation of new bank charges, as mandated by the Central Bank of Nigeria (CBN). The CBN, in a recent circular titled ‘Guide to Charges by Banks and Other Financial Institutions,’ has revised several fees. Notably, the cost of issuing new automated teller machine (ATM)…
