The Central Bank of Nigeria (CBN) has announced that the country’s external reserves rose by 5.6%, or approximately $2.2 billion, reaching a total of $38.8 billion in 2024. This information was revealed in the CBN’s recently published consolidated and separate financial statements for the year ending December 2024. The increase marks a notable rise in…
Nigeria’s external debt service obligations reached $1.08 billion in the fourth quarter of 2024, marking a notable increase from the previous quarter. This information was revealed by the Debt Management Office (DMO) in its latest report. According to earlier data from the DMO, Nigeria’s total debt service costs rose to N3.57 trillion in the third…
By Ajibola Olarinoye Introduction Modern business operates at a rapid rate where technology stands as a fundamental requirement for enterprise success. The operational framework of businesses transformed through Artificial Intelligence (AI) technology which delivers innovative solutions for better operational productivity. The implementation of AI technology by Nigerian business operators between eighteen and thirty years old…
President Donald Trump has announced that a 14% tariff will be applied to exports from Nigeria to the United States. This decision, revealed during a “Make America Wealthy Again” event in the Rose Garden on Wednesday, is part of a broader strategy to rebalance global trade and address perceived unfair trade practices. The introduction of…
The Public Accounts Committee of Nigeria’s House of Representatives announced on Sunday that it has successfully recovered N28.7 billion from two oil companies that owe money to the country’s Federation account. Akin Rotimi, the spokesperson for the Green Chamber, shared this information in a statement on Sunday. This recovery is part of the larger $1.7…
Nigeria’s external reserves have experienced a notable decline of approximately $1.19 billion over the past three weeks. This information comes from the Central Bank of Nigeria (CBN), which has released data on gross external reserves. As of January 31, 2025, the reserves stood at $39.723 billion, down from $40.877 billion at the end of December…
The Securities and Exchange Commission (SEC) has urged Capital Market Operators (CMOs) to renew their registrations by January 31, 2025. A circular from the commission outlines that the annual registration renewal period will run from January 1 to January 31, 2025. This initiative is designed to ensure that only qualified individuals operate within the Nigerian…
International lender, the World Bank, is expected to meet and approve a $500 million loan to Nigeria on Friday to boost rural access and agricultural marketing in the country. This is according to information received on Thursday from the Washington-based institution. World Bank a decision on the loan application is expected by the Nigerian Government…
The Statistician General of the Federation, Adeyemi Adeniran, has announced that Nigeria’s Gross Domestic Product (GDP) growth rate in real terms (constant prices) rose by 3.46% in the third quarter (Q3) of 2024 compared to the same period last year. In a statement released on Monday, Adeniran noted that this growth represents an increase of…
Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, has announced that the agency has successfully met its revenue generation target of N5.07 trillion for 2024. Adeniyi made this announcement during the Comptroller General of Customs’ Conference held in Abuja on Wednesday. As of November 12, 2024, the service has collected a total of…
