Food Import Gulps $1.8bn in Nine Months – CBN The Central Bank of Nigeria allocated $1.87bn for food imports in the first nine months of 2024, representing a $235.11m increase compared to the $1.64bn recorded in the same period of 2023. This marks a 14.37 per...

CNG, Electric Vehicles Attract $700m Investment – FG The Federal Government has said that about $700m in investment was made in Compressed Natural Gas and electric vehicles last year. The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, said this was made possible by...

Report Reveals Nigeria’s 2mbpd Oil Plan May Cause Showdown With OPEC   A recent report by Bloomberg suggests that Nigeria's ambitious plan to boost crude oil production to 2.062 million barrels per day may put it at odds with the Organization of the Petroleum Exporting Countries (OPEC)....

CBN Survey Reveals Optimistic Outlook for Naira in 2025   According to the Central Bank of Nigeria's (CBN) December 2024 Business Expectations Survey (BES), a significant majority of respondent businesses expressed a positive outlook on the nation's macroeconomic prospects, indicating a growing sense of optimism among Nigerian firms. Precisely,...

Telcos' Operating Costs Skyrocket by 50.92% - NCC   Nigeria's telecommunications sector faced significant financial strain in 2023, with operating costs for telecom companies skyrocketing by 50.92%. This substantial increase underscores the industry's struggles to maintain network operations amidst soaring inflation and a depreciating currency, which...

Nigeria's Foreign Exchange Reserves Drop $832m in Just Two Weeks   Nigeria's foreign exchange reserves experienced a substantial decrease in the first three weeks of January, plummeting by $832.62 million from January 6 to January 21. This sharp decline underscores the ongoing challenges in Nigeria's foreign...