Nigeria’s Gross Domestic Product (GDP) expanded by 2.31% year-on-year in real terms during the first quarter of 2023, marking a decrease of 1.21% points compared to the previous quarter’s 3.52%...

In a significant development for the Nigerian financial sector, the Central Bank of Nigeria (CBN) has announced the revocation of operating licences for 132 microfinance banks, four primary mortgage banks,...

Mobile subscriptions for Nigeria’s telecommunications sector experienced a decline for the first time in nearly two years, according to the latest industry statistics released by the Nigerian Communications...

Elon Musk has appointed renowned ad executive Linda Yaccarino to assume day-to-day leadership of Twitter as he strives to rejuvenate the ailing platform he acquired for $44 billion last year. Yaccarino,...

Angola has surpassed Nigeria to become the leading African crude oil producer in the month of April 2023, as reported by the Organisation of Petroleum Exporting Countries (OPEC) in its April 2023 monthly...

In a significant declaration, Vice President Yemi Osinbajo (SAN) expressed confidence that Nigeria has the potential to emerge as one of the world’s premier power markets through increased investments...

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 17.5 percent to 18 percent. The CBN Governor, Godwin...

The Central Bank of Nigeria (CBN) has announced a 10-day extension of the deadline for the use of old naira notes across Nigeria. The new deadline is February 10 instead of the old one of January 31. Governor...

The Central Bank of Nigeria (CBN) has unveiled the Nigerian national domestic card scheme. “The domestic card scheme is expected to strengthen the national payments system and deepen the usage of electronic...

The World Bank has downgraded Nigeria’s 2023 growth by 0.3 percentage point to 2.9 percent from its previous projection of 3.2 percent. This was contained in the bank’s Global Economic Prospects report...

According to the NNPC, Nigeria’s oil production as of December 6 is 1.59 million barrels per day. This was disclosed by the Chief Upstream Investment Officer at the NNPC Upstream Investment Management...

The Central Bank of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, effective on January 9, 2023. The apex bank made this known on Tuesday in a circular signed by CBN...

Seplat Energy Plc, leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, says that its energy transition priorities remain to end flaring, monetise gas, displace...

The Monetary Policy Committee of the Central Bank of Nigeria has unanimously voted to increase the benchmark interest rate (monetary policy rate) to 15.5% from 14% to curb inflation. CBN Governor, Godwin...

Fidelity Bank Plc has announced its proposed acquisition of a 100% equity stake in Union Bank Plc in the United Kingdom. According to a Press Release signed by Ezinwa Unuigboje, the Company Secretary on...

The Central Bank of Nigeria (CBN) yesterday released $265 million to foreign airlines operating in the country for the remittance of a part of their revenues trapped in the country. A breakdown of the...

The National Bureau of Statistics says Nigeria’s Gross Domestic Product grew by 3.54 per cent in the second quarter of 2022 on a year-on-year basis. This is contained in a statement issued by the Statistician-General...

Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous month of June 2022. The latest inflation data is according to the...

The Monetary Policy Committee of the Central Bank of Nigeria has unanimously voted to increase the benchmark interest rate (monetary policy rate) to 14% from 13%. This was disclosed by the Governor of...

The Federal Government yesterday announced the restructuring of five electricity distribution companies(DISCOS) in the country. This was contained in a statement jointly signed by the Executive Chairman...