NESG: Nigeria’s high production costs threaten industrial competitiveness
By Favour Ulebor The Nigeria Economic Summit Group has warned that high production costs, unreliable electricity and poor logistics infrastructure are undermining Nigeria’s industrial competitiveness, calling for a council within the Presidency to coordinate industrialisation policies. Co-facilitator of the NESG, Lumun Feese, said Nigeria needed a coordinated approach to industrial development to address structural challenges […]
Net forex inflow falls 24% to $6.92bn
ByElizabeth Adegbesan Net Foreign exchange (forex) into the economy fell by 24 per cent, month-on-month, MoM to $6.92 billion in February from $9.22 billion recorded the previous month. The Central Bank of Nigeria, CBN disclosed this in its monthly economic report for February 2026. The report showed that the decline in net forex was driven by […]
Wema Bank secures €50m EIB facility to support SMEs
By Henry Obetta Wema Bank has secured a Euro 50 million (N78.5 billion) financing facility from the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises (SMEs), with a strong focus on women- and youth-owned businesses. The agreement, signed in Lagos, marks the first transaction between EIB […]
Xpress payment eyes AI, IoT for next growth phase
By Elizabeth Adegbesan Xpress Payment Solutions Limited has said its next phase of growth will be driven by emerging technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), after processing transactions worth trillions of naira over the past decade. Managing Director and Chief Executive Officer of the company, Mr. Wale Olayisade, disclosed this […]
NIWA moves to clean up waterways, boosts blue economy investment
By Providence Ayanfeoluwa The National Inland Waterways Authority, NIWA, has intensified efforts to unlock the economic potential of Nigeria’s inland waterways with the commencement of a comprehensive clean-up programme aimed at tackling pollution, enhancing navigational safety and attracting investment into the nation’s blue economy. To drive the initiative, Parts Central Limited has been mandated to provide […]
Petrol depot prices fall in Lagos as Dangote holds firm
•Rain Oil leads cuts with N18/litre reduction •Diesel prices crash by up to N70/litre By Udeme Akpan Depot prices of Premium Motor Spirit (PMS), commonly known as petrol, eased across several terminals in Lagos yesterday as petroleum marketers adjusted prices amid shifting supply dynamics in Nigeria’s downstream oil market. The latest market data showed a […]
