By Yinka Kolawole The value of textile materials imported into Nigeria rose by 17 per cent year-on-year, YoY, to N267.7 billion in the first quarter of 2026 (Q1’26), highlighting the country’s continued reliance on imported textile products despite efforts to revive local production. Data from the National Bureau of Statistics, NBS, showed that textile imports increased […]

By Sebastine Obasi Brevity Anderson UK and the Europe-India Centre for Business and Industry (EICBI) have formally executed a strategic Collaboration and Services Agreement establishing a framework for long-term cooperation in trade facilitation, investment promotion, stakeholder engagement, and international commercial development across Africa, the European Union, and India. The Agreement provides for collaborative activities including trade […]

By Godwin Oritse Lagos State Governor, Babajide Sanwo-Olu, has announced that work on Phase 2 of the Lekki Port project will commence soon, a move aimed at strengthening the state’s position as West Africa’s leading maritime and logistics hub. Speaking at the Invest Lagos Summit 3.0 held in Lagos earlier in this week, Sanwo-Olu highlighted the […]

By Obas Esiedesa, Abuja Nigeria’s total oil production, comprising crude oil and condensates, increased by 2.2 per cent in May to 1.70 million barrels per day (bpd), while crude oil output exceeded the country’s OPEC production quota for the first time this year. Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Thursday showed […]

By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, has banned closely linked financial entities from extending loans or guaranteeing the obligations of one another without the bank’s prior approval. The apex bank disclosed this, yesterday, in its Exposure Draft on ring-fencing operations of closely linked entities in the Nigerian financial system. The apex bank stated: […]

First City Monument Bank (FCMB) Limited has appointed Mr. Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors, following approval from the Central Bank of Nigeria. Mr. Rewane is a respected economist and experienced leader in Nigeria’s financial sector, with more than 40 years of experience in macroeconomic research, investment banking, […]

By Emeka Anaeto, Business Editor The implementation of the fourth edition of the Foreign Exchange Manual by the Central Bank of Nigeria (CBN) recently launched in Abuja and will be taking off on June 1. The new manual is expected to deepen FX transparency, improve liquidity and strengthen market confidence and liquidity. The new policy […]

By Emma Ujah, Abuja Bureau Chief The Nigeria Revenue Service (NRS) has unveiled Rev360, its next-generation digital tax administration platform designed to deliver a more integrated, intelligent, and taxpayer-centric tax administration experience, which will also identify tax evaders. Speaking at the event in Abuja, yesterday, Executive Chairman of the Nigeria Revenue Service, Dr. Zacch Adedeji, described […]

By Rosemary Iwunze Shareholders of AIICO Insurance Plc has given the company approval to pay dividend of 12 kobo per share, amounting to N4.4 billion. At the company’s annual general meeting in Lagos, the company also appointed  three professionals to the Board as Non-Executive Directors: which are Tunde Mabawonku, as a Non-Executive Director, bringing over two […]

•12% of 92m workers in the scheme By Roseamry Iwunze More young workers under the age of 30 years signed into the Contributory Pension Scheme, CPS, in the fourth quarter of 2025, Q4’25, as 44,837 contributors representing 39.03 per cent joined the scheme. This is as total Retirement Savings Accounts, RSAs, rose to 11,042,903 in Q4’25 […]

By Martha Godwin Electricity Distribution Companies (DisCos) in Nigeria have been mandated to implement fresh technical, commercial and reporting obligations following the introduction of the Nigerian Electricity Regulatory Commission’s (NERC) Net Billing Regulations 2026. The regulation is designed to deepen renewable energy integration and allow electricity consumers with solar power systems and other renewable energy installations […]

By Progress Godfrey The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Tourism Development Authority (NTDA) have pledged to work together to protect consumers, raise service standards, and boost sustainable tourism in Nigeria. This commitment was reinforced when NTDA Director General, Dr Ola Awakan, paid a courtesy visit to FCCPC Executive Vice Chairman […]

By Cynthia Alo The National Inland Waterways Authority, NIWA, has warned cargo barge operators against the dangerous practice of overloading containers beyond approved limits, saying the trend poses a serious threat to safety on Lagos inland waterways. Speaking at the 2026 Shipping Correspondents Association of Nigeria’s (SCAN) Dockworkers’ Day in Lagos, the Lagos Area Manager, […]

•Lauds  Lagos on  industrial, digital transformation By Emeka Anaeto The Secretary-General of the African Continental Free Trade Area (AfCFTA),  Wamkele Mene, has disclosed that the continental trade bloc is on course to achieve an annual intra-African trade volume of $250 billion in the current year, up from $220 billion recorded in 2025. This is even as […]

By Progress Godfrey  Nigeria recorded a 91 per cent, year-on-year, YoY increase in trade surplus to N7.55 trillion in the first quarter of 2026, Q1’26 from N3.95 trillion in the same period of 2025, Q1’25,  driven by a sharp decline in imports and a modest rise in exports.   The National Bureau of Statistics (NBS) disclosed this yesterday in […]