CBN data localisation directive will boost investment in digital infrastructure — GFA Co-Founder
By Babajide Komolafe The Central Bank of Nigeria, CBN, data localisation directive will create measurable, long-term demand for local data centres, cloud services and other sovereign digital infrastructure, GFA Technologies Group has said. Co-founder of GFA Technologies Group, Adebola Omololu, stated this while assessing the investment opportunities arising from the directive, describing it as a catalyst […]
Nigeria’s trade surplus rises 91% to N7.55trn in Q1’26
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 […]
Foreign investment in manufacturing slumps 50.7% to $152m in Q1’26
By Yinka Kolawole Foreign investment into Nigeria’s production and manufacturing sector declined sharply by 50.7 percent quarter-on-quarter to $152.27 million in the first quarter of 2026 (Q1’26), down from $308.93 million recorded in the preceding quarter (Q4’25), according to the latest Capital Importation Report released by the National Bureau of Statistics (NBS). The report revealed that […]
FG, 6 states woo investors at ‘Invest in Lagos 3.0’ Summit
The Federal Government and six state governments have urged investors at the ongoing Invest in Lagos 3.0 Summit to channel funds into critical sectors, promising attractive returns and improved business conditions. The summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba […]
UBA wins 2026 ‘Banker Technology’ award for AI innovation, launches upgraded app
United Bank for Africa (UBA) Plc, has been named the winner of the African category at the 2026 Banker Technology Awards, recognised for its innovations in digital payments, e-business, and the use of artificial intelligence to drive seamless cross-border banking across more than 20 African markets. In its assessment of UBA’s winning entry, The Banker noted […]
SSB tax threatens 33% manufacturing output, 1.5m jobs — MAN
•Promote healthy consumption without harming businesses — ACCI By Yinka Kolawole & Progress Godfrey Opposition to the proposed increase in excise duties on sugar-sweetened beverages (SSBs) intensified yesterday as the Manufacturers Association of Nigeria (MAN) and the Abuja Chamber of Commerce and Industry (ACCI) warned of severe economic consequences. MAN cautioned that the proposed levy could […]
Agric sector records 3.15% growth in GDP to 11.87trn
The agricultural sector comprising crop production, livestock, forestry, and fishing recorded a 3.15 per cent, year-on-year growth in real Gross Domestic Product (GDP) to N11.87 trillion in the first quarter of 2026 (Q1’26) from N11.51 trillion in Q1’25.
Finance Ministry, contractors clash again over outstanding debt
•We processed N700bn payments to 1,240 local contractors – Ministry •We have not received any money – Contractors By Emma Ujah, Abuja Bureau Chief & Progress Godfrey At the backdrop of a resumption of protests by contractors, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has said it approved payments […]
Equity investors lose N4.9trn, as market uptrend reverses
By Peter Egwuatu The Nigerian stock market reversed its upward trajectory last week with investors losing over N4.915 trillion of their investment listed on the Nigerian Exchange Limited, NGX. The development was driven by a sustained profit-taking move across major sectors. Consequently, the NGX market capitalisation, which represents the total value of stocks listed on the […]
CBN unveils new FX guidelines, approves cash movement of $50,000
By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can move cash of up to $50,000, but must be declared at the point of exit. The bank also retained the earlier provision for the movement or import of cash of up to […]
Nigeria’s economic recalibration good for business — Jumia CEO
By Etop Ekanem Chief Executive Officer of Jumia Group, Francis Dufay, has offered a perspective that placed Nigeria not at the margins of risk, but at the centre of reform, growth and stability. Speaking during a panel on emerging markets, at the Sohn Conference in New York, Dufay described the period between 2021 and 2024 as […]
