Category: Business

By Seun Ibiyemi President Bola Ahmed Tinubu has commended the growing continental recognition of Nigeria’s customs modernisation programme following the selection of AfriTrade CMP Limited, a subsidiary of Nigerian-owned Bergmans Security Consultant and Supplies Limited, for a 20-year, multi-billion-dollar AfCFTA Customs Modernisation Project. The President said the development demonstrated Nigeria’s growing capacity to develop homegrown…

By Seun Ibiyemi The Nigeria Customs Service (NCS), Federal Operations Unit Zone ‘A’ (FOU ‘A’), Ikeja-Lagos, has intercepted 220 consignments of prohibited and smuggled goods with a combined Duty Paid Value (DPV) of N3.24 billion. The Unit also recovered N728.98 million in revenue through intelligence-led enforcement operations targeting under-declaration, false declarations and other forms of…

The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has denied allegations linking him and the agency to an alleged $279 million irregular movement of funds from Nigeria’s Frontier Exploration Fund. Adedeji described the allegation as false and sponsored, insisting that neither he nor the NRS was involved in any illegal transfer from…

By Seun Ibiyemi The Nigeria Customs Service (NCS) has intercepted 399 fully assembled Jojef firearms and assorted rifle parts at the Tin Can Island Port Command in Lagos.The seizure followed a detailed examination of a shipment initially discovered to contain crates of knocked-down firearm components concealed inside a container. The NCS National Public Relations Officer,…

By Seun Ibiyemi The Federal Government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026, reflecting rising pressure from interest obligations and principal repayments, according to the latest report by the Debt Management Office (DMO). The DMO disclosed that the total domestic debt service comprised N2.97 trillion in interest payments…

The Central Bank of Nigeria (CBN) has said recent monetary and foreign exchange reforms are strengthening confidence in the economy, with external reserves rising to $52.52 billion and the naira recording improved stability. The apex bank disclosed that its policy interventions under Governor Olayemi Cardoso are beginning to produce measurable results, including a moderation in…

By Seun Ibiyemi Nigeria recorded a major rebound in foreign direct investment (FDI) inflows in 2025, rising by 148.2 per cent to $4.005 billion from $1.614 billion in 2024, but the country must urgently diversify investment beyond oil and gas transactions to achieve sustainable economic transformation. This was contained in the latest BACITI Economic Insight…

By Seun Ibiyemi The Director General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, mni, has urged the Central Bank of Nigeria (CBN) to reduce the Monetary Policy Rate (MPR) to below 20 per cent, warning that the current high-interest-rate regime is constraining access to finance and undermining the competitiveness of Nigeria’s manufacturing…

By Seun Ibiyemi The Presidency has attributed the strong financial performance recorded by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to the economic reforms introduced by President Bola Ahmed Tinubu since assuming office in 2023. In a statement issued on Wednesday, the President’s Special Adviser on Information and…

By Seun Ibiyemi The National Economic Council (NEC) has approved a $4.5 billion Project Gazelle 2 refinancing facility, paving the way for the Federal Government to unlock an additional $3 billion in liquidity while restructuring an existing crude-backed loan on more favourable terms. The approval was granted during the 159th meeting of the National Economic…