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The Federal Government has unveiled plans to commit five per cent of the nation’s Gross Domestic Product annually to strengthen the manufacturing sector. The initiative is designed to expand local production, increase exports, and create employment opportunities. Officials said the policy would prioritise sectors such as solid minerals, construction materials, and light manufacturing to reduce
The Presidential Fiscal Policy and Tax Reforms Committee has dismissed as false a viral video alleging that new tax laws will take effect in 2027 and impose a 25 per cent levy on funds designated for building materials and other transactions. In a statement, the committee clarified that the Nigeria Tax Act 2025 has already
The Rivers State Microfinance Agency (RIMA) has announced plans to establish microfinance bank branches in each of the state’s three senatorial districts, aiming to expand access to loans in rural communities. Managing Director Pastor Jonathan Tobin disclosed the plans in an interview, saying the initiative is part of Governor Siminalayi Fubara’s drive to boost small
President Bola Tinubu has called on the World Bank to support Nigeria’s ongoing economic reforms, particularly in the areas of agriculture, youth employment, and private sector growth. He said such support is critical to his administration’s strategy to strengthen the economy and create more opportunities for Nigerians. The president made the appeal on Tuesday while
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said Nigeria’s target of achieving seven per cent economic growth depends largely on sustained reforms and increased private sector investment. He spoke at an economic forum in Lagos where he outlined government strategies for stabilising the economy. Edun said recent policy decisions
By Paul Chimodo Moniepoint’s 2025 performance figures, published as part of its year-in-review data and industry disclosures, provide more than a snapshot of company growth. The report, which details transaction volumes, lending activity, merchant usage and expansion plans, offers valuable insight into how Nigeria’s fintech sector is maturing and reshaping everyday economic activity. It was
An energy expert, Emeka Ojoko, has warned Nigerians to brace for more collapses of the national power grid, attributing the situation to structural weaknesses in the country’s electricity system. Ojoko, in an interview, said Nigeria currently operates on a single national grid, unlike Western countries that use interconnected grids. He explained that interconnected grids provide
The Nigeria Deposit Insurance Corporation (NDIC) has announced the recovery of an additional N24.3 billion from the assets of the now-defunct Heritage Bank Limited. These funds will help repay depositors who had account balances above N5 million when the bank’s licence was revoked. The recovery effort is part of ongoing work by the NDIC to
President Bola Ahmed Tinubu has expressed excitement over the Nigerian capital market surpassing the ₦100 trillion benchmark. In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President described the development as a historic milestone and a strong signal of renewed investor confidence in the Nigerian economy. President Tinubu noted
The Rivers State Microfinance Agency (RIMA) has said its inability to effectively reach rural communities is hampering efforts to disburse government-approved micro loans to small business operators in those areas. The Managing Director of RIMA, Pastor Jonathan Tobin, disclosed this during a chat with journalists, attributing the challenge to limited manpower and inadequate logistics. According
