BUSINESS
FG Signs Agreements With 10 Companies To Enhance National Gas Supply
The Federal Government on Thursday signed a series of investment agreements with ten companies to develop gas processing plants and other gas supply infrastructure across Nigeria. The agreements—comprising the Joint Venture and Operating Agreement, the Joint Venture Equity Agreement, and the Joint Venture Accounts Agreement—were signed in Abuja between the Midstream and Downstream Infrastructure Fund (MDIF) and ten gas infrastructure...
Nigerian Stock Market Records Significant Dip In Trading Activity
Stock market investors traded 3.214 billion shares worth N76.348 billion in 64,156 transactions on the floor of the Exchange during the week. This compares to 3.794 billion shares valued at N119.394 billion exchanged in 89,636 deals the previous week. As a result, the value of transactions traded on the exchange dropped by 56.4 percent. The market operated for four trading days during...
Nigeria’s Liquidity Surges As Money Supply Hits ₦118.99 trn
Nigeria’s money supply (M2) fell slightly to ₦118.99 trillion in May 2025, representing a 0.23% month-on-month (MoM) decline from ₦119.27 trillion recorded in April. This is according to the latest Money and Credit Statistics data released by the Central Bank of Nigeria (CBN) yesterday. The report shows this is the third monthly decline in M2 recorded so far in 2025. The...
Marketers Protest As Dangote Set To Reduce Gas Price
President of the Dangote Group, Alhaji Aliko Dangote, has announced plans to reduce the price of Liquefied Petroleum Gas (cooking gas). He also promised to start direct sales of the product to consumers should the existing distributors fail to allow the price crash in cooking gas. However, operators in the sector have disagreed with the plan, saying the businessman was...
Nigeria’s Textile Imports Rise By 298% To N726bn Over Five Years
The importation of textile products into Nigeria has soared by an astonishing 297.8% over the past five years, rising from ₦182.53 billion in 2020 to ₦726.18 billion in 2024. This is according to data from the National Bureau of Statistics (NBS), which shows a consistent yearly increase: ₦278.8 billion in 2021, ₦365.5 billion in 2022, and ₦377.1 billion in...
MAN, RMRDC Call For Tech-Driven Solutions To Strengthen Local Manufacturing
The upcoming 2025 Nigeria Manufacturing and Equipment (NME) Expo, held alongside the Nigerian Raw Materials (NIRAM) Expo, will spotlight the adoption of indigenous technology to strengthen local manufacturing and support the Federal Government’s ‘Nigeria First’ policy. Jointly organised by the Manufacturers Association of Nigeria (MAN) and the Raw Materials Research and Development Council (RMRDC), this year’s event is themed “Accelerating...
Nigeria’s Economy Expands By 3.13% In First Quarter Of 2025
The National Bureau of Statistics (NBS) yesterday announced that Nigeria’s economy grew by 3.13 percent in the first quarter of 2025, following the rebasing of the Gross Domestic Product (GDP) using 2019 as the new base year. This growth marks an increase of 0.86 percentage points from the 2.27 percent recorded in the same period of 2024 (Q1'24). In addition,...
CBN Retains Interest Rate At 27.5%
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has voted to retain the Monetary Policy Rate (MPR) at 27.50 percent. The decision was announced by CBN Governor Olayemi Cardoso at the conclusion of the 301st MPC meeting held on Tuesday in Abuja. He stated that all MPC members agreed unanimously to maintain the interest rate amid sustained moderation in...
MD Nwakanma Set To Establish Solar Energy Factory In Abia, Targets 2,000 Jobs
A new wave of industrialization and job creation is set to hit Abia State, as Mr. Madu Dennis Nwakanma, Chief Executive Officer of MD Nwakanma Nigeria Limited, has announced plans to establish a large-scale solar energy battery factory in the state. Speaking in an exclusive interview with ABN TV, Mr. Nwakanma revealed that the groundbreaking project will be sited in...
FG Begins Payment To Contractors After Year-Long Delay
The Federal Government has commenced payment to contractors handling projects across its ministries, departments, and agencies (MDAs) after over a year of suspended disbursements. Spokesperson for the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, confirmed the development in an interview on Monday. He disclosed that the resolution followed a meeting held last week between government officials...
