News Category
Latest business news, economic developments and important financial stories from Nigeria and beyond.
Business
The Federal Government has suspended all proposed reviews of broadcast licence fees following concerns raised by broadcasting organisations over rising operational costs.
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Business
The Nigeria Sovereign Investment Authority, Africa50 and Sustainable Energy for All have commercially launched a $300 million fund to expand electricity access in underserved Nigerian communities and businesses. The Nigeria Distributed Renewable Energy Fund will support solutions such as mini-grids and standalone solar systems, with the aim of mobilising investment and accelerating off-grid electrification.
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Business
The Federal Government has identified youth development, small-business expansion and stronger local industries as important pillars of Nigeria’s economic growth strategy. Recent government initiatives focus on skills development, access to finance, entrepreneurship and domestic production, although sustained results will depend on implementation and measurable improvements in jobs and productivity.
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Business
Nigeria recorded ₦26.14 trillion in statutory revenue between January and October 2026, falling ₦20.74 trillion below its target despite a sharp rise in international crude oil prices. The figures highlight the challenge of turning favourable oil-market conditions into stronger public revenue.
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Business
Honeywell has launched its Forge Plant Cognition industrial AI platform at the Dangote Refinery in Lekki. The company estimates the technology could generate more than US$60 million in annual gross operational benefits at full capacity, although the projection is not guaranteed.
Business
Nigeria’s domestic petrol receipts rose 39 per cent in August as imports declined 26 per cent and the Dangote refinery operated at 105.21 per cent of its rated capacity. However, national petrol reserves remained below the NMDPRA’s 30-day benchmark.