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Fiscal inefficiencies cost Africa $1.43tn in devpt financing __AfDB
Low efficiency levels in resource mobilization, application and utilization cost African countries significant 1.43 trillion in development financing; a situation that further compounds inhibitions to rapid economic growth. according to the 2026 African Economic Outlook released by the African Development…
NNPCL reports revenue growth of N4.97tn in April
State-owned energy company, Nigerian National Petroleum Company Limited (NNPCL) has declared a significant increase in revenue for April 2026, generating N4.971 trillion, according to the latest monthly operational report of the firm released, Monday. According to NNPCL the figure represents a…
CBN launches PSV 2028 to deepen financial inclusion, strengthen digital econony
Central Bank of Nigeria (CBN) has formally unveiled the Payments System Vision 2028 (PSV 2028) to strengthen the country’s digital economy and trade. Speaking in Abuja, Monday, at the unveiling, the CBN Governor, Olayemi Cardoso, said PSV 2028 aims to deepen…
NIBSS seeks court order compelling 19 banks to freeze 176 accounts linked to N14bn unauthorised transfers
Following a payment systems malfunction suffered in 2024 resulting into a N14 billion loss, the Nigeria Inter-Bank Settlement System (NIBSS) Plc has approached a Federal High Court in Lagos, seeking an order compelling affected banks to freeze accounts allegedly linked to…
FDI drops by 80%, as portfolio investment drives increased capital inflow — CBN
Central Bank of Nigeria (CBN) Economic Report, in its latest release, has revealed that foreign direct investment (FDI) inflows into the country dropped by 80 per cent in January, this year. The regulatory bank attributed the drop to foreign investors increasingly…
Nigeria’s $5bn NLNG Train 7 nears pre-commissioning stage — Official
Nigeria Liquefied Natural Gas (NLNG) has announced that the country’s $5 billion LNG Train 7 project will soon be put into operation having reached 92 per cent completion stage. The NLNG also added that the development marks a major…
CBN extends POS geo-fencing deadline to August 1
Central Bank of Nigeria (CBN) has extended the enforcement of Point-of-Sale (POS) terminal geo-fencing to August 1, 2026. According to the regulator,the decision is intended to give financial institutions and payment service providers more time to comply with the regulatory requirement…
Retailers blame unstable forex, others for rising prices of cooking gas
Retailers under the aegis of the Liquefied Petroleum Gas Retailers Association of Nigeria (LPGAR) have blamed the rising prices of cooking gas in the country on foreign exchange instability, high depot prices, and distribution costs. Chairman of the group, Ayobami Olarinoye,…
Currency outside banks drops to N5.08trn in April, as CBN tightens grip on liquidity
Currency outside banks (COB) in Nigeria declined to N5.08 trillion in April 2026, according to data released by the Central Bank of Nigeria (CBN). CBN said the country’s COB fell to N5.083 trillion in April from N5.19 trillion recorded in…
Nigeria, AfDB sign $7bn deal on Integrated Aviation Transformation Programme
Nigeria and the African Development Bank (AfDB) have signed an agreement to formalise the $7 billion Integrated Aviation Transformation Programme (IATP) aimed at kick-starting reforms and unlocking large-scale financing for the aviation industry’s development across the continent. Minister of Aviation and…
