Author: Ogochukwu Ndubuisi

Nigeria’s Domestic Economy Expanded by 3.87% in 2025 – CBN The Central Bank of Nigeria (CBN) says Nigeria’s domestic economy expanded by 3.87 per cent in 2025, an improvement over the 3.38 per cent recorded in 2024. The CBN said this in its recently released annual report for the 2025 fiscal year. According to the apex bank, broad-based growth followed gains from the continuing implementation of a cocktail of reforms in key sectors and the rebasing of the economy to accommodate emerging subsectors. It said that headline inflation declined to 15.15 per cent in December 2025, from 34.80 per cent…

NSITF Records 85% Contribution Target at Mid-Year The Nigeria Social Insurance Trust Fund (NSITF) says it has achieved about 85 per cent of its 2026 contribution target at the mid-year mark. The Managing Director/Chief Executive of NSITF, Mr Oluwaseun Faleye, said this at the opening of the Fund’s 2026 Half-Year Management Performance Review on Wednesday in Abuja. Faleye attributed the achievement to the commitment of regional and branch leadership, compliance teams and staff in spite of significant institutional changes during the period. He said the first half of 2026 was marked by the Fund’s Voluntary Exit Exercise, which created new…

NAICOM Revokes Nigeria Reinsurance Licence The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR). NAICOM also appointed Dr Muiz Banire (SAN) as receiver and provisional liquidator to wind up the corporation’s affairs. Banire told journalists on Wednesday that his appointment took effect on Aug. 3 following the cancellation of the company’s certificate of registration. He said NAICOM exercised its statutory powers to appoint him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002). According to him, the company failed to comply with the…

Biodiversity Loss Hitting Africa Hardest, Threatens Food Security – UN Africa is bearing a disproportionate burden of global biodiversity loss, threatening food security, livelihoods, clean water and climate resilience across the continent. Executive Secretary of the UN Convention on Biological Diversity, Astrid Schomaker, disclosed this during a major scientific and policy meeting in Nairobi. Schomaker said biodiversity loss was not an abstract environmental problem for Africans, particularly rural communities, farmers, fishermen and people dependent on forests and natural resources. For millions of Africans, she said, the crisis could be seen in declining harvests, disappearing fish stocks, degraded soils, polluted water…

CBN Declares Forex Market Stable as Reserves Hit $52.5bn The Central Bank of Nigeria (CBN) says the recent stability in the foreign exchange market, rising external reserves, and easing inflation are its ongoing monetary reforms that are producing positive results. The CBN Governor, Dr Olayemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, said this on Tuesday at the CBN Fair in Gombe. The theme of the fair was: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.” Cardoso said headline inflation fell slightly from 15.93 per cent…

Heirs Insurance Group Meets NAICOM’s New Capital Requirements Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has met the National Insurance Commission’s (NAICOM) recapitalisation requirements, with both Heirs General Insurance and Heirs Life Assurance included on the Commission’s list of insurance companies that have satisfied the revised minimum capital requirements. This development follows the conclusion of National Insurance Commission’s (NAICOM) landmark recapitalisation programme, which will reshape Nigeria’s insurance landscape and create a stronger industry capable of supporting larger investments, infrastructure projects and accelerated economic growth. As Nigeria pursues its ambition of building a US$1 trillion economy, the recapitalisation reforms come at…

President Tinubu Raises Military Salaries by Up to 80% President Bola Tinubu has approved salary increases of between 30 and 80 per cent for personnel of the Nigerian Armed Forces. The new package will benefit about 250,000 military personnel across the services. This is contained in a statement by Presidential Spokesperson, Mr Bayo Onanuga, on Tuesday in Abuja. According to the Presidency, the new salary structure will take effect from Sept. 1. Officers above the rank of colonel, including Brigadier-Generals, Major-Generals, Lieutenant-Generals and Generals, will receive a 30 per cent salary increase. Personnel from colonel to warrant officer will enjoy…

Nigeria Needs Execution, not Ideas, for Energy Growth – NMDPRA The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Malam Rabiu Umar, says Nigeria’s oil and gas industry has the ideas, technology and expertise required for growth but must prioritise effective execution. Umar stated this on Tuesday in Lagos at the 2026 Nigerian Annual International Conference and Exhibition (NAICE) of the Society of Petroleum Engineers (SPE). He said discussions should now shift from policy formulation to translating reforms into bankable projects capable of attracting investment and delivering measurable economic benefits. “The only thing we need to…

AI Can Accelerate Growth in Developing Countries – World Bank World Bank Group says Artificial Intelligence (AI) could enable developing countries to achieve in a decade what might otherwise take a century if governments address critical infrastructure and skills gaps. This is contained in a statement by the World Bank Media Briefing Centre on its World Development Report 2026: The Promise of Artificial Intelligence, released on Tuesday. According to the report, governments need to close the gap in power, connectivity, skills and institutional quality that threaten to leave them behind. It said that only 4.5 per cent of existing jobs…

NEC Approves Refinancing of $3.3bn Project Gazelle The National Economic Council (NEC) has approved the refinancing of the 3.3 billion-dollar Project Gazelle Pre-Export Finance Facility through a new 4.5 billion-dollar facility named “Project Gazelle 2”. The approval was made during the 159th meeting of the National Economic Council (NEC) held virtually on Monday. The approval allows NNPC Ltd. to refinance the outstanding balance of 1.5 billion dollars under the original 2023 facility. It will also unlock an additional three billion dollars in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government. Briefing…