Author: Ogochukwu Ndubuisi

Oyedele Lists Gains of Rebasing Nigeria’s Economy Dr Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, has said that in 2025, there will be reforms on budget processing, medium term expenditure framework, and fiscal strategy paper to support economic rebasing. He said this at the Lagos Chamber of Commerce and Industry (LCCI) 2025 Economic Review and Outlook Conference on Thursday in Lagos. The National Bureau of Statistics had announced plans to rebase Nigeria’s Gross Domestic Product (GDP) using 2019 as the new base year instead of 2010. Rebasing means to base GDP against a benchmark of prices…

Positive Outlook for Nigeria in 2025-Economist An economic expert, Dr Biodun Adedipe, says Nigeria’s economic indices for the year 2025 shows a positive outlook, with reforms beginning to pay off, leading to faster economic growth. Adedipe, also founder, BAA Consult, said this at the Lagos Chamber of Commerce and Industry (LCCI) 2025 Economic Review and Outlook Conference on Thursday in Lagos. The annual gathering is a platform to reflect on the past year’s economic performance, assess ongoing policy reforms, and strategise for the future. The economist projected that inflation would reach an inflection point in the early part of 2025,…

Depot Price Hike: Marketers Jostle to Join Dangote Refinery Bulk-Purchase Deal Attracted by the bulk-purchase agreement incentives being offered by the Dangote Petroleum Refinery, more oil marketers in the country are jostling to be listed as beneficiaries of the agreement. The bulk-purchase agreement, the petroleum marketers reasoned, offers a guaranteed price stability as against purchase from depot owners whose price is opened to incessant upward review as has just been announced. Recall that two prominent players in Nigeria’s downstream oil and gas sector – Ardova Plc and Heyden Petroleum – have entered into a bulk purchase agreement with the Dangote…

2025 Budget: Osun Govt Targets N109bn IGR The Osun state government has set a target of N109.8 billion as Internally Generated Revenue (IGR) to finance its N427 billion budget for 2025. The Commissioner for Economic Planning, Budget and Development, Prof. Moruf Adeleke, disclosed this during the analysis of the state’s 2025 budget, on Thursday in Osogbo. Adeleke said while the state hoped to generate N109.8 billion internally, N251 billion was expected from the Federation Account to finance the budget. He said that in equally N36 billion was expected from other capital receipts, with N30 billion being the estimated opening balance…

The average yield on Nigeria’s Eurobonds dipped by 22 basis points (bps) in the international market as foreign portfolio investors (FPI)

UAE President to Visit Nigeria in 2025 Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates (UAE) has accepted President Bola Tinubu’s invitation to visit Nigeria this year. Tinubu invited him on Wednesday during their bilateral talks on the sidelines of the Abu Dhabi Sustainability Week 2025, Mr Bayo Onanuga, the President’s spokesman, said in a statement. President Tinubu arrived in Abu Dhabi on Sunday as a guest of the UAE President to participate in the Sustainability Week. He delivered Nigeria’s position on climate and other challenges earlier on Wednesday and congratulated the UAE leader for…

Naira Pulls Back as CBN Contribution in FX Market Shrinks The naira is pulling back in a successive manner across foreign exchange markets. The exchange rates plunged market wide as the central bank contribution in the forex market continues to shrink on the back of subpar FX sales to banks to boost liquidity.  In the official window, the naira fell by 10 basis points against the US dollar again on Wednesday as analysts cited a sustained forex supply challenge. Spot FX data from the FMDQ platform showed that the naira fell by 0.10% to close at N1,549.20 per US dollar…

AFC Raises $500m Hybrid Bond for Infrastructure Projects Africa Finance Corporation (AFC) has successfully priced a US$500 million perpetual hybrid bond, according to an official statement. This landmark transaction, which is AFC’s debut hybrid bond issue, demonstrates its leadership in accessing global capital markets and financing transformative infrastructure projects across the continent. Priced at a coupon of 7.50% with no fixed maturity, AFC’s maiden perpetual bond attracted robust demand, peaking at US$1.1 billion in orders, and closed with 1.5 times oversubscription. The issuance will further enhance AFC’s robust capital position while providing investors with certainty during the initial non-callable period…

Nigeria’s Headline Inflation Rate Climbs to 34.80% in December Nigeria’s headline inflation rose by 20 basis points to 34.80% year on year in December, from 34.60% in November due to unstable price movement across the economy. The increase was primarily attributed to the higher core prices despite a moderation in food inflation, according to consumer price index (CPI) data released by the National Bureau of Statistics (NBS) today. The figure is 11 bps lower than Cordros’ estimate of 34.91% for the month. Meanwhile, on a month-on-month basis, headline inflation eased by 20 bps to 2.44% from 2.64% in November 2024.…

FG to Address Food Export Irregularities, Others The Ministry of Industry, Trade, and Investment and the Ministry of Health and Social Welfare have collaborated to tackle irregularities in food export system. The collaboration is also expected to encourage efforts to unlock the healthcare value chain for effective transformation. Dr Jumoke Oduwole, the Minister of Industry,  Trade and Investment,  made this known on Wednesday in Abuja. Oduwole spoke while receiving Dr Muhammad Pate, the Minister of Health and Social Welfare, who was on a courtesy visit to her office. Also on the  courtesy visit was the  Director-General, National Agency for Food…