Author: Ogochukwu Ndubuisi

Afreximbank Records 25% Rise in Q1 2026 Net Income The African Export-Import Bank (Afreximbank) has announced a 25 per cent growth in net income for the first quarter of 2026, driven by strong lending activities, disciplined balance sheet management, and improved profitability. A statement issued by Vincent Musumba, Communications and Events Manager, Afreximbank, on Friday stated that the financial result was for the three months that ended March 31, 2026. According to the statement, the performance underscores its resilience and strong deal execution in a challenging global operating environment. It stated that the Group expanded its lending activities in Q1…

Togolese authorities and the International Monetary Fund (IMF) reached a staff-level agreement on economic policies and reforms to complete the combined third and fourth reviews of the authorities’ economic reform program supported by the Extended Credit Facility (ECF) arrangement.

Lagos Maintains Stable Debt Profile as Revenue Hits N2.6trn The Lagos State Government says it maintained a stable and sustainable debt profile in 2025 while generating a record N2.6 trillion in revenue, representing a 16 per cent increase from the N2.3 trillion recorded in 2024. The Commissioner for Finance, Mr Abayomi Oluyomi, disclosed this during the 2026 Ministerial Press Briefing commemorating the seventh year of the administration of Gov. Babajide Sanwo-Olu at the Bagauda Kaltho Press Centre, Alausa, Ikeja. Oluyomi said the state’s fiscal stability was driven by prudent financial management, disciplined borrowing, digital tax reforms and sustained revenue diversification…

The Federal Government (FG) has reiterated that implementing the Nigeria First Policy in the automobile sector will create jobs, attract investment, and boost local manufacturing.

One of the top Nigerian lenders, GTBank Limited, has set a $20,000 quarterly spending limit on its naira debit card, according to a check by MarketForces Africa.

Dangote Activates Olokola Deep Seaport Plan Ahead of the take-off of what promises to be the largest deep-sea port in Africa, Dangote Industries Limited has commenced the initial process towards the execution of the multi‑billion-dollar maritime and industrial infrastructure project, which forms the core part of the Group’s broader ambition code-named Vision 2030. The Deep Sea project, an industrial enclave of over 10,000 hectares, being sited at the Olokola Free Trade Zone spanning the Ogun Waterside Local Government Area of Ogun State, extending eastward to the borders of the Ilaje Local Government in Ondo State along the Atlantic coastline (Gulf…

Removal of Fuel Subsidy Stopped Nigeria’s Economy From Crashing — Alake The Minister of Solid Minerals Development, Dele Alake, has said that the removal of fuel subsidy by the President Bola Tinubu’s administration in 2023 stopped Nigeria’s economy from crashing. Alake stated this at the 2026 Nigeria Revenue Service- Ministry of Solid Minerals Development (NRS-MSMD) Joint Stakeholder Sensitisation programme (North Central). He said that without taking such action, Nigeria would have faced dire consequences, including falling into a severe economic crisis and possible collapse. A statement of the meeting was made available to newsmen by Mrs Kania Maliki, Head, Press…

DisCos Meter 241,590 Customers in 2 Months –NERC The Nigerian Electricity Regulatory Commission (NERC) on Thursday said that Electricity  Distribution Companies  (DisCos) metered a total of 241,590 customers between January and February. The commission disclosed this in a Factsheet report on its X handle in Abuja. According to the report, a total of 119,792 customers were metered in January. While 121,798 were metered in February, indicating a metering rate of 57.93 per cent and 58.57 per cent, respectively. Cumulatively, the report said that the total number of new customers metered increased from 7.1 million recorded in January to 7.2 million…

NIMASA Probes Bonny Channel Vessel Collision The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed a collision between vessels in the Bonny Channel, Rivers, which caused an oil spill. NIMASA said the incident occurred at Latitude 4.512375 and Longitude 7.189429, resulting in oil pollution in the affected area. The agency’s Deputy Director and Head of Public Relations, Mr Osagie Edward, disclosed this in a statement issued on Thursday in Lagos. Edward said the Deep Blue Forward Operating Base in Bonny received a distress call at about 11:30 a.m. regarding the collision. He said the incident involved MV Valparaiso, a…

Alake Says Mining Reforms Attracted $2.6bn Investment The Minister of Solid Minerals Development, Dele Alake, says Nigeria’s local value addition policy attracted over 2.6 billion dollars in mining investments within two years. Alake spoke during a joint stakeholders’ sensitisation meeting organised by the Nigeria Revenue Service and the Ministry of Solid Minerals Development in Abuja. A statement issued by the minister’s Special Assistant on Media, Lara Wise, was made available to journalists on Thursday in Abuja. The minister said ongoing reforms extended beyond enforcement and revenue generation towards building a sustainable mining ecosystem capable of creating jobs and boosting exports.…