Business & Economy - Page 3

The European Investment Bank (EIB) has committed over €100 million in direct venture capital and investment funding through the Boost Africa project ahead of its scheduled delegation team assembly on Monday, October 26, 2026. ​The Boost Africa Project Team, convening in partnership

Shoprite Nigeria is pivoting away from large mall-based anchor stores to launch standalone neighbourhood outlets in a strategic bid to cut operating costs and revive its business. The strategic pivot follows financial difficulties linked to macroeconomic headwinds, severe currency depreciation, and dollar-denominated

By Oluwasore Alabi Benedict Oramah has left the Afreximbank presidency, but he says he has not left the fight. On the sidelines of the IMF/World Bank Annual Meetings in Bangkok, the former head of the African Export-Import Bank gave an interview to

The Nigerian Naira staged a recovery against the US Dollar in early trading on Friday, October 23, 2026, trading at ₦1,330.95 to ₦1,331.40 per dollar at the Nigerian Foreign Exchange Market (NFEM) spot window. The gain follows a brief dip on Thursday

President Bola Ahmed Tinubu has urged International Oil Companies (IOCs) operating in Nigeria to give competent indigenous engineering and manufacturing firms greater opportunities in major energy projects. ​The President made the call on Thursday, October 22, 2026, during a meeting at the

President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote, has announced ambitious plans to establish a comprehensive petroleum distribution network across the African continent. The initiative aims to enhance energy security, eliminate distribution bottlenecks, and link major refining hubs

The Federal Ministry of Finance has officially dismissed widespread media claims that $12.4 billion in Nigeria’s external accounts is missing or stolen, clarifying that the figure represents a standard statistical accounting discrepancy rather than evidence of diverted or unremitted crude oil revenues.

The Federal Government has announced plans to introduce a new fuel tax on petroleum products, but assured citizens that the policy will only take effect once the national economy stabilises and citizens’ income levels improve sufficiently. ​Speaking on Monday, October 19, 2026,

The Nigerian Society of Economic Geologists (NSEG) has said that Nigeria’s ambition should extend beyond exporting unprocessed minerals. President of the NSEG, Prof. Samuel Olobaniyi, made the call on Monday in Kaduna, at the society’s 5th Annual International Conference and Exhibition. The

Returning to the petrol subsidy regime could trigger massive capital flight, weaken foreign investor confidence, and plunge the Nigerian currency to between ₦3,000 and ₦4,000 to the United States dollar, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele,