Economy

Nigeria’s Currency Flow Remained Largely Outside the Formal Banking System in May

Despite rapid growth in electronic payments and fintech adoption, Nigeria’s economy remained heavily cash-driven in May 2026 with most currency…

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Wema Bank Secures €50 Million Funding Boost for Small Business Lending

Wema Bank has obtained a €50 million financing facility from the development arm of the European Investment Bank (EIB Global)…

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Nigeria Burns Through Gas Wealth as Flaring Persists Across Oilfields

Nigeria flared approximately 76.9 billion standard cubic feet of natural gas between January and May 2026, highlighting the continued challenge…

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Tinubu Defends Tough Reforms as Nigeria Marks Three Years of Economic Reset

President Bola Tinubu has defended his administration’s economic reform programme, saying the measures introduced since 2023 have stabilised Nigeria’s economy,…

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Nigeria Generates ₦15.8 Trillion in Tax Revenue Amid Aggressive Fiscal Reforms

Nigeria recorded a substantial increase in tax collections during the first five months of 2026 as the Federal Government’s ongoing…

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Fortis Global Insurance Begins Share Capital Reconstruction, Suspends Trading

Fortis Global Insurance Plc has commenced the reconstruction of its share capital following the receipt of all required regulatory approvals,…

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Rising Oil Exports Boost Nigeria’s External Balance to $4.98 Billion Surplus

Nigeria recorded a substantial improvement in its external sector position as stronger crude oil exports helped drive the country’s current…

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AfDB-Backed Wheat Programme Faces Uncertainty Amid Funding Hold-Up

Nigeria’s efforts to expand domestic wheat production are facing fresh challenges as delays in the release of development financing threaten…

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Cornerstone Insurance Grows Revenue by 34%, Proposes 28 Kobo Dividend as HoldCo Plans Advance

Cornerstone Insurance Plc has reported strong financial performance for the 2025 financial year, posting double-digit growth in insurance revenue, a…

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Nigeria’s Company Income Tax Falls to ₦1.37 Trillion in Q1 2026 Amid Broad-Based Decline

Nigeria’s Company Income Tax (CIT) collections declined to ₦1.37 trillion in the first quarter (Q1) of 2026, according to the…

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