Central Bank of Nigeria (CBN) has attributed the $2.57 billion drop in FX reserves during Q1 2025 to foreign debt servicing. Despite the decline, the bank projects a recovery in the coming months.
Trump's latest tariff policy imposes a 14% duty on Nigerian exports, citing Nigeria’s 27% tariff on U.S. goods. The decision is part of a sweeping trade overhaul affecting over 50 countries, with major implications for global commerce and Africa’s trade relations with the U.S.
The World Bank has approved $1.08 billion in concessional financing to enhance education, nutrition, and economic resilience in Nigeria. The funds will support three key programs: HOPE-EDU for education reforms, ANRIN 2.0 for maternal and child nutrition, and NG-CARES for economic recovery efforts. These initiatives will benefit millions of Nigerians, improving school systems, tackling malnutrition, and providing financial aid to vulnerable communities. This investment underscores the importance of human capital development in shaping Nigeria’s future.
Investor interest in FGN bonds stayed high despite a decline in offer volumes, with total subscriptions reaching N2.83 trillion in Q1 2025. The government's cautious borrowing strategy reflects efforts to manage debt amid rising interest rates.
Tony Elumelu, a leading advocate for African entrepreneurship, has been appointed to the IMF Advisory Council on Entrepreneurship and Growth. His inclusion underscores the importance of private sector-led development in shaping global economic policies.
The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries. Each selected entrepreneur will receive a $5,000 non-refundable seed grant to launch or expand their businesses, fueling economic transformation across the continent.
Nigeria is set to launch a $40 million fund to support early-stage tech startups, with equal backing from JICA and NSIA. The initiative, part of the Nigeria Startup Act, aims to fuel innovation, provide tax incentives, and drive economic growth. With 13,000 startups already registered, the government is working to expand awareness and ensure all 36 states and Abuja benefit from this groundbreaking opportunity.
A new report by MO Africa Co. estimates that men in Lagos spent ₦661 billion on transactional sex in 2024. Covering 20 LGAs, the study explores spending trends, motivations, and the growing digital market for sex work.
Transcorp Group has delivered an exceptional 2024 financial performance, with a 188% profit increase and 107% revenue growth. Strong execution in power, hospitality, and energy investments solidifies its market leadership. Read more on how Transcorp continues to drive sustainable growth.
Nigerian artists earned over ₦58 billion from Spotify in 2024, marking a record-breaking year for the country’s music industry. With a surge in global streams and playlist features, Nigerian music continues to dominate international charts.