MAN Reports N1.4 Trillion Unsold Inventory as Inflation Hits 34.6% in 2024
Oriental News NG

MAN Reports N1.4 Trillion Unsold Inventory as Inflation Hits 34.6% in 2024

Speaking at the 2025 MAN Media Personality of the Year Award/Presidential Media Luncheon in Lagos on Wednesday, MAN President Otunba Francis Meshioye highlighted that inflation reached 34.6% by November 2024, significantly eroding consumers' purchasing power and reducing demand for manufactured goods. The Manufacturers Association of Nigeria (MAN) has revealed that its members faced a deplorable economic environment in 2024, resulting in N1.4 trillion worth of unsold inventory across the manufacturing sector.

Nigeria’s Public Debt Hits ₦87.38 Trillion Amid Currency Depreciation, Says DMO
 All Africa

Nigeria’s Public Debt Hits ₦87.38 Trillion Amid Currency Depreciation, Says DMO

The data revealed a marginal growth in external debt, increasing by 0.29% from $42.90 billion in June to $43.03 billion in September. Analysts highlight currency depreciation as a significant factor driving the debt increase. Nigeria's public debt has surged to ₦87.38 trillion as of September, according to the latest data from the Debt Management Office (DMO) released on Tuesday.

Abia State Expands Into Upstream Petroleum Sector to Boost Economy
 Thisday LIVE

Abia State Expands Into Upstream Petroleum Sector to Boost Economy

In a key development, oil and gas operations in Ukwa West Local Government Area, previously managed by Shell Petroleum Development Company (SPDC), have been taken over by the Nigeria Petroleum Development Company (NPDC), Abia State is making a significant move to enhance its oil and gas production capacity by diving fully into the upstream petroleum sector. The state aims to leverage its status as an oil-producing region to stimulate economic growth.

Taiwan Seeks to Restore Bilateral Relations with Nigeria for Mutual Benefits
 The Nation Online

Taiwan Seeks to Restore Bilateral Relations with Nigeria for Mutual Benefits

Speaking on Friday in Lagos during a media interactive session, Andy Yih-Ping Liu, Chief of Taiwan Mission at the Taipei Trade Office in Nigeria, emphasized the potential for stronger collaboration between the two nations. Taiwan has called for the restoration of bilateral ties with Nigeria to explore mutually beneficial opportunities across various sectors.

Court Freezes $225.8 Million Linked to THISDAY Chairman Nduka Obaigbena and Associates
 Green B reporters

Court Freezes $225.8 Million Linked to THISDAY Chairman Nduka Obaigbena and Associates

The court also froze accounts belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena, and General Hydrocarbons Limited, an oil and gas company where they serve as directors and shareholders. The Federal High Court in Ikoyi, Lagos, has issued an order restraining all commercial banks in Nigeria from releasing or dealing with funds and assets totaling $225.8 million linked to Nduka Obaigbena, Chairman and Editor-in-Chief of THISDAY Media Group and Arise News Channel.

CBN Suspends Export Proceeds Repatriation Extension Requests to Enforce Forex Compliance
 Premium Times

CBN Suspends Export Proceeds Repatriation Extension Requests to Enforce Forex Compliance

In a circular dated January 8, signed by W.J. Kanya, Acting Director of the Trade & Exchange Department, the CBN clarified that it will no longer approve such requests from authorized dealers acting on behalf of exporters. The Central Bank of Nigeria (CBN) has announced the suspension of requests for the extension of export proceeds repatriation, reinforcing its commitment to stricter foreign exchange compliance.

China and Nigeria Renew $2 Billion Currency Swap Deal to Boost Trade and Investment
 Channels TV

China and Nigeria Renew $2 Billion Currency Swap Deal to Boost Trade and Investment

In a Friday statement, the People’s Bank of China (PBOC) confirmed that the three-year facility—renewable upon mutual agreement—will strengthen financial cooperation and expand the use of the yuan and naira, reducing reliance on the US dollar and cutting transaction costs. China and Nigeria have extended a 15 billion yuan (approx. $2 billion) currency swap agreement, aimed at facilitating seamless trade and investment between both nations.

Bank of Industry Secures $50 Million Loan to Empower Women Entrepreneurs in Nigeria
 Tribune Online

Bank of Industry Secures $50 Million Loan to Empower Women Entrepreneurs in Nigeria

This initiative is part of the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) program, which aims to provide financial support and promote gender-inclusive economic development. The Bank of Industry (BoI) has secured a $50 million loan portfolio from the African Guarantee Fund (AGF) to boost economic growth by empowering women entrepreneurs in Nigeria.

Nigeria's Tax System Long Overdue for Reforms, Says Federal Government.
 Daily Post

Nigeria's Tax System Long Overdue for Reforms, Says Federal Government.

Speaking at a national discourse organized by the Kaduna Chapter of the Nigerian Institute of Public Relations on Saturday, Minister of Information and National Orientation, Mohammed Idris, highlighted the importance of modernizing the tax framework to enhance efficiency and drive national development. The Federal Government has emphasized the urgent need for comprehensive tax system reforms in Nigeria.

Holcim Sells 84% Stake in Lafarge Africa to Huaxin Cement in $1 Billion Deal.
 Reuters

Holcim Sells 84% Stake in Lafarge Africa to Huaxin Cement in $1 Billion Deal.

This move underscores the company's broader efforts to reallocate resources to regions with higher growth potential. Swiss cement giant Holcim has announced its decision to exit the Nigerian market by selling its 84% stake in Lafarge Africa to China's Huaxin Cement for $1 billion. The deal, confirmed on Sunday, aligns with Holcim's strategy to streamline its portfolio and focus on high-growth regions.

President Tinubu: Nigerians Lived "Fake Lives" Before 2023 Subsidy Removal.
 Business Day

President Tinubu: Nigerians Lived "Fake Lives" Before 2023 Subsidy Removal.

Speaking at the 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, the President defended his policies of petrol subsidy removal and exchange rate unification. President Bola Tinubu has stated that Nigerians lived beyond their means before the removal of the petrol subsidy in 2023.

China’s Zhuzhou City Delegation Explores Strategic Partnerships with Nigeria.
 Thisday Live

China’s Zhuzhou City Delegation Explores Strategic Partnerships with Nigeria.

The visit aims to expand cooperation in these sectors, with a focus on boosting trade, infrastructure development, and industrial growth between the two nations. A delegation from Zhuzhou City in China’s Hunan Province, led by Mayor Mao Tengfei, is visiting Nigeria to deepen collaboration under the Nigeria-China Strategic Partnership. Received by Joseph Tegbe, Director General of the NCSP, the delegation highlighted Zhuzhou's expertise in commodity export, industrial production, ceramics, fireworks, electricity generation, and high-speed rail.

CBN Governor Cardoso Signals Potential Rate Cuts as Inflation Eases.
 BNN Blomberg

CBN Governor Cardoso Signals Potential Rate Cuts as Inflation Eases.

Speaking at the annual Bankers' Dinner in Lagos, Cardoso emphasized that the 875 basis points of rate hikes this year were necessary to curb inflation and stabilize the economy. Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has hinted at possible reductions in high interest rates in the coming months if inflationary pressures continue to subside.

Locally Assembled Vehicles Must Use 40% Nigerian-Made Components to Boost Economy
 Thisday Live

Locally Assembled Vehicles Must Use 40% Nigerian-Made Components to Boost Economy

Speaking after a two-week training in Abuja, organized by NADDC in partnership with South Korea's Midas IT Co., Osanipin highlighted the importance of fostering local production in the automotive sector. Joseph Osanipin, Director General of the National Automotive Design and Development Council (NADDC), emphasized that vehicles assembled in Nigeria should include at least 40% locally manufactured components to maximize their economic impact.

SEC Warns Against Dealing with Unlicensed Marino FX Ltd. in Nigeria
 Daily Nigerian

SEC Warns Against Dealing with Unlicensed Marino FX Ltd. in Nigeria

“We hereby notify the public that Marino FX Ltd., which has been parading itself as a SEC-licensed cryptocurrency exchange is NOT registered or licensed by SEC to operate in any capacity in the Nigerian capital market, including cryptocurrency exchanges.

CBN Raises Monetary Policy Rate to 27.50%, Retains Cash Reserves Ratio
 Channels TV

CBN Raises Monetary Policy Rate to 27.50%, Retains Cash Reserves Ratio

The Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) has increased the Monetary Policy Rate (MPR) by 25 basis points, bringing it to 27.50% from the previous 27.25%. CBN Governor Mr. Yemi Cardoso announced The Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) has increased the Monetary Policy Rate (MPR) by 25 basis points, bringing it to 27.50% from the previous 27.25%. CBN Governor Mr. Yemi Cardoso announced the decision at a press conference on Tuesday, also confirming that the Cash Reserves Ratio (CRR) for Deposit Money Banks (DMB) will remain unchanged, along with the 16% CRR for Merchant Banks.

Tax Justice Network Report Reveals Nigeria Loses $492 Billion Annually to Tax Havens
 Leadership NG

Tax Justice Network Report Reveals Nigeria Loses $492 Billion Annually to Tax Havens

The report, part of the Tax Justice Network’s annual State of Tax Justice assessment, highlights the significant impact of global tax abuse on Nigeria’s economy, showing how the country’s tax revenues are severely undercut by these practices. A new report by the Tax Justice Network has revealed that multinational companies and wealthy individuals are exploiting tax havens to evade taxes, leading to an annual loss of $492 billion for the Nigerian government.