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.
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.
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.
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.
The figure, however, reflects a decline compared to N6.9 trillion in Q2 and N6.52 trillion in Q1 of 2024. According to the National Bureau of Statistics (NBS), Nigeria recorded a trade surplus of N5.81 trillion in the third quarter of 2024, marking the eighth consecutive quarter of positive trade balance.
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.
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.
Speaking on Tuesday, he urged both nations to deepen collaboration across key sectors and highlighted the importance of turning Memoranda of Understanding (MoUs) into actionable outcomes.
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.
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.
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.
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.
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.
The agreement was finalized during President Bola Tinubu’s state visit to France, where he met with President Emmanuel Macron. The United Bank for Africa (UBA) is set to commence full banking operations in France, signaling a significant step in fostering stronger business relations between Nigeria and France.
“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.
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.
The Port Harcourt Refinery, a key asset of the Nigerian state, has officially commenced crude oil processing. Femi Soneye, Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPCL), confirmed the development on Tuesday,
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.
The agreement, signed by Nigeria’s Permanent Secretary Temitope Fashedemi and FGV President Carlos Leal during the G20 Leaders’ Summit in Brazil, is expected to attract $4.3 billion in private-sector investments to drive innovation and growth in Nigeria’s agricultural sector. The Ministry of Agriculture and Food Security has signed an MoU with Brazil’s Fundação Getulio Vargas (FGV) to enhance fertilizer production, hybrid seed technology, and agricultural finance.
He shared this during an event in Abuja celebrating the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.
Announced by COP29 President Mukhtar Babayev during Sunday’s closing plenary, the deal marks a significant milestone in global climate financing, aiming to bolster efforts toward combating climate change. After two weeks of rigorous discussions, world leaders at the 29th United Nations Climate Summit (COP29) in Baku, Azerbaijan, achieved a breakthrough agreement on the “Baku Finance Goal.”
According to the Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON), resolving this issue requires active collaboration between the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC). Nigerian telecom operators are gradually addressing the N250 billion debt tied to unstructured supplementary service data (USSD) services. However, major tier-one lenders have yet to make significant progress in settling their dues.
This significant financial boost is aimed at enhancing BOI's capacity to support infrastructure development, foster small and medium-sized enterprise (SME) growth, and drive industrial diversification across critical sectors of the Nigerian economy.
Sanwo-Olu highlighted the budget's focus on creating resilient systems for long-term progress, signaling continued investment in key sectors to improve the quality of life for Lagos residents. Lagos State Governor Babajide Sanwo-Olu has submitted a proposed N3.005 trillion budget for 2025 to the State House of Assembly, emphasizing infrastructure development and sustainability.
