Business

The Minister of Steel Development, Shuiabu Abubakar, says the ministry is exploring a partnership with the Republic of China for the revitalisation of both Ajaokuta Steel Company Limited (ASCL) and National Iron Ore Mining Company (NIOMCO). Mr Abubakar disclosed this at the opening of the 10th edition of Nigeria’s Mining Week, themed ‘Nigeria Mining: From Progress to Global Relevance`, on …

Nigeria is edging toward economic collapse as the Central Bank of Nigeria (CBN) is allegedly unable to honour government promissory notes, legal luminary Afe Babalola has warned. Speaking at a leadership conference in Ado-Ekiti, Babalola said commercial banks have raised alarm that the CBN is refusing to redeem promissory notes issued by the federal government, which he described as a …

The International Monetary Fund (IMF) has excluded Nigeria from its latest list of Africa’s fastest-growing economies, naming Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda among the continent’s top performers. The IMF said the five nations are now ranked among the world’s fastest-expanding economies, driven by sustained policy reforms, fiscal prudence, and strategic investments in infrastructure and manufacturing. Director of …

The International Monetary Fund, IMF, has decried Illicit Financial Flows, IFFs out of Nigeria, noting that it was contributing to the worsening revenue problem of the country. The Managing Director of the global institution, Ms. Kristalina Georgieva, who stated this at the ongoing 2025 Annual Meetings of the IMF and World Bank in Washington DC, promised renewed focus on tracing …

After eighteen years of shutting down its production plant in Port Harcourt and eventual exit from Nigeria, French tyre manufacturing giant, Michelin, is planning a ‘strategic’ comeback to the country. This came to light during TechCabal interview with the Managing Director and Vice President of Sales for Michelin Sub-Saharan Africa, Amaury Vadon. Michelin, which was the leading brand in the …

The senator representing Anambra Central, Victor Umeh, has disclosed that former Anambra State governor and Labour Party presidential candidate, Peter Obi, owns more than 200 shops in the Trade Fair Complex recently demolished by the Lagos State Government. The Lagos authorities had defended the demolition, citing violations of the state’s physical planning and development control regulations. However, speaking during an …

Former lawmaker and human rights activist, Senator Shehu Sani, has criticised the World Bank and International Monetary Fund (IMF), describing the Bretton Woods institutions as “the witches and wizards” behind Nigeria’s worsening economic hardship following government-implemented reforms. In a post on his X (formerly Twitter) account on Friday, Sani said, “The World Bank and IMF are the Witches and Wizards …

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has disclosed that the 650,000-barrel-per-day Dangote refinery has begun to transform Nigeria’s petroleum supply landscape, contributing an average of 20 million litres of fuel daily into the domestic market. Ahmed stated this in Lagos on Thursday while delivering his address at the Association of Energy Correspondents …

Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says every Nigerian who earns an income has a responsibility to declare it. On June 26, President Bola Tinubu signed the four tax reform bills into law, and they are expected to take effect on January 1, 2026. Answering questions during an interactive session with journalists, influencers, and …

The Federal Government on Monday emphasised the critical importance of the 650,000-barrel-per-day Dangote Refinery, declaring that it must be supported at all costs to succeed. The government’s position was stated by Vice President Shettima and emphasised by Minister of Budget and National Planning Senator Bagudu at the opening of the Nigerian Economic Summit 2025 in Abuja. The government said the …