Economy

Gain valuable perspectives on economic policies, financial markets, and the forces driving the global and local economies.

Naira Strengthens to N1,355/$ at Official Market Naira

Naira

Naira Strengthens to N1,355/$ at Official Market

Aremu Toyeebaht March 17, 2026

The Nigerian Naira, continued its upward movement on Monday, appreciating to N1,355 per dollar at the official...

Nigerian Senate Leaders to Meet IMF Over Economic Reforms Senate in the National Assembly

Senate in the National Assembly

Nigerian Senate Leaders to Meet IMF Over Economic Reforms

Aremu Toyeebaht March 13, 2026

The leadership of the Nigerian Senate is set to engage officials of the International Monetary Fund in...

Iran Attacks Israel, Gulf as Global Oil Market Faces Shock Middle East war

Middle East war

Iran Attacks Israel, Gulf as Global Oil Market Faces Shock

Aremu Toyeebaht March 11, 2026

Regional tensions in the Middle East escalated on Wednesday as Iran launched a wave of attacks against...

Iran Launches Missile Attacks as Mojtaba Becomes Supreme Leader Mojtaba Khamenei

Mojtaba Khamenei

Iran Launches Missile Attacks as Mojtaba Becomes Supreme Leader

Aremu Toyeebaht March 9, 2026

Iran launched missile attacks toward Israel and several Gulf countries early Monday, hours after Iranian clerics named...

Iran Appoints Mojtaba Khamenei Supreme Leader Amid Regional Crisis

Mojtaba Khamenei

Iran Appoints Mojtaba Khamenei Supreme Leader Amid Regional Crisis

Aremu Toyeebaht March 9, 2026

Iran has named Mojtaba Khamenei as its new supreme leader, about a week after the assassination of...

South Korea Turns to UAE for Oil Amid Gulf Tensions South Korea UAE

South Korea UAE

South Korea Turns to UAE for Oil Amid Gulf Tensions

Aremu Toyeebaht March 6, 2026

South Korea has moved to safeguard its energy supply by securing an emergency shipment of roughly four...

US Eases Sanctions on Russia Oil to Allow Crude Stranded at Sea Oil tanker vessels carrying crude oil on the open sea amid global sanctions on Russian energy exports.

Oil tanker vessels carrying crude oil on the open sea amid global sanctions on Russian energy exports.

US Eases Sanctions on Russia Oil to Allow Crude Stranded at Sea

Julian March 6, 2026

The United States has temporarily eased some sanctions on Russian oil to allow crude already stranded at...

FG, AFC Sign $1.3bn Mining Investment to Boost Solid Mineral Sector Officials sign a $1.3 billion mining investment agreement between Nigeria’s Solid Minerals Development Fund and Africa Finance Corporation.

Officials sign a $1.3 billion mining investment agreement between Nigeria’s Solid Minerals Development Fund and Africa Finance Corporation.

FG, AFC Sign $1.3bn Mining Investment to Boost Solid Mineral Sector

Julian March 2, 2026

The Federal Government has signed a $1.3 billion foreign direct investment Memorandum of Understanding with the Africa...

CBN Reduces Interest Rate to 26.5% as Inflation Declines Central Bank of Nigeria building in Abuja, headquarters of Nigeria’s apex bank

Central Bank of Nigeria building in Abuja, headquarters of Nigeria’s apex bank

CBN Reduces Interest Rate to 26.5% as Inflation Declines

Aremu Toyeebaht February 24, 2026

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points,...

Customs Hits ₦1.585trn Revenue Through AEO Programme

By Oluwakemi Kindness The National Sugar Development Council (NSDC) has facilitated the launch of a multi-million-dollar sugar project in Niger State in partnership with the Lee Group, owners of GNAL Sugar. The initiative aims to boost large-scale sugar production and advance Nigeria’s goal of self-sufficiency in sugar. NSDC Executive Secretary, Kamar Bakrin led a delegation to the Niger State Government House, Minna, to introduce Lee Group as a credible and long-term investor. He emphasized the council’s role in connecting serious investors with sub-national governments and providing support for land, infrastructure, and institutional facilitation required for successful sugar projects. “The Council is deliberate about the kind of investors we bring to our states. This engagement is about building a sustainable, long-term partnership that will benefit the state and Nigeria as a whole,” Bakrin said. On his part, Governor Umar Bago welcomed the delegation and reaffirmed the state’s commitment to the project, offering any land in Niger State deemed suitable by the investors. He highlighted the state’s land, water, and political will as advantages for agricultural investments. “Niger State is open to serious investors. We have the land, water, and political will to support projects that will grow our economy and create jobs,” Governor Bago said. Lee Group Project Director, Lam Wing-Ki Wilkins said the company, with over 60 years of experience in industrial and agro-industrial development, is prepared to work closely with the Niger State Government and NSDC to establish a sustainable sugar project. “Sugar production is a long-term investment. We are prepared to work patiently with the state government and NSDC to ensure the success of this project,” Wilkins said. Niger State, Nigeria’s largest by land area at 76,363 km², is considered one of the most suitable states for sugarcane cultivation. NSDC’s national study identified 1.2 million hectares across the country suitable for sugar development, listing Niger among the top 11 states for large-scale projects. The state also hosts Golden Sugar Company, owned by Flour Mills of Nigeria Plc, in Sunti, Mokwa Local Government Area. This engagement mirrors a similar initiative in Jalingo, Taraba State, in November 2025, where NSDC facilitated land allocation for Lee Group to commence a multi-million-dollar sugar project immediately. Both efforts underscore NSDC’s strategy to attract credible investors, drive local value creation, and strengthen Nigeria’s sugar industry. rewrite professionally for web, make mobile friendly, issue based and craft seo headline National Sugar Development Council Partners Lee Group on Multi-Million-Dollar Sugar Project in Niger State By Oluwakemi Kindness Story (Mobile-Friendly Web Copy): The National Sugar Development Council (NSDC) has facilitated the launch of a multi-million-dollar sugar project in Niger State in partnership with Lee Group, owners of GNAL Sugar. The initiative is designed to boost large-scale sugar production and support Nigeria’s drive toward sugar self-sufficiency. NSDC Executive Secretary, Kamar Bakrin, led a delegation to the Government House in Minna to introduce Lee Group as a credible long-term investor. He said the council connects serious investors with state governments while facilitating land access, infrastructure support and institutional backing needed for successful sugar projects. “The Council is deliberate about the kind of investors we bring to our states. This engagement is about building a sustainable, long-term partnership that will benefit the state and Nigeria as a whole,” Bakrin said. Governor Umar Bago welcomed the delegation and pledged the state’s full support, offering suitable land for the project. He cited Niger State’s vast land, water resources and political will as key advantages for agricultural investment. “Niger State is open to serious investors. We have the land, water, and political will to support projects that will grow our economy and create jobs,” the governor said. Lee Group Project Director, Lam Wing‑Ki Wilkins, said the company, with more than 60 years’ experience in industrial and agro-industrial development, is ready to work closely with the state government and NSDC to deliver a sustainable sugar venture. “Sugar production is a long-term investment. We are prepared to work patiently with the state government and NSDC to ensure the success of this project,” Wilkins said. Niger State—Nigeria’s largest by land area—remains one of the most suitable locations for sugarcane cultivation. NSDC studies identified 1.2 million hectares nationwide for sugar development, placing Niger among the top states for large-scale production. The state also hosts Golden Sugar Company in Sunti, Mokwa Local Government Area, owned by Flour Mills of Nigeria Plc. The initiative follows a similar NSDC-facilitated sugar investment in Jalingo, Taraba State, in November 2025, underscoring the council’s strategy to attract credible investors, boost local value creation and strengthen Nigeria’s sugar industry. Memory full

Customs Hits ₦1.585trn Revenue Through AEO Programme

Julian February 19, 2026

The Nigeria Customs Service (NCS) has announced a major revenue milestone under its Authorised Economic Operator (AEO)...

Naira Could Strengthen to ₦1,100/$ in 2026- Dangote Dangote

Dangote

Naira Could Strengthen to ₦1,100/$ in 2026- Dangote

Aremu Toyeebaht February 18, 2026

Aliko Dangote, Chairman of the Dangote Group, has forecast a notable strengthening of the naira, suggesting the...

UK Introduces eVisa for Nigerians, Ends Physical Visa Stickers UK Visa

UK Visa

UK Introduces eVisa for Nigerians, Ends Physical Visa Stickers

Aremu Toyeebaht February 17, 2026

The British High Commission has announced that Nigerian travellers to the United Kingdom will begin receiving electronic...

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