Economy

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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...

NCS Says CBN Sets All Clearance Exchange Rates

NCS Says CBN Sets All Clearance Exchange Rates

Julian February 17, 2026

Nigeria Customs Service (NCS) says it does not set exchange rates for cargo clearance. Instead, it applies...

Inflation Eases to 15.10% in January 2026 – NBS

inflation

Inflation Eases to 15.10% in January 2026 – NBS

Aremu Toyeebaht February 16, 2026

Nigeria’s inflation rate eased marginally to 15.10% in January 2026, down from 15.15% in December 2025, the...

Shettima Returns to Abuja after AU Summit, Secures UN Support for Nigeria

shettima

Shettima Returns to Abuja after AU Summit, Secures UN Support for Nigeria

Aremu Toyeebaht February 15, 2026

Nigeria’s Vice President, Kashim Shettima, has returned to Abuja after representing President Bola Ahmed Tinubu at the...

Nigeria’s Agriculture at Risk: Funding Shortfalls Threaten Food Security Senator Aliyu Sabi Abdullahi presenting the 2026 agriculture budget to Senate and House committees in Abuja.

Senator Aliyu Sabi Abdullahi presenting the 2026 agriculture budget to Senate and House committees in Abuja.

Nigeria’s Agriculture at Risk: Funding Shortfalls Threaten Food Security

Julian February 11, 2026

The Federal Ministry of Agriculture and Food Security has raised alarm over delayed capital releases and declining...

CBN Allows BDC Buy up to $150,000 Weekly

CBN Allows BDC Buy up to $150,000 Weekly

Julian February 11, 2026

Nigeria’s Central Bank (CBN) has allowed licensed Bureau De Change (BDC) operators to buy up to $150,000...

Nigeria Signs 28 Oil Field Deals Worth $18.2bn— Lokpobiri Heineken Lokpobiri addressing participants at the Nigeria International Energy Summit on oil sector investments and reforms.

Heineken Lokpobiri addressing participants at the Nigeria International Energy Summit on oil sector investments and reforms.

Nigeria Signs 28 Oil Field Deals Worth $18.2bn— Lokpobiri

Julian February 4, 2026

Nigeria recorded a major investment milestone in its oil and gas sector in 2025, signing 28 new...

Senate Sets March 17 for Passage of ₦58.47tn Budget Senate in the National Assembly

Senate in the National Assembly

Senate Sets March 17 for Passage of ₦58.47tn Budget

Julian January 30, 2026

Senate has scheduled a high-level engagement with Nigeria’s economic managers as it intensifies scrutiny of President Bola...

FG Procures Boats to Boost Safety, Trade on Inland Waterways NIWA

NIWA

FG Procures Boats to Boost Safety, Trade on Inland Waterways

Aremu Toyeebaht January 30, 2026

A former Managing Director of the National Inland Waterways Authority (NIWA), Mr Bola Oyebamiji, has said the...

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