Business

Ferrari has presented its first fully electric car, marking a high-stakes shift by the luxury sports car maker as competitors including Porsche and Lamborghini scale back their EV ambitions, citing weak demand. The four-door Luce, Italian for ‘light’, was developed with the help of former Apple design chief Jony Ive and his collective LoveFrom, and is Ferrari’s first five-seater. Ferrari aims to appeal to families with deep pockets, offering them comfortable seats, high-end tech and a 600-liter trunk. Deliveries of the long-awaited Luce, priced at €550,000 ($640,000), are due to begin in the fourth quarter of 2026. “It’s the result of five years of work,” CEO Benedetto Vigna told more than 200 reporters gathered in Rome. The Luce, which amplifies natural vibration sounds from ...

Telecommunications subscribers in Nigeria can once again access emergency airtime borrowing services after Airtel and Globacom restored the platforms. The move followed the suspension of the Federal Competition and Consumer Protection Commission’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025, as well as a court order stopping enforcement of the policy pending the outcome of a legal challenge. Chairman of the Wireless Application Service Providers Association of Nigeria, Ayo Stuffman, confirmed that airtime lending services had resumed on both networks. The return of the platforms is expected to benefit millions of Nigerians who depend on airtime advances for communication and small business activities. Industry figures estimate the market to be ...

Here is the latest Dollar to Naira exchange rate at the parallel market, popularly known as the black market or Aboki FX, for May 25, 2026. According to sources within the Lagos Bureau De Change (BDC) market, the US dollar was bought at ₦1385 and sold at ₦1395 on Monday. Black Market Dollar To Naira Rate Dollar to Naira (USD to NGN)Black Market RateBuying Rate₦1385Selling Rate₦1395 The Central Bank of Nigeria (CBN) does not officially recognise the parallel market and has advised individuals seeking foreign exchange transactions to use commercial banks and other approved financial institutions. CBN Dollar To Naira Rate Dollar to Naira (USD to NGN)CBN RateHighest Rate₦1377Lowest Rate₦1373 It is important to note that foreign exchange rates may vary depending on location...

Economists have rejected the National Bureau of Statistics’ latest Gross Domestic Product report for the first quarter of 2026 as the cost of living in Nigeria worsens.  Recall that the NBS report released on Monday showed that the Nigerian economy grew by 3.89 percent in Q1 2026 compared to 3.13 percent recorded in Q1 last year.  The report showed that the service sector contributed more to aggregate GDP at 57.73 percent, followed by agriculture at 23.16 percent and industries at 19.11 percent.  The NBS report further showed that nominal GDP stood at N110.79 trillion while real GDP was 51.36 trillion, with the non-oil sector’s contribution accounting for 96.08 percent against 3.92 percent for the oil sector.  The reports, like other GDP data by NBS, had sti...

Nigeria’s Gross Domestic Product (GDP) grew by 3.89 per cent in real terms in the first quarter of 2026, reflecting stronger economic activities across key sectors of the economy despite persistent inflationary pressures and declining crude oil production. The latest GDP report released by the National Bureau of Statistics (NBS) on Monday, showed that the growth rate exceeded the 3.13 per cent recorded in the corresponding quarter of 2025, indicating improved performance in telecommunications, agriculture, trade, construction, financial services and other non-oil sectors. According to the report, Nigeria’s economy was largely driven by the non-oil sector, which contributed 96.08 per cent to total real GDP during the quarter under review, while the oil sector accounted for 3.92 per ce...

The price of liquefied petroleum gas, popularly known as cooking gas, has increased across Nigeria amid complaints of scarcity by marketers. The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) disclosed that the price of cooking gas has climbed to about ₦1,500 per kilogram from ₦1,200 in Abuja. NALPGAM President, Edu Inyang, and the association’s Executive Secretary, Bassey Essien, made this known in a joint statement issued over the weekend. The latest increase represents a ₦300 rise per kilogram, translating to about a 25 percent jump in price. The development means Nigerians already struggling with the high cost of living may now spend even more to refill cooking gas cylinders, depending on their location. “The citizens of Nigeria have woken up to buy ...

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has defended the apex bank’s return to orthodox monetary policy and warned against renewed calls for interventionist programmes, saying such measures previously distorted the institution’s balance sheet and weakened policy effectiveness. Cardoso made the remarks during the opening session of a Monetary Policy Committee workshop held on May 21, 2026, according to a statement issued by the CBN on Sunday. The statement said the governor reaffirmed the bank’s commitment to orthodox monetary policy, transparency and evidence-based decision-making, describing the ongoing reforms as critical to restoring confidence in the Nigerian economy and strengthening macroeconomic stability. The workshop, themed “Strengthening Monet...

Bayern Munich coach Vincent Kompany said former mentor Pep Guardiola, who announced today he is leaving Manchester City, gave him the belief to become a manager.Speaking in Berlin ahead of Saturday’s German Cup final against Stuttgart, Kompany, who captained City under Guardiola for three seasons, said working with the Catalan coach was “a gift”. “I have my own personality and my own character, but the trust and belief that I could become a coach: for that, I owe gratitude to Pep,” Kompany said.“And that is just how great his influence is. I maybe wasn’t his best friend in the dressing room, or maybe I wasn’t always loved, but I had an incredible belief in his style of leadership.” In a decade at City, the former Barcelona and Bayern manager won the Premier League six times and the Champio...

Meta Platforms has laid off around 8,000 employees as part of a major internal restructuring aimed at transforming the company into an artificial intelligence–focused organisation. The job cuts, which represent roughly 10% of its global workforce, began rolling out across different regions, including Asia, Europe, and the United States, with affected staff receiving notification emails early in the morning. The layoffs come as the company intensifies its shift toward A.I. development under CEO Mark Zuckerberg, who has repeatedly described artificial intelligence as the most important technology shaping the future of the company. In addition to the job cuts, Meta has also reassigned about 7,000 employees to new A.I.-driven initiatives, signaling a broader restructuring of its workf...