Business

The Tin Can Island Port Complex and Apapa Port Complex have been ranked among the world’s 20 most improved ports by the World Bank in its 2025 Container Port Performance Index (CPPI), released in June 2026. The World Bank listed both Lagos ports in its Top 20 Port Improvement Since 2020 category, citing notable gains in operational efficiency and vessel turnaround time. The CPPI serves as a global benchmark for measuring port performance, assessing how efficiently ports handle container vessels and comparing performance across ports worldwide.The recognition comes amid ongoing reforms and modernization efforts by the Nigerian Ports Authority (NPA) under the leadership of Managing Director Abubakar Dantsoho. Reacting to the ranking, Dantsoho attributed the achievement to the economic pol...

The Central Bank of Nigeria (CBN) has introduced a fresh set of regulations aimed at strengthening oversight, enhancing transparency, and promoting fair competition within the country’s payment ecosystem. Under the new directives, all banks, fintech firms, payment service providers, and other financial institutions processing transactions in Nigeria must ensure that payment transaction data generated within the country is stored and managed locally. The new policy was outlined in a circular dated June 15, 2026, titled “Introduction of Market Structure Requirements, Data Localisation, Ultimate Beneficial Ownership Disclosure, and Systemic Oversight Measures in the Nigerian Payments System.” According to the apex bank, the data localisation requirement aligns with existing Nigerian ...

Nigeria’s headline inflation rose for the third consecutive month to 15.93 per cent in May 2026, up from 15.69 per cent recorded in April. Naija News reports that the National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index and inflation report released on Monday. According to the report, inflation rose by 1.75 per cent on a month-on-month basis in May. The NBS report also showed that food inflation rose to 16.96 per cent in May, compared to 16.06 per cent recorded in April. “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent),” the report stated. The bureau said that on a year-on-year basis, headline inflation stood at 15.93 per cent...

Operatives of the Anambra State Police Command attached to the Rapid Response Squad/VCRU have arrested two suspects allegedly involved in the production and distribution of ad#lterated alcoholic beverages in the state. The suspects identified as Ikechukwu Okeke 42, and Okeke Chukwuemeka 38, were arrested in the early hours of today, June 15  , following credible intelligence received by the Police. Preliminary investigation revealed that the suspects are members of a syndicate specializing in the adulteration and counterfeiting of various alcoholic beverages.  During interrogation, the suspects reportedly confessed to the crime and subsequently led operatives to their mini-factory. During the raid of their facility, the police operatives recovered several susp...

Five persons have been confirmed de@d following an outbreak of Cholera in Mangu Local Government Area of Plateau state. The State Commissioner for Health, Dr. Nicholas Ba’amlong, disclosed this during a press briefing in Jos on Monday, June 15. He described the situation as serious but manageable with sustained government intervention and community cooperation. According to the commissioner, the outbreak, which was initially reported with only eight suspected cases, has spread to the Pushit, Mangu 1, and Mangu 2 wards, raising concerns over continued transmission within affected communities. “As of June 12, 2026, we have recorded a cumulative total of 53 suspected cases, 10 Rapid Diagnostic Test-reactive cases, four laboratory-confirmed cases through culture, and sadly five deaths...

Mobile phone subscribers in Nigeria and other emerging markets borrowed airtime worth $3.18bn on credit in 2025, with Africa accounting for more than 94 per cent of the total, according to the latest financial statements of fintech firm Optasia. The company’s 2025 consolidated financial statements showed that airtime advances granted through telecom operators rose to $3.18bn last year from $2.83bn in 2024, reflecting a 12.3 per cent increase. Optasia stated, “Airtime credit services represent service fees charged on airtime credit amounting to $3,176.34m (2024: $2,829.2m) granted to subscribers of the telecom operators during the year.” Using the exchange rates disclosed in the financial statements, the airtime advances amounted to about N4.61tn in 2025 in naira terms, up from app...

The Central Bank of Nigeria (CBN) has unveiled sweeping proposals aimed at isolating risks across banks, fintechs and other closely linked financial institutions. The proposals, contained in the apex bank’s newly released ‘Exposure Draft Guidelines on Ring-Fencing Operations of Closely Linked Entities in the Nigerian Financial System,’ seek to establish clear operational, governance and financial boundaries among affiliated institutions to prevent distress in one entity from spreading across an entire financial group. The draft guidelines come amid the growing convergence of banking, payments, lending, wealth management and other financial services businesses, many of which increasingly operate under common ownership structures. According to the CBN, the framework is designed to “...

The exchange rate between the United States dollar and the Nigerian naira in the parallel market, commonly known as the black market or Aboki FX, remained a key focus for traders and forex users. According to Bureau De Change (BDC) operators in Lagos, the dollar was bought at ₦1,392 and sold at ₦1,400 in the parallel market on Sunday, June 14, 2026. Black Market Exchange Rate (USD/NGN) TransactionRateBuying Rate₦1,392Selling Rate₦1,400 Meanwhile, the official exchange rate provided by the Central Bank of Nigeria (CBN) recorded a highest rate of ₦1,365 per dollar and a lowest rate of ₦1,362 per dollar. CBN Exchange Rate (USD/NGN) CategoryRateHighest Rate₦1,365Lowest Rate₦1,362 The CBN continues to maintain that it does not recognize transactions conducted in the paralle...

The International Monetary Fund (IMF) has advised the Nigerian government to consider increasing the Value Added Tax (VAT) rate and introducing excise duties on telecommunications services as part of efforts to boost revenue generation and create fiscal space for development spending. IMF in its 2026 Article IV Consultation Report on Nigeria warned that despite recent tax reforms, additional revenue measures would likely be required over the medium term to support critical social and infrastructure spending. According to the IMF, Nigeria’s revenue mobilisation efforts must go beyond administrative improvements to address the country’s persistently low revenue-to-GDP ratio and rising expenditure pressures. The Fund stated that, “Further tax policy changes will likely be needed, suc...

The exchange rate between the United States Dollar and the Nigerian Naira at the parallel market, commonly known as the black market or Aboki FX, remained relatively stable on Saturday, June 13, 2026. According to Bureau De Change (BDC) operators in Lagos, the dollar was bought at ₦1,396 and sold at ₦1,409 in the black market. Black Market Exchange Rate (USD/NGN) TransactionRateBuying Rate₦1,396Selling Rate₦1,409 Meanwhile, the Central Bank of Nigeria (CBN) continues to discourage participation in the parallel market, advising individuals and businesses seeking foreign exchange to conduct transactions through authorized financial institutions. CBN Official Rate (USD/NGN) CategoryRateHighest Rate₦1,365Lowest Rate₦1,362 It is important to note that foreign exchange rates...