Business

The Minister of State for Industry, Senator John Owan, has said that Nigeria must urgently reduce its dependence on imports and deliberately channel its large population into productive industrial activity, warning that demography alone does not guarantee economic growth. Speaking at the Redeemed Christian Church of God Lagos Province 35 Economic Summit on Saturday, Owan stressed that the success of the Federal Government’s Nigeria-First policy will depend largely on policy predictability, coordinated execution, and the strategic use of public procurement to stimulate local manufacturing. The PUNCH reports that President Bola Tinubu announced the Nigeria-First policy in 2025 to give priority to Nigerian industries in all procurement activities. “Nigeria does not need to import wha...

The Central Bank of Nigeria (CBN) has revealed plans to introduce a fresh regulatory policy aimed at improving debit card issuance and Automated Teller Machine (ATM) operations across banks, as part of efforts to address ongoing cash access challenges nationwide. The apex bank made this disclosure on Friday, January 23, 2026, during the 2026 Committee of Heads of Bank Operations Conference. Representing the CBN Governor, Yemi Cardoso, his Special Adviser, Fatai Karim, explained that the proposed policy will require banks to align the number of debit cards they issue with the ATM infrastructure they have in place. He said the initiative is intended to ease congestion at ATM locations, reduce frequent machine breakdowns and promote a more balanced distribution of cash across the cou...

US President Donald Trump has been pictured with a large bruise on his left hand while delivering a speech about his Gaza “board of peace” in Davos, Switzerland. Trump sustained the bruise on Thursday during a signing ceremony for the peace board at the World Economic Forum after the president “hit his hand on the corner of the signing table,” Explaning how he got a bruise on his left hand, the president said on Air Force One that he received the large purple bruise at the Board of Peace event in Switzerland and was doing 'very good'. 'I clipped it on the table, so I put a little - what do they call it - cream on it, but I clipped it,' Trump told reporters en route to Washington , D.C. on Thursday. He then appeared to blame the noticeable bruise on...

The Edo State chapter of the Peoples Democratic Party (PDP) has criticised plans by the Monday Okpebholo-led state government to establish a state-owned airline, describing the move as a misplaced priority and a sign of weak governance. In a statement released on Friday by the party’s Publicity Secretary, Dan Osa-Ogbegie, the PDP accused the administration of being out of touch with the urgent needs of Edo residents. The opposition party described the airline proposal as unrealistic and insensitive, particularly at a time when the state is grappling with deteriorating infrastructure, worsening urban conditions and abandoned strategic projects. “Operating an airline is highly capital-intensive, technically complex and has historically ended in failure for most sub-national governme...

The Federal Government has barred electricity distribution companies (DisCos) and their installers from charging consumers for meter installation, warning that anyone found extorting customers will face prosecution. The Minister of Power, Adebayo Adelabu, issued the warning on Thursday during an inspection of newly imported smart meters at APM Terminals, Apapa, Lagos. He explained that the meters were procured under the World Bank–funded Distribution Sector Recovery Programme (DISREP) and must be installed for consumers at no cost. Adelabu expressed satisfaction with the arrival of an additional batch of 500,000 smart meters, noting that they are part of efforts to close Nigeria’s metering gap. He stressed that the meters would be distributed to all electricity consumers, irrespectiv...

The Nigeria Inter-Bank Settlement Systems said the most common fraud technique in the Nigerian banking sector and digital payment system is social engineering. Managing Director of NIBSS, Premier Oiwoh, disclosed this on Wednesday at an event in Lagos, noting that digital payment declined by 51 percent in Nigeria to N25.85 billion in 2025 from a high of N52.26 billion in 2024. Oiwoh noted that within the category of fraud, insider abuses or involvement have been the greatest threat. According to him, by channel, fraud remains most prevalent in e-commerce and internet banking, followed by point of sale, mobile, and web platforms within the Nigerian banking and fintech sector. He further said incidents such as SIM swap fraud, account compromise, and phishing continue to evolve in...

Traders affected by the recent fire that destroyed a commercial storey building at Computer Village in Ikeja, Lagos State, have appealed to Governor Babajide Sanwo-Olu for financial assistance to mitigate their losses. DAILY POST reports that goods worth millions of naira were destroyed when the blaze broke out in the early hours of Tuesday at Somoye Street, Ikeja. The building, a hub for dealers in computers and accessories, was completely gutted on its upper floor. Preliminary investigations suggest the fire was triggered by an electrical surge following the restoration of power. Fortunately, no casualties were recorded. When DAILY POST visited the site on Wednesday, scavengers were seen searching through debris while affected shop owners looked on helplessly. Traders said they ...

The Nigerian Export Promotion Council (NEPC) is currently engulfed in internal turmoil following allegations of financial misconduct linked to a controversial nationwide staff redeployment exercise estimated to cost ₦72 million. Multiple senior officials within the Council told SaharaReporters that the ₦72 million represents the total transfer allowances expected to be paid to officers affected by the mass redeployments across state and zonal offices. Sources clarified that the figure was not directly disbursed by the Executive Director, Mrs. Nonye Ayeni. However, insiders insist that the expenditure was neither budgeted for in NEPC’s 2025 financial provisions nor captured in its approved procurement plan, raising serious concerns about compliance with public financial regulations. ...

Here is the latest update on the dollar to naira exchange rate in the black market, also known as the parallel market (Aboki FX). Dollar to Naira Black Market Rate For those looking to exchange dollars for naira, traders at the Lagos parallel market quoted the following rates on Wednesday, January 21: Selling rate: ₦1,490 per dollar Buying rate: ₦1,480 per dollar These figures were obtained from sources at Bureau De Change (BDC) outlets. It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions conducted in the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to carry out transactions through authorized banks. Exchange Rate Summary Dollar to Naira (USD/NGN) – Black Mark...

The Federal Competition and Consumer Protection Commission, FCCPC, has commenced a phased implementation of enforcement measures in respect of Digital Money Lending, DML, operators. A statement released on Wednesday by its spokesperson, Ondaje Ijagwu, said the enforcement is targeted at those who did not regularise their status in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). The Commission had fixed Monday, 5 January 2026, as the deadline for compliance. Speaking on the commencement of enforcement measures, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, stated that the actions were necessary to give effect to the regulations and to maintain regulatory certainty in ...