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Framework unveiled June 1; 15 million more Nigerians to gain formal banking access; AfCFTA payments integration included The Central Bank of Nigeria has unveiled a four-year strategic roadmap for Nigeria's digital payments infrastructure, setting a target of 95 per cent financial inclusion by 2028 and committing to build a system capable of bringing 15 million more Nigerians into the formal financial system. CBN Governor Olayemi Cardoso launched the Nigeria Payments System V

MEMAN data: imported petrol lands at ₦1,117/litre vs Dangote gantry ₦1,250; Lagos pumps fall to ₦1,272–₦1,295 The cost of importing petrol into Nigeria has fallen below the ex-depot price charged by the Dangote Petroleum Refinery for the first time in months, new data from fuel marketers shows, as a sharp decline in global crude oil prices, driven by progress in US-Iran peace negotiations, creates competitive pressure in the downstream market. Data from the Major Energy Marke

Performance test confirms capacity above nameplate; world's largest jet fuel exporter in April; expansion groundwork underway Dangote Petroleum Refinery has increased its crude oil processing capacity to 700,000 barrels per day following a successful performance test conducted by its process licensors, surpassing its original design capacity of 650,000 barrels per day and cementing its position as the world's largest single-train petroleum refinery by operating volume. The L

Karl Toriola tells "Data on Trial" Lagos event tariff increase prevented network shutdown; ₦900bn invested in 2025 President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission to end the 12-year exclusive dominance of South African technology firm Optasia over Nigeria's airtime credit lending and data advance services — a market estimated to generate more than ₦3 trillion in annual transactions. The directive, issued in writing to the FCCPC f

Karl Toriola tells "Data on Trial" Lagos event tariff increase prevented network shutdown; ₦900bn invested in 2025 The Chief Executive Officer of MTN Nigeria has disclosed that the telecommunications company was on the brink of financial collapse before the Nigerian Communications Commission approved a 50 per cent tariff increase in January 2026, saying the company was unable to pay basic bills and had slipped into effective insolvency. Karl Toriola made the disclosure at a

NBS capital importation data: 83.8% surge driven by portfolio money; factory-building investment barely registers Foreign capital flowing into Nigeria nearly doubled in the first quarter of 2026, reaching $10.37 billion, but an analysis of the data reveals that almost all of it was short-term portfolio money, while the direct investment that builds factories, creates jobs, and expands industrial capacity accounted for less than 2 per cent of total inflows. Total capital impo

Finance Ministry targets SMEs and indigenous firms; ₦1.7trn budgeted in 2026 for full clearance The Federal Government has paid more than ₦700 billion in verified obligations to indigenous contractors since the beginning of the year, including ₦436.6 billion processed in May alone, the Federal Ministry of Finance announced Monday. The ministry disclosed that payment approvals covered more than 1,240 contractors across Ministries, Departments and Agencies, following a verifica

NBS data: exports up, imports fall 18%; solid minerals at four-year high Nigeria recorded a merchandise trade surplus of ₦7.55 trillion in the first quarter of 2026, a 340.88 per cent surge from the ₦1.71 trillion posted in the fourth quarter of 2025, as oil exports rose and the country's import bill contracted sharply, the National Bureau of Statistics reported Monday. Total merchandise trade stood at ₦34.79 trillion in the period, with exports of ₦21.17 trillion representin

FEC-approved projects target dedicated electricity supply at Nigeria's two busiest commercial ports The Federal Government has approved two independent power projects specifically designed to supply dedicated electricity to the Apapa and Onne port complexes, the Federal Executive Council confirmed this week, in a move that targets one of the most persistent and costly operational problems facing businesses that clear cargo through Nigeria's primary ports. The FEC approval co

PTA and BTA cashless policy partially relaxed; naira weekly loss signals demand-side pressure persists The Central Bank of Nigeria has partially relaxed its 2024 cashless policy restrictions on Personal Travel Allowance and Business Travel Allowance, easing the process by which Nigerians and businesses can access foreign currency for legitimate international travel and business-related expenses. The CBN introduced tighter controls on PTA and BTA disbursements in 2024 as part

New report links energy expenses to margin compression and rising sale prices across residential and commercial real estate Rising diesel costs are compressing developer profit margins and pushing property prices higher across Nigeria's real estate sector, according to a new report released this week, as the energy expenses embedded in both construction and building operations are increasingly passed on to buyers and tenants. The report identified growing diesel costs as a pr

Visa Signature Card targets diaspora, importers, and international travellers; FirstBank named Nigeria's strongest brand First Bank of Nigeria has launched a multi-currency Visa Signature Card in partnership with Visa, enabling holders to hold and transact in naira, US dollars, euros, and British pounds sterling from a single card, a product aimed directly at Nigerians who travel internationally, conduct cross-border business, or regularly transact in foreign currencies. The