Nigeria’s latest state finance figures are exposing a growing fiscal divide between Nigerian states. In 2025, the 36 states and the Federal Capital Territory generated about ₦4.15 trillion in internally generated revenue, but Lagos State generated 45% of subnational IGR, highlighting how heavily Nigeria’s domestic revenue base depends on one state. At the same time,…
The Dangote Refinery IPO has received approval from Nigeria’s Securities and Exchange Commission, setting the stage for what could become Africa’s biggest-ever share sale. The company plans to offer 4.1 billion ordinary shares at ₦525 each, potentially raising about ₦2.15 trillion, or $1.63 billion, if fully subscribed. The order book is expected to open on…
Nigeria is facing a growing gap between official economic numbers and how many workers experience the economy. Organised labour has said Nigerians are yet to see clear signs of economic growth, even as states carry a combined debt burden running into trillions of naira. The concern comes at a time when Nigeria’s N5.3 trillion debt…
Uber exits Nigeria and this has brought an unexpected end to the company’s 12-year run in one of Africa’s biggest consumer markets. Uber stopped operations in Nigeria on September 2, alongside its exit from Uganda, saying it had reviewed its business priorities and investment focus across Africa. The company did not give a specific reason…
EFCC dismisses over 40 staff for corruption and financial malpractice, marking a significant shift in the agency’s anti-corruption drive. EFCC Chairman Ola Olukoyede disclosed on Monday that more than 40 personnel had been removed from the commission during his roughly three years in charge, with more than five of them currently facing prosecution. The announcement…
Brent crude has climbed above $95 per barrel as renewed US-Iran tensions raise fears of disruptions to oil supplies through the Strait of Hormuz, one of the world’s most important oil shipping routes. Brent reached about $95.40 in early trading on Wednesday, while WTI moved above $90. For Nigeria, the immediate concern is not simply…
The race to increase AI data center capacity is becoming just as important as the race to develop better AI models. Major technology figures, including Mark Zuckerberg and Elon Musk, are calling for a rapid expansion of computing infrastructure as demand for AI services continues to grow. The message from the tech industry is becoming…
Nigeria’s high-interest-rate environment is creating an unusual winner among the country’s biggest businesses. Nigerian listed companies generated ₦179.5 billion in finance income in H1 2026, a 174% increase from ₦65.6 billion recorded a year earlier. The surge shows that for companies sitting on large amounts of cash, the CBN interest rates are becoming an important…
Meta is about to make one of Nigeria’s most important business communication channels more expensive. From October 1, 2026, businesses using the WhatsApp Business Platform Nigeria will begin paying for certain messages sent to Nigerian customers. The WhatsApp ₦14 per message charge will not affect ordinary WhatsApp users or most businesses using the regular WhatsApp…
The EFCC N1.23 trillion recovery announced by the Economic and Financial Crimes Commission is drawing attention not only because of the size of the figure, but because of what happens to the money and assets after they are recovered. EFCC Chairman Ola Olukoyede said the commission recovered N1.233 trillion, $684.48 million, £373,905.78 and €9.34 million…
