The Nigerian naira strengthened against the US dollar on Tuesday, September 22, after the Central Bank of Nigeria (CBN) cut its benchmark interest rate by 350 basis points to 23 per cent. The dollar closed at ₦1,327.78 at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,329.80 in the previous session. In the parallel market,…
Senegalese football star Sadio Mané is putting about $20.4 million of his own money into an agro-industrial project in his hometown of Bambali, but the bigger story is not simply that a footballer is building a factory. The SM10 Agro project is designed to tackle one of Senegal’s agricultural problems while creating jobs and turning…
The Federal Government is trying to hold the line on two major household costs as Nigerians continue to deal with higher living expenses: electricity tariffs and petrol prices. On September 21, 2026, the Minister of Power, Joseph Tegbe, said there were no plans to increase electricity tariffs for now, following reports that another hike could…
Aliko Dangote is preparing for another major expansion of his business empire, with plans to invest more than $10 billion in Africa’s power sector over the next three to four years while also taking his fertiliser business public in 2028. The announcements point to a wider shift in the Dangote Group’s strategy. Rather than focusing…
Nigeria’s headline GDP growth may be improving, but the country’s manufacturing sector slowdown is raising a different question: can economic growth continue without stronger industrial production? The Manufacturers Association of Nigeria (MAN) has warned that the country’s industrial sector is losing momentum, with real industrial growth falling from 7.46% in Q2 2025 to 3.96% in…
Nigeria’s economic managers have taken a step toward making fiscal and monetary policy work more closely together, with Finance Minister Taiwo Oyedele and Central Bank of Nigeria Governor Olayemi Cardoso signing a new Memorandum of Understanding on September 21, 2026. The Nigeria fiscal-monetary policy coordination MoU creates a formal framework for regular consultation, information sharing…
Abuja has hosted a China-Nigeria fashion show that brought Chinese and Nigerian styles together on one runway, turning fashion into a platform for cultural exchange and a possible opening for deeper creative and business cooperation. The event, organised by the China Cultural Centre and partners, featured designs inspired by the traditions of both countries. Organisers…
President Bola Tinubu is seeking deeper investment from France-based Bolloré Group as Nigeria tries to turn the global popularity of its entertainment industry into more local production, jobs and infrastructure. Tinubu met Bolloré Group chairman Vincent Bolloré and company executives in Paris on Friday, with discussions covering film, entertainment, fibre-optic infrastructure and the wider digital…
Nigeria has secured a major legal victory in the long-running dispute over the Mambilla Hydroelectric Power Project, after an International Chamber of Commerce arbitration tribunal in Paris rejected a $2.35 billion claim brought by Sunrise Power and Transmission Company. The ruling, issued on September 17, also rejected a separate $400 million claim linked to a…
The US Federal Reserve has raised its benchmark interest rate for the first time in more than three years, taking the federal funds target range to 3.75% to 4% as policymakers respond to stubborn inflation. The decision came despite President Donald Trump’s repeated calls for lower interest rates. At the same time, the US Treasury…
