Nigeria spent more than N1 trillion on iron and steel imports in 2025, despite having the largely idle Ajaokuta Steel Complex in Kogi State, according to data from the National Bureau of Statistics. The figure was part of an average annual import bill of about N526 billion recorded over the…

Nigeria’s formal remittance inflows rose to a record $947 million in July 2026, bringing the country closer to the Central Bank of Nigeria’s target of attracting at least $1 billion monthly through official channels. The July figure represented the highest monthly inflow recorded through International Money Transfer Operators and followed…

Meta, the parent company of WhatsApp, announced that it would begin charging businesses for certain messages sent through the WhatsApp Business Platform from October 1, 2026. The company disclosed the pricing change in a WhatsApp Business Platform update issued in July, stating that charges for service messages would resume from…

A five-day gridlock caused by deteriorating roads across the South-South has disrupted transportation, businesses and economic activities in the region, with the Benin-Sapele-Effurun Road among the worst affected. Manufacturers said they had lost more than N500 billion due to factory shutdowns, trapped raw materials and damaged goods. Traders and distributors…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its support for Shell Nigeria’s operations as the Federal Government seeks to unlock about $50 billion in deep offshore investments, with the estimated $10 billion Bonga South West project expected to play a major role. The NUPRC Chief Executive, Oritsemeyiwa Eyesan,…

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said federal allocations alone could not guarantee prosperity for states, urging them to develop sustainable sources of revenue and strengthen their productive capacity. Oyedele said Nigeria recorded about N15.8 trillion in savings from fuel subsidy removal and foreign…