Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of February 16th–22nd, 2025.
Dangote Cement Expands Ethiopia Operations With $400 Million Investment
Aliko Dangote, Africa’s richest businessman, is investing $400 million to expand cement production in Ethiopia. This project adds a second production line at the Mugher cement plant, doubling its annual output from 2.5 million to 5 million tons.
Nigeria’s Consumer Credit Hits N4.42 Trillion In November 2024 Amid Inflation Pressures
Consumer credit in Nigeria rises to N4.42 trillion in November 2024, marking a 26.29% increase from the previous month, according to the Central Bank of Nigeria (CBN)’s latest economic report. The sharp rise results from inflation concerns, pushing more Nigerians to rely on credit to manage the rising cost of living.
Nigeria Earns Recognition For Advancing Africa’s Digital Trade
At the 38th African Union (AU) Summit, former Nigerien President and AfCFTA Champion Mahamadou Issoufou presents his annual report, highlighting significant progress in the implementation of the Digital Trade Protocol. With eight completed annexes, this protocol stands as a pioneering framework for digital trade on the continent.
Airtel Nigeria Implements Tariff Hike, Raises Data and Call Rates by Up to 50%
Airtel Nigeria, the country’s second-largest telecommunications operator, has announced a significant increase in its data and voice call tariffs, with adjustments of up to 50% on select data bundles.
SEC Introduces New Rules To Tax Cryptocurrency Transactions In Nigeria
The Securities and Exchange Commission (SEC) is developing new regulations to bring cryptocurrency transactions under the formal tax system in Nigeria. This initiative aims to generate revenue from digital asset trading, which has seen a surge in adoption among the country’s tech-savvy population.
CBN Directs Banks To Reduce Insider Loans Within Six Months
The Central Bank of Nigeria (CBN) instructs commercial banks to reduce insider lending and bring all related credit facilities within regulatory limits within 180 days. This directive aims to strengthen corporate governance and minimize financial risks associated with loans to influential insiders.
Nigeria’s Oil Production Hits 1.75M Barrels Per Day
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s crude oil production has risen to an average of 1.75 million barrels per day (BOPD), with gas production reaching 7 billion standard cubic feet per day (SCFD).
Nigeria’s Foreign Reserves Decline By $2.04 Billion In Early 2025
Nigeria’s foreign reserves drop by over $2 billion since the beginning of the year, reaching $38.88 billion, according to data from the Central Bank of Nigeria (CBN). The decline follows increased foreign obligation settlements and occurs within just 40 days.
Aliko Dangote Climbs To 86th Richest In The World As Net Worth Rises
Aliko Dangote’s fortune has surged to $23.9 billion, making him Africa’s wealthiest individual and placing him 86th on the global billionaires’ list, according to Forbes. This marks a significant jump from his 2024 ranking as the 144th richest person with a net worth of $13.4 billion.
CBN Orders Banks To Publish Details Of Dormant Accounts And Unclaimed Funds
The Central Bank of Nigeria (CBN) directs banks and financial institutions to disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
Nigeria’s Non-Oil Revenue Reaches N1.90 Trillion In November, Exceeds Target By 53%
Nigeria’s non-oil revenue rises to N1.90 trillion in November 2024, reflecting a 16.4% increase from October and surpassing the monthly target by 53.19%, according to the Central Bank of Nigeria (CBN).
National Assembly Approves Additional N50 Billion For Housing Sector In 2025 Budget
The National Assembly approves an additional N50 billion for the Federal Ministry of Housing and Urban Development in the 2025 budget, reversing an earlier reduction proposed by the Budget Office. The increased funding aims to enhance housing projects, create jobs, and settle outstanding financial commitments in the sector.
AfCFTA Digital Trade Protocol Targets 50% Intra-African Trade Growth By 2030
Nigeria’s Vice President, Kashim Shettima, affirms that the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol is set to drive intra-African trade from 18% in 2022 to 50% by 2030.
AfDB Grants $1 Million In Emergency Food Aid For Flood-Affected Communities In Northeastern Nigeria
The African Development Bank (AfDB) allocates a $1 million grant from its Special Relief Fund to support emergency food assistance in flood-affected communities across Northeastern Nigeria. This initiative, in partnership with the World Food Programme (WFP), seeks to alleviate the growing food insecurity caused by severe flooding in the region.
Nigeria Pushes For Global Economic Reforms At G20 Foreign Ministers’ Meeting In South Africa
Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, calls for immediate reforms to the global economic system during the G20 Foreign Ministers’ Meeting in Johannesburg, South Africa. Tuggar emphasizes the need for economic fairness, security, and sustainable development to tackle challenges faced by developing nations.
Elumelu Highlights Oil Revenue As Key To Nigeria’s Economic Diversification And Growth
Tony Elumelu, Chairman of Heirs Holdings, stresses the importance of increasing oil production to drive Nigeria’s economic diversification and development. Speaking at the Nigeria Petroleum Industry Leadership Discourse in Abuja, Elumelu outlines how oil revenue remains crucial for industrial growth, energy security, and infrastructure development.
