Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of February 9th–15th, 2025.
Saraki Condemns FG’s 4% Import Charge, Warns Of Economic Hardship
Former Senate President, Dr. Abubakar Bukola Saraki, criticizes the Federal Government over its newly implemented 4% customs administration charge on the Free On-Board (FOB) value of imports, arguing that it will worsen economic conditions for Nigerians.
Okomu Oil Sees 58% Surge In Pre-Tax Profit To N52.05 Billion As Local Sales Climb
Okomu Oil Palm Plc reports a pre-tax profit of N52.05 billion for the 2024 financial year, reflecting a 58% increase from N32.85 billion in 2023. The company attributes this strong performance to a sharp rise in revenue, which grows by 73.44% to N130.06 billion, compared to N75.10 billion in the previous year.
Trump Imposes 25% Tariffs On Steel And Aluminum, Escalating Global Trade Tensions
U.S. President Donald Trump announces a 25% tariff on all steel and aluminum imports, marking a major shift in trade policy that impacts key global exporters.
Nigerian Stock Market Hits N66 Trillion As Zenith Bank Lists Shares
Nigeria’s stock market started the week on a mixed note, as the All-Share Index (ASI) dropped slightly by 0.04% to 105,891.33 points. Despite this small decline, the total market capitalization increased by 0.73% to N66.07 trillion, adding N477 billion in gains. The boost was largely driven by Zenith Bank’s decision to list an additional 9.67 billion shares.
Tinubu Commends Tolaram On IFC’s $50 Million Investment In Lagos Free Zone
President Bola Tinubu praises Tolaram Group for securing a $50 million equity investment from the International Finance Corporation (IFC) into the Lagos Free Zone Company (LFZ), describing it as a major boost for Nigeria’s industrial and economic growth.
AfDB Invests Over $3 Billion In Agro-Industrial Hubs Across Africa
The African Development Bank (AfDB) is committing over $3 billion to establish Special Agro-Industrial Processing Zones (SAPZ) across more than 11 African countries. This initiative aims to boost food production, improve value addition, and create economic opportunities for rural communities.
NIN Now Mandatory For Access To Social Services In Nigeria – SGF
The Secretary to the Government of the Federation (SGF), Senator George Akume, announces that the National Identification Number (NIN) is now a mandatory requirement for Nigerians to access all social services and government palliatives.
CBN Revises ATM Transaction Fees, Banks Implement New Charges from March 1
The Central Bank of Nigeria (CBN) announces a review of Automated Teller Machine (ATM) transaction fees, with the revised charges taking effect from March 1, 2025.
FG Increases Agricultural Investment To Lower Food Prices – Minister
The Federal Government is intensifying efforts to reduce food prices by expanding investment in agricultural production, says the Minister of Information and National Orientation, Mohammed Idris.
Nigeria, UAE Revise Air Service Agreement To Strengthen Airline Partnerships
Nigeria and the United Arab Emirates (UAE) have amended their Bilateral Air Service Agreement (BASA) to expand codeshare arrangements, allowing airlines from both countries to operate shared flights and sell tickets on each other’s networks. This agreement enhances interlining opportunities for Nigerian airlines and strengthens aviation cooperation between the two nations.
NLC Directs Workers To Boycott Telecom Services Over Tariff Hike
The Nigeria Labour Congress (NLC) directs Nigerian workers and the general public to boycott mobile telecommunications services starting Thursday, February 13, 2025, in protest against a 50% tariff increase recently approved by the Nigerian Communications Commission (NCC).
MultiChoice Nigeria Donates N1.6 Billion Worth of Medical Supplies to Sickle Cell Foundation
In a significant move to bolster healthcare delivery and support individuals living with sickle cell disorder, MultiChoice Nigeria, the prominent pay-TV operator behind DStv and GOtv, has donated medical supplies worth N1.6 billion to the Sickle Cell Foundation Nigeria (SCFN).
FG-Google Partnership To Drive Nigeria’s Digital Transformation – NITDA DG
The Federal Government’s collaboration with Google is set to position Nigeria as a leading technology hub, according to Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA).
President Tinubu Attends 38th AU Summit In Ethiopia, Strengthens Nigeria’s Diplomatic Ties
President Bola Ahmed Tinubu arrives in Ethiopia for the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government, reaffirming Nigeria’s commitment to regional cooperation, peace, security, and economic development.
