Emma Ujah
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Articles by Emma Ujah
Africa: Anyaoku Condemns Xenophobic Attacks in South Africa
Former Commonwealth Secretary-General, Chief Emeka Anyaoku, has condemned the reported xenophobic attacks against African nationals in South Africa, describing them as distressing and regrettable. Anyaoku expressed sadness that South Africans, who endured years of apartheid and received support from across Africa in their struggle for liberation, were now turning against fellow Africans from other countries.
News -- CBN appoints eight agents for crude oil exports
The Central Bank of Nigeria (CBN) has appointed eight Pre-Shipment Inspection Agents (PIAs) to monitor the countryís crude oil and gas exports. The appointments were announced in a circular issued by the Director of Trade and Exchange at the apex bank, Aderinola Shonekan, dated October 28, 2026, and published on the CBN website.
Geometric Power puts Aba, Abia State, ahead of Nigerian cities
For decades, unreliable electricity supply has undermined Nigeria’s industrial growth, forcing businesses to close, driving up production costs and making life increasingly difficult for households. From textile mills in Kaduna, Kano, Lagos and Onitsha to vehicle assembly plants, tyre factories and footwear manufacturers, several once-thriving industries have struggled or shut down, partly because of inadequate power supply.
Nigeria's Private Capital Inflows Hit $6bn As Reforms Gather Pace - World Bank
·Tax-to-GDP ratio rises to 12.5% from 7% -- Oyedele Nigeria's private capital inflows have surged nearly 20-fold to almost $6 billion in 2026 from about $300 million in 2023, President of the World Bank Group, Mr. Ajay Banga, has said, just as the Federal Government (FG) said it has intensified efforts to translate economic reforms into faster growth, job creation and improved living standards.
News -- Tinubu govt offers 30-day petrol price discount of N1,350 at NNPC filling stations, Nigerians call it a gimmick
• Only at NNPC filling stations; Plans forward crude oil sale to domestic refiners; To invest in National Strategic Fuel Reserve; Says FG didn’t devalue Naira; NNPC discount measure for petrol has Tinubu’s backing — Presidency; What happens on Day 31?
Nigeria: Govt Offers Petrol At N1,350 for Next 30 Days - Opposition Kicks
*Only at NNPC filling stations; Plans forward crude oil sale to domestic refiners; To invest in National Strategic Fuel Reserve; Says FG didn't devalue Naira; NNPC discount measure for petrol has Tinubu's backing -- Presidency; What happens on Day 31?
News -- How Afreximbank's $50m rescued Aba Power
The decision of the African Export-Import Bank (Afreximbank) to provide a $50 million facility to Geometric Power Limited after a seven-year delay was what made Aba Power a reality today. The Group Managing Director (GMD) of Geometric Power, Mrs. Agatha Nnaji, disclosed this during an interview with journalists who visited the facility in Aba, the commercial hub of Abia State, on Tuesday.
Nigeria: We Inherited Net External Reserve At $859m - CBN
The Central Bank of Nigeria (CBN) has revealed that the nation's Net External Reserve had plunged to a mere $859 million as of the second quarter of 2023, a clear negative position unprecedented in the history of the bank, and also less than a month imports bill. The apex bank said, three years after, it has grown back the figure to $40 billion under the current Governor, MrOlayemiCardosos.
News -- RMAFC reopens oil, gas wells verification over 13% derivation disputes
• Discards previous report amid states’ claims, counterclaims • Orders fresh coordinates, maps verification, field inspections The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has reopened the verification of disputed and newly drilled oil and gas wells across Nigeria in a move aimed at resolving controversies over the sharing of the 13 per cent derivation fund among oil and gas-producing states.
News -- J.P. Morgan returns Nigeria to bond index after 11 years
• $17.47bn FGN debt eligible • Nigeria gets 7.4% weighting Nigeria is set to attract fresh foreign capital into its domestic debt market following the decision by global investment banking giant, J.P. Morgan, to return Federal Government of Nigeria, FGN, bonds to its Bond Index in its newly introduced Government Bond Index–Emerging Markets Edge, GBI-EM Edge.
Nigeria: CBN Warns Banks, Fintechs Over Cyber Risks
...Says weak links could destabilise financial system ABUJA: The Central Bank of Nigeria, CBN, has urged banks, fintechs and other financial institutions to treat cybersecurity and third-party technology risks as critical financial stability issues, warning that vulnerabilities in one institution could trigger widespread disruption across the financial system.
News -- Afreximbank targets $50bn deals at 2027 Lagos trade fair
• Says AfCFTA key to unlocking Africa’s trade potential ABUJA — The African Export-Import Bank, Afreximbank, is targeting more than $50 billion in trade and investment deals at the 2027 Intra-African Trade Fair, IATF, scheduled to hold in Lagos. The bank said the target followed the over $167 billion in trade and investment deals recorded across the first four editions of the fair.
News -- Steel imports bleed Nigeria's economy
Dilapidated Ajaokuta Steel Plant • As import bill exceeds N1trn • Minister puts figure at N5.6trn • Devt represents failed promises Nigeria spent over N1 trillion on steel importation in 2025, according to available data from the National Bureau of Statistics, NBS. This is despite the abundant raw materials for steel production in the multi-billion-dollar Ajaokuta Steel Complex in Kogi State, left idle for over four decades.
Customs hightens surveillance over arms influx
Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi The Nigeria Customs Service (NCS) has heightened surveillance over arms influx ahead of the 2027 general elections. The Comptroller-General (C-G) of Customs, Mr. Adewale Adeniyi, disclosed this while handing over 399 seized rifles to the Office of the National Security Adviser (NSA) on Monday in Abuja.
News -- Oyedele explains how FG spends subsidy savings
Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has explained how the Federal Government is utilising savings from the removal of fuel and foreign exchange subsidies, saying the funds have been deployed to debt servicing, salary increases, student loans and other critical obligations.
News -- Cardoso, Okonjo-Iweala to lead Africa emerging markets forum
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, will headline the 7th Africa Emerging Markets Forum in Abuja this week as policymakers and global economic experts gather to chart strategies for strengthening Africa’s resilience amid growing global economic uncertainties.
Nigeria: CBN Retains Rate At 26.5%, Cites Middle East Tensions
The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent. CBN Governor, Mr. Olayemi Cardoso, announced the decision yesterday after the 306th Monetary Policy Committee (MPC) meeting in Abuja. He said the committee also retained the standing facilities corridor around the MPR at +50/-450 basis points, the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45 per cent, Merchant Banks at 16 per cent, and non-TSA public sector deposits at 75 per cent.
News -- How cement dealers frustrated plans to slash price per bag to N3,500
Abdul Samad Rabiu, Chairman of BUA Group. The Chairman of BUA Cement, Alh. Abdul Samad Rabiu, has recounted how cement dealers frustrated his company’s N3, 500/bag policy, last year. He spoke at the 8th Annual General Meeting of the company in Abuja, this afternoon.
News -- PFIPC CBN account opening inconclusive, no funds released
ABUJA — The Office of the Accountant-General of the Federation (OAGF) has clarified that no account was successfully opened with the Central Bank of Nigeria (CBN) for the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC), stating that no public funds have been released to the body despite its allocation in the 2026 Appropriation Act.
News -- FG clears N39.63bn pension liabilities
The Federal Government has paid N39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, even as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reaffirms his commitment to improving the welfare of Nigerian pensioners. The Federal Ministry of Finance, in a statement Friday, said the payments have ended many years of anxious waiting for thousands of retirees.
News -- Nigeria's public debt rises to N166.7 trn
Nigeria’s total public debt stock rose to N166.79 trillion as of June 30, 2026, the Debt Management Office (DMO) has revealed in its latest data, released at the weekend. That figure indicated an increase of N7.44 trillion from N159.35 trillion recorded at the end of the first quarter of the year. The breakdown showed that domestic debt accounted for N91.59 trillion, or 54.91 per cent of the total portfolio, while external debt made up the balance.
Nigeria'll Witness Monumental Devt With Correct Tax System - Oyedele
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, yesterday said that Nigeria will witness monumental development, if the nation gets her tax system right. He spoke when he received a delegation of the Chartered Institute of Taxation of Nigeria (CITN) in his office in Abuja. The minister commended the leadership of CITN for the initiative of a National Tax Awareness Day and for supporting the tax reform of the federal government.
Nigeria: Cardoso Launches CBN Naira Ambassadors Club to Promote Respect for Currency
ABUJA -- Governor of the Central Bank of Nigeria, Olayemi Cardoso, has launched the CBN Naira Ambassadors Club, an initiative aimed at promoting the proper handling and preservation of Nigeria's currency. The club, comprising students from secondary schools across the Federal Capital Territory (FCT), was inaugurated on Monday at the CBN headquarters in Abuja.
News -- CBN launches Nigerian overnight financing rate
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has launched the Nigerian Overnight Financing Rate (NOFR), saying financial systems must continue to evolve to meet changing economic realities. The NOFR is a daily benchmark interest rate introduced by the CBN in collaboration with the Financial Markets Dealers Association. It reflects the actual, real-time cost of secured short-term borrowing between financial institutions.
Nigeria: Customs Intensifies Anti-Smuggling Operations Against Vegetable Oil Imports
....Vows to Protect Local Producers, Investments The Nigeria Customs Service (NCS) has intensified efforts to combat the smuggling of vegetable oil into the country, unveiling plans to launch intelligence-driven special operations aimed at protecting local investments, preserving jobs and supporting the growth of the agricultural value chain.
Nigeria: IMF Counsels Govt Against $5bn UAE Loan, Seeks Higher Taxes
·Says 63% of Nigerians live in poverty The International Monetary Fund (IMF) has advised the Federal Government against the proposed $5 billion loan from the First Abu Dhabi Bank (FADB) of the United Arab Emirates, warning that the financing arrangement carries significant risks. Speaking during the Nigeria 2026 Article IV briefing, IMF Resident Representative in Nigeria, Christian Ebeke, said: "On the TRS, Nigeria has market access. It carries risks and it is important to consider that.
News -- IMF counsels FG against $5bn UAE swap deal
The International Monetary Fund (IMF) has counselled the federal government against the proposed $5billion Total Return Swap (TRS) External Financing Programme with the First Abu Dhabi Bank. Fielding questions during the Nigeria 2026 Article IV briefing on Tuesday afternoon, the Resident Representative of the Fund in Nigeria, Mr. Christian Ebeke, warned Nigeria against hidden charges in the deal that would be to the disadvantage of the country.
Nigeria: Finance Ministry, Contractors Clash Again Over Outstanding Debt
At the backdrop of a resumption of protests by contractors, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has said it approved payments to more than 1,240 contractors. According to a statement signed by Efe Ovuakporie, Head Information and Public Relations of the Ministry of Finance, "Contractors prioritised for payment in the most recent batch are those with verified claims in the region of N100 million or less.
Tinubu orders strict compliance with procurement rules
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News -- CBN releases FX guidelines, approves export of $50,000
The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can export $50,000 cash. The only condition according to the Guidelines released yesterday is that such cash must be declared at the point of exit. The bank also retained the earlier provision for the export or import of cash of up to $ 10,000 without having to declare it.
Nigeria: CBN Release Fx Guidelines, Approves Export of $50,000
The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can export $50,000 cash. The only condition according to the Guidelines released yesterday is that such cash must be declared at the point of exit. The bank also retained the earlier provision for the export or import of cash of up to $ 10,000 without having to declare it.
Nigeria: CBN Extends Pos Geo-Fencing Deadline to July 31
The Central Bank of Nigeria (CBN) has extended the deadline for enforcement of its Point of Sale (PoS) terminal geo-fencing framework to July 31, giving more room for compliance. This was disclosed in a circular issued by the CBN Director of the Payments System Supervision Department, Rakiya Yusur. The CBN had directed that all PoS terminals in the country be geo-tagged to curb the use of POS for fraud and robbery.
Nigeria: Fiscal Blues - Massive Revenue Increase, Poor Budget Performance
President Bola Tinubu did not leave anyone in doubt when he promised to significantly increase the revenue of the federal government under his administration. He set the tone on his first day in office. During his swearing-in ceremony at the Eagle Square, in Abuja, on May 29, 2023, he declared, "Subsidy is gone." Members of the public were shocked. As learnt later, even members of his inner caucus were equally shocked because nothing prepared them for the announcement.
News -- CBN unveils Payment Systems Vision 2028
The Central Bank of Nigeria (CBN) has unveiled Nigeria Payments System Vision (PSV) 2028, for a more efficient, innovative and financially inclusive framework in the country. Unveiling the new vision in Abuja, yesterday, the Governor of the CBN, Mr. Olayemi Cardoso vowed to use the framework to accelerate the financial sector’s contribution to the nation’s Gross Domestic Product (GDP).
News -- CBN redeploys four Deputy Governors
The Central Bank of Nigeria has reassigned all four deputy governors of the institution. The changes announced on Monday saw Mr Philip Ikeazor assume the policy portfolio previously held by Dr Muhammad Abdullahi. Dr Abdullahi moved from the Economic Policy Directorate to head Corporate Services. Ms Emem Nnana Usoro: Leaves Corporate Services to supervise operations. Mr Lamido Yuguda was transferred from Operations to Financial System Stability Directorate.
Nigeria: Cardoso Recommits to Orthodox Monetary Policy, Transparency
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reaffirmed the apex bank's commitment to orthodox monetary policy, transparency and evidence-based decision-making, warning against renewed calls for interventionist programmes.
News -- FG records N328bn deficit in Q3 2025
Revenue receipts of the federal government in 2025 were characterized by shortfalls, leading to a fiscal deficit of N328 billion in the Third Quarter (Q3) of the year. The 2025 Q3 Budget Implementation Report released by the Budget Office of the Federation (BoF) indicated that there was no truth in claims that the Administration of President Bola Tinubu achieved its annual revenue target by August, of 2025. According to the report, “Revenue shortfalls persisted in both oil and non-oil receipts.
News -- Estate developers scramble for $18bn Abuja Centenary City
• As City attracts Electric Vehicle Plant Estate Developers from Abuja, Lagos and Port-Harcourt and other parts of the country are now scrambling to be part of the development of the Abuja Centenary City. A coliseum organised by the management of the Centenary City, on the over 1, 300 hectares of land, this afternoon, witnessed an array of estate development giants who rushed to pick up forms for Expression of Interest.
Nigeria: FEC Approves Apapa, Onne Power Plants
The Federal Executive Council, FEC, has approved two Independent Power Projects, IPPs, at the Onne Port Complex, in Rivers State, and the Apapa Port Complex, in Lagos. The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, disclosed this in Abuja, yesterday.
News -- FEC approves Apapa, Onne power plants
The Federal Executive Council, FEC, has approved two Independent Power Projects, IPPs, at the Onne Port Complex, in Rivers State, and the Apapa Port Complex, in Lagos. The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, disclosed this in Abuja, yesterday.
Nigeria: Govt Moves to Settle Contractors' Debts, Assures Transparent Process
The Federal Government has initiated moves to settle outstanding obligations owed to local contractors, assuring that the process will be handled in a fair, transparent, and structured manner to rebuild confidence and support ongoing economic reforms.
News -- MMA2 Impasse resolution: Coast now clear for Lekki Airport Project
The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, has said that the coast is now clear for the proposed Lekki Airport, Lagos. Dr. Ewalefoh described the resolution of the MM2 impasse following President Bola Tinubu’s intervention as a masterstroke that has renewed investor- confidence in PPPs in Nigeria.
Nigeria: Edun Hands Over to Oyedele
ABUJA — Taiwo Oyedele has assumed office as Minister of Finance and Coordinating Minister of the Economy, following a formal handover by his predecessor, Wale Edun. The transition, which took place on Thursday evening, was confirmed in a statement by the ministry's Head of Information and Public Relations, Efe Ovuakporie, who noted that the process was completed within the timeline set by President Bola Ahmed Tinubu.
Nigeria: Govt Denies Federation Revenue Diversion
ABUJA -- The Federal Government has dismissed claims of hidden spending and diversion of federation revenue, describing such reports as a misrepresentation of findings contained in the latest Nigeria Development Update by the World Bank.
Nigeria: Rising Costs - IMF Warns of Tough Times for Nigerians
The International Monetary Fund, IMF, has warned that Nigerians may face tougher economic conditions in the near term as rising food and transportation costs continue to squeeze household incomes amid lingering global shocks. The fund also warned of a rising debt burden for the country, as Nigeria's crude oil grades sold above $113 per barrel at the international market, yesterday, raising fresh optimism over stronger government revenue.
Nigeria: Middle East War / How FG Is Responding to Global Economic Shock - Edun
lSay naira stability comes at heavy cost as FX reserves decline lPolicy missteps in trade systems may hurt consumers --Experts - The Federal government has taken concrete steps in responding to the current global economic uncertainties, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said. However, experts warn that policy missteps in trade and revenue systems could ultimately hurt consumers, as inefficiencies raise costs across the supply chain.
Middle East War: How FG is responding to global economic shock — Edun
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Africa must spend wisely, not just raise revenue — Oyedele
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News -- Middle East war dims global economic outlook, says IMF
The International Monetary Fund (IMF) has warned that the ongoing war in the Middle East is casting a shadow over the global economy, threatening recovery and triggering widespread disruptions. In a blog post by top officials, the IMF said the conflict, beyond its human toll, is “upending lives and livelihoods” while weakening growth prospects for economies still recovering from recent global shocks.
Nigeria: CBN Crashes Ways & Means to N2.8trn - Cardoso
Nigeria's Ways & Means portfolio has crashed to N2.84 trillion, down from N26.95 trillion inherited by current administration. Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso, disclosed this at the Monetary Policy Forum, themed, "Strengthening Nigeria's Macroeconomic Stability Through Effective Monetary Policy: The role of Critical Stakeholders" in Abuja, yesterday.
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