Customs approves $300 duty-free threshold for low-value imports and passenger baggage
The Nigeria Customs Service Board (NCSB) has approved a de minimis threshold of $300 for low-value consignments imported through express shipments or passenger baggage. De minimis refers to the minimum…
New law makes tax ID mandatory for bank accounts, business deals from 2026
From January 1, 2026, Nigerians and non-residents will be unable to open or operate bank accounts without a valid Tax Identification Number (Tax ID). The new requirement is contained in…
Nigeria records ₦20.59tn non-oil revenues, strongest fiscal performance in years
Nigeria has recorded its strongest fiscal performance in recent history, driven by unprecedented growth in non-oil revenues, according to figures released for the period January to August 2025. Data show…
Tinubu says Nigeria met 2025 revenue target in August, credits non-oil sector
President Bola Tinubu on Tuesday announced that Nigeria achieved its 2025 revenue target in August, attributing the milestone to economic reforms that have strengthened the non-oil sector. Speaking at the…
Nigeria’s FX reserves hit $41bn, highest in 44 months
Nigeria’s foreign exchange reserves have climbed to $41 billion as of August 19, 2025, marking the country’s strongest external buffer in nearly four years. Data published by the Central Bank…
US concerned about Nigeria’s minimum wage, saying ₦70,000 insufficient after naira devaluation
A recent report from the United States government has highlighted significant challenges surrounding Nigeria’s minimum wage, asserting that the current rate of N70,000 is insufficient to uplift millions of citizens…
Economic stability doesn’t mean end of hardship, says Yemi Kale
Former Director-General of the National Bureau of Statistics (NBS) and current Group Chief Economist at Afreximbank, Dr. Yemi Kale, has explained that describing an economy as “stable” does not necessarily…
Nigeria’s cocoa exports soar to ₦1.2trn
Nigeria’s cocoa exports surged to N1.2 trillion in the last quarter of 2024, a sharp rise from N171 billion in Q4 2023, according to the Senior Special Assistant to the…
Tinubu sets Q1 2026 deadline for National Single Window project take-off
President Urges Speedy Implementation of Key Trade Reform Initiative President Bola Tinubu has directed that the National Single Window (NSW) project—Nigeria’s flagship trade facilitation platform—must become fully operational by the…
Moody’s upgrades Nigeria’s credit rating: Tinubu calls it a ‘positive signal for investors’
In a major development for Nigeria's economy, Moody's Investors Service has upgraded the country's long-term foreign-currency issuer rating from Caa1 to B3, now with a Stable Outlook. This update has…