The Abia State Government has been cleared by the World Bank to benefit from a $250 million grant aimed at strengthening health security in Nigeria. The Commissioner for Information, Okey Kanu, disclosed this while briefing journalists on the outcome of the State Executive Council meeting presided over by Governor Alex Otti. Kanu attributed the state’s inclusion in the programme to ongoing…
An Australian mining company has announced a significant development in its Nigerian operations following the approval of six mining licences by the country’s Mineral Control authority (MCO). The licences—comprising four exploration permits and two small-scale mining licences—were transferred from Continental Lithium Limited to C&C Minerals Limited, the company’s local joint venture arm. The assets span…
Nigeria’s poverty rate rose to 63 per cent in 2025, even as inflation eased, highlighting the limited impact of recent economic improvements on citizens’ living conditions, according to the World Bank. The figures were published in the bank’s April 2026 Nigeria Development Update titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” unveiled in Abuja. The…
The Nigerian System Operator (NISO) has announced a significant reduction in electricity transmission losses—from about 10% to 7.05%—cutting monthly losses previously estimated at up to N8 billion. Speaking at the organisation’s first anniversary in Abuja, Managing Director Abdu Bello Mohammed said the agency is working to further reduce losses to around 5–6% in line with industry targets. He explained…
The World Bank has raised concerns that rising multidimensional poverty in Nigeria is undermining the country’s long-term economic prospects, particularly due to poor early childhood development outcomes. In its April 2026 Nigeria Development Update titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the bank highlighted serious challenges in child health, nutrition, and education, warning that these issues…
The National Insurance Commission (NAICOM) has established the Insurance Policyholders’ Protection Fund to safeguard policyholders when insurers fail to meet their obligations. Under the new Nigerian Insurance Industry Reform Act, 2025, all insurers and reinsurers must contribute 0.25% of net premium income annually into the Fund, which will act as a financial safety net for claim payments in cases of insolvency or licence cancellation. The…
The Federal Government of Nigeria is studying Indonesia’s transformation into a $1.4 trillion economy to guide its own ambition of reaching a $1 trillion economy under President Bola Tinubu. Minister of Budget and Economic Planning, Senator Abubakar Bagudu, disclosed this during a meeting with Indonesia’s Ambassador to Nigeria, Bambang Suharto, in Abuja, emphasizing lessons from Indonesia’s rapid economic growth and strategies for economic…
Microsoft has announced plans to invest $10 billion in Japan over the next four years to expand artificial intelligence data centres and related infrastructure. The announcement was made during a meeting between Microsoft President Brad Smith and Japan’s Prime Minister Sanae Takaichi in Tokyo. The investment aims to meet the country’s growing demand for cloud computing and AI services as businesses race…
Officials at the Dangote Petroleum Refinery have disputed reports that the Nigerian National Petroleum Company (NNPC) allocated seven crude cargoes to the facility for May, clarifying that the refinery is expected to receive approximately six cargoes. The 650,000-barrel-per-day refinery has consistently faced challenges in securing enough crude locally, with monthly requirements of nearly 20 million…
The World Bank has approved a $500 million International Development Association (IDA) credit to support Nigeria’s agricultural sector under the Nigeria Sustainable Agricultural Value-Chains for Growth Project, also known as AGROW. The initiative aims to enhance productivity, strengthen value chains, and improve food and nutrition security across the country. The funding, approved on March 30,…
