Nigeria's annual Gross Domestic Product (GDP) grew by 3.84 percent in the fourth quarter (Q4) of 2024, according to a report published Tuesday by the National Bureau of Statistics (NBS). This growth rate exceeds both the 3.46 percent recorded in Q3 2024 and the 3.46 percent from Q4 2023. The services sector was the primary driver of economic growth, expanding by 5.37 percent and contributing 57.38 percent to the aggregate GDP. Meanwhile, the agriculture sector grew by 1.76 percent, down from 2.10 percent in Q4 2023, and the industry sector expanded by 2.00 percent, a decline from 3.86 percent in…

The Nigeria Customs Service (NCS) has retracted its earlier announcement regarding the implementation of a 4% Free on Board (FOB) import charge. The agency has called on stakeholders to update their declarations to facilitate the smooth clearance of goods. In a statement issued by the National Public Relations Officer, Assistant Comptroller of Customs Abdullahi Maiwada, on behalf of the Comptroller-General of Customs, the NCS explained that the decision was made to ensure operational clarity, maintain consistency, and avoid potential disruptions in the clearance process. The statement urged all affected parties to promptly revise their entries using the designated customs processing…

The federal government has deployed a massive N12 trillion (approximately $8 billion) in market interventions to artificially prop up the naira, according to Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company. The temporary strengthening of the naira to N1,500 against the dollar masks significant underlying economic pressures and unsustainable market manipulation, Rewane revealed in a Channels Television interview on Friday. "We've actually spent almost $8 billion trying to support the naira at current levels," Rewane explained, highlighting how this short-term stabilization relies heavily on borrowed funds, including $4 billion in new bond issues, rather than organic economic growth. Rewane,…

Nigeria's currency in circulation has reached an unprecedented N5.24 trillion in January 2025, with an alarming 90.4% of this cash – N4.74 trillion – being held outside the banking system, according to latest Central Bank of Nigeria (CBN) data. This represents a dramatic 43.5% surge from January 2024's N3.65 trillion, highlighting growing concerns about the effectiveness of Nigeria's cashless policy and financial inclusion efforts. The amount held outside banks has similarly jumped by 44.5% from N3.28 trillion in January 2024. The year-long trend shows persistent growth in both metrics: Q1 2024 saw steady increases, with circulation rising from N3.65 trillion…