Despite possessing over three billion tonnes of iron ore reserves, Nigeria spends approximately $4 billion annually importing steel products, with analysts calling the situation a […]
Tag: Nigeria Economy
NLC Pushes for Higher Minimum Wage as Rising Costs Hit Workers
The Nigeria Labour Congress (NLC) has renewed its demand for a new minimum wage, saying the current **₦70,000 minimum wage** is no longer enough to […]
Nigeria Spent N1.16trn on Petrol Subsidy in 2021 – Report
Nigeria spent about **N1.16 trillion on petrol subsidy in 2021**, according to data contained in Nigeria’s oil and gas industry reports. CDA News Nigeria reports […]
Economist Raises Concern as CBN Revokes Licences of 46 Microfinance Banks
The revocation of the operating licences of 46 microfinance banks by the Central Bank of Nigeria (CBN) has sparked concern among financial experts, with an […]
CBN Revokes Licences of 46 Microfinance Banks Across Nigeria
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet regulatory requirements […]
Dangote Refinery Slashes Diesel Price as Nigerians Hope for Imminent Petrol Price Reduction
The Dangote Petroleum Refinery has reduced its diesel price — delivering a moment of economic relief to millions of Nigerians and businesses suffocating under the […]
Umahi Explains Why Tinubu Keeps Borrowing
Minister of Works, Senator David Umahi, has defended President Bola Tinubu’s borrowing policy, stating that the federal government takes on loans specifically to fund large-scale […]
IMF Upgrades Nigeria’s 2026 Growth Forecast to 4.4%
The International Monetary Fund (IMF) has revised upward its growth projection for Nigeria’s economy to 4.4% in 2026, according to its January 2026 World Economic […]
The Nigeria Financial Intelligence Unit (NFIU) has applauded the European Union’s decision to remove Nigeria from its list of high-risk third countries under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. The removal, effective January 29, 2026, follows Nigeria’s exit from the FATF grey list in October 2025 after addressing identified regulatory gaps. NFIU CEO Hafsat Abubakar Bakari described the move as “an important external validation” of Nigeria’s financial reforms, attributing the success to strong political will under President Bola Tinubu and sustained inter-agency collaboration. The delisting is expected to ease compliance burdens, improve cross-border financial flows, and enhance Nigeria’s attractiveness for trade and investment with EU member states. Disclaimer: This status is subject to continued compliance with international AML/CFT standards. Regular reviews by the EU and FATF will determine its sustainability. © 2026 CDA News Nigeria. All rights reserved.
The Nigeria Financial Intelligence Unit (NFIU) has applauded the European Union’s decision to remove Nigeria from its list of high-risk third countries under the Anti-Money […]
Shettima Warns Oil Prices, Exchange Rates May Frustrate Nigeria’s Policies, Urges Non-Oil Transition
Vice President Kashim Shettima has cautioned that volatile oil prices, exchange rates, and capital flows could frustrate Nigeria’s economic policies, urging an accelerated transition from […]