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Naira further slides against dollar at official forex market Monday
Lagos, July 8, 2025 – The Nigerian currency, Naira, further depreciated against the dollar at NFEM, the official foreign exchange market on Monday, closing at N1,529.5 to the dollar. It closed at N1,528.5 to the dollar on Friday. The highest rate quoted by dealers on Monday was N1,531 to the dollar, while the lowest quoted rate was N1,520. The naira has been sliding against the dollar in the official market since last week. Meanwhile, the currency was traded between N1,540 and N1,545 to the dollars at the black market on …
Oil eases as traders assess US tariffs, OPEC+ output hike
Singapore, July 8, 2025 – Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August. Brent crude futures dipped 22 cents, or 0.3%, at $69.36 a barrel by 0630 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, at $67.66 a barrel. U.S. President Donald Trump on Monday began telling trade partners which included major suppliers South Korea and Japan as well as smaller U.S. exporters like Serbia, Thailand and …
OPEC+ set to complete big oil output cut unwinding in Sept
London, July 8, 2025 – OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates’ move to a larger quota, five sources said. The group, which pumps about half of the world’s oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep …
Trump bets big on new tariff deals as deadline to ‘doomsday’ approaches
Washington, July 8, 2025 – Global markets are bracing for more tariff chaos as the White House plans to release a dozen or more letters signed by President Trump telling countries what taxes must be paid when they send goods to the United States. The talk of the letters has now overtaken much of the conversation about ‘deals,’ with Trump’s team telling various nations in writing how much must be paid. The result could hike costs that American pay for a variety of goods. The president wouldn’t tip off reporters …
Ecobank unveils customer value proposition to drive sustainable education ecosystem
Lagos, July 7, 2025 – Ecobank Nigeria, an affiliate of the leading pan-African banking group, Ecobank Group, has announced a comprehensive suite of innovative financial solutions designed to support all key stakeholders within the education ecosystem. These offerings are aimed at driving financial inclusion, operational efficiency, and sustainable growth across the sector. For school owners and educational leaders, Ecobank offers cash-backed loans to support both operational and capital expenditures. These are complemented by treasury management tools that enhance financial oversight, along with digital collection platforms that ensure seamless and efficient …
Nigeria Tax Act will boost FDI inflows, bolster small businesses from January 2026 – IMPI
Abuja, July 7, 2025 – The Independent Media and Policy Initiative (IMPI) says the Nigeria Tax Act (NTA) 2025 stands out as a piece of legislation that would boost the country’s foreign investment drive as well as create more employment opportunities for Nigerians. IMPI said this is because the new law has various provisions which would abolish double taxation and encourage businesses to expand their operations when it takes effect. In a policy statement signed by its Chairman, Dr Omoniyi Akinsiju, the think tank noted that it came to that …
Policy statement 027 by the Independent Media and Policy Initiative (IMPI)
Nigeria Tax Act 2025: Our Verdict By – Omoniyi M. Akinsiju, PhD, IMPI Chairman Abuja, July 7, 2025 – We have observed with interest the uncontained delight with which the bouquet of tax acts recently signed into law by President Bola Ahmed Tinubu was received by critical stakeholders and the general public. In the tradition of objective analysts, we have reviewed the new tax laws within the framework of policy contextuality, realism, and pertinence. Our verdict is that Nigeria’s federal administration, led by President Tinubu, has gifted the country a …
BRICS demand wealthy nations fund global climate transition
Rio De Janeiro, July 7, 2025 – Leaders of the BRICS group of developing nations addressed the shared challenges of global warming on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund mitigation of greenhouse gas emissions in poorer nations. In his opening remarks, Brazilian President Luiz Inacio Lula da Silva, who will host the United Nations climate summit in November, also blasted denialism of the climate emergency, indirectly criticizing U.S. President Donald Trump’s decision to pull his country out of the 2015 …
Senate passes bill mandating 30% local value addition to raw products before export
Abuja, July 7, 2025 – The Senate has passed a bill mandating a minimum of 30% local value addition to raw material before export. It prescribes that all raw materials must undergo at least 30 per cent local processing before they can be exported. The bill was sponsored by Senator Onyekachi Nwebonyi, representing Ebonyi North. The passage of the bill followed the adoption of the report of the Senate Committee on Science and Technology on the amendment of the Raw Materials Research and Development Council (RMRDC) Act, 2022. The bill …
Tinubu calls for restructuring of global governance, finance, healthcare systems
Rio de Janeiro, July 7, 2025 – President Bola Ahmed Tinubu has called for restructuring of global governance, finance and healthcare systems to take care of developing countries. Tinubu made the call on Sunday at the ongoing 17th BRICS Summit in Rio de Janeiro, Brazil. He said that the current global institutions and economic architecture were outdated and disproportionately to the disadvantage of nations in the Global South. “Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate …