The Central Bank of Nigeria (CBN) has announced that the country’s gross foreign exchange reserves have reached a 4-year high of $41.05 billion as of August 2025. This milestone, attributed to increased oil revenues and diaspora remittances, marks a significant improvement in Nigeria’s economic stability. The CBN Governor, speaking in Abuja, stated, 'Our target is to build reserves to $100 billion in the medium term to cushion against external shocks.' Analysts note that this could strengthen the naira and boost investor confidence if sustained.
The Nigeria Customs Service has issued a 14-day ultimatum for the clearance of 905 overtime cargoes at various ports across the country. Failure to comply within the stipulated period will result in the seizure of the goods. This directive is part of efforts to decongest ports and ensure compliance with import regulations. Importers and clearing agents have been urged to expedite the clearance process to avoid losses. The Customs Service reiterated its commitment to facilitating trade while enforcing legal requirements.
Punch Newspapers (MobilePunch) At the inaugural summit themed 'Moving from Consumption to Production' held in Lagos on Saturday, speakers emphasized that innovation and execution, rather than lamentation, are the true drivers of business success in Nigeria. The event brought together entrepreneurs, policymakers, and industry leaders to discuss strategies for economic growth. Key points raised include the need for local production to reduce dependency on imports and the role of technology in scaling businesses. Attendees were encouraged to adopt proactive approaches to challenges such as funding and infrastructure deficits. The summit concluded with a call for collaborative efforts between the government and private sector to foster a conducive business environment.
Punch Newspapers (MobilePunch)