Lagos Residents Spend 70% of Income on Rent
Lagos residents face a severe housing crisis as rents consume 50-70% of income, forcing many to relocate or struggle with basic needs. Calls for government intervention and reforms grow louder.
Category : Business
Naira Loses N17 as CBN Crashes Currency to Narrow FX Gap
The Nigerian naira depreciated by N17 against the US dollar as the Central Bank intervened to narrow the gap between official and parallel market exchange rates. Nigeria's external reserves surpass $50 billion, the highest level in 13 years.
Bolivia Plane Crash Scatters Cash, Sparks Chaos
A military cargo plane transporting newly printed Bolivian currency crashed near La Paz, killing 20 and scattering banknotes that triggered a chaotic scramble by crowds despite security efforts.
Middle East Airspace Closed After US-Israel Strike Iran
Airspace across the Middle East has been closed and international flights thrown into chaos following coordinated military strikes by the United States and Israel on Iran. Multiple countries have imposed full or partial closures, leading to widespread fli
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20 Dead in Bolivian Military Plane Crash Carrying Cash
A Bolivian military cargo plane transporting a large sum of money crashed near La Paz, killing at least 20 people. Authorities warn the cash has no legal value, and police arrested 12 for looting.
EKEDC Requires TIN, NIN, CAC from Corporate Clients as Tax Act Takes Effect
Eko Electricity Distribution Company instructs corporate and maximum demand customers to provide tax identification details by February 28, 2026, to comply with Nigeria Tax Act 2025, with non-compliance risking invalid invoices and service suspension.
Gas Shortage Cuts Nigeria's Power Generation to 4,300MW
Nigeria faces nationwide blackouts as gas supply to thermal plants drops below 43% of requirement, forcing load shedding and reducing electricity generation to 4,300MW, far below peak demand.
Groups Urge Tinubu, NASS to Redirect Gas Flaring Penalties
Environmental organizations demand President Tinubu and the National Assembly review Executive Order 9, arguing gas flaring penalties should fund Niger Delta remediation, not government revenue.
Modular Refineries Supply 2.37% of Diesel as Dangote, Imports Lead
NMDPRA data reveals Nigeria's modular refineries supplied an average of 2.37% of diesel demand from November 2025 to January 2026, overshadowed by Dangote Refinery and imports. CORAN calls for improved crude access and funding to boost domestic refining c
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First European Cargo Plane to Land at Gateway Airport Soon
Governor Dapo Abiodun announces cargo operations will start at Gateway International Airport within 30-45 days, with the first cargo aircraft from Europe landing. The development is part of the Industrial Platform, Remo Free Trade Zone project.
NDIC Explains Deposit Insurance Payouts for Failed Banks
The Nigeria Deposit Insurance Corporation has detailed how much customers receive when banks collapse, with maximum payouts of N5 million for commercial banks and N2 million for microfinance institutions.
FAAN Rolls Out Cashless Policy at Airports, March 2026 Start
The Federal Airports Authority of Nigeria (FAAN) has declared a full cashless and contactless payment system across all airport payment points nationwide, effective March 1, 2026.
Traders Fair 2026 in Lagos to Highlight Nigeria's Trading Growth
The Traders Fair 2026 is set to take place in Lagos, bringing together Nigeria's retail trading and fintech community for innovation, market intelligence, and collaboration in April 2026.
US Housing Market: 44% More Sellers Than Buyers
A new Redfin analysis reveals a 44% gap between home sellers and buyers in the US, marking the second-widest imbalance since 2013 and creating a buyer-friendly market nationwide.
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Cooking Gas Prices Drop Nationwide in January 2026
The National Bureau of Statistics reveals a 23.25% year-on-year decrease in cooking gas prices for January 2026, with Jigawa, Abia, and Akwa Ibom as the most expensive states, while Bayelsa, Sokoto, and Katsina offer the cheapest rates.
AEDC Plans Near-24-Hour Power in FCT, 3 States by 2027
The Abuja Electricity Distribution Company announces ambitious plan to cut blackouts and deliver near-24-hour electricity to FCT, Niger, Kogi, and Nasarawa states through new gas plant and infrastructure upgrades.
Gas Shortage Forces Load Shedding Across Nigeria's Power Grid
Nigeria's electricity supply faces severe strain as gas shortages drop below 43% of requirements, forcing the Independent System Operator to implement load shedding nationwide.
Lagos Tops States With Most Expensive Diesel Prices in Nigeria
The National Bureau of Statistics reveals diesel prices fell 9.32% year-on-year in January 2026, with Lagos, Akwa Ibom, and Borno recording the highest costs while Kogi, Ogun, and Zamfara had the lowest.
Lebara Enters Nigeria Telecom with UK Support
Lebara, backed by UK diplomatic efforts, has officially entered Nigeria's competitive telecom sector, unveiling its 0724 number series and aiming to connect diaspora and domestic users through innovative services and partnerships.
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9 Million Households Get FG Cash Transfers, Edun Discloses
Finance Minister Wale Edun announced that nine million of Nigeria's poorest households have received direct cash transfers, with over 12 million Nigerians enrolled through digital ID integration.
JRB Denies Automatic Bank Deductions Over Tax ID Fears
The Joint Revenue Board reassures Nigerians that obtaining a Tax ID will not lead to automatic bank deductions, as the new portal receives positive feedback despite initial panic over tax reforms.
Cement Prices Soar Above N10,000 Per Bag in Nigeria
Cement prices have skyrocketed above N10,000 per bag in Nigeria, with major brands like Dangote and BUA increasing costs due to production and logistics. Dealers report new rates up to N11,500, impacting construction and housing projects nationwide.
SIA Startup Foundry Opens for $10,000 Grants and Training
Nigerian entrepreneurs can apply for the SIA Startup Foundry's third cohort, offering $10,000 grants, business bootcamps, mentorship, and investor exposure. Applications close March 13, 2026.
Onitsha Traders Offer Options to Stop Soludo's Shop Demolition
Traders at Onitsha Main Market have urged Governor Charles Soludo to consider building extension markets instead of demolishing 10,000 shops, warning of increased insecurity and economic harm.
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Lagos BRT Fare Hike Sparks Commuter Outcry Over Service
Lagos State's Bus Rapid Transport fare increase has led to rising transportation costs and commuter frustration over declining service quality and safety concerns across major routes.
Aircraft Accident Compensation Guide for Survivors and Families
A comprehensive overview of plane crash compensation, covering liability, calculation methods, and legal complexities for victims and families seeking justice after aviation disasters.
Dollar Slumps to One-Week Low as Trade Tensions, Iran Fears Shake Markets
The U.S. dollar retreated to its lowest level in a week as geopolitical risks and renewed trade tensions weighed on investor sentiment. Currency markets brace for volatility amid Supreme Court rulings and diplomatic talks.
Stock Market Loses N514bn as Bearish Trend Continues
The Nigerian equities market sustained its bearish momentum for the second consecutive session, wiping N514 billion off investors' wealth. The All-Share Index fell 0.41% as profit-taking hit banking, consumer goods, and oil and gas stocks.
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Globacom, Samsung Unveil Galaxy S26 Series in Lagos
Telecom giant Globacom partners with Samsung to launch the Galaxy S26 series in Nigeria, offering exclusive pre-order benefits including free data bundles and Platinum eSIM numbers to customers.
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Tinubu's Executive Order Reshapes Oil Revenue Distribution in Nigeria
President Bola Tinubu has signed an executive order mandating direct remittance of oil and gas revenues to the Federation Account, eliminating key deductions and sparking debates on transparency and job losses.
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