The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) expanded by 4.23 percent year-on-year in the second quarter of 2025. According to the report released on Monday, the growth rate surpassed the 3.48 percent recorded in the same quarter of 2024 as well as the 3.13 percent posted in the first quarter of 2025.

French media powerhouse Canal+ announced on Monday that it has officially taken control of South Africa’s MultiChoice, forming a media giant with operations spanning nearly 70 countries across Africa, Europe, and Asia. In a joint statement, both companies revealed that the merged group will employ 17,000 people and cater to over 40 million subscribers. Describing the takeover as “the largest transaction ever undertaken” by Canal+, the company said the deal cements its leadership across Africa’s diverse media markets. Already dominant in French-speaking African nations, Canal+ will now oversee what it called the leading broadcaster in English- and Portuguese-speaking regions of the continent. “This acquisition strengthens our position as a leader in Africa, one of the fastest-growing pay-TV markets globally,” Canal+ CEO Maxime Saada said. The buyout received final approval from South Africa’s competition authority in late July, more than a year after Canal+ tabled its bid. The French company had initially offered 125 rand ($7.20) per share, valuing MultiChoice at about $3 billion. Currently, Canal+ operates in 25 African countries through 16 subsidiaries, with a subscriber base of eight million. MultiChoice, on the other hand, runs services in 50 sub-Saharan countries, serving 14.5 million subscribers through platforms including DStv and Africa’s leading sports broadcaster, SuperSport.

Retail Supermarkets Nigeria Limited (RSNL), operator of the Shoprite franchise in Nigeria, has dismissed rumours of a shutdown, assuring that it remains committed to operating in the country. In a statement, the company, now supported by new investors, explained that it is carrying out a comprehensive business model reset to adapt to Nigeria’s current economic realities. “The former business model, inherited after the company’s acquisition, heavily relied on large store formats, imports, and high overheads. “This model is no longer viable in the face of Nigeria’s current economic climate, which includes exchange rate volatility, rising inflation, and constrained liquidity,” the statement reads. According to the firm, the new business model was designed to become less dependent on imported products, saying that 80 per cent of its products are sourced in the country. It further explained that the new model would stabilise operations and reposition the business for long-term growth. “This reset is built on several key pillars: local supply chains, with over 80% of products now sourced in Nigeria,” it added. The firm’s Chief Strategy Officer, Bunmi Adeleye, described the present process of the business as a rebuilding phase, stressing that the business outlook is targeted to become more local.

The Naira yesterday strengthened to N1,530 per dollar in the parallel market, up from N1,537 per dollar on Wednesday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the currency appreciated to N1,490 per dollar. According to data released by the Central Bank of Nigeria (CBN), the official exchange rate dropped to N1,490 per dollar from N1,498 per dollar on Wednesday, reflecting an N8 gain for the local currency. As a result, the gap between the parallel market and NFEM rates widened to N40 per dollar, compared to N39 per dollar the previous day.

Dangote Petroleum Refinery has alleged that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) asked it to raise the price of petrol and diesel by ₦75 per litre to enable its members to align depot rates with the refinery’s gantry prices. According to the refinery, if the request were granted, the pump price of Premium Motor Spirit (PMS) could climb to about ₦950 per litre, while Automotive Gas Oil (diesel) could reach ₦1,090 per litre in some parts of the country. The refinery explained that although it sells products at gantry prices, DAPPMAN prefers to take delivery through coastal logistics, which attracts an extra ₦75 per litre. With Nigeria’s daily consumption put at 40 million litres of PMS and 15 million litres of AGO, this translates into an additional annual cost of ₦1.505 trillion—an amount the refinery said DAPPMAN effectively wants it to absorb and transfer to consumers. “Between June and September, the refinery exported a combined total of 3,229,881 metric tonnes of PMS, AGO, and aviation fuel, while marketers imported 3,687,828 metric tonnes over the same period, an action that amounts to dumping, which is detrimental to the Nigerian economy and the well-being of its citizens,” it said. Reaffirming its commitment to supporting the reform agenda of President Bola Ahmed Tinubu, the refinery stated that through various strategic interventions, it has helped stabilise the Naira, cushion the effects of fuel subsidy removal, position Nigeria as a refining hub, boost foreign exchange earnings, and create employment opportunities across multiple sectors. “We enjoy strong working relationships with government agencies and remain committed to supporting their efforts, while not hesitating to hold institutions accountable where necessary. “Dangote Petroleum Refinery remains firmly committed to the progress and well-being of Nigeria, and is open to partnerships with patriotic and responsible stakeholders in pursuit of national development,” it noted. The Refinery also reaffirmed its position regarding its recent statement on the DAPPMAN, which was published on Monday, 15 September, in several national dailies and reputable online platforms. The refinery stressed that any party aggrieved by the content of the publication is free to seek redress through appropriate legal channels. It noted that it would not be swayed by threats or so-called seven-day ultimatums and is fully prepared to defend its position through all legitimate means.

Dangote Refinery has accused the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) of seeking an annual subsidy of ₦1.505 trillion to enable their members to match depot prices with the refinery’s gantry prices. In a statement, the refinery explained that the figure was derived from Nigeria’s daily consumption of 40 million litres of Premium Motor Spirit (PMS) and 15 million litres of Automotive Gas Oil (AGO). According to the company, the marketers demanded a discount of ₦70 per litre on coastal freight, NIMASA, NPA, and other charges, in addition to ₦5 per litre for pumping products into vessels for transportation to depots in Apapa. Dangote Refinery, however, maintained that it would not adjust its gantry prices or absorb the cost burden. It stressed that it would not reintroduce a subsidy regime that had previously cost Nigeria trillions of naira. Instead, the refinery urged marketers to lift products directly from its gantry to benefit from its logistics-free initiative.

The Federation Account Allocation Committee (FAAC) on Wednesday announced that the Federal Government, states, and local government councils shared a total of N2.225 trillion as revenue for August 2025, marking an 11.2 per cent increase (N224.118bn) over the N2.001 trillion distributed in July. A statement issued by the Office of the Accountant General of the Federation, through its Director of Press and Public Relations, Bawa Mokwa, noted that the disbursement followed the FAAC meeting held in Abuja. According to the statement, the August allocation consisted of **N1.478 trillion statutory revenue, N672.903 billion from Value Added Tax (VAT), N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion as Exchange Difference.** It explained that total gross revenue available in August was **N3.635 trillion.** From this amount, **N124.839 billion** was deducted as cost of collection, while **N1.285 trillion** went into transfers, interventions, refunds, and savings. Breakdown of the statutory allocation showed that from the N1.478 trillion statutory revenue, the Federal Government received **N684.462 billion,** states received **N347.168 billion,** local governments got **N267.652 billion,** while oil-producing states earned **N179.311 billion** as 13 per cent derivation. From the VAT revenue of N672.903 billion, the Federal Government received **N100.935 billion,** states got **N336.452 billion,** and local governments received **N235.516 billion.** On the EMTL, the Federal Government received **N4.851 billion,** states **N16.169 billion,** and local governments **N11.318 billion** out of the total N32.338 billion. From the N41.284 billion Exchange Difference, the Federal Government got **N19.799 billion,** states **N10.042 billion,** local governments **N7.742 billion,** while oil-producing states received **N3.701 billion** as derivation. The statement further disclosed that gross statutory revenue for August stood at **N2.838 trillion,** a decline of **N231.913 billion** compared with **N3.070 trillion** in July. However, gross VAT revenue increased to **N722.619 billion** in August from **N687.940 billion** in July, reflecting a rise of **N34.679 billion.** It added that while oil and gas royalties, VAT, and CET levies recorded significant gains, receipts from Petroleum Profit Tax, Import Duty, Companies Income Tax, Excise Duty, and EMTL all declined.

The naira yesterday weakened to ₦1,537 per dollar in the parallel market, down from ₦1,535 per dollar on Wednesday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the currency slipped to ₦1,498 per dollar. According to data released by the Central Bank of Nigeria (CBN), the official rate rose to ₦1,498 per dollar from ₦1,485.5 per dollar on Tuesday, reflecting a ₦12.5 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to ₦39 per dollar, compared to ₦49.95 per dollar on Tuesday.

Nigeria’s headline inflation eased for the fifth consecutive month in August 2025, offering some relief to households battling high living costs. Fresh data from the National Bureau of Statistics (NBS), released on Monday, showed that inflation slowed to 20.12 per cent in August from 21.88 per cent in July—a 1.76 percentage point drop. The figure also marked a sharp decline from the 32.15 per cent recorded in August 2024. The Consumer Price Index (CPI), which tracks changes in the cost of goods and services, rose slightly to 126.8 points in August from 125.9 in July. Month-on-month inflation stood at 0.74 per cent, well below July’s 1.99 per cent, indicating a deceleration in price increases nationwide. According to the NBS, “In August 2025, headline inflation eased to 20.12 per cent compared to 21.88 per cent in July 2025, reflecting a 1.76 percentage point decline. The CPI rose by 0.9 points month-on-month, from 125.9 to 126.8.” The report noted that inflationary pressures varied across regions. Urban inflation dropped to 19.75 per cent year-on-year in August, down sharply from 34.58 per cent in the same period last year. Rural inflation was higher at 20.28 per cent, compared with 29.95 per cent in August 2024. On a monthly basis, urban inflation slowed to 0.49 per cent from 1.86 per cent in July, while rural inflation eased to 1.38 per cent from 2.30 per cent. Food inflation, the biggest driver of Nigeria’s inflation basket, also moderated but remained elevated. It dropped to 21.87 per cent in August, compared with 37.52 per cent a year earlier. Month-on-month, food inflation slowed to 1.65 per cent from 3.12 per cent in July, helped by lower prices of staples such as rice, maize flour, guinea corn flour, millet, semolina, and soya milk. The 12-month average for food inflation fell to 25.75 per cent from 36.99 per cent in August 2024. However, food costs remain high, particularly in northern states, where insecurity and logistics disruptions continue to strain supply chains. Core inflation—which excludes volatile food and energy items—was recorded at 20.33 per cent in August, down from 27.58 per cent a year earlier. But on a monthly basis, it rose to 1.43 per cent from 0.97 per cent in July, reflecting pressure from housing, utilities, transport, education, and healthcare costs. Inflation rates also varied by state. Ekiti posted the highest year-on-year headline inflation at 28.17 per cent, followed by Kano at 27.27 per cent and Oyo at 26.58 per cent. Zamfara (11.82 per cent), Anambra (14.16 per cent), and Enugu (14.20 per cent) recorded the lowest. Food inflation was highest in Borno (36.67 per cent), Kano (30.44 per cent), and Akwa Ibom (29.85 per cent), while Zamfara (3.30 per cent), Yobe (3.60 per cent), and Sokoto (6.34 per cent) saw the lowest. On a monthly basis, inflation accelerated most in Yobe (9.20 per cent), Katsina (8.59 per cent), and Sokoto (6.57 per cent), while Enugu (–5.32 per cent), Taraba (–3.64 per cent), and Nasarawa (–3.56 per cent) recorded declines. The report comes just ahead of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meeting scheduled for September 22–23, where members will weigh whether to hold or adjust the 27.5 per cent benchmark interest rate. While five consecutive months of disinflation could offer some policy space, the persistence of food and core inflation means the MPC is likely to tread cautiously.

The Federal Inland Revenue Service (FIRS) has debunked reports claiming that Nigerians would need to obtain a separate Tax Identification Number (TIN) to open or operate bank accounts. The agency clarified that the new framework is fully integrated with existing national registries, including the National Identification Number (NIN) and Corporate Affairs Commission (CAC) records. The clarification followed public concerns sparked by media reports suggesting that, beginning in January 2026, Nigerians would be required to present a TIN for banking transactions—raising fears of additional bureaucratic bottlenecks. Responding to the controversy, Arabinrin Aderonke Atoyebi, Technical Assistant on Broadcast Media to FIRS Executive Chairman, Zacch Adedeji, stated on her official X handle, @AderonkeW, that the reports were misleading. She made the explanation in a post titled “Explainer: Comprehensive Framework of the Tax ID” over the weekend. “In recent debates about Nigeria’s tax reforms, a widespread misconception has taken root: that citizens without a Tax Identification Number (TIN) cannot own or operate a bank account. “This view, while the reality is that Nigeria’s tax system has evolved to integrate seamlessly with existing national registries, ensuring that every eligible individual or entity is automatically identifiable for tax purposes. “This article clarifies how the new framework works, drawing from the Federal Inland Revenue Service’s (FIRS) implementation of the National Taxpayer Directory under the Nigeria Tax Administration Act (2025)”, her statement read. She explained that the TIN is a 13-digit identifier designed to uniquely capture details of taxable persons and entities across Nigeria. She continued, “What is a Tax ID? The Tax Identification Number (TIN) is a 13-digit unique identifier for all taxable persons and entities in Nigeria. It encodes details such as issuance year, registry source (NIN for individuals, RC for corporates), state of registration, and a cryptographic fragment for security, ending with a check digit. “The TIN is not a standalone requirement imposed on citizens. Instead, it’s a statutory tool that ensures every taxpayer, whether an individual, a registered business, or an association, can be uniquely verified within the national tax system.” On the integration with national identity systems, Atoyebi stressed that citizens are already tax-compliant once they provide their NIN. “Tax ID and the National Identity Management Commission, NIMC: For individuals, the TIN is automatically linked to their National Identification Number (NIN) issued by the National Identity Management Commission (NIMC). “When an individual provides their NIN, such as during bank account opening or Know Your Customer (KYC) processes, the system cross-checks the NIN in the national database. As part of this verification, the TIN is automatically retrieved and attached to the person’s records. “This means citizens do not need to manually apply for or present a tax ID before opening a bank account. The system handles the integration in real time”, her explanation added.