Business
Nigeria is gradually regaining macroeconomic stability – CPPE
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.
Dr Muda Yusuf, the Chief Executive Officer (CEO) ,Centre for the Promotion of Private Enterprise (CPPE), declared that Nigeria is gradually regaining macroeconomic stability.
He referenced the downward trend of headline inflation rate for the fifth consecutive month, reaching 20.12 percent in August 2025 from July’s 21.88 percent.
Dr Yusuf made the above comments in response to the data from the National Bureau of Statistics (NBS) for the period under review .
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.
According to Yusuf the 20.12 percent recorded in August represents a notable 1.76 percentage point decline from July’s 21.88 per cent.
Month-on-month inflation also slowed sharply, with prices rising by just 0.74 percent in August compared to 1.99 per cent in July.
“However, consumer confidence remains fragile due to persistently high food prices and weak purchasing power. Despite this, consumer pessimism is gradually easing, suggesting that households are beginning to adjust their expectations as inflation slows.
“Several factors have contributed to the continued deceleration in inflation, including base effects from the unusually high inflation rates recorded in 2024, FX stabilisation and improved agricultural production from sub-national government interventions, which have helped boost food supply and contain price spikes,” he said.
Business
FG Plans to Extend Lagos Rail Line to Murtala Muhammed Airport Terminals
Keyamo noted that Lagos accounts for 67 per mcent of passenger traffic through Nigeria’s airports.
The Minister of Aviation and Aerospace Development, Festus Keyamo, announced at the ongoing Invest in Lagos 3.0 summit, that the federal government has concluded arrangements to extend the existing Lagos rail network to the domestic and international terminals of the Murtala Muhammed Airport (MMA).
The move is aimed at improving connectivity and strengthening Lagos’ position as an aviation hub in Africa.
He said discussions between his ministry and the state government are ongoing.
The extension will link the rail line that currently terminates at Ikeja Bus Stop to the airport.
According to Keyamo, the line will pass through the General Aviation Terminal (GAT), continue to the Murtala Muhammed Airport Terminal Two (MMA2) operated by Bi-Courtney Aviation Services Limited (BASL), and end at the international terminal.
“That rail line is about to start. It is the extension of the rail line. So, Lagos is just ready for the next big step in terms of its aviation activities,” the minister said.
The project is expected to ease access to Nigeria’s busiest airport. It also supports the government’s ambition to position Lagos as a major aviation and logistics hub on the continent.
The proposed link will complement Lagos’ expanding rail network.
Last month, the Lagos State Government said the Blue Line carried about 3.5 million passengers in 2025, with daily ridership rising to 15,000 commuters. Work continues on its extension to Okokomaiko and expansion of services on the Red Line.
Keyamo noted that Lagos accounts for 67 percent of passenger traffic through Nigeria’s airports.
He argued that the state’s location gives it a natural advantage to compete with established aviation hubs.
“Just six hours across the Atlantic, you will get to South America from the Lagos airport. Six hours down, you will get to Southern Africa. Six hours to the Middle East, you will get to Dubai or Qatar. Six hours up, you will get to Europe, either France or London.
That is the equidistant advantage that Lagos provides as a hub for the whole of Africa. We will soon catch up with hubs like Addis Ababa and Lome,” he said.
The minister also highlighted ongoing investments in airport infrastructure under President Bola Tinubu’s administration.
He said about $500 million has been committed to reconstructing and modernising the international terminal at Lagos airport.
The investment will transform the ageing facility into a modern airport capable of handling growing passenger and cargo traffic.
Keyamo added that the federal government has expanded Nigeria’s international airport network. Victor Attah International Airport in Uyo and Maiduguri International Airport have been designated as international airports, bringing the total to seven.
He said the resolution of the long-running dispute between BASL and the federal government shows the administration’s commitment to creating an enabling environment for private sector participation in aviation.
He urged local and foreign investors to explore opportunities in the sector, including the proposed airport project in the Lekki-Epe corridor promoted by the Lagos State Government.If implemented, the airport rail extension will provide direct rail access to the country’s busiest aviation gateway.
It will complement ongoing investments in Lagos’ mass transit system and support broader efforts to improve mobility in Nigeria’s commercial capital.
Business
Exchange Rates Today, Wednesday 10 June, 2026
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100
Official CBN Exchange Rates
US Dollar (USD) ₦1,360.55
Great British Pound (GBP) ₦1,823. 00
EURO (EUR) ₦1,873.61
SWISS FRANC (CHF) ₦1,709. 02
JAPANESE YEN (JPN) ₦8.49
CHINESE YUAN (CNY) ₦200.92
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,856. 66
SAUDI RIYAL (SAR) ₦362. 38
SOUTH AFRICAN RAND (ZAR) ₦82.71
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦100 Sell ₦115
West African CFA Buy ₦2,450 Sell ₦2,550
Central African CFA Buy ₦2,320 Sell 2400
Australian Dollar Buy ₦800 Sell ₦900
Credit: CBN I Aboki Forex
Business
Invest in Lagos 3.0 Summit Attracts more than 600 delegates
Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.
• Representatives of government and private sector delegates at the summit
Invest in Lagos 3.0 Summit attracted more than 600 delegates—including global institutions, sovereign wealth funds, development finance institutions and trade networks.
Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.
The host governor, Babajide Sanwo-Olu, called for increased private sector investment in rail transport, energy, agriculture, agro-processing and water infrastructure.
He said that addressing transportation challenges would unlock Lagos’ economic potential, reduce travel time, boost productivity and improve returns on investment.
Minister of Finance, Dr. Taiwo Oyedele, assured investors of the Federal Government’s commitment to creating a conducive business environment through ongoing fiscal reforms. He said the new tax law has eliminated multiple taxation, improved compliance and provided relief for small and medium enterprises.
Oyedele added that stamp duty collection has been transferred to state governments and commended states that have adopted harmonised tax systems.
-
News2 days agoCourt Voids ₦110bn N’Assembly Vehicles, Allowances
-
Business3 days agoSenate’s approval of Sugar – Sweetened Beverages Tax Bill, Shocking, says CPPE, Lobbying Reps for rejection
-
News2 days agoFG Clears Five-Month Allowance Arrears for University Lecturers
-
News2 days agoLagos Begins 500-Tree Campaign to Tackle Extreme Heat
-
News3 days agoCourt Declares National Assembly’s N110bn SUV and Allowance Schemes Unlawful
-
Politics2 days agoNDC Declares Party Supremacy, Approves Code of Conduct Committee
-
Politics2 days ago2027: Lagos APC picks Damilola as Hamzat ‘s Deputy Governor
-
Entertainment2 days agoNigerian-British Singer Talay Riley Dies in London Stabbing, Others Mourn
