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Nigeria’s economy grows 3.7% in H1- Stanbic IBTC report

Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.

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• President Bola Tinubu

The Nigerian economy grew by 3.7 percent in the first half of 2025, driven by improved business conditions and increased oil production.

This was revealed in the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) report compiled by S&P Global and released on Tuesday.

Earlier, the World Bank estimated that Nigeria’s economy would grow by 3.6 percent in 2025, higher than the 3.4 percent recorded in 2024, despite shifts in global trade dynamics.

This projection is lower than the Central Bank of Nigeria’s estimate of 4.17 percent and the ambitious 5.5 percent GDP growth forecasted by the Nigerian Economic Summit Group in January.

Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.

He said, “Insights from the monthly PMIs and crude oil production data from the Nigerian Upstream Petroleum Regulatory Commission suggest an economy that grew by an estimated 3.7 per cent y/y in H1 2025, supported by higher crude oil production and improved growth in manufacturing and services, while agriculture continues to lag its long-term average growth rate of 3.6 per cent.”

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Illicit Financial Flows Draining National Resources – Adedeji

He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

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•Chairman of FIRS, Zacch Adedeji

On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.

He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:

* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.

  • The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
  • FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
  • * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
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Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

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The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent. 

He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.

The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.

He also disclosed that eight banks had achieved the new recapitalisation requirements.

The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.

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NCS Replacing 4% import charges with 1% CISS import levy

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.

The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.

The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.

He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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