Economy

Trade minister confirms Nigeria has secured $50bn investment deals

Published

9 months ago

March 5, 2025

Admin

The Minister of Industry, Trade and Investment, Jumoke Oduwole, says Nigeria has secured $50.8 billion in investment deals as of November 2024.

She made the disclosure when she presented the ministry’s achievements at a ministerial briefing in Abuja on Tuesday.

On trade, the minister said her ministry has positioned Nigeria as a key player under the African Continental Free Trade Area (AfCFTA) agreement and completed a World Trade Organisation (WTO) review.

She added that the ministry was working to remove bottlenecks hindering investment growth while leveraging collaboration with other key stakeholders.

The minister highlighted some reforms, investment inflows, and policy advancements as strides of her ministry.

One of the major reforms she outlined was the ministry’s establishment of an Industrial Revolution Work Group and a National Industry Tour as part of efforts to assess and revitalise Nigeria’s industrial landscape.

These achievements indicate progress in international trade engagement, Oduwole said, even as she highlighted technology and job creation with emphasis on youth participation in a tech-driven economy.

In a piece earlier in February, Oduwole said Africa’s digital trade and trade in services landscape has witnessed significant growth in recent years.

“Indeed, digital trade is transforming the continent’s economic landscape, creating new opportunities for real economic growth, productive job creation, and poverty reduction.

“This important shift has occurred as the African Continental Free Trade Area (AfCFTA) Agreement and its Protocols have begun to play a crucial role in increasing intra-African trade, driving economic growth and development across the continent.

“In particular, the AfCFTA Protocol on Digital Trade, the first of its kind in the world, and the Protocol on Trade in Services are critical game-changers at this pivotal moment, an inflection point in the continent’s journey.

“The AfCFTA is expected to increase intra-African trade from 18% in 2022 to 50% by 2030 (AfDB, 2022). Digital trade is a key part of this, with the internet economy projected to contribute 5.2% of Africa’s GDP by 2025 (Google and IFC, 2022).

“Already, Digital trade and trade in services are recognized as key drivers of Africa’s economic transformation, helping to diversify economies, increase competitiveness, and improve productivity (UNCTAD, 2022).

“The continent’s digital economy is projected to reach $180 billion by 2025, up from $115 billion in 2020, thus, contributing significantly to Africa’s GDP, creating new job opportunities, and expanding regional trade,” she stated.

Related Topics:2030 Economy Minister Nigeria Stakeholders

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Economy

See Dollar to Naira Exchange rate today, November 10, 2025

Published

6 days ago

November 10, 2025

ADMIN

Nigeria’s official Daily Foreign Exchange Market (NFEM) rate opened the week around ₦1,436–₦1,437 to the US dollar on Monday, November 10, 2025, while the parallel (black/BDC) market continued to trade the dollar roughly between ₦1,450 and ₦1,470 depending on location and dealer.

Key figures

NFEM/official (volume-weighted average): about ₦1,436–₦1,437 per $1.

Parallel/BDC (reported ranges): buy ₦1,450–₦1,458; sell ₦1,460–₦1,470.

What happened today
The official FX window — the Daily Nigerian Foreign Exchange Market (NFEM) — remained close to the mid-₦1,430s, reflecting steady dollar inflows from exporters and remittances that kept official liquidity intact. At the same time, dollar demand in cash-heavy city BDC markets pushed parallel-market quotes higher, producing the persistent spread between the official and street rates.

Why the gap persists
Analysts point to a mix of structural and cyclical factors: the end of subsidy-related pressures, improved dollar inflows linked to higher non-oil earnings, and recent policy moves by the Central Bank of Nigeria. But limited access to small-dollar cash and the fragmented nature of BDC liquidity keep parallel-market premiums in place. International market sentiment and capital flows remain important drivers of short-term moves.

How this affects consumers and businesses

Importers and firms needing physical dollars still factor in the parallel-market premium when pricing and sourcing goods.

Remittance recipients often get rates closer to the parallel market when cash is required immediately.

Traders and FX desks monitor the NFEM rate for contractual and official reporting while using BDC quotes to assess immediate cash needs.

Over the past week the dollar–naira has fluctuated in the mid-₦1,430s to mid-₦1,460s, with occasional spikes in the parallel market when local cash demand rises. The Central Bank’s measures to improve FX liquidity and recent macroeconomic signals (including an interest-rate shift earlier in the fall) have helped reduce volatility compared with earlier in 2025, but a permanent narrowing of the spread depends on sustained, predictable dollar supply.

Economy

Naira Rebounces Against The USD, EURO, GBP Today November 6, 2025 At The Official And Black Markets

Published

1 week ago

November 6, 2025

ADMIN

See rates below:

Dollars to Naira (USD to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1450
Selling Rate (Black Market) ₦1460
Official CBN Rate ₦1439

Euro to Naira (EUR to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1650
Selling Rate (Black Market) ₦1685
Official CBN Rate ₦1654

Pounds to Naira (GBP to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1840
Selling Rate (Black Market) ₦1940
Official CBN Rate ₦1877

Economy

SEE Dollar to Naira Exchange rate: Black Market and CBN rates

Published

3 weeks ago

October 28, 2025

Prosper Omotola

By Prosper Olayiwola

The exchange rate between the U.S. dollar and the Nigerian naira continued to fluctuate across different markets on Monday, October 27, 2025, as traders and Bureau De Change (BDC) operators reported mixed prices.

At the Lagos Parallel Market, commonly referred to as the black market, one U.S. dollar was sold at ₦1,499 and bought at ₦1,485, according to traders interviewed early Monday. This reflects a slight adjustment from weekend figures, as market demand for the greenback remained strong amid limited supply.

However, the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the parallel market, warning Nigerians against patronizing unregulated forex dealers. The apex bank maintains that all legitimate foreign exchange transactions should be carried out through authorized channels, particularly commercial banks, to ensure transparency and stability in the financial system.

Black Market (Aboki FX) Exchange Rate Today

Dollar to Naira (USD to NGN) Black Market Rate
Buying Rate ₦1,485
Selling Rate ₦1,499

Official CBN Exchange Rate Today

Dollar to Naira (USD to NGN) CBN Rate
Highest Rate ₦1,457
Lowest Rate ₦1,450

It is important to note that exchange rates may differ depending on location, volume of transaction, and demand dynamics at various trading points. Rates reported by independent sources or online platforms may also vary slightly from those published by official or regulated channels.

As Nigeria continues to grapple with inflationary pressures and declining foreign reserves, analysts say the exchange rate movement will remain one of the most closely watched indicators of economic stability in the weeks ahead.