Business
CBN okays dollar collection for diaspora remittances

The Central Bank of Nigeria (CBN) says beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) can now receive their funds in foreign currency (US dollar).
It said the amended procedures for receiving such remittances was part of its efforts to boost the foreign exchange market.
It said this in a statement on Monday signed by its Director of Trade and Exchange, O.S. Nnaji, stressing that recipients of such remittances could have the option of receiving such funds in the foreign currency cash or into their domiciliary account.
The statement read in part, “These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria.
“In addition, these changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that recipients would receive a market reflective exchange rate for the market.”
The CBN also noted that beneficiaries would have unfettered access and utilisation to such foreign currency proceeds, either in cash and or in their domiciliary accounts.
Under the new guidelines, operators of export domiciliary accounts would continue to operate based on existing regulations allowing account holders to use their funds for business operations only with any extra funds sold in the import and export window, the CBN stated.
Also operators of ordinary domiciliary accounts where accounts are funded electronically or wire transfer, will be allowed unfettered and unrestricted use of these funds for eligible transactions.
And where accounts are funded by cash lodgments, existing regulation will continue to apply, according to the apex bank.
Business
I’m honoured, excited over World Bank’s appointment – Dangote

I’m honoured, excited over World Bank’s appointment – Dangote
President and CEO of Dangote Group, Aliko Dangote, has expressed gratitude following his appointment to the World Bank’s Private Sector Investment Lab, a global initiative aimed at accelerating private investment and job creation in emerging economies.
In a statement confirming the development, Dangote described the appointment as both an honour and a reflection of his long-standing commitment to economic development through private enterprise.
“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” Dangote said.
“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.”
He referenced the successes of the so-called Asian Tigers, economies that experienced rapid growth through strategic investment, as a source of inspiration for advancing similar outcomes in other parts of the world.
The World Bank announced Dangote’s inclusion on Wednesday as part of a broader expansion of the Lab, which enters a new phase focused on scaling up solutions that attract private capital and generate employment in developing countries.
Other newly appointed members include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
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World Bank Group President Ajay Banga noted that the expanded membership underscores the institution’s focus on integrating private-sector leadership into its strategy for global job creation.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy,” Banga said.
“This isn’t about altruism—it’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It’s central to our mandate.”
The lab, which was co-chaired in 2023 by Canadian Prime Minister Mark Carney, previously sought to mobilise £1 trillion in sustainable investment, particularly targeting energy transition projects in emerging markets.
Aviation
Air Peace suspends flights nationwide over NiMet strike

Air Peace suspends flights nationwide over NiMet strike
Air Peace has suspended all its flight operations across the country due to the ongoing strike by the Nigerian Meteorological Agency (NiMet).
The airline said in a statement on Wednesday that it was also suspending operations due to the unavailability of QNH (hazardous weather) reports required for safe landings.
“Due to the ongoing NiMet strike and the unavailability of QNH (hazardous weather) reports required for safe landings, Air Peace has suspended all flight operations nationwide until the strike is over,” Air Peace said.
“Your safety is our top priority. We appreciate your understanding and will share updates as the situation unfolds.”
The airline had earlier announced that the NiMet strike could lead to flight delays and cancellations across its network.
Air Peace added that it was monitoring the situation and working with relevant stakeholders to minimise the impact on customers’ travel plans.
Employees of NiMet commenced a nationwide indefinite strike over welfare issues on Wednesday.
Some of the issues raised involve “NiMet’s refusal to negotiate or implement agreed financial allowances and unresolved entitlements,” including wage awards, peculiar allowances, and outstanding payments from the 2019 minimum wage.
They also accused the management of the agency of withholding important documents, ignoring requests for inclusion of omitted staff in past payments, and neglecting key training programmes in favour of executive retreats.
Business
Nigeria’s gas production increases by 15.6% to 227,931.65 mscf

Nigeria’s gas production increases by 15.6% to 227,931.65 mscf
Nigeria’s gas output has increased 15,6 percent month-on-month, MoM, to 227,931.65 million standard cubic feet, mscf, in March 2025.
But on year-on-year, YoY basis, the nation’s gas output recorded a marginal increase to 227,931.65 mscf in March 2025, from 198,353.62 mscf, recorded in the corresponding period of 2024.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gas Production Status reports indicated that of the total of 227,931.65 mscf produced in March 2025, 119,552.75 mscf was associated while 108,378.90 mscf was non-associated gas.
Associated gas is extracted in the process of producing crude oil while non-associated gas is produced without crude oil after much investment, exploration and development.
The Ministry of Petroleum Resources (Gas), which is directly involved in the development of policies, targeted at increasing investment in the sector said efforts have been made to increase investment and production of gas in Nigeria.
Similarly, in its recent report obtained by Vanguard, the Nigerian LNG Limited stated: “We are fully committed to expanding our operations with the NLNG Train 7 Project, which will boost our production capacity by 35%, increasing from 22 Million Tonnes Per Annum (mtpa) to 30 mtpa. This project underscores our role as a key player in the global LNG market and positions Nigeria as a top-tier supplier of LNG, leveraging its vast proven gas reserves of 202 trillion cubic feet (the 9th largest globally).
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