Nigeria

President Bola Tinubu has approved a ₦1.5 trillion recapitalisation plan for the Bank of Agriculture to strengthen its capacity to support farmers, boost food production, and enhance agricultural value chains. The move is part of the administration’s broader strategy to achieve food security and stimulate rural economic growth.

The Federal Government has inaugurated the newly constructed 80-bed Renewed Hope Mother and Child Specialist Hospital in Ugbuwangue, Warri South Local Government Area of Delta State.

In a major offensive against smuggling networks, operatives of the Federal Operations Unit (FOU) Zone A of the Nigeria Customs Service (NCS) have intercepted arms, ammunition, and industrial drones with a Duty Paid Value (DPV) exceeding ₦377 million.

KogiTribune reports that the United States Government has announced a donation of $32.5 million to the World Food Programme (WFP) to boost food and nutrition assistance for conflict-affected communities in Nigeria.

The Customs authority has set a December deadline for all stakeholders to fully transition to the Authorized Economic Operator (AEO) system. The move aims to enhance trade facilitation, improve compliance, and strengthen supply chain security.

The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) are investigating Abdullahi Rogo, Director-General of Protocol to the Kano State Governor, over his alleged role in a ₦6.5 billion corruption and money laundering scandal.

The Nigerian Postal Service (NIPOST) has announced that effective August 29, 2025, all shipments from Nigeria to the United States—excluding letters and documents—will now attract a mandatory prepaid customs duty of $80 or its naira equivalent.

KogiTribune reports that the National Hajj Commission of Nigeria (NAHCON) has redeployed all seconded officers back to their respective ministries, departments, and agencies, following mounting pressure over alleged financial irregularities during the 2025 Hajj exercise.

The National Insurance Commission (NAICOM) has expressed optimism that the recently enacted insurance law will significantly enhance the sector’s contribution to Nigeria’s Gross Domestic Product (GDP). According to the Commission, the new legislation introduces key reforms aimed at strengthening regulation, promoting investor confidence, and expanding insurance penetration across the country.

The Nigerian National Petroleum Company (NNPC) Limited has reversed its earlier decision to raise the pump price of petrol, announcing a price reduction just 48 hours after the initial hike. The move comes amid widespread public criticism and concerns over the impact of rising fuel costs on the economy and daily living expenses. The company has not yet provided detailed reasons for the sudden adjustment.