Nigeria July 25, 2025

The naira strengthened in the parallel market, closing the week at N1,520 to the US dollar, surpassing the official CBN rate. The currency's performance remained consistent throughout the week despite fluctuations in the official market.

Guinness Nigeria achieved a remarkable financial turnaround in their fiscal year, reporting a profit of ₦16.2 billion, a significant improvement from previous years. They attribute this success to strategic execution, strong brand performance, and cost management.

Nigeria's new tax law imposes a 5% surcharge on locally produced petroleum products to generate revenue. This tax becomes effective at the point of supply, sale, or payment and is intended to support the nation's economic diversification and energy security efforts.

The Ajaokuta-Kaduna-Kano (AKK) gas pipeline project is slated for mechanical completion in November after multiple delays. This infrastructure aims to expand gas infrastructure across Nigeria to support economic diversification and reduce reliance on oil, bolstering energy security and accessibility.