AfDB Unveils $5.1bn Plan to Cushion Africa From Energy, Fertiliser Crisis
The African Development Bank Group (AfDB) has approved a $5.1 billion response plan aimed at helping Nigeria and other African…
Category: Economy
CBN: Economic Gains Will Soon Reach Nigerian Households, Businesses
Nigeria’s improving economic indicators may soon begin to translate into better conditions for households and businesses, the Central Bank of…
Nigeria’s FX Demand Surges 91% to $50.93 Billion, Hits Six-Year High
Nigeria’s FX demand surged by 91.1% to $50.93 billion in 2025, reaching its highest annual level in six years as…
Oye Urges Tinubu to Turn $53.11bn FX Reserves, 4.43% Growth Into Cheaper Food, Jobs
Chairman of the Alliance for Economic Research and Ethics LTD/GTE, Dele Oye, has urged President Bola Tinubu’s administration to ensure…
FG Maritime Reforms Drive Port Growth as Cargo Throughput, Vessel Traffic Surge
The Federal Government’s ongoing reforms in Nigeria’s maritime sector are beginning to show measurable results, with cargo throughput, vessel traffic,…
Nigeria External Reserves Hit $54bn as Naira Strengthens
Nigeria’s external reserves have climbed to $54.08bn, reaching their highest level since 2008 and giving the country a stronger financial…
IMF: Trade Payment Restrictions Can Strengthen Current Account, Influence Exchange Rates
The International Monetary Fund (IMF) has said trade payment restrictions can strengthen a country’s current account position, while capital controls…
Africa to Supply 620m New Workers by 2050 as World Bank Warns of Job Creation Challenge
Sub-Saharan Africa is set to become the world’s biggest source of new workers over the next 25 years, with more…
Nigerians Spend N11.3tn on Petrol in Seven Months as Consumption Drops
Nigerians spent a staggering N11.3tn on petrol between January and July 2026, even as the volume of fuel consumed across…
Dangote Investments Driving Africa’s Industrial Growth, AFC Boss Says
The sustained investments of the Dangote Group across Africa are playing a major role in driving industrialisation and unlocking the…
7 Global Companies That Have Scaled Back or Exited Nigeria Under Tinubu
Several global companies have exited Nigeria, halted local production or significantly scaled back their operations since President Bola Tinubu assumed…
Nigeria’s 4.43% GDP Growth Masks Deep Industrial Crisis, MAN Warns
Nigeria’s economy grew by 4.43 per cent in the second quarter of 2026, but the latest figure may not tell…
Nigeria’s Economic Activity Expands for Third Month as CBN Composite PMI Hits 52.7
Nigeria’s economic activity continued its recovery in August 2026, expanding for the third consecutive month as the Central Bank of…
AfCFTA Unveils $5.17bn Digital Trade Corridor to Transform African Commerce
The African Continental Free Trade Area (AfCFTA) is set to strengthen digital trade across the continent with the establishment of…
Nigeria’s Private Sector Activity Hits 7-Month Growth Streak as New Orders Reach 12-Month High
Nigeria’s private sector activity gained fresh momentum in August as stronger customer demand and new product launches pushed new orders…
Forex Utilisation in Nigeria Jumps 74% to $16.35bn in Q1 2026
Foreign exchange utilisation in Nigeria surged by 74 per cent year-on-year to $16.35 billion in the first quarter of 2026,…
Nigeria Targets $1 Trillion Economy by 2030 as GDP Growth Hits 4.43%
Nigeria is strengthening its push towards a $1 trillion economy by 2030, with the Federal Government pointing to stronger economic…
Private Sector Credit Hits N83.43 Trillion as Nigerian Businesses Borrow More
Private sector credit in Nigeria climbed to N83.43 trillion in July 2026, as businesses and other private-sector borrowers increased their…
Nigeria Targets Indigenous AI Capacity as Tinubu Government Pushes for $1tn Economy
Nigeria is stepping up efforts to build indigenous AI capacity as the Federal Government looks to use technology, digital infrastructure…
Electricity Subsidy Bill Hits N1.92trn in 2025 as FG Absorbs Tariff Gap — NERC
Nigeria’s electricity subsidy bill climbed to N1.928 trillion in 2025, as the Federal Government continued to absorb the widening gap…
MTN, Airtel Drive Nigeria’s Telecoms Growth to 10.38% as Sector Contributes N5.2tn to GDP
Nigeria’s telecommunications sector is becoming an increasingly important engine of economic growth, with the industry recording a 10.38% year-on-year increase…
Nigeria’s FX Spot Market Hits Record $5.01bn as Weekly Turnover Surges 155%
Nigeria’s foreign exchange market has recorded a major surge in activity, with the Nigeria FX spot market crossing the $5bn…
Finance, Insurance Sector Growth Slows to 9.29% Despite Recapitalisation
Nigeria’s finance and insurance sector recorded 9.29 per cent real growth in the second quarter of 2026, a sharp slowdown…
Oil Prices Rise as Trump Threatens Fresh Strikes on Iran, Raising Global Supply Fears
Oil prices climbed on Tuesday after U.S. President Donald Trump threatened further military action against Iran, reigniting concerns over crude…
Tinubu: Nigeria’s GDP Growth Signals Economic Reforms Are Paying Off
President Bola Tinubu has said Nigeria’s latest GDP growth figures show that his administration’s economic reforms are beginning to deliver…
Nigeria’s Economy Grows 4.43% in Q2 2026 as Agriculture, Services Drive Expansion
Nigeria’s economy recorded stronger growth in the second quarter of 2026, with real Gross Domestic Product (GDP) rising by 4.43…
Tinubu’s Economic Reforms May Take 20 Years to Benefit Nigerians, Economists Warn
Nigerians may have to wait more than a decade before they begin to fully feel the benefits of President Bola…
Nigeria’s July Remittances Hit Record $947m, Near CBN’s $1bn Monthly Target
Nigeria’s July remittances in Nigeria surged to a record $947 million, bringing the country closer to the Central Bank of…
Nigeria’s Diaspora Remittances Hit Record $947m in July, Near $1bn CBN Target
Nigeria’s diaspora remittances through International Money Transfer Operators (IMTOs) climbed to a record $947 million in July 2026, bringing the…
Nigeria Targets Emerging Market Status After FTSE Russell Upgrade
The Federal Government is setting its sights beyond Nigeria’s return to the FTSE Russell Frontier Market Index, with Finance Minister…