Naira Weakens Across FX Markets Amid Supply Constraints and Demand Pressures
The naira closed last week on a weaker note across Nigeria’s foreign exchange markets, as supply shortages and persistent demand…
Category: Economy
Nigeria’s Exports to Africa Surge 14% in H1 2025, Fuel Leads Trade Growth
Nigeria has recorded a 14% increase in exports to Africa in the first half of 2025, reaching a total of…
Oil prices hold above Nigeria’s $64.85 budget amid Middle East tensions
Global oil prices remained firm on Monday, trading above Nigeria’s 2026 budget benchmark of $64.85 per barrel, as supply disruptions…
LIRS Targets Banks, Employers to Recover Unpaid Taxes Under New Enforcement Powers
The Lagos State Internal Revenue Service (LIRS) has announced plans to intensify efforts to recover unpaid taxes by enforcing its…
Nigeria’s Economy Shows Strong Recovery, Says Oduwole at World Economic Forum
Nigeria’s economy is showing clear signs of recovery, driven by strategic reforms and increased investor confidence, the Minister of Industry,…
CBN’s Tight Monetary Policy Cuts Inflation by 10 Points, Governor Cardoso Confirms
Nigeria’s sustained monetary tightening has played a key role in reducing inflation, with the Central Bank of Nigeria (CBN) confirming…
Tinubu Approves Commercial Oil Drilling in Ogun, Revives Olokola Deep Seaport
President Bola Ahmed Tinubu has approved the commencement of commercial oil drilling at Tongeji Island in Ipokia Local Government Area…
Danish $1.2bn Investment Boosts Nigerian Ports and Maritime Sector
Nigerian ports are set to receive a major boost following a $1.2 billion investment from Denmark, announced by the Ambassador…
Sugar Tax Could Threaten Nigeria’s Manufacturing Sector, Warns CPPE
The Centre for the Promotion of Private Enterprises (CPPE) has raised concerns that the proposed sugar tax on sugar-sweetened non-alcoholic…
Ghana Chamber of Mines Urges Review of Mining Fiscal Plan to Boost Investment
The Ghana Chamber of Mines has urged the government to rethink its proposed mining fiscal framework, emphasizing the need to…
Economist Warns: New Sugar Tax on Soft Drinks Could Hurt Nigeria’s Economy
The Centre for the Promotion of Private Enterprise (CPPE) has raised serious concerns over proposals to introduce additional taxes on…
FGN to Repay N1.03 Trillion Bond on January 22: Implications for Nigeria’s Debt and Naira
The federal government is set to repay up to N1.03 trillion in bond maturities on January 22, 2026, marking one…
Lagos Port Haulage Costs Drop by 65% as Ètò System Transforms Cargo Logistics
Lagos importers are breathing a sigh of relief as cargo haulage costs at Tin Can Island and Apapa seaports have…
CBN Economic Reforms Drive Growth and Tame Inflation in Nigeria
Nigeria’s economy is showing early signs of recovery as the Central Bank of Nigeria (CBN) forecasts stronger growth and easing…
IMF and World Bank Upgrade Nigeria’s Economic Growth Outlook to 4.4% in 2026
The International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast upward to 4.4% in 2026 and 4.1% in 2027,…
Nigeria’s Non-Oil Exports Hit Record $6.1 Billion in 2025 – NEPC Reports Historic Growth
Nigeria’s non-oil exports reached an all-time high of $6.1 billion in 2025, according to the Nigerian Export Promotion Council (NEPC),…
ATM Withdrawals Jump 196% to ₦36.3 Trillion in H1 2025 — CBN Data Shows Surge in Cash Demand
Automated teller machine (ATM) withdrawals in Nigeria surged sharply in the first half of 2025, reaching ₦36.34 trillion, according to…
Naira Ends Week at N1,417.95/$ as Nigeria’s External Reserves Rally
The naira closed the week on a positive note, trading at N1,417.95 per dollar in Nigeria’s official foreign exchange market,…
EU removes Nigeria, five African countries from high-risk financial list
The European Union (EU) has officially removed Nigeria and five other African countries from its list of high-risk jurisdictions for…
NRS Clarifies: No New VAT on Banking Services Under Nigeria Tax Act
The Nigeria Revenue Service (NRS) has dismissed circulating reports suggesting that the new Nigeria Tax Act introduced Value Added Tax…
FG Explains N152 Trillion Public Debt, Says Rise Not Due to New Borrowing
The Federal Government has clarified that Nigeria’s public debt, which now stands at N152 trillion, is largely due to improved…
20 Nigerian Banks Meet Recapitalisation Deadline as CBN Pushes for Productive Lending
About 20 deposit money banks in Nigeria have met the Central Bank of Nigeria’s (CBN) new capital requirements under the…
Nigeria’s Inflation Rises to 15.15% in December 2025 as Food Prices Ease
Nigeria’s headline inflation rate climbed to 15.15 per cent in December 2025, according to the latest Consumer Price Index (CPI)…
SEC Joins Forces with Nigeria Police to Tackle Ponzi Schemes and Crypto Fraud
In a decisive move to protect Nigerian investors, the Securities and Exchange Commission (SEC) has officially partnered with the Nigeria…
Nigerian Manufacturers Aim for 10.2% GDP Contribution in 2026 Amid Policy Optimism
Nigerian manufacturers are entering 2026 with renewed optimism, aiming to boost their sector’s contribution to the country’s Gross Domestic Product…
Nigeria on Fastest Growth Track in a Decade, Says World Bank
Nigeria is poised for its fastest economic growth in more than ten years, according to the World Bank. The global…
15 Nigerian States Allocate N10.7tn for Infrastructure Development in 2026
Fifteen Nigerian states are set to invest more than N10 trillion in infrastructure this year, marking a major push to…
Nigeria-UAE Trade Deal: CEPA Agreement to Liberalize Over 7,000 Products
Nigeria and the United Arab Emirates (UAE) have officially signed a Comprehensive Economic Partnership Agreement (CEPA), signaling a major step…
Statistics Bureau Reviews Inflation Data Standards Amid 31% December Spike Forecast
The National Bureau of Statistics (NBS) has announced a revision in its inflation calculation method, ahead of December’s consumer price…
World Bank Raises Nigeria Growth Forecast to 4.4%, Signalling Strongest Economic Expansion in a Decade
The World Bank has upgraded its outlook for Nigeria’s economy, projecting growth of 4.4 percent in 2026, a sharp increase…