Nigeria's Economic Reforms Unavoidable: Finance Minister
Finance Minister Taiwo Oyedele defends petrol subsidy removal and FX reforms as necessary to correct economic distortions, despite short-term pain.
Category : Economy
Nigeria Debt Servicing Revenue Strain Social Spending 2026
Nigeria's 2026 budget allocates N15.52 trillion for debt servicing, exceeding health, education, and agriculture combined, raising sustainability concerns.
Nigeria Needs Supply-Side Reforms, Not Consumption Stimulus
Analysis argues Nigeria's economy requires supply-side reforms like infrastructure investment to boost productivity and create jobs, rather than demand-side policies that risk inflation.
Nigeria's Unorthodox Development: Alternative Paths to Progress
Exploring Nigeria's unique development trajectory, from telecoms leapfrogging to solar energy adoption, and why embracing unorthodox paths is key to national transformation.
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Ogun State Ranks Second in 2025 Performance Index
Ogun State ranks second in the 2025 State Performance Index, validating Governor Abiodun's infrastructure, industrial, and fiscal reforms that boosted GDP and IGR.
Petrol Price Soars 643% in Three Years to ₦1,400
Petrol price in Nigeria has risen by 643% from ₦175 in May 2023 to ₦1,300-₦1,400 in May 2026, driven by subsidy removal and naira devaluation.
Nigeria Inflation Hits 18-Year High
Nigeria's inflation rate surges to 18-year high, putting pressure on the economy and citizens' purchasing power. Experts call for urgent policy action.
CBN targets 95% financial inclusion by 2028
The Central Bank of Nigeria launches Nigeria Payments System Vision 2028, aiming for 95% financial inclusion, reduced fraud, and a cash-lite economy to support a $1 trillion GDP target.
Power Outages Cost Nigerian Firms 3% of Yearly Sales
Nigerian businesses lose 3% of annual sales due to power outages, forcing heavy investment in generators, according to the African Development Bank's 2026 report.
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CardinalStone Wins Debt Deal of the Year at African Banker Awards
CardinalStone Partners Limited wins 'Debt Deal of the Year' for its role in the N501 billion power sector bond issuance at the African Banker Awards 2026.
Private Depots Cut Petrol Prices Below Dangote Rate
Private depot operators in Nigeria have reduced petrol prices, with some rates now lower than Dangote Refinery's, intensifying competition in the downstream oil sector.
Nigeria Debt Servicing Hits N3.41 Trillion in Q3 2025
Nigeria's debt servicing reached N3.41 trillion in Q3 2025, below projection. World Bank cancels $718 million loan amid changing power sector conditions.
Naira Ends May Stronger as Official, Parallel Markets Converge
The naira strengthened in May, narrowing the gap between official and parallel markets. External reserves rose to $49.26 billion, boosting confidence, though oil price risks remain.
Ogun State Rises to Second in 2025 pSPI Ranking
Ogun State achieves second place in the 2025 Phillips Consulting State Performance Index, highlighting infrastructure, industrial growth, and governance reforms under Governor Abiodun.
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Obi Promises 10,000MW Electricity in Four Years
Peter Obi vows to increase Nigeria's electricity generation and distribution to 10,000MW within four years, highlighting power as crucial for economic growth.
Obi Pledges to Raise Power Generation to 10,000MW
Peter Obi, NDC presidential candidate, vows to increase Nigeria's power generation from 4,000MW to 10,000MW by 2027, while Dele Farotimi defends his integrity against political attacks.
Nigeria Loses N13 Trillion to Floods, 33 States at Risk in 2026
Nigeria suffers N13 trillion in flood damages from 2024-2025, with 33 states predicted to face severe flooding in 2026, prompting calls for urgent interventions.
Employers Urge Action on Costs Ahead of Minimum Wage Talks
Employers call on FG to address transport, food, and housing costs before minimum wage negotiations, warning that unresolved issues could derail talks.
Cowry Asset Sees 4.03% GDP Growth in Q2 2026
Cowry Asset Management projects Nigeria's Q2 GDP growth between 3.98% and 4.03%, driven by telecoms, agriculture, and services, despite risks like energy costs and insecurity.
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Nigeria Moves from Reforms to Growth, Says Oyedele
Finance Minister Taiwo Oyedele says Nigeria is transitioning from economic stabilisation to growth, citing moderating inflation and FX stability.
AfDB Warns Nigeria, Others on Rising Debt Risks
The African Development Bank warns that rising debt levels across Africa threaten economic stability, with Nigeria, Ghana, and South Africa at high risk.
Nigeria's Economic Challenges and Recovery Path
Nigeria faces economic hurdles including inflation and unemployment, but strategic reforms and diversification offer a path to sustainable growth.
Naira strengthens to N1,373/$ as rate convergence deepens
The naira appreciated 0.16% to N1,373.25/$ at the official market, while external reserves rose to $49.26 billion. Analysts expect mixed trends amid liquidity challenges.
No Delta Company Pays N500k Salary - Gov's Aide
Ese Obire, aide to Delta State Governor, says no local company pays N400k-N500k salaries, criticizing wealthy elites for investing in entertainment instead of industrialization.
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Nigerians Need N1,541 Daily for Healthy Diet; Ekiti Tops List
The cost of a healthy diet in Nigeria rose to N1,541 per adult per day in March 2026. Ekiti, Imo, and Abia are the most expensive states, while Adamawa is cheapest.
Dangote Refinery Cuts Petrol Price to N1,250
Dangote Refinery reduces ex-depot petrol price to N1,250 per litre, a N25 drop from N1,275, as global crude oil prices decline. Marketers anticipate further reductions.
10 African Countries with Lowest IMF Debt in 2026
Discover the top 10 African nations with the lowest IMF debt in 2026, offering economic flexibility and growth opportunities.
Why Tinubu Kept Subsidy Removal Plan Confidential
Vice President Kashim Shettima reveals President Tinubu deliberately kept fuel subsidy removal plan secret before inauguration to avoid market instability and policy backlash.
Fuel Subsidy Removal Boosts Nigeria's Economy: AbdulRazaq
Kwara Governor AbdulRahman AbdulRazaq says fuel subsidy removal has strengthened Nigeria's economy, boosting revenue and enabling more investment in infrastructure and social services.
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Fuel Subsidy Removal Strengthens Nigeria's Economy: Gov
Kwara Governor AbdulRahman AbdulRazaq says fuel subsidy removal has boosted Nigeria's economy, improving revenue and enabling more infrastructure investment.
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