Naira Falls to ₦1,386.72 as Banks Adjust Dollar Rates
The Nigerian naira weakened further against the US dollar, closing at ₦1,386.72 as commercial banks adjusted rates amid a 62% drop in interbank FX deals and global oil price surges.
Category : Economy
El-Rufai: Nigeria's Growth Crisis from Talent Misallocation
Former Kaduna governor Nasir El-Rufai argues Nigeria's economic underperformance stems from misallocated human capital, with incentives driving talent to rent-seeking over productive sectors like entrepreneurship.
FGN Bond Auction Oversubscribed by 4% in March 2026
Nigeria's March 2026 Federal Government bond auction recorded strong investor demand, with subscriptions exceeding the offer by 4.28%. The Debt Management Office reported total bids of N931.5 billion against an initial offer of N750 billion.
FG Expands ₦75,000 Cash Transfer to 15 Million Homes
The Nigerian government has launched the Conditional Cash Transfer programme targeting 15 million vulnerable households, with ₦75,000 disbursed in three phases. Over 9 million households have already received payments.
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Manufacturers Decry Rising Energy Prices, Dwindling Margins
The Manufacturers Association of Nigeria warns that escalating global energy prices and supply chain disruptions threaten to cripple domestic production, urging immediate government intervention.
Lagos GDP to Hit N73.15 Trillion in 2026, Targets $1 Trillion Economy
Lagos State Government unveils economic projections, forecasting GDP to reach N73.15 trillion in 2026 and aiming for a $1 trillion economy by 2052, driven by data-led governance and strategic planning under the T.H.E.M.E.S+ Agenda.
Middle East Conflict May Cut Africa's Growth by 1.5%
The African Development Bank warns that prolonged Middle East conflict could reduce Africa's economic growth by up to 1.5%, citing risks from oil price hikes and debt pressures.
U.S.-Africa Summit in Mauritius Amid Iran War Concerns
Mauritius hosts the U.S.-Africa Business Summit in July 2026, drawing over 2,500 delegates to boost trade and investment, while global uncertainties from the Iran conflict pose challenges for travel and logistics.
Experts: Reforms Need Transparency, Inclusive Growth
Stakeholders at a Lagos dialogue warn Nigeria's economic reforms remain fragile without tackling inequality, improving fiscal transparency, and better policy communication.
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Reverse Japa Trend: Nigerians Returning Home from Abroad
A growing number of Nigerians who left for better opportunities abroad are now returning home, citing economic opportunities, family ties, and quality of life.
Nigeria Rated Low in Global Debt Transparency Review
Nigeria has received a low rating in transparency, accountability, oversight, and public participation in national debt management, according to the Open Budget Survey 2025. The International Budget Partnership calls for urgent reforms to enhance public t
FG Aims to Unlock $3.5 Trillion AfCFTA Market for MSMEs with Digital Payments
The Nigerian government has unveiled a report on cross-border digital payments and identity to help Micro, Small, and Medium Enterprises tap into the $3.5 trillion African Continental Free Trade Area market, emphasizing fintech and infrastructure support.
US-Africa Summit in Mauritius Amid Iran War Jitters
The US-Africa Business Summit will convene in Mauritius this July, bringing together over 2,500 delegates to boost trade and investment, despite concerns over rising fuel costs and US policy impacts linked to the Iran conflict.
Nigeria Faces Mixed Fortunes as Oil Prices Spike Amid Iran Crisis
Global oil prices have surged into triple digits due to Middle East tensions, offering potential revenue gains for Nigeria but offset by global risk aversion and currency volatility.
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Naira Falls to New Low as Dollar Surges Globally
The Nigerian naira has depreciated against the US dollar in both official and parallel markets, while the dollar strengthens globally amid economic uncertainties.
Lagos Extends Tax Filing Deadline to April 14, 2026
The Lagos State Internal Revenue Service has extended the personal income tax filing deadline to April 14, 2026, urging residents to use the eTax platform for submissions.
Naira Depreciates, FX Turnover Drops in Official Window
Nigeria's naira depreciated 0.22% to ₦1,383.58 per dollar in the official market as foreign exchange turnover fell to $142.29 million, highlighting ongoing currency pressures amid reduced liquidity.
Global Energy Emergency: Nations Enact Fuel Rationing
Countries worldwide declare energy emergencies as Strait of Hormuz disruption causes fuel price surges. From UK to Australia, governments implement radical measures including fuel rationing, free public transport, and work-from-home mandates.
FG Eyes $1tn Economy with IsDB Energy, Trade Reforms
The Federal Government intensifies collaboration with the Islamic Development Bank to mobilize investments in infrastructure, energy, and trade reforms, aiming to grow Nigeria's economy to $1 trillion by 2030.
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FG Pays ₦688bn to 9.2m Households in Cash Transfers
The Federal Government has disbursed ₦688 billion to 9.2 million households through the HOPE-CT Programme over two years, with women comprising 58.7% of beneficiaries. The World Bank-funded initiative aims to support 15 million vulnerable Nigerians.
Trust Deficit Threatens $15 Billion Logistics Industry Boom
Nigeria's logistics sector, projected to reach $15.05 billion by 2030, faces a critical threat from theft and service manipulation, eroding consumer confidence and risking growth.
IMF: Middle East War May Cause Global Stagflation
The IMF warns that the Middle East conflict could lead to stagflation, with rising prices and slowed growth, disproportionately affecting poor nations through energy, trade, and financial disruptions.
Fuel Hike Agitation: Workers Demand Palliatives Amid Crisis
Nigerian workers and citizens are grappling with soaring fuel prices, pushing up living costs. Labour groups, including the NLC, demand immediate government relief measures like wage awards and tax relief to cushion the economic hardship.
Nigeria's Economic Response to Middle East War
The Middle East war has spiked global oil prices, impacting Nigeria's economy. This article analyzes the need for government interventionist policies to mitigate effects on citizens.
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IMPI Opposes NLC Wage Demands as Fuel Prices Drop
The Independent Media and Policy Initiative faults NLC's wage demands as ill-timed, while NNPCL reduces fuel prices following Dangote Refinery's cut, with calls for government partnership to lower costs further.
Nigeria's One-Way Economy: Prices Rise But Never Fall
Nigeria faces a troubling economic paradox where prices surge during downturns but rarely decline when conditions improve. This one-way pricing pattern severely impacts housing, construction, and the middle class, requiring urgent policy reforms.
NSIA 2025 Results: Net Assets Reach $3.4 Billion, Core Income Up
Nigeria Sovereign Investment Authority (NSIA) achieved a 19.8% increase in net asset value to $3.4 billion in 2025, with core total comprehensive income rising to ₦478.8 billion, driven by diversified investments and strategic initiatives in healthcare, e
Nigeria Visa Barriers Threaten AfCFTA Gains: ITUC Warning
ITUC-Africa warns Nigeria's restrictive visa policies and high biometric fees could undermine AfCFTA benefits, urging reforms to boost intra-African trade and mobility.
Informal Workers Protest for Pension, Health Reforms in Nigeria
Informal sector workers in Nigeria staged a protest at the National Assembly, calling for urgent reforms in pension and health systems to address social protection gaps for over 93% of the workforce.
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Nigeria, Islamic Bank Deepen Partnership for Economic Development
The Federal Government and Islamic Development Bank sign an MoU to boost economic growth, focusing on infrastructure, social development, and innovative finance, with over $2.32 billion approved for Nigeria.
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