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The Central Bank of Nigeria has kept the Monetary Policy Rate steady at 26.5% and announced no intervention in the foreign exchange market. This decision comes as the country's reserves reach $50 billion.
Nigeria's power sector is grappling with a liquidity crisis due to structural weaknesses rather than capacity issues. Addressing this gap requires effective payment security and credit enhancement mechanisms.
Nigeria is facing a revenue crisis due to a narrow tax base and heavy reliance on petroleum income. New tax laws are being introduced to address these challenges.
The article from BusinessDay discusses various topics relevant to the Nigerian economy. It highlights key developments and trends affecting businesses in the country.
S&P Global has upgraded the ratings for several Nigerian banks, including Access Bank, GTB, and UBA, signaling improved financial health. This positive development reflects growing confidence in Nigeria's banking sector and its economic prospects.
The Central Bank of Nigeria has decided to maintain the Monetary Policy Rate at 26.5%, citing the muted impact of the Middle East crisis on the economy. Additionally, 33 banks have shown improved financial soundness due to prior policy reforms.
The $5 billion NLNG Train 7 project is now 92% complete and approaching pre-commissioning. This development reflects a significant increase in local capacity within the Nigerian energy sector.
The Nigerian Presidency has recognized RegTech as a key tool for enhancing financial inclusion and fostering a trusted digital economy. The Central Bank of Nigeria emphasizes that effective regulation should promote innovation while addressing issues like digital fraud and high remittance costs.
Femi Otedola has sold his stake in Geregu Power to invest in the upcoming Dangote Refinery IPO, calling it a transformative project for Africa’s economy.
The FAO has urged governments and financial institutions to explore alternative trade routes to prevent a looming global food crisis. This call comes in light of recent disruptions affecting food supply chains.
The IMF has called on Nigeria and other Sub-Saharan African nations to transition to a private sector-led growth model, warning that the current debt-funded approach could hinder income gains for decades. This shift is deemed essential for sustainable economic development.
Nigeria and China are exploring opportunities to develop creative enterprises around tea, promoting local adaptations and deepening cultural cooperation.
Brent crude oil prices fall to $105 per barrel as US-Iran peace talks show progress, but analysts remain cautious about future supply disruptions.
Electricity Distribution Companies (DisCos) have opposed Lagos State's initiative to eliminate tariff classification. They warn that this could result in unrest, market instability, and potential blackouts due to the lack of stable supply.
The Central Bank of Nigeria has decided to maintain its benchmark interest rate at 26.5% to combat inflation and stabilize the exchange rate. This decision has elicited mixed reactions from the private sector regarding potential risks to manufacturing.
PalmPay is enhancing financial inclusion by empowering over 2,000 women traders in Kano and Kaduna with digital banking and financial literacy skills. This initiative aims to boost economic opportunities for women in these regions.
The chairman of SIFAX Group emphasizes that sustainable growth in Africa hinges on breaking down economic borders. He advocates for the creation of large, cross-border corporate entities to enhance regional integration.
The World Bank is looking to raise $23 billion in private funding to enhance risk mitigation tools in Africa. This initiative aims to improve the lives of 190 million people across the continent.
Nigeria-UK trade reached £7.6bn, marking a 10.8% increase, largely driven by Nigeria’s crude oil exports. Learn about the key trade figures and trends.
PMAWCA has launched a €59m, five-year West African Sustainable Ocean Programme to promote climate resilience and a blue economy in 13 countries.
Domestic airfare in Nigeria is approaching N200,000 for one-way flights as airlines respond to the rising cost of aviation fuel. This increase is significantly affecting travelers across the country.
A report highlights that increasing logistics and energy costs are jeopardizing Nigeria's non-oil exports, particularly affecting SMEs. Despite the growing demand, these rising costs pose significant challenges to the sector.
The FAO has urged governments and financial institutions to explore alternative trade routes to prevent a looming global food crisis. This call comes as the organization highlights the urgent need for support to help countries navigate the current challenges.
Farmers are collaborating with the Cocoa Research Institute of Nigeria (CRIN) to enhance the cocoa and coffee value chains in Nigeria. The initiative aims to improve production, research, and sustainability while empowering farmers.
The naira on Wednesday traded almost flat against the dollar in the official foreign exchange (FX) market on the same read more Naira holds steady after CBN retains interest rate at 26.5%
The 2026 FIFA World Cup is facing a potential tourism setback as hotel operators report that 70% of reserved rooms have been canceled. This development raises concerns about the anticipated economic benefits for the United States.
The Centre for the Promotion of Private Enterprise (CPPE) supports the Central Bank of Nigeria's decision to maintain policy rates. They emphasize that economic growth relies on productivity rather than elevated interest rates.
Indigenous oil producers in Nigeria are raising investment in near-term extraction projects as rising crude oil prices triggered by the read more Nigerian oil firms ramp up production expansion amid Middle East conflict
A defining idea emerged at the Africa Forward Summit 2026, cutting through familiar narratives about Africa’s growth: the continent can no longer be seen as a collection of fragmented economies,
He said inflation rose marginally for two consecutive months, largely induced by external shocks, especially the ongoing war between the US/Israel and Iran, which has exerted upward pressure on energy prices and transportation costs. The post How economic reforms muted Middle Eas...