The Lagos Chamber of Commerce and Industry (LCCI) says the marginal decline in Nigeria’s inflation rate provides cautious optimism for businesses and households, even as persistent risks threaten to reverse the fragile progress. Reacting to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), the Chamber noted that headline …
Nigeria and the United Kingdom have achieved an all-time high in bilateral trade, reaching £8.1 billion annually. This growth is expected to create hundreds of jobs as Nigerian banks, fintech firms, and creative industry businesses expand operations in the UK. UK’s Twinings Ovaltine opened a £24 million manufacturing facility in Lagos, the first of its …
Nigeria’s textile industry faced a sharp downturn in 2025 as export earnings collapsed by 55.25 per cent to N16.55 billion from N36.98 billion in 2024, even as the nation’s importation of textile products surged to N1.061 trillion, up 46.11 per cent from N726.18 billion the previous year. Data from the National Bureau of Statistics (NBS) …
Nigeria’s supply of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, declined by 8.5 per cent month-on-month to 4.7 metric tonnes per day in February 2026, down from 5.1 metric tonnes recorded in December 2025. This is according to the latest factsheet released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The …
Nigeria’s plan to generate up to $200 billion in non-oil export revenue over the next five years is facing serious uncertainty as the escalating conflict between Iran and Israel disrupts global shipping routes and drives up logistics costs. Exporters and supply-chain experts warn that the crisis in the Middle East is already inflicting losses on …
In a significant shift in Nigeria’s energy consumption landscape, Automotive Gas Oil (AGO), also known as diesel, recorded an increase in consumption, while the usage of Premium Motor Spirit (PMS), commonly known as petrol, saw a notable decline in February 2026. This is according to the latest Factsheet released by the Nigeria Midstream and Downstream …
The Federal Government reduced its debt service spending sharply in early 2026. Payments dropped by 38.5 per cent year-on-year to $405.3 million in January 2026, down from $659.7 million recorded in January 2025. Data from the Central Bank of Nigeria (CBN) International Payments Report revealed the decline. Nigeria also recorded a slight drop in total …
Nigerian carriers are bleeding cash and flying at a loss as the ongoing Middle East conflict has pushed up aviation fuel prices by about 80 per cent, airline operators have disclosed. The crisis, triggered by the escalation of hostilities between US-Israeli forces and Iran since February 28, has disrupted shipping through the strategic Strait of …
The Director of the Nigeria National Single Window, Tola Fakolade, has highlighted the benefits of the new government initiative, saying it will simplify trade processes, streamline import and export documentation, and strengthen Nigeria’s competitiveness in global trade. Fakolade also assured stakeholders that the platform would not interfere with the statutory revenue collection responsibilities of agencies …
The U.S. dollar steadied against major global currencies on Tuesday after Donald Trump stated that the ongoing conflict involving Iran could end “very soon", easing some fears in global financial markets. The greenback traded at 157.73 yen and $1.1632 per euro in Asian markets. The currency remained mostly firm despite retreating slightly from the highs …
