Nigeria has attracted over $2.6 billion in foreign direct investment (FDI) into its mining sector within the past two years, Minister of Solid Minerals Development, Dele Alake, has revealed. He credited the surge to sweeping reforms, including improved governance, digitisation of licensing processes, and a sustained crackdown on illegal mining activities. Speaking at the Powering …
The Centre for the Promotion of Private Enterprise (CPPE) has warned that rising petrol prices, driven by global oil shocks, could reverse Nigeria’s fragile progress in slowing inflation, calling for urgent government action to cushion the impact on households and businesses. In its February 2026 inflation brief issued by its Chief Executive Officer, Muda Yusuf, …
President Bola Tinubu’s recent state visit to the United Kingdom delivered about $1.5 billion in deals and strengthened diplomatic ties, but fell short of translating into clear benefits for Nigerian businesses, according to the Alliance for Economic Research and Ethics LTDGTE. In a statement on Friday, 20 March, by its Chairman, Dele Oye, the organisation …
The recent appreciation of the naira is reshaping Nigeria’s economy, reducing costs for importers while cutting earnings for exporters, households receiving remittances, and government revenues. When President Bola Ahmed Tinubu took office in May 2023, the naira traded around ₦463/$ under a controlled system run by the Central Bank of Nigeria (CBN). In June 2023, …
Nigeria moved into a borrowing position in 2025 after a sharp drop in foreign investment inflows and rising payments to investors weakened its financial account. This was disclosed by the Central Bank of Nigeria (CBN) in its latest balance of payments report. The decline happened even as the country’s external reserves increased, pointing to pressure …
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 …
Global investors and development financiers have praised reforms in Nigeria’s financial sector, describing them as credible and confidence-boosting. They made the comments at the Africa Capital Forum held at The Peninsula London on the sidelines of President Bola Tinubu’s state visit to the United Kingdom (UK). Speaking at the high-level forum, the British Deputy High …
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 …
