The Centre for the Promotion of Private Enterprise (CPPE) has warned that continued reliance on high interest rates to manage Nigeria's economy could undermine investment, job creation and economic growth, despite recent gains in macroeconomic stability. In a statement on Sunday, the chief executive officer of CPPE, Muda Yusuf, said while the International Monetary Fund's …
Nigeria and the United Kingdom have deepened their economic partnership by launching a £15 million growth programme. The programme is aimed at supporting Nigeria's economic reforms, unlocking investment and accelerating growth over the next three years. The initiative was announced during a high-level meeting on Thursday between the minister of finance and coordinating minister of …
When Nigeria returned to democratic rule in 1999, ushering in the Fourth Republic, the average citizen earned far less than today but could afford much more with those earnings. At the time, the gross domestic product (GDP) per capita was estimated at $450, the naira exchanged at around ₦92 to the dollar, petrol sold for …
Twenty-six years after Nigeria returned to democratic rule, the country’s manufacturing sector remains trapped in low growth, with its contribution to Gross Domestic Product (GDP) largely stagnating at between 9 and 10 per cent. The Centre for the Promotion of Private Enterprise (CPPE) raised the concern in a statement issued on Thursday by its Chief …
The Federal Government said it welcomed the International Monetary Fund’s (IMF) latest assessment of Nigeria’s economy. In a statement on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the assessment validates the economic reforms introduced under President Bola Tinubu and confirms that Nigeria is on a stronger path to …
Nigeria's next growth phase will be driven by states and private capital rather than federal spending alone, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele said as he outlined the government's strategy to attract investment, deepen fiscal reforms and unlock projects across the country. Speaking at the Invest Lagos 3.0 Governor's Investment …
Nigeria recorded a sharp improvement in its foreign trade position in the first quarter of 2026 as exports increased and imports fell significantly. This helped it to post a 341 per cent merchandise trade surplus of ₦7.55 trillion, according to the report by the National Bureau of Statistics (NBS). In its Foreign Trade in Goods Statistics …
The Nigeria Consumer Credit Corporation (CREDICORP) says it has facilitated ₦43.25 billion in consumer credit across the country while maintaining a zero non-performing loan record. In its latest newsletter, the corporation said the credit expansion was delivered through 35 participating financial institutions and has reached over 230,000 beneficiaries nationwide. According to the report, women account …
The Group Chief Executive of FCMB Group, Mr. Ladi Balogun, has described the Ojude Oba Festival as more than a cultural celebration, saying it has evolved into a major platform for economic activity, tourism promotion and community development in Ijebuland. Balogun stated this in a goodwill message at the 2026 Ojude Oba Festival held in …
Nigeria's fiscal position remains under severe pressure despite improved non-oil revenue performance, with debt servicing consuming 44.3 per cent of federal government revenue in the third quarter of 2025. The Alliance for Economic Research and Ethics raised the concern in its assessment of the Federal Government's 2025 third-quarter budget implementation report, released recently — eight …
