Muda Yusuf, a renowned economist, has warned that any rate hike could hurt economic growth, weaken businesses and do little to address Nigeria's inflation problem. His warning comes ahead of the Central Bank of Nigeria (CBN) 305th Monetary Policy Committee (MPC) meeting scheduled for May 19–20, 2026, in Abuja. In a statement issued on Sunday, …
International ratings agency S&P Global Ratings has upgraded Nigeria’s long-term credit rating to ‘B’ from ‘B-’, citing stronger foreign exchange reserves, reforms in the oil sector, and rising refining capacity. However, the agency warned that growing election-related spending and rising fuel prices could still weaken the country’s fragile economic gains. In its latest sovereign rating …
The Centre for the Promotion of Private Enterprise (CPPE) has warned against further monetary tightening by the Central Bank of Nigeria (CBN), saying Nigeria’s inflation challenge is being driven largely by structural and supply-side factors that higher interest rates alone cannot solve. The CPPE Chief Executive Officer, Dr Muda Yusuf, who is a renowned economist, …
Nigeria’s headline inflation rose to 15.69 per cent in April, up from the 15.38 per cent recorded in March. This was confirmed in the April 2026 Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday. This marks the second consecutive monthly increase, reversing the extended disinflationary trend seen over …
Many Nigerians are again counting losses after another online investment platform identified as “XM Future Music Group” reportedly collapsed, leaving subscribers unable to access their funds amid rising concerns over fraudulent digital investment schemes operating across the country. The platform, popularly known as “XM,” allegedly promised investors returns of up to 100 per cent within …
Food prices in Nigeria could decline by the next harvest season if governments at all levels strengthen security and take deliberate steps to reduce production costs for farmers, the All Farmers Association of Nigeria (AFAN) has said. Speaking on Tuesday in Lagos, the Deputy Chairman of AFAN, Lagos State Chapter, Mr Shakin Agbayewa, explained that …
For decades, Nigeria’s economy has largely revolved around crude oil revenues, leaving the country vulnerable to global oil price shocks, foreign exchange volatility, and rising unemployment. Despite its vast arable land, large population, and abundant natural resources, experts say the nation has yet to fully harness the potential of agriculture and other non-oil sectors to …
The Nigeria Customs Service (NCS) says it is deepening its commitment to global best practices in revenue generation, trade facilitation, and border security through its ongoing Trade Modernisation Project (TMP), a major reform drive aimed at transforming how goods are processed across the country’s entry points. The Comptroller-General of Customs, Adewale Adeniyi, made this known …
The Centre for the Promotion of Private Enterprise (CPPE) has warned against any retaliatory action by the Nigerian government over recent xenophobic attacks in South Africa, saying such moves would damage the Nigerian economy and weaken investor confidence. In a statement issued on Wednesday, May 6, Chief Executive Officer of CPPE, Dr Muda Yusuf, described …
The exit of the United Arab Emirates (UAE) from the Organisation of Petroleum Exporting Countries (OPEC) has raised concerns about its impact on global energy markets, especially for oil-dependent economies like Nigeria. While the UAE’s move is largely informed by its shift toward expanding production capacity and diversifying its economy, analysts say the implications could …
