Nigeria's ₦70,000 minimum wage may have represented a historic increase when it replaced the previous ₦30,000 wage floor, but a fresh comparison of minimum wages across three major African economies reveals a far more troubling reality. After adjusting for differences in the prices of goods and services, the purchasing power of Nigeria's minimum wage is …
Nigeria’s economy is gaining momentum and remains on track towards the Federal Government’s target of becoming a $1 trillion economy by 2030. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said in a statement on Tuesday, following the stronger growth recorded in Nigeria’s gross domestic product (GDP) in the second quarter …
There are concerns that Nigeria's progress toward becoming a refining hub and achieving energy self-sufficiency has come under threat as domestic crude supply shortages have led to a surge in imports in recent months. While domestic production of refined petroleum products has surged over the past two years, a sharp drop in local crude supply …
The Centre for the Promotion of Private Enterprise has called on the Federal Government to ensure that Nigeria’s strongest quarterly economic growth in five years translates into jobs, rising household incomes and lower poverty. It made the call in a policy brief, issued on Tuesday by the Chief Executive Officer of CPPE, Dr Muda Yusuf. …
Nigeria’s economy expanded at a faster pace in the second quarter of this year, with real gross domestic product (GDP) growing by 4.43 per cent year-on-year. However, the underlying performance of the economy’s major sectors points to a slowdown in industrial activity despite stronger growth in agriculture and services. Data released on Monday by the …
When former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, on August 19, 2026, pledged to restore the petrol subsidy if elected president in 2027, his declaration immediately reignited a national political and economic debate, with stakeholders divided over whether the policy would ease Nigerians’ economic hardship or reverse reforms already undertaken …
Nigeria’s improving economic indicators could come under pressure in the fourth quarter of the year as rising political spending ahead of the 2027 general elections tests the gains made in foreign exchange stability, inflation and liquidity management. According to economic policy analyst Dr Felix Ijeh, Nigeria is entering the final quarter of the year with …
President Bola Tinubu has endorsed the $3.1 billion African Continental Free Trade Area (AfCFTA), Customs Modernisation Project, describing it as a transformative initiative capable of accelerating economic growth and trade across Africa. Tinubu gave the endorsement during a meeting with Saleh Ahmadu, a trade, revenue and security strategist whose company, Bergmans Security Consultants and Supplies …
The United States has warned that disruptions to shipping through the Strait of Hormuz could worsen food insecurity in Nigeria and other parts of sub-Saharan Africa by triggering fertilizer shortages and higher energy costs. Speaking at a United Nations Security Council Open Debate on Food Insecurity in New York, Amb. Jennifer Locetta, Alternative Representative for …
The Centre for the Promotion of Private Enterprise (CPPE) and the Alliance for Economic Research and Ethics have broadly acknowledged the gains recorded by the Federal Government under its economic reform programme, but both groups said the scorecard presented by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, should not be judged only …
