Despite windfalls recorded by many oil-producing nations in recent months following the tension in the Middle East, Nigeria lost an estimated N5.1 trillion in expected oil revenue in six months. The 2026 federal budget has a target of 1.84 million barrels per day (bpd), but the data published by the Nigerian Upstream Petroleum Regulatory Commission …
Nigeria is among 60 countries affected by a new round of United States import tariffs that took effect on Friday, as President Donald Trump's administration tightened its trade policy with duties of up to 12.5 per cent on imports from major trading partners. The new measures replace a temporary global tariff introduced earlier this year …
From Okrika clothes and fairly used phones to second-hand furniture, appliances, and cars, rising prices and shrinking purchasing power are reshaping how Nigerians consume. For years, buying second-hand goods in Nigeria carried a social stigma. Used clothes, electronics, fairly used phones, furniture, and appliances were dismissed as "okrika", often associated with people who could not …
Nigeria could face a major funding gap if the United States withdraws all foreign assistance, potentially losing between $740 million and $790 million annually based on historical disbursement trends. The development would end more than a decade of steady US financial support that has channelled almost $8.9 billion into the country since 2015. Data from …
The Nigeria Customs Service, NCS, has disowned a fake recruitment advertisement circulating on social media and warned members of the public against falling victim to fraudsters. The Service also cautioned criminals behind the fake advert to desist from using its name to defraud unsuspecting Nigerians. In a statement issued on Thursday, the NCS urged members …
Credit to Nigeria’s private sector rose by 2.8 per cent month-on-month to N83.3 trillion in June 2026, from N81 trillion in May, amid a broader expansion in domestic credit and money supply. The latest Money and Credit Statistics released by the Central Bank of Nigeria (CBN) showed that the increase in private sector lending was …
The outgoing British High Commissioner to Nigeria, Richard Montgomery, has commended the economic reforms of President Bola Tinubu administration, saying the measures, despite causing short-term hardship, would place the country on a stronger footing in the long term. Montgomery spoke on Tuesday during a farewell visit to the Revenue House in Abuja, where he described …
The federal government has said that more than ₦40 trillion of the increase in Nigeria's public debt since 2023 resulted from the revaluation of the country's external debt following the sharp depreciation of the naira, rather than from new borrowing. Minister of Finance and Coordinating Minister of the Economy Wale Edun made the clarification on …
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained the Monetary Policy Rate (MPR) at 26.5 per cent, choosing to keep monetary policy tight as rising geopolitical tensions in the Middle East continue to threaten inflation and global economic stability. The decision was taken at the committee's 306th meeting, …
Nigeria attracted $8 billion in private capital across 63 transactions in the second quarter of the year. The inflow accounted for 90 per cent of West Africa's total disclosed deal value. A new report, however, warned that the strong inflow is masking a widening funding gap for mid-sized businesses. The report, titled The Paradox of …
