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 …
Delegation to inspect industrial hub as Nigeria seeks to revive textile sector. Vice President Kashim Shettima on Thursday travelled to the Republic of Benin on a working visit aimed at exploring strategies for reviving Nigeria's struggling textile industry. According to a statement by the Senior Special Assistant to the Vice President on Media and …
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 …
President Bola Tinubu has ended nearly a decade of regulatory guesswork over how Nigeria polices its cryptocurrency market, signing an executive order that hands coordinated oversight to a new council chaired by the Central Bank of Nigeria. The Presidential Executive Order on Virtual Assets Coordination, 2026, took effect immediately upon signing on 17 July. It …
For many Nigerians, owning property in prime Lagos locations such as Lekki, Ikoyi or Victoria Island remains a lifetime ambition. Rising property prices, however, have placed such investments beyond the reach of most salary earners. But investment analysts say there is an alternative that allows retail investors to gain exposure to income-generating real estate without …
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 …
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 …
Retirees under Nigeria's Social Insurance Trust Fund scheme have received their first pension increase in 21 years, with the National Pension Commission (PenCom) confirming that monthly payments for some beneficiaries have risen more than elevenfold — from N18,000 to N206,000. PenCom Director-General Ms Omolola Oloworaran disclosed the figures while reviewing the Commission's recent reforms, describing …
