The International Monetary Fund (IMF) says Nigeria will navigate global shocks due to the reforms implemented by President Bola Tinubu. Axel Schimmelpfennig, IMF mission chief for Nigeria, spoke during a visit to Lagos and Abuja from April 2 to 15, where he led a delegation to hold discussions for the 2025 Article IV Consultations with…
The Federation Account Allocation Committee (FAAC) has shared ₦1.578 trillion among the Federal Government, states and local governments for the month of March. This is according to a communiqué issued by FAAC and made available by the Director, Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa, on Saturday. According to…
Nigeria’s headline inflation rate surged to 24.23% in March 2025, according to data released by the National Bureau of Statistics (NBS) on Tuesday. This marks a significant increase from the 23.18% recorded in February 2025, demonstrating the persistent pressure on household incomes, rising food prices, and the broader cost of living across the country. The…
Fitch, a global rating agency, has reviewed Nigeria’s long-term foreign-currency issuer default rating (IDR) from negative to stable. IDR is an entity’s relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations. In a statement on Friday, the agency said Nigeria’s outlook was revised to B’, from ‘B-‘. “The upgrade…
The Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre. The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday. Our correspondent gathered that the refinery informed its customers in a notice sent out on…
Chairman of Transcorp Group, Mr Tony Elumelu, has said that Nigeria’s ambition to build a $1tn economy cannot be realised without urgent and sustained efforts to address challenges in the country’s electricity sector. Elumelu, who spoke on Wednesday at the company’s Annual General Meeting held in Abuja, said access to reliable power remains the single…
The Federal Executive Council has officially directed the full implementation of the suspended Naira-for-Crude agreement with local refiners. The Ministry of Finance disclosed this on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday. Recall that the first phase of the six-month deal involving the Federal…
The United States Trade Representative (USTR) has faulted Nigeria’s import ban on 25 items, saying the restrictions limit market access for American exporters. This comes almost a week after President Donald Trump announced sweeping tariffs on goods entering the US, with Nigeria getting 14 percent. In a post on X on Monday, the USTR highlighted…
The Federal Government of Nigeria has acknowledged the recent imposition of a 14% tariff on Nigerian exports by the United States, stating its commitment to mitigating the impact while accelerating economic diversification. In a statement signed by the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, which was released on Sunday, the government…
Nigeria’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. A statement by the Central Bank of Nigeria (CBN), the increase marked an increase from $3.99…