The U.S. government has stated that the naira devaluation rendered President Bola Tinubu’s minimum wage increase useless as deteriorating poverty amid galloping inflation wracks millions of Nigerians. This was highlighted in the Country Reports on Human Rights Practices for 2024, published by the United States Department of State’s Bureau of Democracy, Human Rights, and Labor…
After an 11-year delay, the Abuja Centenary City project is set to take off with a multi-billion-naira infrastructure deal. Speaking at a press briefing in Abuja on Tuesday, Ike Odenigwe, managing director (MD) of the Centenary City Plc, announced that Julius Berger Nigeria Plc has been engaged to execute the phase 1 primary infrastructure of…
Nigeria’s headline inflation rate slowed slightly to 21.88% in July 2025, marking a modest retreat from the previous month’s figure of 22.22%. This is according to the latest data released by the National Bureau of Statistics (NBS). The data shows that, on a year-on-year basis, the headline inflation rate was 11.52% lower than the rate…
Labour Party presidential candidate in the 2023 election, Peter Obi, has cited fresh economic data to criticise the President Bola Tinubu’s government’s handling of the economy. Obi warned that poor leadership and weak governance are driving away sustainable foreign investment. The former Anambra governor’ statement comes amid claim by WTO DG, Ngozi Okonjo-Iweala, on Thursday…
World Trade Organisation (WTO) Director-General, Dr Ngozi Okonjo-Iweala, has praised President Bola Tinubu’s economic reforms, describing them as a step “in the right direction”. Okonjo-Iweala was at the villa to brief President Tinubu on the Women Exporters Fund for 146 Nigerian businesswomen. Speaking after a closed-door meeting with the President at the Presidential Villa, Abuja,…
Latest crude oil price drop threatens Nigeria’s revenue and naira stability Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025, surpassing the Organization of the Petroleum Exporting Countries’ (OPEC) target for the second month in a row. This update was contained in OPEC’s latest Monthly Oil Market…
Nigeria’s non-oil exports has risen to $3.225 billion in the first half of 2025, a 19.59 percent increase from the $2.696 billion recorded in the same period of 2024. This was made known in a post via the X handle of the Personal Assistant to the President on Special Duties Kamorudeen Yusuf. Quoting Nigerian Export…
The execution of Nigeria’s N54.99 trillion budget suffered a major setback as the crude price dropped to $66 per barrel from $70 per barrel, indicating a 5.7 percent decrease, yesterday. This was even as Nigeria’s oil output, including condensate and foreign exchange, stood at 1.8 million barrels per day and more than N1,500 per dollar,…
The Federal Government has said Nigeria’s economy is on a steady growth path, driven by ongoing reforms and increasing investor confidence, despite the United States’ decision to impose a 15 per cent tariff on Nigerian exports. Speaking during an interview on CNN on Thursday, Minister of Industry, Trade and Investment, Jumoke Oduwole, said the country…
The federal government of Nigeria is finalizing a comprehensive new Nigerian Industrial Policy aimed at reversing the country’s dependence on imported goods and strengthening its domestic manufacturing base. The initiative, led by the Ministry of Trade in collaboration with the Manufacturers Association of Nigeria (MAN), is designed to increase the manufacturing sector’s contribution to GDP,…