Nigeria Economy news

By Peter EgwuatuMTN Nigeria, MTNN Plc, has expressed its commitment to transparency and consumer education in its drive to strengthen trust, and promote greater digital literacy as data continues to play a central role in everyday life.Dr Karl Toriola, Chief Executive Officer, MTNN, stated this at its public engagement platform code-named  Data on Trial  designed to address consumer concerns about mobile data usage, billing transparency, and digital consumption, stressing that th

By Udeme Akpan &  Obas EsiedesaThe Nigerian National Petroleum Company Limited (NNPC Ltd.) and security agencies have intensified efforts to combat pipeline vandalism following the discovery of a damaged section of the Nigerian Pipelines and Storage Company (NPSC) crude oil pipeline at Pai Community, Kwali Area Council of the Federal Capital Territory (FCT), Abuja.The joint inspection involved NNPC’s Industry-wide Security Architecture (IWSA), NPSC, the Office of the Nationa

By Elizabeth AdegbesanThe Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has received the Central Bank of the Year Award at the Central Banking Awards ceremony held in London recently.Accepting the Award Cardoso expressed appreciation to Central Banking Publications and the award judges for the recognition.  He dedicated the honour to the Board, management, and staff of the Bank for their steadfast commitment to institutional reform and economic stability.He

By Elizabeth AdegbesanBusinesses’ confidence in the macro economy rose significantly to 7.9 index points in May 2026 from 3.9 index points in the preceding month of April 2026, even as insecurity, multiple taxation, and high interest rates continued to pose major operational challenges to businesses during the period.This was contained in the latest Central Bank of Nigeria’s Business Expectation Report, which showed that the respondents’ sentiment on the economy reflected

By Yinka KolawoleThe value of textile materials imported into Nigeria rose by 17 per cent year-on-year, YoY, to N267.7 billion in the first quarter of 2026 (Q1’26), highlighting the country’s continued reliance on imported textile products despite efforts to revive local production.Data from the National Bureau of Statistics, NBS, showed that textile imports increased from N228.83 billion in Q1’25. On a quarter-on-quarter basis, imports also rose by 8.94 per cent from N24

By Sebastine ObasiBrevity Anderson UK and the Europe-India Centre for Business and Industry (EICBI) have formally executed a strategic Collaboration and Services Agreement establishing a framework for long-term cooperation in trade facilitation, investment promotion, stakeholder engagement, and international commercial development across Africa, the European Union, and India.The Agreement provides for collaborative activities including trade delegations, business matchmaking initiatives, c

By Godwin OritseLagos State Governor, Babajide Sanwo-Olu, has announced that work on Phase 2 of the Lekki Port project will commence soon, a move aimed at strengthening the state’s position as West Africa’s leading maritime and logistics hub.Speaking at the Invest Lagos Summit 3.0 held in Lagos earlier in this week, Sanwo-Olu highlighted the State’s commitment to expanding critical infrastructure and attracting investment.He explained that the expansion of the Port will s

By Obas Esiedesa, AbujaNigeria’s total oil production, comprising crude oil and condensates, increased by 2.2 per cent in May to 1.70 million barrels per day (bpd), while crude oil output exceeded the country’s OPEC production quota for the first time this year.Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Thursday showed that combined oil production rose from 1.66 million bpd in April to 1.70 million bpd in May, consolidating Nigeria’s

By Elizabeth AdegbesanThe Central Bank of Nigeria, CBN, has banned closely linked financial entities from extending loans or guaranteeing the obligations of one another without the bank’s prior approval.The apex bank disclosed this, yesterday, in its Exposure Draft on ring-fencing operations of closely linked entities in the Nigerian financial system.The apex bank stated: “Except with the prior written approval of the CBN, no closely linked entity shall extend a loan to, or gua

•Carriers lament revenue drain, operational strain
 
By Chinelo Obogo    
[email protected] investing $13 million in acquiring a Boeing 737 flight simulator six years ago to boost local pilot training capacity, Nigeria continues to lose millions of dollars annually as domestic airlines have been forced to explore foreign training centres for mandatory pilot certification and recurrent programmes.Aviation stakeholders, who frowned at this anomaly, warned that th

By Chinelo Obogo
 
The Nigerian Civil Aviation Authority’s Director of Public Affairs and Consumer Protection, Michael Achimugu, recently clinched the Director of the Year at the 2026 NIGAV Awards and an aviation stakeholder, Agbo Erasmus shared his thoughts in this interview on the significance of the recognition and the future of the industry.
The NIGAV Awards just held its 15th edition, how would you describe the significance of the event?
This was a landmark edition because the t

By Maduka Nweke
[email protected] 
Nigeria’s urban housing crisis is tightening its grip on millions of city dwellers as rents in major commercial centres continue to rise beyond the reach of average income earners, prompting renewed calls from real estate stakeholders for a shift toward rent-to-own housing models as a long-term solution.
From Lagos to Abuja, Port Harcourt to Kano, tenants are facing one of the sharpest rental escalations in recent memory, driven by a combinatio

By Chinwendu Obienyi
Insecurity, multiple taxation, high interest rates and other cost-related pressures remain the biggest challenges confronting businesses in Nigeria, despite growing optimism about the country’s economic outlook, according to the Central Bank of Nigeria’s (CBN) May 2026 Business Expectations Survey (BES).
The survey revealed that insecurity ranked as the most significant constraint facing firms, scoring 72.9 points on the index of business challenges. This was fol

By Chinenye AnuforoDigital Encode Limited, an information security and Governance, Risk and Compliance (GRC) advisory firm, has raised concerns over a recent surge in cybersecurity breaches affecting financial institutions, government agencies, fintech firms and other organisations across Nigeria.
The firm, in a cybersecurity advisory issued on Tuesday, warned that threat actors have increasingly targeted both public and private sector institutions, exposing sensitive data and highlighting weakn

Access Holdings Plc has said it is entering a new phase focused on disciplined value creation and stronger long-term returns, as it marked its 4th Annual General Meeting (AGM) in Lagos with a review of its 2025 performance.
The Group reported a Profit Before Tax of N1.007 trillion for the year, alongside a rise in total assets to N51.56 trillion and continued growth in customer deposits, reflecting sustained expansion across its financial services ecosystem.
Chairman, Aigboje Aig-Imoukhuede, tol

President Bola Tinubu, on Wednesday, has commissioned the full scope development of Arterial Road N5 (Obafemi Awolowo Way), stretching from Life Camp Junction to Ring Road III in the Dape District of Abuja, describing Nigeria’s leading construction firm, Julius Berger Nigeria PLC, as a world-class engineering company that consistently delivers projects with precision and seriousness.
  
The President, represented at the ceremony by Vice President Kashim Shettima, defied heavy rai

By Merit IbePlayers in the e-commerce ecosystem have been urged to embrace technology, robust infrastructure, and effective systems to achieve the desired growth they expect.This was the position reached during a panel session titled “Powering Commerce: the systems, the infrastructures and the in-between” moderated by Founder, Subtext, Osarumen Osaruyi at the Future of Commerce Summit 2.0, organised by Glovo recently.
Speaking at the session, Co-Founder of ORDA Africa, Olakunle Ogung

To alleviate the burden of rising food costs on vulnerable households, the Aliko Dangote Foundation (ADF) has commenced the distribution of bags of rice to members of host communities of Dangote Cement Plc across Nigeria.
The initiative forms part of the Foundation’s National Food Intervention Programme aimed at cushioning the effects of prevailing economic challenges on ordinary Nigerians. The distribution exercise, which is being rolled out across communities where Dangote Cement operate

From Tony John, Port Harcourt and Adanna Nnamani, Abuja
Nigeria’s crude oil production rose above its Organisation of the Petroleum Exporting Countries (OPEC) quota in May 2026, reaching its highest level in 11 months and reinforcing the country’s position as Africa’s leading oil producer.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday, showed that the country produced an average of 1,530,354 barrels of crude oil per day (bpd) and 17

Nigeria and the Canadian province of Alberta have advanced plans for closer cooperation in the gas sector, with both sides agreeing to pursue joint initiatives aimed at supporting energy transition, reducing emissions and developing technical capacity.
The commitment emerged from bilateral talks between Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, and Alberta’s Minister of Energy and Minerals, Brian Jean, held in Calgary, Canada yesterday. The meeting fo

Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has formally received the Central Bank of the Year Award at the Central Banking Awards ceremony held in London, United Kingdom, on June 10, 2026.
The award recognises ongoing reforms and policy actions at the apex bank, particularly efforts aimed at strengthening monetary stability, improving foreign exchange management and restoring confidence in Nigeria’s financial system.
In his acceptance speech, Cardoso dedicated the award to t

The Nigerian Safety Investigation Bureau (NSIB) has recovered and secured the Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR) from the Bombardier Challenger CL-601 aircraft, registration N989BC, operated by VMO Aero Limited.
Following notification of the occurrence on Wednesday, June 10, 2026, the NSIB activated its emergency response procedures, deployed a Go Team (investigative team) to the site near Asaba, Delta State, and commenced investigation into the incident involving the pr

From Adanna Nnamani, Abuja
Nigeria’s crude oil production rose above its Organisation of the Petroleum Exporting Countries (OPEC) quota in May 2026, reaching its highest level in 11 months and reinforcing the country’s position as Africa’s leading oil producer.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the country produced an average of 1,530,354 barrels of crude oil per day (bpd) and 170,446 bpd of condensates durin

First City Monument Bank (FCMB) Limited has appointed Mr. Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors, following approval from the Central Bank of Nigeria.Mr. Rewane is a respected economist and experienced leader in Nigeria’s financial sector, with more than 40 years of experience in macroeconomic research, investment banking, and strategic management. He is the Managing Director at Financial Derivatives Company Limited, a top financial advisory and

By Henry Uche
Kenya’s Retirement Benefits Authority (RBA) is currently in Nigeria, at the time of filing this report, to understudy the regulatory and supervisory framework of Nigeria’s National Pension Commission (PenCom) as part of efforts to strengthen pension administration, deepen compliance and enhance industry oversight in Kenya.
PenCom received a four-member Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, on a four-day tech

By Chinelo Obogo
The Nigerian Safety Investigation Bureau (NSIB) has recovered and secured the Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR) from the Bombardier Challenger CL-601 aircraft, registration N989BC, operated by VMO Aero Limited.
Following notification of the occurrence on Wednesday, June 10, 2026, the NSIB activated its emergency response procedures, deployed a Go Team (investigative team) to the site near Asaba, Delta State, and commenced investigation into the incident

By Emeka Anaeto, Business EditorThe implementation of the fourth edition of the Foreign Exchange Manual by the Central Bank of Nigeria (CBN) recently launched in Abuja and will be taking off on June 1. The new manual is expected to deepen FX transparency, improve liquidity and strengthen market confidence and liquidity. The new policy also aligns with the CBN’s broader vision of ensuring that businesses and individual have equal access to FX in a transparent and liquid market.
The recent

By Lukman Olabiyi
Fresh controversy has erupted in Nigeria’s fast-growing airtime and data lending sector, as Nigerians demand greater transparency regarding the ownership and operations of firms linked to a market estimated to be worth more than N400 billion annually.
The debate, which gained traction on social media following a viral post by popular blogger Tunde Ednut, has shifted from allegations of a market takeover to broader concerns about corporate ownership, competition, and regul

By Chinelo Obogo
The Aviation Ground Handlers Association of Nigeria (AGHAN) has suspended ground handling services to Max Air over an alleged debt estimated at nearly ₦1 billion.
AGHAN enforced the action on Thursday after accusing the airline of failing to meet its financial obligations. Speaking on the development, AGHAN Chairman, Mr. Olaniyi Adigun, said the decision became necessary after Max Air allegedly refused to engage in discussions aimed at reconciling and settling its outstand

From Charity Nwakaudu, Abuja
The federal government has launched the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE) programme in a bold move to unlock Nigeria’s vast mineral wealth and drive industrial growth.
Unveiling the initiative, Minister of Solid Minerals Development, Dele Alake, said the programme will boost mineral exploration, support critical minerals development, and fund research to accelerate value addition in the mining sector.
He said EMERGE will foc

By Cynthia AloThe National Inland Waterways Authority, NIWA, has warned cargo barge operators against the dangerous practice of overloading containers beyond approved limits, saying the trend poses a serious threat to safety on Lagos inland waterways.Speaking at the 2026 Shipping Correspondents Association of Nigeria’s (SCAN) Dockworkers’ Day in Lagos, the Lagos Area Manager, NIWA, Engr Sarat Braimah, said the overloaded barges pose a risk of accidents to oncoming tugboats and other

By Progress GodfreyThe Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Tourism Development Authority (NTDA) have pledged to work together to protect consumers, raise service standards, and boost sustainable tourism in Nigeria.This commitment was reinforced when NTDA Director General, Dr Ola Awakan, paid a courtesy visit to FCCPC Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello, at the commission’s headquarters in Abuja, according to a sta

By Emma Ujah, Abuja Bureau ChiefThe Nigeria Revenue Service (NRS) has unveiled Rev360, its next-generation digital tax administration platform designed to deliver a more integrated, intelligent, and taxpayer-centric tax administration experience, which will also identify tax evaders.Speaking at the event in Abuja, yesterday, Executive Chairman of the Nigeria Revenue Service, Dr. Zacch Adedeji, described Rev360 as a transformational platform that supports the Service’s transition to T

By Rosemary IwunzeShareholders of AIICO Insurance Plc has given the company approval to pay dividend of 12 kobo per share, amounting to N4.4 billion.At the company’s annual general meeting in Lagos, the company also appointed  three professionals to the Board as Non-Executive Directors: which are Tunde Mabawonku, as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and

•Lauds  Lagos on  industrial, digital transformationBy Emeka AnaetoThe Secretary-General of the African Continental Free Trade Area (AfCFTA),  Wamkele Mene, has disclosed that the continental trade bloc is on course to achieve an annual intra-African trade volume of $250 billion in the current year, up from $220 billion recorded in 2025.This is even as he commended the Lagos State Government for positioning the city as a leading centre for Africa’s industrialisati

•12% of 92m workers in the schemeBy Roseamry IwunzeMore young workers under the age of 30 years signed into the Contributory Pension Scheme, CPS, in the fourth quarter of 2025, Q4’25, as 44,837 contributors representing 39.03 per cent joined the scheme.This is as total Retirement Savings Accounts, RSAs, rose to 11,042,903 in Q4’25 from 10,928,039 recorded in Q3’25.According to the fourth quarter report released by the National Pension Commission, PenCom, active membe

By Martha GodwinElectricity Distribution Companies (DisCos) in Nigeria have been mandated to implement fresh technical, commercial and reporting obligations following the introduction of the Nigerian Electricity Regulatory Commission’s (NERC) Net Billing Regulations 2026.The regulation is designed to deepen renewable energy integration and allow electricity consumers with solar power systems and other renewable energy installations to export excess electricity to the national grid.Un

By Merit IbeThe Manufacturers Association of Nigeria (MAN) has raised concerns over the severe impact of insecurity on industrial activities in Nigeria’s North East, revealing that about 60 per cent of industries in the region have been grounded.
Director General of MAN, Segun Ajayi-Kadir made the disclosure while receiving members of the executive council of the Commerce and Industry Correspondents Association of Nigeria (CICAN) during a courtesy visit in Lagos, yesterday.
According to hi

By Chinelo ObogoThe Nigeria Civil Aviation Authority (NCAA) has grounded a privately owned aircraft after an incident and unauthorised departure to Lagos on Wednesday, June 10, 2026.
In a statement from NCAA’s Director Public Affairs & Consumer Protection, Michael Achimugu, the Authority said the aircraft conducted a missed approach at approximately 0743 local time while attempting to land at Asaba.
The Authority further said that the aircraft landed on a roadway in the Ogwashi-Uku are

HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), has launched its maiden HabariPay Impact Report 2025, detailing the company’s growth journey, business performance and contributions to Nigeria’s digital payments ecosystem.
The report provides a comprehensive overview of HabariPay’s transformation from a newly established fintech company into a major player in the country’s payment infrastructure space. It highlights key milestones, s

By Chinwendu Obienyi
The International Monetary Fund (IMF) has said that stronger demand for the naira could create conditions for a gradual reduction in Nigeria’s high Cash Reserve Ratio (CRR), easing liquidity constraints in the banking sector and strengthening monetary policy transmission over time.
The Fund made the observation in its June 2026 country report, Nigeria: Selected Issues, where it assessed the effectiveness of monetary policy reforms and the functioning of the country&rsq

Assetium Investment Managers Limited (AIML) has hit N5 billion in assets under management within just six weeks of receiving regulatory approval from the Securities and Exchange Commission (SEC), investigations have revealed.
AIML is a subsidiary of The Assetium Group, a multi-vertical investment and business conglomerate with a footprint spanning investment management, real estate and hospitality, agriculture and commodity trading, business advisory and consulting.
At the helm of AIML as Managi

By Chinelo Obogo
Following detailed assessment of applications, the iDICE Startup Bridge has on-boarded 185 founders into the inaugural cohort of its Founders Lab, marking one of the first major milestones in the rollout of the broader Investment in Digital and Creative Enterprises (iDICE) Programme.
iDICE is an initiative of the Federal Government that was launched in 2023, as part of the administration’s broader agenda to drive innovation, youth enterprise, and economic diversification.

By Chukwuma UmeorahAccess Holdings Plc has assured shareholders that dividend payments will resume once regulatory conditions are met, explaining that the suspension of dividend distribution was driven by compliance requirements and not a deterioration in the group’s earnings capacity.
Speaking at the company’s 4th Annual General Meeting (AGM) held in Lagos on Wednesday, Chairman, Aigboje Aig-Imoukhuede said the decision to withhold dividends was necessary to align with regulatory ex

By Chukwuma UmeorahAccess Holdings Plc has assured shareholders that dividend payments will resume once regulatory conditions are met, explaining that the suspension of dividend distribution was driven by compliance requirements and not a deterioration in the group’s earnings capacity.
Speaking at the company’s 4th Annual General Meeting (AGM) held in Lagos on Wednesday, Chairman, Aigboje Aig-Imoukhuede said the decision to withhold dividends was necessary to align with regulatory ex

The Nigeria Customs Service (NCS) is set to launch intelligence-driven special operations targeting the smuggling of vegetable oil into the country, as part of efforts to safeguard local investments, protect jobs, and strengthen the agricultural value chain.
Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Friday, June 5, 2026, during a stakeholder engagement with players in the vegetable oil industry at the Customs Headquarters in Abuja.
Adeniyi said the Service is stepping up

From Isaac Anumihe, AbujaThe Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has reaffirmed its commitment to promoting transparency, fairness, accountability, and stakeholder collaboration in Nigeria’s revenue administration system.
The RMAFC Chairman, Dr. Mohammed Shehu, made the reaffirmation while receiving a delegation from the Joint Revenue Board (JRB) led by its Executive Secretary, Mr. Olusegun Adesokan who paid him a courtesy visit, today in Abuja.
Shehu emphasised t

By Adewale Sanyaolu
Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, has stepped up efforts to position Nigeria as a leading destination for investment in the global gas industry.
The Minister stated this while addressing investors, energy executives and policymakers at the 2026 Global Energy Show in Calgary, Canada. Ekpo highlighted the Federal Government’s ongoing reforms designed to create a more competitive and investor-friendly energy sector. He said the measures a

First City Monument Bank (FCMB) Limited has appointed Mr. Bismarck Rewane as a non-executive director and chairman of its board of directors, following approval from the Central Bank of Nigeria (CBN).
Mr. Rewane is a respected economist and experienced leader in Nigeria’s financial sector, with more than 40 years of experience in macroeconomic research, investment banking, and strategic management. He is the Managing Director at Financial Derivatives Company Limited, a top financial adviso

By Merit Ibe                                              [email protected] 
 
Although the incumbent administration of President Bola Tinubu easily claims to have stabilised the economy, Manufacturers in Nigeria and SMEs generally may beg to differ.
They are grappling with mounting economic pressures driven by persistent supply chain disruptions, high borrowing costs, u