Nigeria Economy news

From Adanna Nnamani, Abuja
The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye, said the Fund was prioritising issues relating to platform workers, the gig economy and the growing impact of artificial intelligence (AI) on the workplace as part of efforts to adapt to evolving labour realities.
Faleye made the disclosure while responding to questions following a presentation by the Minister of Labour and Employment, Dr Muhammad Maigari Dingyadi, at

From Romanus Ugwu, Abuja
The British Government has revealed that it will do everything humanly possible to ensure the stability of Nigeria due to its significant economic, financial and security investments in the country.
It further noted that it would always approach Nigeria with respect because, as the largest country in Africa, what happened in Nigeria greatly mattered so much to it.
The British High Commissioner, Richard Montgomery, made the disclosure while paying a courtesy visit to the

From Adanna Nnamani, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the 2026 licensing round will commence no later than the third quarter of 2026, following approval from the Minister of Petroleum Resources in line with the provisions of the Petroleum Industry Act (PIA).
According to a statement from the NUPRC, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, disclosed this on Wednesday during a visit by the management of Meren Energy, formerly A

By Adewale Sanyaolu
The Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, has stated that the joint commitment of Nigeria, Algeria, and Niger to the Trans-Saharan Gas Pipeline (TSGP) project is set to significantly strengthen Africa’s regional energy security.
Ekpo disclosed this on Thursday during the 5th Ministerial Meeting of the TSGP Steering Committee. The high-level session in Algiers included ministerial delegations from the three participating nations and a strat

By Steve Agbota
The National Inland Waterways Authority (NIWA) has expressed deep concern over the frequent overloading of barges with shipping containers on internal waterways.
The Lagos Area Manager of NIWA, Engr. Sarat Braimah, disclosed this at the SCAN Dockworkers’ Day 2026 event, organised by the Shipping Correspondents Association of Nigeria in Lagos. She warned that overloaded barges pose severe accident risks to oncoming tugboats and other vessels utilising the water routes.
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From Sola Ojo, Abuja
The Mayor of London, Sadiq Khan, hosted the inaugural London-Africa Business Summit, bringing together more than 200 business leaders, investors and policy-makers from across Africa and the United Kingdom to strengthen trade and investment relations between the two regions.
The summit, held at City Hall in London, followed Khan’s landmark trade mission to Nigeria, Ghana and South Africa in 2025, which was the first such mission undertaken by a London mayor.
The detail

From Jude Chinedu, Enugu
The Federal Government, through the Presidential Enabling Business Environment Council (PEBEC), and the Enugu State Government have reaffirmed their commitment to accelerating business reforms and attracting investment to drive economic growth in the state.
The commitment was made during the 2026 PEBEC Nationwide Town Hall and Stakeholders’ Engagement on Ease of Doing Business held at Hotel Presidential, Enugu, on Thursday.
The event, organised by the Enugu State

From Okey Sampson, Umuahia
Abia State Governor Dr Alex Otti has warned against Nigeria’s excessive dependence on oil revenue, saying it poses long-term risks, especially as global economies continue to transition away from fossil fuels.
Governor Otti gave the warning in his office while receiving a delegation from the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), which was in the state as part of a nationwide data verification exercise aimed at reviewing and updating the

By Fred Chukwuelobe
Many people have criticised certain airlines for operating what they describe as “old aircraft”, with some alleging that such aeroplanes pose a threat to safety. It is common to see passengers board a flight, inspect the seats and cabin interior, and, upon noticing worn-out fittings, loose panels, faded cabin panels, or taped sections, conclude that the aircraft is unsafe. Some even record videos and post them on social media, castigating the airline and warning

From Isaac Job, Uyo
The Akwa Ibom State Government has reiterated its commitment to business reforms aimed at improving service delivery, reducing bureaucratic bottlenecks, and attracting domestic and foreign investments to position the state as the preferred destination for business and investment.
Speaking in Uyo, the Akwa Ibom State capital, during the Presidential Enabling Business Environment Council (PEBEC) workshop themed “Business Environment Enabling Reforms and Investments Compe

By Elizabeth AdegbesanDespite the moderation in inflation rate reported by the National Bureau of Statistics, NBS, the financial burden of feeding on Nigerian households may have intensified as the national average Cost of a Healthy Diet (CoHD) climbed to N1,541 per adult per in March 2026, about 4.4 per cent up from N1,477 in March 2025.The Bureau had reported a steady downward trend in inflation rate up till February 2026 but the trend reversed marginally in March and April.On a month-on

By Uche UsimGoogle has rolled out a new security feature for Android devices that detects and flags suspected impersonation calls in real time, as the global cost of AI-powered voice cloning fraud continues to soar.
The feature, known as “fake call detection,” is designed to combat increasingly sophisticated scams that combine caller ID spoofing with artificial intelligence-generated voice replication. According to global fraud assessments, such schemes contributed to losses exceedin

By Chinwendu Obienyi
Nigeria’s foreign exchange (FX) market recorded a significant improvement in liquidity in May 2026, with total FX inflows rising by 31 per cent month-on-month (m/m) to $3.7 billion, driven largely by stronger export earnings and sustained foreign portfolio investment (FPI) inflows.
According to data from FMDQ, the increase represents a notable recovery after two consecutive months of declining inflows, providing support for market liquidity and helping to ease pressure

Parts of Nigeria have been thrown into darkness following the destruction of six transmission towers on the critical Apir–Lafia 330kV transmission line in Nasarawa State, in a fresh attack on the country’s power infrastructure.
The Transmission Company of Nigeria (TCN) confirmed that the incident, which occurred on May 30 at about 1:15 a.m. during a heavy downpour, has disrupted electricity supply along the corridor serving parts of the North-Central and surrounding regions.
The deve

Nigerian Breweries has introduced a new empowerment initiative tagged the “Life Nwa Boi Experience,” designed to promote entrepreneurship development through Nigeria’s traditional Igbo apprenticeship system.
The initiative, driven by the company’s Life Lager brand, is inspired by the long-established Nwa Boi or Igba Boi model widely practised in southeastern Nigeria, where young apprentices learn business directly under experienced traders and eventually establish their o

By Chinelo Obogo
One of Nigeria’s leading carriers, United Nigeria Airlines, on Monday, June 1, rewarded its passengers with the recently released Samsung Galaxy phones in the “Awesome Row” partnership it has with the phone company.The winners, Hamid Ibrahim, Chidi Chinedu, and Gbenga Bello, were among passengers selected through an onboard lucky dip on the Lagos–Abuja and Abuja–Lagos flights on the day.
Passengers also got exclusive in-flight access to the new Sams

By Henry UcheThe Chartered Institute of Taxation of Nigeria (CITN) is ramping up efforts to take tax education directly to universities and polytechnics in a bid to build a stronger tax culture and support Nigeria’s long-term economic growth.
At its 34th Annual General Meeting in Lagos, CITN President, Innocent Ohagwa, said the institute is focusing on students as a critical entry point to fixing the country’s weak tax awareness and compliance levels.
He revealed that dozens of terti

By Merit Ibe                                              [email protected] 
Nigeria’s participation in regional and global trade has remained below its potential due to weak linkages across production, logistics, financing and export support systems.Experts say despite being Africa’s largest economy and a signatory to the African Continental Free Trade Area (AfCF

By Merit Ibe
The Manufacturers Association of Nigeria (MAN) has said the economic reforms introduced by the administration of President Bola Tinubu can still deliver meaningful industrial transformation if implementation becomes more coordinated, responsive to the needs of productive sectors, and focused on addressing structural constraints affecting manufacturers.
In its assessment titled Manufacturers Assess Impact of Recent Economic Reforms on Industrial Performance, MAN acknowledged that the

By Merit Ibe
Nigeria is increasingly positioning itself as a hub of reform, growth and stability rather than a market defined by risk and uncertainty, according to Chief Executive Officer of Jumia Group, Francis Dufay.
Speaking during a panel session on emerging markets at the Sohn Conference in New York recently, Dufay said Nigeria is no longer at the margins of global investment conversations but is becoming a leading example of economic reform and resilience.
He noted that the period between

By Merit Ibe
 
Ahead of the maiden Nigeria Ceramic Investment Summit and Production Exhibition (NCISPE) 2026 in Lagos, the Chief Convener and Summit Director, Prof. Patrick Oaikhinan, has said Nigeria is poised to attract multi-billion naira investments as foreign ceramic companies intensify interest in developing and revitalising the country’s ceramic industry.
Prof. Oaikhinan, an internationally renowned ceramic engineer and academic, said the summit , scheduled to hold at NECA Hous

By Merit Ibe 
The Federal Road Safety Corps (FRSC) has commended Dangote Cement Transport for delivering measurable and transformative improvements in road safety, noting a significant decline in articulated truck crashes across Nigeria following the introduction of innovative transport safety policies and operational reforms.The Corps described Dangote Cement as a benchmark for transport management and road safety practices, not only in Nigeria but across Africa.
Speaking during a visit by

By Uche UsimNigeria’s banking sector has demonstrated strong resilience in the face of intensifying fintech competition, with retail deposits rising to N39.01 trillion in the 2025 financial year.
The figure marks a 24 per cent increase from N31.46 trillion recorded in 2024, highlighting the continued dominance of traditional banks in mobilising customer funds despite the rapid expansion of digital financial platforms.
A Nairametrics analysis of audited financial statements and investor pre

By Uche Usim
 
The Development Bank of Nigeria Plc (DBN) is targeting to reach over two million micro, small and medium enterprises (MSMEs) in the next five years, as it ramps up lending, credit guarantees and capacity-building efforts to deepen financial inclusion and drive economic growth.
This forms part of the bank’s new medium-term strategic direction unveiled at its June 2026 media parley, where it highlighted milestones achieved since commencing operations in 2017 and outlined

By Uche Usim
 
The long-awaited Bodo–Bonny Road in Rivers State has been completed, with only minor finishing works left before full delivery, the contractor, Julius Berger Nigeria Plc, has confirmed.
Project Manager, Engr. Tim Nippert, disclosed on Monday that the 37.9-kilometre road project is now structurally complete, with workers currently focused on landscaping and installation of streetlight infrastructure. Speaking at the project office at Km Zero in Bodo, Nippert said ongoing

Nigeria recorded a sharp rise in capital importation in the first quarter of 2026, with total inflows hitting $10.37 billion, according to data released by the National Bureau of Statistics (NBS).
The figure represents an 83.83 per cent increase compared to $5.64 billion recorded in the same period of 2025, and a 60.97 per cent jump from $6.44 billion in the preceding quarter (Q4 2025), highlighting a strong rebound in foreign inflows into the economy.
The NBS noted that portfolio investment do