The World Bank has revised its global economic outlook downward, projecting that worldwide growth will decelerate to 2.3% in 2025, a decline of nearly half a percentage point from earlier estimates. This slowdown is attributed to increasing trade restrictions, rising geopolitical tensions, and a general climate of uncertainty around global economic policy. According to the
The United States is recalibrating its engagement with Nigeria, transitioning from traditional aid to a model centered on private sector-led trade and investment. U.S. Ambassador to Nigeria, Richard Mills Jr., articulated this strategic shift during a recent event at the Lagos Business School, highlighting the need for a partnership that fosters mutual economic growth. “Over
The Movement for the Survival of the Ogoni People (MOSOP) has called on President Bola Ahmed Tinubu to initiate a thorough investigation into the alleged misappropriation of $300 million earmarked for compensation and infrastructure development in Ogoniland. This fund, part of an out-of-court settlement involving the Nigerian National Petroleum Corporation (NNPC), was intended to address
In a bold move to revive Nigeria’s upstream oil and gas sector, President Bola Tinubu has issued a new Executive Order aimed at reducing high operational costs, boosting investor confidence, and unlocking greater economic value from the country’s petroleum resources. The order, titled “The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025)”, introduces performance-based tax
The World Bank has raised alarms over the deepening poverty crisis in Nigeria, revealing that nearly half of the population now lives below the international poverty line, even as Africa’s largest economy continues to report GDP growth. In its May 2025 edition of the Nigeria Development Update, the World Bank estimates that approximately 46 percent
The Central Bank of Nigeria (CBN) has significantly reduced its loan exposure to the Federal Government by over ₦4 trillion in 2024, marking a major shift in its monetary policy stance. This development reflects the apex bank’s commitment to restoring fiscal discipline and reducing its direct financing of government deficits. According to the CBN’s audited
The Nigerian naira concluded the trading week with a modest gain, appreciating to ₦1,598.72 per U.S. dollar at the official foreign exchange market on Friday, May 16, 2025. This reflects a ₦0.60k increase from Thursday’s rate of ₦1,599.32, marking a 0.03% appreciation, according to data from the Central Bank of Nigeria (CBN). Earlier in the
Nigeria’s inflation rate showed signs of easing in April 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The headline inflation rate dropped to 23.71% year-on-year, down from 24.23% recorded in March 2025, and significantly lower than the 33.69% rate observed in April 2024. On a
The Speaker of the House of Representatives, Tajudeen Abbas, has raised concerns over Nigeria’s port inefficiencies, stating that over 75 percent of goods offloaded in the Benin Republic are ultimately bound for Nigerian markets. Abbas made the remark on Wednesday while receiving a delegation from the Presidential Enabling Business Environment Council (PEBEC) at the National
President Bola Tinubu has reiterated his commitment in undertaking bold and comprehensive reforms to reposition the country’s fiscal architecture for resilience, inclusiveness and economic growth. Tinubu said this during the 27th Annual Chartered Institute of Taxation of Nigeria (CITN) Tax Conference in Abuja on Tuesday. The theme of the conference was, “Taxation for development, policies,
