Economy
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Lagos state contributes 34.7% to N3.63trn IGR in 2024, says NBS
The latest report by the National Bureau of Statistics (NBS), has revealed that Lagos state contributed 34.7 per cent to N3.63 trillion Internally Generated Revenue (IGR) generated by 36 states and FCT in 2024. The top 10 sates with the highest IGR in 2024, include: Lagos, Rivers, and the Federal Capital Territory (FCT). Lagos State recorded a remarkable N1.26 trillion…
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Shell, Sunlink approve HI gas project to deliver 350m scf/day
Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, in partnership with Sunlink Energies and Resources Limited, on Tuesday announced the final investment decision (FID) on the HI Gas Project offshore Nigeria. A statement by Shell said that, upon completion, the project will deliver 350 million standard cubic feet of gas per day — equivalent to…
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Nigeria’s economic recovery is real amid easing in inflation, growth in GDP, says Rewane
With the easing in inflation and 3.3per cent Gross Domestic Product (GDP) in second quarter of 2025, the chief executive officer (CEO) of Financial Derivatives Company (FDC) Limited, Bismarck Rewane has stated Nigeria’s economic recovery is real and sustainable. Rewane spoke while presenting a paper at the Lagos Business School (LBS) breakfast session, titled ‘Reality Check: Is Nigeria’s Economic Recovery…
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Musawa hails Zuma Film Festival as catalyst for creative economy expansion
The Minister of Art, Culture, Tourism and the Creative Economy, Barr. Hannatu Musa Musawa, has hailed the Zuma International Film Festival (ZIFF) as a major catalyst for the growth of Nigeria’s creative economy. Speaking at the 2025 ZIFF World Press Briefing on Monday in Abuja, Musawa described Nigeria’s film industry, Nollywood, as a vital contributor to national development and a…
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IMF raises Nigeria’s 2025 growth forecast to 3.9%
The International Monetary Fund (IMF) has upgraded Nigeria’s economic growth projection, forecasting a 3.9per cent expansion in 2025 and 4.2per cent in 2026. According to report by nairametrics, the revised figures were announced on Tuesday during the launch of the World Economic Outlook (WEO) 2025 at the ongoing World Bank and IMF Annual Meetings in Washington, D.C. In its July…
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President Tinubu secures Shell’s $2bn offshore gas investment, boosting Nigeria’s energy drive
By Kunle Sanni – President Bola Tinubu has welcomed a major boost to Nigeria’s energy sector as Shell announced a $2 billion Final Investment Decision (FID) for the development of the HI offshore gas field in OML 144, marking the country’s second major gas investment in 18 months under his administration. Presidential spokesman, Bayo Onanuga, in a statement on Tuesday,…
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Olu Falae hails Tinubu’s economic reforms as bold, transformative
Former Secretary to the Government of the Federation (SGF) and traditional ruler, Oba Oluyemi Falae, has described President Bola Ahmed Tinubu’s decision to float the naira and end multiple exchange rates as one of the boldest and most necessary economic steps ever taken by any Nigerian government. Oba Falae, the Olu of Ilu Abo in Akure North Local Government Area…
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Nigeria, Qatar resume talks to explore collaboration in arts, culture, tourism
The Federal Ministry of Art, Culture, Tourism, and Creative Economy has resumed discussions with the Government of Qatar to deepen cultural exchange and strengthen partnerships in arts and tourism between both countries. Minister Hannatu Musa Musawa met with the Qatari Ambassador to Nigeria, H.E. Dr. Ali Ghamen Al-Hajri, in Abuja on Monday, where they explored opportunities to promote mutual understanding…
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EU, Nigeria strengthen partnership with N320.5bn credit support for agriculture
The European Union’s development cooperation with Nigeria has been strengthened by a N320.5 billion (EUR 190 million) credit line allocated to Nigerian commercial banks and financial institutions to broaden their lending to the agricultural sector. The facility, which is being provided by the European Investment Bank, was announced at a meeting of the bank’s senior executives and a delegation from…
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African mining market projected to reach $847.63bn by 2031, says report
Verified Market Research, has projected African mining market, valued at over $508.33 billion in 2024, will reach $847.63 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 6.60 per cent during the forecast period. The global research and consulting firm in a report indicated that Africa holds 30 per cent of the world’s mineral wealth, including unmatched…
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