Economy
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Reforms generated N15.8tn subsidy savings in 30 months – FG
The federal government says the removal of petrol subsidy and foreign exchange reforms generated N15.8tn in savings for the Federation between June 2023 and December 2025. The figure was contained in the Nigeria Reform Scorecard presented by the Federal Ministry of Finance on Wednesday as part of the government’s assessment of the economic reforms introduced by President Bola Tinubu’s administration.…
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FCCPC probes cement price surge, possible anti-competitive practices
The Federal Competition and Consumer Protection Commission (FCCPC) has commenced an investigation into possible manipulation of cement prices in Nigeria, following widespread complaints over the rising cost of the building material. The commission disclosed this in a statement on Tuesday, saying preliminary findings from a three-month industry-wide study indicated that prevailing cement prices might not be fully explained by production…
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Canal+ Acquisition: MultiChoice Nigeria leadership, strategic decisions remain locally driven, says CEO
Chief executive officer (CEO) of MultiChoice Nigeria, Kemi Omotosho has revealed that the pay-TV operator’s leadership and strategic decisions remain locally driven following its acquisition by Canal+, stressing that the company seeks to combine global resources with an understanding of Nigeria’s market. In 2025, Canal+, a France-based global media and entertainment company with operations across 70 countries, acquired MultiChoice as…
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BOI, NIPSS partner to drive Nigeria’s $1trn economy target
The Bank of Industry (BOI) and the National Institute for Policy and Strategic Studies (NIPSS) are partnering to advance Nigeria’s ambition of growing its economy to $1 trillion by 2030, with a national summit on the Orange Economy scheduled to hold in Lagos in October. The partnership was announced on Monday when the NIPSS Director-General, Ayo Omotayo, led members of…
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Nigeria’s headline inflation drops to 15.43% in July 2026, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s headline inflation rate declined further to 15.43per cent in July 2026, representing a 0.48 percentage-point decrease from the 15.91per cent recorded in June. The NBS in its latest figure contained in the Consumer Price Index (CPI) report showed a significant decline from the 24.94per cent recorded in July 2025.…
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Poverty existed before 2023 reforms — Budget Office DG
The Director-General of the Budget Office of the Federation, Tanimu Yakubu, has rejected the suggestion that Nigeria’s persistent poverty and hardship are evidence that the economic reforms introduced by President Bola Tinubu’s administration have failed. Yakubu argued that the country’s poverty crisis predates the reforms, warning against attributing long-standing structural weaknesses in the Nigerian economy to policies introduced since 2023.…
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N40.09bn bond default: Agusto & Co steps away from Geregu Power’s rating
Agusto & Co has withdrawn the “A-” credit rating assigned to Geregu Power Plc and its N40.09 billion Series 1 Senior Unsecured Bond, after the company defaulted on its scheduled eighth coupon payment and fourth principal repayment This is coming amid fresh concerns about the quoted company’s near-term debt-servicing capacity, stressing that it cannot rely on Geregu Power’s financial reports…
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Nigeria-China trade hits $18bn in H1 2026, up 80% in exports
Nigeria’s trade with China rose to $18 billion in the first half of 2026, representing about 64 per cent of the $28 billion recorded throughout 2025, the Minister of Power, Joseph Tegbe, has said. Tegbe disclosed this while receiving the Chinese Ambassador to Nigeria, Yu Dunhai, following the signing of the Nigeria-China Aquatic Products Protocol. The agreement, concluded after nearly…
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$50bn investment expected from new deep offshore incentive order — NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the Federal Government’s new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026 is expected to unlock more than $50 billion in fresh investment and increase oil production. In a statement on Thursday, the company said the new fiscal framework would strengthen Nigeria’s competitiveness in the deep offshore sector…
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Tinubu to NUPENG: Refineries will soon resume operations
President Bola Tinubu has assured the leadership of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) that the country’s refineries will resume operations. Tinubu gave the assurance on Thursday when he met with NUPENG leaders at the Presidential Villa in Abuja. The President said the Federal Government was working to reset and structurally reposition the Nigerian economy, stressing…
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