Economy
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Lower energy prices likely to taper inflation in June, says analysts
A group of analysts at Cordros Research have said developments across major inflation drivers such as renewed moderation in global energy prices, continued naira stability and the onset of green harvests suggest that inflationary pressures are likely to ease in June 2026. This is coming amid the National Bureau of Statistics (NBS) Nigeria’s headline inflation that gained 24basis points to…
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Dangote to establish Nigeria’s largest industrial free trade zone in Ondo
By Boye Oyeyemi Africa’s richest businessman, Aliko Dangote, has unveiled plans to establish what is expected to become Nigeria’s largest industrial and free trade zone in Ondo State, with construction scheduled to commence in the final quarter of 2026. Dangote disclosed this on Monday during a visit to Ondo State Governor, Lucky Orimisan Aiyedatiwa, in Akure, where he outlined a…
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FG to roll out 10,000 electric tricycles in August, says Shettima
The federal government will begin the rollout of 10,000 electric tricycles in August as part of efforts to improve public transportation and strengthen the country’s transport system, Vice President Kashim Shettima has said. Shettima disclosed this on Monday during a courtesy visit by the Transporters for Tinubu/Shettima 2027 group, noting that the tricycles would be distributed by the North East…
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Nigeria’s inflation rate rose to 15.93% in May 2026, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s inflation rate increased by 24basis points to 15.93 per cent in May 2026 from 15.69 per cent reported in April 2026. On the other hand, on a month-on-month basis, growth in consumer prices slowed to 1.75per cent, compared with 2.13per cent m/m recorded in April. According to NBS…
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Nigeria’s future lies in innovation, digital skills – NITDA
The National Information Technology Development Agency (NITDA) has reiterated the Federal Government’s commitment to leveraging innovation, digital skills, and emerging technologies to accelerate Nigeria’s transition into a globally competitive digital economy. The agency reaffirmed this commitment at the Port Harcourt Tech Expo 2026 in Rivers State, where it participated as a key stakeholder in discussions focused on advancing technology-driven economic…
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LSETF disburses ₦15bn to 20,000 businesses, creates 320,000 jobs
By Adeola Ogunrinde The Lagos State Government has disclosed that more than ₦15 billion has been disbursed to over 20,000 micro, small and medium-scale enterprises through the Lagos State Employment Trust Fund (LSETF), resulting in the creation of more than 320,000 direct and indirect jobs across the state over the past 10 years. The Executive Secretary of LSETF, Feyisayo Alayande,…
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Oil prices drop by 4.9% after US-Iran deal announced
Oil prices have fallen after Pakistan, which has been mediating an end to the US-Iran war, announced a framework deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route. Brent crude, the global oil benchmark, was 4.3per cent lower at $83.55 (£62.10) a barrel on Monday, while US-traded oil was down by…
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NITDA, DAWN unite to accelerate Southwest’s digital transformation
The National Information Technology Development Agency (NITDA) has entered into a strategic partnership with the Development Agenda for Western Nigeria (DAWN) Commission through the signing of a Memorandum of Understanding (MoU) aimed at accelerating digital literacy, innovation development, and economic growth across Southwest Nigeria. Speaking at the signing ceremony in Abuja, NITDA Director General, Kashifu Inuwa, described the agreement as…
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IMF advises Nigeria to introduce excise duties on telecom tax
The International Monetary Fund (IMF) has advised the Nigerian government to introduce excise duties on telecommunications services and extend Value Added Tax (VAT) to fuel products as part of broader measures to strengthen its revenue. The Fund gave the recommendation in its latest Article IV consultation report on Nigeria. The IMF said Nigeria would need additional tax policy reforms over…
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17-year high FX reserves: ‘Tinubu administration will continue to prove cynics wrong’ — TMSG
The Tinubu Media Support Group (TMSG) has said that the administration of President Bola Tinubu will continue to “prove cynics wrong,” following the rise in Nigeria’s foreign exchange reserves to a 17-year high. In a statement issued on Friday and signed by its chairman, Emeka Nwankpa, and secretary, Dapo Okubanjo, the group said the latest reserves figure reflects the effectiveness…
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