Economy
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Tinubu: Nigeria’s stock market capitalisation grew from N30tn to N160tn under reforms
……Says over 2,700km of roads are under construction nationwide President Bola Ahmed Tinubu says Nigeria’s economy has become more competitive and better positioned for sustainable growth since his administration introduced major economic reforms in 2023. Speaking during his third anniversary address to the nation on Friday, Tinubu said investor confidence is rising, public finances are improving, and states now have…
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Tough decisions prevented Nigeria from fiscal collapse — Tinubu
….assures Nigerians sacrifices were not in vain President Bola Tinubu says his administration’s tough economic reforms were necessary to prevent Nigeria from sliding into fiscal collapse, worsening poverty, and deeper economic uncertainty. Speaking during his nationwide broadcast to mark the third anniversary of his administration on Friday, Tinubu defended the tough policy decisions taken since assuming office in 2023, including…
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FG moves to expands export air corridor to East, Southern Africa to ease logistics burden
The federal government has expanded Nigeria’s air cargo export corridor across East and Southern Africa in a move aimed at reducing freight costs and boosting intra-African trade. The Minister of Industry, Trade and Investment, Jumoke Oduwole, announced the development on Tuesday in a video shared on X, saying the initiative was designed to address long-standing logistical barriers facing Nigerian exporters.…
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FG, World Bank cancel $717.7m undisbursed power sector recovery funds
The federal government and the World Bank have agreed to cancel about $717.7 million in undisbursed financing under the Power Sector Recovery Operation (PSRO), following implementation challenges and worsening tariff shortfalls in Nigeria’s electricity sector. The decision was contained in a restructuring paper obtained by TheCable on Tuesday, which stated that the move followed a formal request by the federal…
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Equities market drops by N889bn a day to Eid-el-Kabir holiday
The Nigerian equities market closed lower by N889 billion as investors’ profit taking a day to Eid-el-Kabir holiday triggered a broad-based sell-off across the bourse. The market will be closed following the federal government declaring Wednesday, 27th May and Thursday, 28th May, 2026, as public holidays to mark the celebration of Eid ul Adha. The All-Share Index declined by 1,386.18…
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Nigeria still creditworthy compared to Egypt, South Africa, Senegal — Presidency
The Presidency has defended Nigeria’s borrowing profile, insisting that the country remains creditworthy and is not over-borrowed when compared with several other African economies. Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated this in a post on X on Tuesday, where he argued that Nigeria still has capacity to access loans for infrastructure development. “Nigeria has…
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FG targets $1bn spectrum revenue as Nigeria begins digital TV switch-over
The federal government has announced plans to fully transition Nigeria from analogue to digital broadcasting by December 31, 2028, projecting that the long-awaited digital switch-over (DSO) programme could unlock more than N605 billion in advertising revenue and generate over $1 billion through spectrum auctions. Speaking at a press briefing in Abuja on Monday, Charles Ebuebu, director-general of the National Broadcasting…
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Türkiye eyes investment opportunities in Nigeria’s mining sector
The Republic of Türkiye has expressed interest in investing in Nigeria’s mining, energy and hydrocarbon sectors following the signing of a Memorandum of Understanding (MoU) between both countries on solid minerals development. The agreement was signed on the sidelines of the Istanbul Natural Resources Summit held in Istanbul, Türkiye. Nigeria’s Minister of Solid Minerals Development, Dele Alake, said the partnership…
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NDIC reiterates commitment to strong deposit insurance funding to enhance financial system stability
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to continuously strengthening its Deposit Insurance Funds (DIFs) as part of efforts to promote the stability and resilience of the nation’s financial system. The Managing Director/Chief Executive of the Corporation, Mr. Thompson Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Mr.…
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Nigeria’s GDP grows by 3.89% in Q1 2026, says NBS
Nigeria’s economy recorded a real Gross Domestic Product (GDP) growth of 3.89per cent year-on-year in the first quarter (Q1) of 2026, reflecting an improvement from the 3.13per cent growth recorded in the corresponding period of 2025. This is according to fresh GDP data released by the National Bureau of Statistics (NBS). The latest figures indicate continued expansion across major sectors…
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