ECONOMY

To tackle pressing economic challenges, Nigeria has secured a $500 million loan from the World Bank to support its Community Action for Resilience and Economic Stimulus Program. The approval, confirmed on March 28, 2025, is expected to provide critical relief to vulnerable households and small businesses grappling with inflation, food...

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said Nigeria’s economy has achieved relative stability over the past 18 to 20 months. Edun said this during a Zoom dialogue meeting in Abuja on Thursday. According to him, the economy narrowly avoided collapse, having survived on...

The World Bank has expressed concern over Nigeria’s poor statistical performance, noting that the country is lagging behind its aspirational peers such as Mexico, Colombia, South Africa and Brazil. According to a statement by the budget ministry’s Director, Information and Public Relations, Mrs Julie Osagie-Jacobs, this was noted during a...

The Nigeria Customs Service (NCS) has begun implementing a two-year exemption on import duty and Value Added Tax (VAT) for key pharmaceutical raw materials. This was disclosed in a statement on Wednesday by the NCS National Public Relations Officer, Abdullahi Maiwada. Maiwada, an Assistant Comptroller of Customs, said the policy...

THE Nigeria Extractive Industries Transparency Initiative (NEITI) report said the Federation Accounts Allocation Committee (FAAC) disbursed an unprecedented N15.26 trillion to the federal, state, and local governments in 2024. The NEITI FAAC Quarterly Review, released by NEITI on Tuesday in Abuja showed that the disbursements represented a historic high in...

Nigeria’s inflation rate has shown a second consecutive month of decline in February, raising hopes for a continued moderation of price pressures. According to a report released by the National Bureau of Statistics (NBS) on Monday, the country’s headline inflation rate fell to 23.18 per cent in February 2025, down...

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says the Federal Government has unveiled a comprehensive economic plan for sustainable development. Edun disclosed this in a statement issued by the Ministry’s Director of Information and Public Relations, Mohammed Manga, on Tuesday in Abuja. The minister,...

The Lagos Chamber of Commerce and Industry (LCCI) has carpeted the National Bureau of Statistics (NBS), stressing that the sharp drop in the inflation rate from 34.8% to 24.48% in January 2025 is primarily due to the rebasing of the Consumer Price Index (CPI) rather than a real reduction in...

The National Bureau of Statistics (NBS) has explained why Nigeria’s headline inflation rate dropped to 24.48 per cent in January 2025 after rebasing. The Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran, provided the explanation on Tuesday at the launch of the rebased Consumer...

Nigeria’s headline inflation rate declined to a new low at 24.48 per cent year-on-year in January, following the National Bureau of Statistics (NBS) rebasing of the country’s economy. The statistics office announced this on Tuesday, February 18, after rebasing the Consumer Price Index (CPI) to reflect changes in consumption patterns....