Nigeria GDP Grows 3.89% in Q1 2026, Fastest in a Decade
Nigeria's GDP grew 3.89% in Q1 2026, the fastest in 10 years, driven by services, agriculture, and industry. Oil production fell to 1.55 mbpd.
Category : Economy
Pastor Adefarasin: Counting in Naira Means You Are Poor
House on the Rock Pastor Paul Adefarasin sparks debate after saying Nigerians who count their wealth in naira are poor due to currency devaluation.
Nigeria GDP Grows 3.89% in Q1 2026, Agriculture Leads
Nigeria's GDP grew 3.89% in Q1 2026, up from 3.13% a year earlier. Agriculture rebounded sharply with 3.15% growth, signaling economic stabilization.
Big Tech, AI firms earn up to $160,000 from users' data
New research from Web3 Foundation reveals Big Tech and AI companies can earn up to $160,000 in commercial value from a single user's lifetime data, with global value reaching $745 trillion.
Nigeria GDP Growth Slows to 3.89% in Q1 2026
Nigeria's GDP grew 3.89% in Q1 2026, down from 4.07% in Q4 2025 but up from 3.13% in Q1 2025, according to NBS data.
Africa Builds Payment Systems to Cut Dollar Dependency
African financial institutions and regional blocs are developing payment systems to reduce reliance on the US dollar for intra-African trade, aiming to lower costs and improve efficiency.
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Nigeria Third-Largest World Bank Borrower with $18.5bn
Nigeria remains the World Bank's third-largest borrower with $18.5 billion in IDA debt, as fresh loans are sought for power, agriculture, and digital reforms amid rising fiscal pressures.
CBN Won't Return to Market-Distorting Interventions
CBN Governor Olayemi Cardoso warns against renewed pressure for intervention programmes, emphasizing orthodox monetary policy and transparency.
Cheaper Petrol Hope as Strait of Hormuz Talks Advance
Global crude prices fall over 5% on optimism over Strait of Hormuz reopening, raising hopes of cheaper petrol in Nigeria. Depot prices vary across regions.
NBS to Release Q1 GDP, Capital Importation Reports
NBS set to publish Q1 2026 GDP and capital importation data, while AfDB annual meetings begin. Dangote plans $2bn refinery fundraising, NCAA sanctions airlines, NCC reviews telecom policy.
WUF13 Delegates Urge Stronger Global Action on Housing Crisis
Delegates from 176 countries at WUF13 in Baku call for renewed action to address the global housing crisis, emphasizing integrated solutions and climate resilience.
MPC Holds Rate at 26.5%: Implications for Nigeria's Economy
The MPC left the monetary policy rate unchanged at 26.5%, citing caution amid renewed inflation. Analysts debate the decision's impact on growth, exchange rate, and banking resilience.
Africa's 2.8B Population by 2060: Socioeconomic Crisis Looms
Former Edo Governor Godwin Obaseki warns that Africa's projected 2.82 billion population by 2060 may cause a severe socioeconomic crisis unless education and employment systems are rethought.
Duty Cuts: Limits of Cheaper Imports on Economy's Sustenance
Nigeria's duty cuts on essential goods offer short-term relief but risk undermining local production and long-term economic transformation, exposing policy contradictions.
Naira Slips N3.15 Against US Dollar in Official Market
The naira weakened slightly against the US dollar in the official market, closing at N1,375.46/$1. It also fell against the pound and euro. Analysts expect continued CBN intervention.
CPPE Defends Dangote Refinery Amid Monopoly Concerns
The Centre for the Promotion of Private Enterprise (CPPE) defends Dangote Refinery against monopoly claims, arguing it corrects decades of fuel import dependency and supports local refining.
Rabiu Explains High Cement Costs in Nigeria
Billionaire Abdul Samad Rabiu cites forex pressures, energy costs, and transportation as reasons cement prices exceed N12,000 per bag in Nigeria.
Lagos, Ogun, Enugu Dominate IGR Rankings in Nigeria
Lagos, Ogun, and Enugu top Nigeria's IGR rankings in Q1 2026, showcasing economic growth and tax reforms as states reduce dependence on federal allocations.
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UN warns 35 million Nigerians face acute hunger by June 2026
The UN warns that 35 million Nigerians could face acute hunger between June and August 2026 due to insecurity, inflation, and food shortages, with northern states hardest hit.
UK Net Migration Falls Below 200,000 Since COVID
UK net migration fell to 171,000 in 2025, a 48% decline from 2024, driven by policy changes on work and study visas, marking the lowest level since 2012.
Reverse Importing Poverty, Exporting Jobs – Azikiwe
Dr. Frank Azikiwe urges Nigeria to industrialize, end import dependence, and create jobs by producing and exporting value-added goods.
Digitisation could boost Nigeria's tax revenue by N1.6tr
Increased digitisation across sectors could add 2% to GDP, create 2 million jobs, and generate N1.6 trillion in tax revenue by 2028, says NCC.
Nigeria Launches New Tax Incentive System, 149 Firms Exempted
Nigeria transitions to performance-based tax incentives, phasing out blanket holidays. 149 pioneer companies retain exemptions under new Economic Development Incentive.
Lagos IGR Hits ₦1.87 Trillion, Total Revenue Reaches ₦2.6 Trillion
Lagos State generated ₦2.6 trillion total revenue in 2025, with IGR contributing ₦1.87 trillion, driven by digital tax reforms and fiscal discipline.
Naira Gains Against US Dollar, Euro in Official Market
The naira appreciated against the US dollar and euro in the official market on May 21, 2026, while slightly falling against the British pound. CBN reaffirms commitment to exchange rate stability.
Nigeria Trade Surplus Hits $480m, Up 220% MoM
Nigeria's trade surplus rose 220% to $480m in January 2026, driven by a 4.46% increase in exports to $4.68bn, mainly from petroleum products, according to the CBN.
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Femi Otedola Sells Geregu for $100M Dangote IPO Bet
Billionaire Femi Otedola liquidated his Geregu Power stake to invest $100 million in Dangote Refinery's IPO, comparing it to early Apple or Amazon stock.
Analyst Projects Cautious Monetary Policy Amid Inflation FX Pressure
An analyst says the CBN's hold on MPR at 26.5% reflects a wait-and-watch approach amid inflation and external pressures, while CPPE commends the decision.
Cartoon: Nigeria's Economic Challenges in 2025
A cartoon highlighting Nigeria's economic struggles in 2025, including inflation, unemployment, and currency depreciation.
CBN: Naira Stability Market-Driven, Not Artificially Propped Up
CBN Governor Cardoso explains that the naira's recent stability is due to FX reforms and increased liquidity, with minimal central bank intervention at 1.2-1.3% of market turnover.
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