FG Slashes Palm Oil Tariffs 17% to Combat Food Inflation
The Federal Government reduces import tariffs on crude palm oil, rice, and sugar to ease rising food costs and stimulate economic growth, with experts predicting consumer relief.
Category : Economy
Naira Steady vs Dollar in Official Market, Parallel Rates High
The Nigerian Naira showed minor fluctuations against the US Dollar on Monday, April 13, 2026, with the official rate opening at N1,358.84 and stabilizing, while parallel market rates ranged from N1,460 to N1,485 in major cities.
FG Launches Leasing Scheme for Okada, Tricycle Riders
The Federal Government has introduced a structured leasing model for motorcycle and tricycle operators nationwide through partnerships with ELRA, CIS, and NATOMORAS. The initiative aims to address exploitative hire purchase arrangements, provide flexible
CBN's 2026 PoS Rules: 8 Key Changes for Cash Transactions
The Central Bank of Nigeria has introduced stricter agent banking guidelines effective 2026, including exclusive partnerships, geo-fencing, and new transaction limits to enhance security and reduce fraud.
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Nigeria's Fiscal Strain Grows with Oil Price Surge
Nigeria's economy is under pressure as global oil prices rise above $100 per barrel due to geopolitical tensions, threatening higher fuel costs and inflation.
Naira Gains 1.58% on FX Liquidity, Bond Market Weakens
The Nigerian naira strengthened by 1.58% at the official market this week, closing at N1,359.32/$, amid improved foreign exchange liquidity and stable investor sentiment, while the domestic bond market weakened with rising yields.
CPPE Faults World Bank's Import Advice for Nigeria
The Centre for the Promotion of Private Enterprise warns that World Bank recommendations for increased fuel and food imports could undermine Nigeria's economic reforms and domestic production gains.
Nigeria Must Achieve 6% Growth for Reforms to Impact People
The Nigerian Economic Summit Group states that ongoing economic reforms will only significantly impact citizens if they drive sustainable growth to six per cent, emphasizing support for agriculture and manufacturing.
Nigeria Ready for Business, Dabiri-Erewa Assures in Silicon Valley
NIDCOM Chairman Abike Dabiri-Erewa assures diaspora investors that Nigeria is conducive for business, highlighting policies under the Renewed Hope Agenda to drive growth and innovation.
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FG Finalizes 2026-2030 Development Plan for Economic Growth
The Federal Government is in the final stages of preparing the Medium-Term National Development Plan 2026-2030, aiming to transition Nigeria to an upper-middle-income economy by 2050 through strategic policies and resource leveraging.
Oil Windfall Test for Tinubu Without Fuel Subsidy Buffer
With fuel subsidy removed, the Tinubu administration must judiciously use oil revenue from Middle East conflicts to build infrastructure and reduce debt, avoiding past mismanagement pitfalls.
Exchange Rate Unification and End of Arbitrage in Nigeria
This article analyzes Nigeria's exchange rate unification under Tinubunomics, exploring its mechanics, impact on arbitrage, and challenges in achieving price stability.
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FG Cuts Tariffs on Food, Vehicles in 2026 Fiscal Policy
The Nigerian Federal Government has announced significant tariff reductions on essential imports including rice, sugar, palm oil, and vehicles under the 2026 Fiscal Policy Measures, potentially lowering consumer prices.
CPPE: Reject World Bank Fuel, Food Import Plan
The Centre for Promotion of Private Enterprise urges Nigeria's government to ignore World Bank recommendations for increased fuel and food imports, warning it would reverse economic gains and undermine domestic production.
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Naira Hits N1,355.25/$ in Official Market, Strongest in Weeks
The Nigerian naira appreciated against the US dollar in the official foreign exchange market, closing at N1,355.25/$ on Friday, April 10, 2026. This marks its strongest level in recent sessions, with steady gains recorded throughout the week. However, Nig
Tax Committee Debunks Claims Oyedele Admitted Errors in Laws
The Presidential Fiscal Policy and Tax Reforms Committee has dismissed misleading reports that Finance Minister Taiwo Oyedele admitted flaws in Nigeria's new tax laws, clarifying the legislative process is complete and reforms are yielding results.
FG, Fidelity Bank Unveil YEIDEP Grant Up to N500k for Youth
The Federal Government and Fidelity Bank have launched the Youth Economic Intervention and De-Radicalisation Programme, offering non-repayable grants from N50,000 to N500,000 to Nigerian youth aged 18-50 to combat unemployment and foster entrepreneurship.
FG Cuts Tariffs on Rice, Palm Oil, Sugar, Adds Beverage Tax
The Federal Government has approved tariff reductions on rice, palm oil, and sugar while introducing new excise duties on beverages and tobacco from July 1, 2026, to boost local industries and revenue.
FG Cuts Car Import Tariff to 40% to Lower Vehicle Prices
The Federal Government has approved a major reduction in import tariffs on vehicles from 70% to 40%, effective April 1, 2026. This policy is expected to lower the cost of imported cars, with a 90-day grace period for importers and exemptions under a new G
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Masai Ujiri Seals Arena Deal with Kenya Railways
NBA champion Masai Ujiri's Zaria Group and Kenya Railways have signed a long-term lease to develop a modern indoor arena and entertainment district in Nairobi, expected to create over 25,000 jobs and boost Kenya's economy.
FG Cuts Tariffs on Cars, Palm Oil, Sugar in New Policy
The Federal Government has implemented new 2026 fiscal policy measures, significantly reducing import duties on vehicles, palm oil, sugar, and industrial materials to stimulate economic growth.
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20 States Not Paying ₦70,000 Minimum Wage in Nigeria
Nearly two years after approval, 20 Nigerian states have failed to fully implement the ₦70,000 minimum wage, leaving workers with outdated salaries as NLC threatens nationwide protests.
Lagos Govt: Industrial Harmony Vital for Economic Growth
Lagos State officials emphasize that a stable industrial climate is essential for development, urging union leaders to adopt collaborative approaches in the modern workplace.
Chagoury Group Fuels Economic Growth with Infrastructure Projects
Gilbert Chagoury and his group partner with the federal government on major projects like port upgrades and the Lagos-Calabar Coastal Highway, boosting Nigeria's economy and infrastructure development.
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Afreximbank Supports Dangote's $100 Billion 2030 Target
Afreximbank announces support for Dangote Group's expansion to achieve $100 billion annual revenue by 2030, including refinery and fertilizer capacity boosts.
NADDC Launches Vehicle Registry to Formalize Auto Sales
The National Automotive Design and Development Council introduces a mandatory digital registry for car dealers to curb theft, enhance financing, and formalize Nigeria's fragmented automotive market.
IMF: Economic Scars, Fuel Shortages to Persist After Iran War
The IMF warns that global fuel shortages and economic damage from the Iran conflict will persist, with the Strait of Hormuz bottlenecked and growth forecasts downgraded.
Naira Surges to 7th Best Global Currency on FX Liquidity Boom
The Nigerian naira strengthened sharply to ₦1,359.32 per dollar, ranking as the 7th best-performing currency globally, driven by improved foreign exchange liquidity from the CBN, despite a dip in foreign reserves below $50 billion.
CBN Survey: Electricity, Insecurity Top Nigerian Business Woes
A Central Bank of Nigeria survey identifies poor electricity supply and insecurity as the biggest challenges facing businesses, with regional disparities in economic optimism noted.
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TUC Demands Fuel Price Cut as Costs Near ₦2,000/Litre
The Trade Union Congress has urged the Nigerian government to use excess crude revenue to subsidize local refineries, warning that petrol prices are nearing ₦2,000 per litre and workers cannot afford transportation costs.
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