Nigeria Targets $137 Billion Global Fragrance Market
Nigeria seeks to transform from a consumer to a major producer in the global fragrance market, projected to reach $137 billion by 2033, leveraging its natural resources and growing demand.
Category : Economy
Akwa Ibom IGR Hits N7 Billion Monthly After TSA Implementation
Governor Umo Eno announces Akwa Ibom State's Internally Generated Revenue has surged from N2 billion to N7 billion monthly following the Treasury Single Account policy introduction, aiming for financial self-sufficiency.
Expert Urges Tinubu to Act on Middle East War Economic Risks
Development expert Engr. Micheal Ale calls on President Tinubu and the National Assembly to form a technocrat committee to mitigate potential economic fallout from the U.S.-Israel vs Iran conflict, which has closed the Strait of Hormuz and spiked global o
Akwa Ibom IGR Hits N7bn Monthly Post-TSA
Governor Umo Eno announces a dramatic increase in Akwa Ibom's internally generated revenue from N2bn to N7bn monthly, attributing it to the Treasury Single Account policy.
Man's N62,000 Fuel Purchase Sparks Economic Debate in Nigeria
A Nigerian man's viral video lamenting the N62,000 cost of a gallon of fuel has ignited widespread reactions online, highlighting economic hardships and political criticism amid rising living costs.
Africa's Top 10 Happiest Countries in 2026 Ranking
The 2026 World Happiness Report highlights Africa's happiest nations, with Mauritius leading the continent. Strong social support and health outcomes prove more crucial than income alone.
Africa's Infrastructure Boom Faces 150,000 Professional Shortfall
A new report from the Project Management Institute reveals that Sub-Saharan Africa's construction sector will face a deficit of nearly 150,000 professionals by 2035, threatening the delivery of critical infrastructure projects across the continent.
China's Economic Growth: A Lesson for Nigeria
Experts highlight China's disciplined planning and policy consistency as models for Nigeria, urging strategic repositioning in global trade and leveraging China's zero-tariff offer for African exports to boost growth.
Lagos Korope Ban on Lekki Expressway Divides Stakeholders
The Lagos State government's enforcement of a ban on Korope minibuses along the Lekki–Epe Expressway has ignited sharp divisions among stakeholders, with debates over safety, regulation, and the adequacy of alternative transport options.
Carloha Nigeria Launches Electric Off-Road SUV iCAUR V23
Carloha Nigeria introduces the iCAUR V23, an electric off-road SUV by Chery, featuring advanced tech, high safety ratings, and dual powertrain options for eco-conscious adventurers.
IMF Calls for Stronger Institutions Amid Slowing Growth, Debt Risks
The IMF warns that weak governance and rising debt in fragile states suppress growth and heighten global risks, urging urgent institutional reforms and economic policies.
Tinubu: Nigeria's Economy Emerges from 'Dark Tunnel'
President Bola Tinubu asserts Nigeria has navigated out of economic uncertainty, pledging sustained reforms and hope restoration during a UK state visit marked by diplomatic talks and a major port financing deal.
Nigeria-UK Sign £746M Port Deal to Deepen Economic Partnership
President Bola Tinubu and UK Prime Minister Keir Starmer have signed a £746 million agreement to modernize Apapa and Tin Can Island ports in Lagos, marking a significant step in strengthening bilateral trade and investment ties between Nigeria and the Uni
Nigeria Tops Global Petrol Price Hike Amid Conflict
Nigeria recorded the world's sharpest petrol price increase at 39.5% due to Middle East conflict disruptions, with prices reaching N1,200 per litre and causing transport fare spikes.
Nigeria's $3.74bn Crude Imports for Dangote Refinery in 2025
Nigeria imported $3.74bn worth of crude oil in 2025 to support Dangote Refinery operations, as the current account surplus declined to $14.04bn amid rising non-oil imports and external payments.
Ovaltine Opens First African Factory in Lagos with £24M Investment
British beverage brand Ovaltine announces a £24 million investment to establish its first African manufacturing plant in Lagos, creating over 100 jobs and boosting UK-Nigeria trade ties.
Rice Hits N61,000 as Food Prices Surge Ahead of Eid in Nigeria
Food prices in Nigeria have skyrocketed ahead of Eid al-Fitr, with rice reaching N61,000 per 50kg bag. Ramadan demand and rising logistics costs drive inflation, threatening household budgets nationwide.
Naira Slips to N1,353/$ as CBN Releases New Dollar Rates
The Nigerian naira depreciated to N1,353 per dollar in the official window amid rising foreign exchange demand, while external reserves fell slightly to $49.83 billion. Global oil prices surged due to Middle East tensions.
Logistics Workers Lament Rising Fuel Costs, Seek Aid
The Courier and Logistics Services Staff Association of Nigeria calls for regulatory reforms and palliatives to address escalating fuel prices impacting operational costs and supply chains.
Nigeria's Current Account Surplus Drops 26% to $14.04B
Nigeria's current account surplus fell sharply by 26% to $14.04 billion in 2025, driven by declining oil exports and rising imports, as the Central Bank of Nigeria reports ongoing pressures on external accounts.
Africa's Public Debt Nears $1.2 Trillion Amid Fiscal Strain
A new S&P Global report projects African nations will borrow $155 billion in 2026, pushing total sovereign commercial debt above $1.2 trillion, driven by refinancing needs and fiscal demands.
Africa's Debt Crisis Drives Fossil Fuel Extraction
A new report reveals Africa's external debt exceeding $1 trillion is forcing governments to prioritize fossil fuel extraction over health and education, disproportionately impacting women and vulnerable communities.
Foreign Investors Back Nigeria's Reforms for Long-Term Capital
Global investors at the Africa Capital Forum in London praised Nigeria's economic reforms, noting improved transparency and stability, while urging a shift towards sustainable long-term investments to boost growth.
NRC Passenger Revenue Falls 16.3% in Q4 2025
The Nigerian Railway Corporation's passenger revenue declined to N1.6 billion in Q4 2025, a 16.3% drop from the previous year, due to reduced passenger numbers, while cargo transport saw a slight increase.
Ogun's New Pension Scheme Offers Up to 280% Benefits for Retirees
Ogun State introduces the Additional Pension Benefit (APB), a pension reform offering retirees payouts from 116% to 280% of annual emoluments. Governor Abiodun's initiative ensures timely gratuity payments and addresses pension liabilities, praised by lab
CBN Releases New Exchange Rate for Access, UBA, Zenith as Naira Rises
The Nigerian naira appreciates by 0.99% in the official market, closing at ₦1,344.42 per dollar. Nigeria's external reserves exceed $50 billion, bolstering confidence in the currency's stability amid rising global oil prices and geopolitical tensions.
Minister Calls for 95% Private Sector Control of Nigerian Economy
Minister Doris Uzoka-Anite asserts Nigeria's growth requires 95% private sector-driven economy. Bagudu outlines $1 trillion GDP target by 2030 through 7% annual growth and National Development Plan coordination.
AfreximBank Projects 3.8% Global Inflation by 2026
The Africa Export Import Bank predicts global headline inflation will fall to around 3.8% by late 2026, despite persistent services inflation in advanced economies and ongoing geopolitical risks.
Africa's Raw Material Export Risks Price Volatility, Warns PAMA
PAMA President Mansur Ahmed warns that Africa's reliance on raw material exports exposes economies to price volatility and low-margin trade, despite China's new zero-tariff policy for 53 African nations.
Iran War Fuel Crisis Hits Nigerian Economy Hard
The ongoing conflict in Iran has disrupted global oil supply, causing petrol prices in Nigeria to surge by 50%. This article examines the economic impact, local refining challenges, and government inaction amid the crisis.
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