Nigeria’s foreign reserves have climbed to $53.11 billion, putting the country just $142 million below the level recorded in January 2009, when reserves reached $53.25 billion. The latest figure, reported by the Central Bank of Nigeria as of August 24, represents the strongest reserve position in more than 17 years. The increase is significant because…
Nigeria has moved closer to unlocking one of its biggest oil investments in years as the Bonga offshore project advances towards a Final Investment Decision, with NNPC and its international partners targeting between $15 billion and $21 billion in investment. The Nigerian National Petroleum Company Limited and partners Shell, Esso and Agip signed amendments to…
Nigeria’s economic reforms may be improving some of the country’s financial indicators, but another problem is beginning to attract attention: foreign investors are becoming more cautious about putting money into Nigeria. The concern is not simply about whether Nigeria is a good investment destination. It is increasingly about timing. With the 2027 election approaching and…
Nigeria says its subsidy reforms freed up ₦15.8 trillion between June 2023 and December 2025. But as crude oil prices climb again, the latest petrol price increase from the Dangote Refinery shows why the real test of the reforms is not simply how much government saves, but whether Nigerians can actually feel the benefit. Finance…
Nigeria is getting two pieces of economic news that appear positive on paper but could have very different meanings for households and businesses. Headline inflation fell from 15.91 per cent in June to 15.43 per cent in July, according to the National Bureau of Statistics. But food inflation moved in the opposite direction, rising to…
Nigeria’s crude oil production fell by 37,000 barrels per day in July, according to secondary-source data cited by OPEC, dropping from 1.583 million bpd in June to 1.546 million bpd. That represents a 2.3% month-on-month decline and interrupts the recovery Nigeria had recorded earlier in the year. At first glance, 37,000 barrels might not sound…
The Nigerian Electricity Regulatory Commission (NERC) has dissolved the board of Kaduna Electricity Distribution Plc (KAEDC) after the company accumulated about ₦456.5 billion in market obligations, including ₦415.5 billion owed to Nigerian Bulk Electricity Trading and ₦41 billion owed to the Nigerian Independent System Operator. NERC has appointed an interim board and administrator for six…
Nigeria is facing renewed economic pressure as exceptionally high interest rates combine with renewed weakness in the naira, raising concerns over borrowing costs, business activity and household purchasing power. The Central Bank of Nigeria has maintained its benchmark Monetary Policy Rate at 26.5 per cent, following its July 20–21 Monetary Policy Committee meeting. The decision…
President Bola Tinubu has assured executives from Deloitte Africa that Nigeria’s economy is on a steady growth trajectory, citing recent reforms aimed at restoring macroeconomic stability, improving investor confidence and sustaining long-term development. The President said his administration remains committed to fiscal discipline, private sector-led growth and policies that will strengthen the country’s economic fundamentals….
