S&P Global has raised its forecast for Nigeria’s average inflation rate in 2026 to 16.9%, up from its previous projection of 15.0%, citing stronger-than-expected spillover from higher global oil prices into domestic energy costs. The revised outlook was published in the ratings agency’s latest report, Economic Outlook Emerging Markets Q3 2026: Inflationary Pressures Will Persist….
A new report by ActionAid International and ActionAid Nigeria has raised concerns over Nigeria’s fiscal priorities, revealing that the country now spends nearly five times more on servicing external debt than on healthcare and education combined. The report talks about the growing burden of debt repayments on Africa’s largest economy, warning that rising obligations to…
The Nigerian naira has come under renewed pressure after the United States dollar strengthened sharply following a more hawkish policy signal from the US Federal Reserve, pushing the local currency into one of its weakest 12-month periods. The dollar rally was triggered by growing expectations that the Federal Reserve could maintain higher interest rates for…
Nigerians hoping for immediate relief at filling stations after a fresh petrol price reduction by the Dangote Petroleum Refinery have been met with continued high pump prices, as many retailers maintain existing rates while waiting to clear older fuel tock. The refinery recently reduced its ex-depot price for Premium Motor Spirit (PMS), commonly known as…
Nigeria’s financial sector is entering a new phase as the Central Bank of Nigeria (CBN) moves to strengthen control over the country’s digital payment ecosystem, while the nation’s foreign exchange position continues to improve. The apex bank has directed banks, fintech companies, mobile money operators, and other payment service providers to store all payment transaction…
The United States and Iran have taken a major step toward ending their long-running conflict after President Donald Trump and Iranian President Masoud Pezeshkian signed the “Islamabad Memorandum of Understanding,” a diplomatic agreement aimed at halting military operations and restoring stability in the Middle East. The agreement, announced after weeks of escalating tensions, calls for…
The International Monetary Fund (IMF) has said the Nigerian naira remains significantly undervalued despite recent improvements in the country’s foreign exchange market, highlighting both progress and continued challenges in Nigeria’s economic recovery. In its latest Article IV consultation report on Nigeria, the IMF estimate that the naira was undervalued by 25.6 percent based on its…
Nigeria’s inflation rate has continued to draw concern after new data showed that consumer prices increased again, putting fresh pressure on households and businesses that are already dealing with rising living costs. The latest figures have renewed debate over the country’s economic recovery and the effectiveness of ongoing policy measures. The increase reflects continued pressure…
Nigeria’s economic community is locked in renewed debate following a sharp downturn in global crude oil prices, triggering by easing geopolitical tensions after a breakthrough United States-Iran peace deal that has reshaped energy market expectations. International benchmarks such as Brent crude have fallen significantly in recent days, with prices slipping to around a three-month low…
There is good news coming out of Nigeria’s economy in 2026. There is also a catch — and it’s a big one. Nigeria recorded the greatest improvement in business activity among eight major African economies in May 2026, defying mounting inflationary pressures triggered by escalating tensions in the Middle East that have pushed up global…
