Nigeria is heading into the second half of 2026 with a mixed economic picture: the economy appears to be gaining momentum, but the naira remains under pressure and borrowing costs are still extremely high. A BusinessDay nowcast estimates that Nigeria’s economy could grow by 4.5% in Q2 2026, which would make it the fastest second-quarter…
The continuing conflict involving Iran is creating a strange situation in the global energy market: oil companies are making much more money at the same time that higher energy prices are putting pressure on consumers and businesses. Saudi Aramco, ExxonMobil and Chevron are among the major energy companies benefiting from the sharp changes in oil…
The naira is facing renewed pressure in the parallel market, with the dollar selling for around ₦1,420, even as the Central Bank of Nigeria insists that the foreign exchange market is becoming more stable. The latest parallel-market rate is notably higher than the official rate, which has been trading around ₦1,362–₦1,369 per dollar. Recent market…
Nigeria’s latest move to refinance Project Gazelle is less significant because of the headline $4.5 billion figure and more because of what the restructuring could change about the country’s access to cash. The National Economic Council has approved a new $4.5 billion financing arrangement, Project Gazelle 2, to refinance the outstanding balance of about $1.5…
Artificial intelligence is no longer just making cybercrime more sophisticated in Africa. It is changing how cheaply and quickly criminals can operate. A new INTERPOL African Cyberthreat Assessment Report says AI is now linked to 55% of reported cybercrime across Africa, while reported financial losses reached about $484 million in 2025, up sharply from $192…
Nigeria is once again facing the uncomfortable side of its dependence on crude oil. Global oil prices fell sharply after the United States signalled a move back towards diplomacy with Iran, with Brent crude dropping about 7% to settle at $83.77 a barrel on Monday. Nigerian crude was dragged lower after recently trading above $85,…
Mr Eazi’s 35th birthday cake wasn’t shaped like a microphone or a platinum record. Instead, it resembled an investment portfolio dashboard displaying AED 1 billion (about ₦374 billion or $272 million), and that’s exactly why it caught the internet’s attention. While many initially saw it as a flashy birthday statement, the celebration highlights a broader…
The Federal Government has announced plans to begin phasing out electricity subsidies from 2027 as part of broader reforms aimed at restoring financial sustainability to Nigeria’s power sector. Minister of Power Joseph Tegbe disclosed the plan during a media briefing in Abuja on Friday, saying the current subsidy regime has become unsustainable due to mounting…
The Federal Government has explained how savings from the removal of fuel and foreign exchange subsidies have been spent, saying the funds have largely gone into servicing debt, paying higher salaries under the new minimum wage, and financing student loans rather than being left idle. Speaking at the 7th African Emerging Markets Forum in Abuja,…
The Manufacturers Association of Nigeria (MAN) has raised fresh concerns over the country’s rising production costs, warning that Nigerian factories are paying up to 10 times more for electricity than manufacturers in parts of Asia, making it increasingly difficult for local industries to compete globally. Speaking on the challenges facing the manufacturing sector, industry leaders…
