GDP Hits 4.43% In Q2, As Oil Production Records Highest Growth In 4 Years

EconomyNewsNigeriaGDP Hits 4.43% In Q2, As Oil Production Records Highest Growth In 4 Years

Uzoamaka Ikezue (Staff Reporter)August 31, 2026

Nigeria’s Gross Domestic Product (GDP) grew by 4.43% (year-on-year) in real terms in the second quarter of 2026. A report by the National Bureau of Statistics (NBS) stated that the figure is higher than the 4.23% recorded in the second quarter of 2025. This is just as the report stated: crude oil production has grown to 1.72 million barrels per day, the highest since 2022. It is noted that during the quarter under review, agriculture...

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Enugu Govt. Distributes Farm Inputs, Targets Food Exportation

EconomyNewsNigeriaEnugu Govt. Distributes Farm Inputs, Targets Food Exportation

Ije Ulasi (Regional Correspondent)July 23, 2026

The Enugu State Governor, Dr. Peter Ndubuisi Mbah, has flagged off the distribution of fertilizers and other farm inputs for 2026 to 63,000 registered smallholder farmers in the state. Speaking at the launch held at Michael Okpara Square, Governor Mbah reiterates his administration’s view that agriculture is more than just a mere source of food, but a big business, hence the free inputs to farmers, efforts in progress to migrate Enugu farmers from subsistence to...

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Abia Govt Pledges Support To Utopia Pharmaceutical Establishment

EconomyNewsNigeriaAbia Govt Pledges Support To Utopia Pharmaceutical Establishment

Ije Ulasi (Regional Correspondent)July 23, 2026

The Abia State Governor, Dr. Alex Otti, has pledged full support to the Egyptian pharmaceutical company Utopia in establishing a drug manufacturing plant in the state. Governor Otti made this promise as he received in audience the Chairman of Utopia, Dr. Kamel Mohamed, accompanied by Eze Apostle Gift Chibuzor Chinyere, who facilitated the investment visit. A press statement issued by the Chief Press Secretary to the Governor, Ukoha Njoku Ukoha, after the meeting between Governor...

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FG, Labour Commence Discussion On Review Of Minimum Wage

BusinessNewsNigeriaFG, Labour Commence Discussion On Review Of Minimum Wage

Hassan Umar Shallpella (Regional Correspondent)June 19, 2026

The Nigeria Labor Congress (NLC) and the Trade Union Congress (TUC) have hinted that negotiations with the Federal Government have commenced to review the current minimum wage upward, so that Nigerian workers would receive a realistic wage package before the current wage framework expires. The current national minimum wage of ₦70,000 was approved in July 2024 following extensive negotiations between organized labor and the Federal Government. The agreement also provided for periodic reviews to ensure...

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Cost of Living Pressure Persists as Inflation Hits 15.93% in May

NewsNigeriaCost of Living Pressure Persists as Inflation Hits 15.93% in May

By Ezinwanne Onwuka (Senior Reporter)June 16, 2026

Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, extending a steady upward trend for the third consecutive month, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The new figure represents an increase from 15.69 percent recorded in April and 15.38 percent in March, signaling persistent price pressures across key sectors of the economy despite a slower pace of monthly increases. Data from...

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FG Clears Backlog, Approves Payments to 1,240 Contractors

NewsNigeriaPoliticsFG Clears Backlog, Approves Payments to 1,240 Contractors

By Ezinwanne Onwuka (Senior Reporter)June 8, 2026

The Federal Government has approved payments to more than 1,240 local contractors, in a move aimed at injecting immediate liquidity into businesses and easing long-standing financial pressures across Nigeria. The approval was granted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, following what the Ministry described as a “diligent verification and reconciliation” process to ensure that only valid claims were settled. According to a statement issued on Monday by...

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Tinubu Signs ₦68.32trn 2026 Budget

NewsPoliticsTinubu Signs ₦68.32trn 2026 Budget

By Ezinwanne Onwuka (Senior Reporter)April 18, 2026

…Extends 2025 Spending Deadline to June President Bola Ahmed Tinubu has signed into law the 2026 Appropriation Bill valued at ₦68.32 trillion, setting the stage for what the Federal Government describes as a renewed push for economic stability, infrastructure development, and job creation. In a move that may also ease pressure on ongoing projects nationwide, the President simultaneously approved an extension of the 2025 budget implementation from 31 March to 30 June 2026. The newly...

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NESG Warns FG Against Reversal Of Economic Reforms

BusinessNewsNigeriaPoliticsNESG Warns FG Against Reversal Of Economic Reforms

Uzoamaka Ikezue (Staff Reporter)April 14, 2026

The Nigerian Economic Summit Group (NESG), has urged the Federal Government not to reverse some of the economic reforms introduced by the present administration, as the move will result in severe economic consequences and pains for the country. Head of Research, NESG, Dr. Joseph Ogebe, who gave the warning at an interactive session with journalists in Abuja on Monday, suggested to the Federal Government to consolidate on the recent macro-economic gains and ensure they translate...

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APC Says Middle East Crisis Negatively Affecting Economic Recovery

NewsNigeriaPoliticsAPC Says Middle East Crisis Negatively Affecting Economic Recovery

Uzoamaka Ikezue (Staff Reporter)March 11, 2026

The All Progressives Congress (APC) has said that the evolving crisis in the Middle East is negatively affecting Nigeria’s economic stability and recovery. The party, in a statement on Wednesday, signed by the Lagos State Spokesman, Mogaji (Hon.) Seye Oladejo noted that the conflict, though external, may constitute a setback to some of the recent macroeconomic gains. The statement reads, “We’ve been closely observing the unfolding developments in the Middle East and the broader implications...

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World Bank Upgrades Nigeria’s Growth Forecast to 4.4% for 2026, 2027

BusinessNewsNigeriaWorld Bank Upgrades Nigeria’s Growth Forecast to 4.4% for 2026, 2027

By Ezinwanne Onwuka (Senior Reporter)January 14, 2026

Nigeria’s economy is on track to record its fastest growth in more than a decade, the World Bank has said, revising its forecast for the country’s economic growth to 4.4 per cent for both 2026 and 2027. The announcement was made in the World Bank’s latest Global Economic Prospects report, released on Tuesday. The revised growth projection marks a significant improvement over the June 2026 forecasts of 3.7 percent and 3.8 percent, respectively. According to...

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