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Nigeria

Kalu Applauds Tinubu’s Courage, Rallies Support for Renewed Hope Agenda

Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, has commended President Bola Ahmed Tinubu's courage in pushing through difficult economic reforms and rallied support for the Renewed Hope Agenda. Kalu said the Renewed Hope Agenda is already delivering tangible results across key sectors of the country, highlighting significant achievements in economic revitalization, social welfare, security, and national development. He made the declaration while inaugurating over 20,000 new members of the Renewed Hope Partners (RHP) in Bende, Abia State. Speaking at the event, Kalu emphasized that the Renewed Hope Agenda is "not just a slogan, but a comprehensive blueprint for Nigeria's progress," citing achievements in economic growth, inflation control, infrastructure, and national inclusion. He noted that Nigeria recorded 3.84% GDP growth in Q4 2024, with annual growth rising to 3.40% in 2024 from 2.74% in 2023. Kalu urged […]

Abdulmumini Auwal SA May 30, 2026

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Nigeria

Nigeria Moves to Tap $3.5trn Global Halal Economy

Nigeria is taking steps to position itself for a bigger share of the fast growing global halal economy estimated at several trillion dollars in value. The federal government and private sector stakeholders are working together to build structures that will allow the country to benefit from halal trade investment and finance opportunities. President Bola Tinubu earlier this year launched Nigeria's National Halal Economy Strategy in Abuja. The policy is designed to help Nigeria tap into the global halal market valued at about 7.7 trillion dollars by promoting standards certification and investments in halal compliant products and services. According to government projections the strategy could add around 1.5 billion dollars to Nigeria's Gross Domestic Product by 2027 and unlock up to 12 billion dollars in wider economic value over the next decade. Officials say it will strengthen food security deepen industrial […]

Abdulmumini Auwal SA May 21, 2026

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Nigeria

Report shows Nigeria’s economy rebounding strongly

Nigeria’s economy is on a clear recovery path after years of stagnation, with a new report by Quartus Economics indicating that key indicators have recorded their strongest improvement in more than a decade. The study, obtained by The Nation, concludes that “Nigeria is rising” and that the economy is back on track, even though growth still needs to be faster and more broad based. According to the report, Nigeria’s Gross Domestic Product grew by a cumulative 8.34 percent between 2024 and 2025, the highest two year expansion in over ten years. This pace also outperformed population growth, which was estimated at less than 4.4 percent over the same period, reversing earlier years when the population was growing faster than the economy. Between 2020 and 2023, GDP growth averaged just 0.97 percent, while the population increased by about 8.78 percent, leading […]

Abdulmumini Auwal SA May 4, 2026

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Nigeria

Report shows Nigeria’s economy rebounding strongly

Nigeria’s economy is on a clear recovery path after years of stagnation, with a new report by Quartus Economics indicating that key indicators have recorded their strongest improvement in more than a decade. The study, obtained by The Nation, concludes that “Nigeria is rising” and that the economy is back on track, even though growth still needs to be faster and more broad based. According to the report, Nigeria’s Gross Domestic Product grew by a cumulative 8.34 percent between 2024 and 2025, the highest two year expansion in over ten years. This pace also outperformed population growth, which was estimated at less than 4.4 percent over the same period, reversing earlier years when the population was growing faster than the economy. Between 2020 and 2023, GDP growth averaged just 0.97 percent, while the population increased by about 8.78 percent, leading […]

Abdulmumini Auwal SA May 4, 2026

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Nigeria

Nigeria back on global economic frontline, says Shettima

Vice President Kashim Shettima has returned to Abuja after a week‑long diplomatic and economic mission to Guinea and Switzerland, declaring that Nigeria has reclaimed a frontline role in global economic and policy conversations. He represented President Bola Ahmed Tinubu at the inauguration of Guinea’s President Mamadi Doumbouya in Conakry and led Nigeria’s delegation to the 2026 World Economic Forum (WEF) in Davos.​ According to his media aide Stanley Nkwocha, Shettima said Nigeria used the trips to reaffirm its leadership within ECOWAS and open fresh bilateral channels, especially in agriculture and manufacturing. He stressed that the engagements underscored the Renewed Hope Agenda’s focus on regional solidarity and economic repositioning.​ A major highlight was the commissioning of Nigeria House Davos, the country’s first sovereign pavilion on the Davos Promenade, designed as a permanent investment hub for opportunities in solid minerals, agriculture and […]

Abdulmumini Auwal SA January 24, 2026

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Nigeria

Tinubu says new tax laws will boost prosperity

President Bola Ahmed Tinubu has assured Nigerians that his government’s new tax regime will support shared prosperity, sustained growth and long-term economic stability.​In his New Year message, he said the reforms are meant to harmonise taxes, end multiple taxation, raise revenue sustainably and strengthen funding for infrastructure and social programmes, not to overburden citizens.​He praised states that have already adopted harmonised tax laws, noting that a streamlined system will reduce excessive levies and improve Nigeria’s fiscal foundation.​ Tinubu said the difficult reforms carried out in 2025 are already producing measurable gains despite global economic headwinds, and that more benefits will reach ordinary Nigerians in 2026.​He highlighted a growth plan to bring at least 10 million Nigerians into productive economic activity by empowering at least 1,000 people in each of the country’s 8,809 wards through agriculture, trade, food processing and mining.​The […]

Abdulmumini Auwal SA January 1, 2026

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Nigeria

2026 marks stronger phase for Nigeria’s economic growth

President Bola Tinubu says 2026 will mark the start of a stronger phase of economic growth for Nigeria built on reforms carried out in 2025.In his New Year message, he explained that the country closed 2025 with steady GDP growth, more stable exchange rates and inflation falling toward government targets.​He noted that annual GDP growth is expected to exceed four percent for 2025, with trade surpluses and better investor confidence helping to stabilise the economy.​ Tinubu said his government will focus in 2026 on reducing inflation further so that prices of goods and services become more manageable for households.​He added that the aim is to ensure that the benefits of economic reforms are felt by every Nigerian home, not just by big companies or investors.​According to him, this includes creating more jobs, protecting incomes and improving living standards through targeted […]

Abdulmumini Auwal SA January 1, 2026

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Nigeria

Edun: Economy stable despite Sokoto airstrikes, markets show strong gains

Finance Minister Wale Edun says Nigeria’s economy remains stable despite the recent joint Nigeria US airstrikes on terrorist camps in Sokoto State. He stressed that such security operations strengthen investor confidence rather than undermine it.​ Edun explained that the precise, intelligence led strikes targeted threats to national safety and economic activity, distinguishing them from actions that could destabilise markets. He noted that security and economic stability are interconnected, with every effort to protect citizens being inherently pro growth and pro investment.​ Under President Bola Tinubu’s leadership, Nigeria recorded 3.98% GDP growth in Q3 2025 after 4.23% in Q2, with stronger Q4 performance expected. Inflation has fallen below 15% for the seventh straight month due to effective fiscal and monetary policies.​ Nigeria’s financial markets are operating smoothly with credit upgrades from Moody’s, Fitch and S&P validating reform efforts. The stock market […]

Abdulmumini Auwal SA December 29, 2025

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Finance

Nigeria’s Economy Gets a Major Boost: GDP Rebases to ₦205 Trillion, Grows 3.46% in Q1 2025

Nigeria’s Economy Expands to ₦205 Trillion After Rebasing The National Bureau of Statistics (NBS) has announced a major recalibration of Nigeria’s economic size, rebasing GDP from ₦80 trillion to ₦205 trillion—a 41.7% increase from the previous 2014 benchmark. Alongside this revision, the economy grew by 3.46% year-on-year in Q1 2025, showing:📈 Improvement from Q4 2024 (2.98%)📉 Slight dip from Q1 2024 (3.61%) Key Highlights from the NBS Report 🔹 New GDP Base Year: 2019 (replacing the old benchmark)🔹 Top Performing Sectors: Crop Production (Agriculture) Trade Real Estate Telecommunications Oil & Gas 🔹 Rebasing Impact: Better captures Nigeria’s evolving digital economy, services, and informal sector contributions. What Does GDP Rebasing Mean? ✅ Updated Economic Snapshot: Reflects current industries like tech and fintech.✅ More Accurate Growth Measurement: Aligns with modern consumption patterns.⚠️ Not a Growth Miracle: Doesn’t mean Nigerians are suddenly richer—just better counted. Economic Growth in Context ✔ Positive: Economy still expanding despite inflation and FX pressures.✔ Concern: Growth rate remains below population increase (3.5%), meaning per capita income isn’t […]

Ahmad July 22, 2025

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Finance

Can Nigeria Hit Its $1 Trillion Economy Goal by 2030? Unemployment Crisis Threatens Progress

Nigeria’s $1 Trillion Economy Ambition: How Unemployment Could Derail Progress Nigeria’s bold vision to achieve a $1 trillion economy by 2030 is under severe threat, with experts warning that worsening unemployment and underemployment rates could derail the initiative. As graduates flood an oversaturated job market and companies downsize amid economic pressures, the nation’s labor crisis is reaching a tipping point. The Unemployment Time Bomb Recent data from the National Bureau of Statistics (NBS) reveals a labor force participation rate of 79.5% in Q2 2024, with rural areas (83.2%) outperforming urban zones (73.2%). While the employment-to-population ratio rose to 76.1%, these figures mask harsh realities: stagnant wages, factory closures, and a growing reliance on loans to survive. Dr. Muda Yusuf, Director of the Centre for Promotion of Private Enterprise (CPPE), highlights alarming trends: “Key sectors like agriculture, manufacturing, and trade—critical for […]

Ahmad May 18, 2025

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