Tag: economy

News

NLC, TUC Give Tinubu Government October 27 Deadline, Warn of Possible Nationwide Action

Nigeria’s organised labour unions have given the Federal Government until Tuesday, October 27, 2026, to make meaningful progress on workers’ demands, warning that nationwide industrial action could be considered if negotiations fail. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) issued the warning after a meeting with government representatives ended without an agreement in Abuja on Thursday, October 22. According to the … Continue reading NLC, TUC Give Tinubu Government October 27 Deadline, Warn of Possible Nationwide Action

Unknown's avatarMoshood OlubodeLeave a comment
News

Tinubu Says He Has No Regrets Over Fuel Subsidy Removal, Rules Out Return

President says Nigeria cannot afford to return to subsidy regime as debate over economic reforms continues President Bola Ahmed Tinubu has declared that he has no regrets over the removal of petrol subsidy, insisting that Nigeria will not return to the policy despite calls by some opposition politicians for its restoration. The President made the remarks on Monday, October 19, 2026, while addressing members of … Continue reading Tinubu Says He Has No Regrets Over Fuel Subsidy Removal, Rules Out Return

Unknown's avatarMoshood OlubodeLeave a comment
Business

Food Prices Fall in Three Nigerian States, but Inflation Remains High Elsewhere

Food Prices Fall in Three Nigerian States, but Inflation Remains High Elsewhere By Utelnova News Desk Food prices recorded significant monthly declines in Adamawa, Kano and Bauchi in September 2026, while residents in other parts of Nigeria continued to face rising food costs, according to the latest Consumer Price Index report from the National Bureau of Statistics (NBS). The report showed that Adamawa recorded the … Continue reading Food Prices Fall in Three Nigerian States, but Inflation Remains High Elsewhere

Unknown's avatarMoshood OlubodeLeave a comment
News

Tinubu Says Reforms Are Working as World Bank Projects 4.4% Growth for Nigeria

President Bola Tinubu has welcomed the World Bank’s latest economic report, saying his administration’s reforms are beginning to deliver results as the bank projects Nigeria’s economy to grow by an average of 4.4 per cent annually between 2026 and 2028. Tinubu made his position known following the release of the World Bank’s October 2026 Nigeria Development Update, which examined the country’s economic performance, government revenues … Continue reading Tinubu Says Reforms Are Working as World Bank Projects 4.4% Growth for Nigeria

Unknown's avatarMoshood OlubodeLeave a comment
Business

US Government Warns American Investors About Business Risk in Nigeria

The United States government has raised concerns over business risks in Nigeria, warning American executives about possible detention, regulatory disputes and other challenges while operating in the country. The warning was highlighted in the US Department of State’s 2026 Nigeria Investment Climate Statement, published in September, according to reports by Nigerian media outlets. The report identified concerns including insecurity, corruption, port inefficiencies and regulatory uncertainty, … Continue reading US Government Warns American Investors About Business Risk in Nigeria

Unknown's avatarMoshood OlubodeLeave a comment
News

Petrol Price Alert: NNPC Extends ₦66 Discount as Fuel Prices Rise in Nigeria

ABUJA, Nigeria — The Nigerian National Petroleum Company Limited (NNPC Ltd) has extended its ₦66-per-litre petrol discount across its retail filling stations nationwide until October 31, 2026, in a move aimed at easing the burden of rising fuel prices on Nigerians. The company announced the extension on Friday, October 9, following growing concerns over the impact of high petrol prices on households, commercial transport operators … Continue reading Petrol Price Alert: NNPC Extends ₦66 Discount as Fuel Prices Rise in Nigeria

Unknown's avatarMoshood OlubodeLeave a comment
Business

Dangote Refinery Cuts Diesel Price to ₦1,700 as Crude and Import Costs Fall

Dangote Petroleum Refinery has reduced the price of Automotive Gas Oil (AGO), commonly known as diesel, by ₦80 per litre, bringing its gantry price down from ₦1,780 to ₦1,700 per litre. The new price took effect on Wednesday, October 7, 2026, according to a notice issued by the refinery to its customers. The reduction represents a 4.5 per cent decrease from the previous price. The … Continue reading Dangote Refinery Cuts Diesel Price to ₦1,700 as Crude and Import Costs Fall

Unknown's avatarMoshood OlubodeLeave a comment
Business

Nigeria Climbs Four Places to Eighth in African Investment Risk Ranking

The assessment comes as the country continues to implement economic reforms introduced since President Bola Tinubu took office in 2023. Among the major changes have been the removal of the petrol subsidy, reforms to the foreign-exchange market and changes to electricity tariffs. The reforms were designed to address long-standing economic challenges, although they have also brought significant pressure on households and businesses, particularly through higher … Continue reading Nigeria Climbs Four Places to Eighth in African Investment Risk Ranking

Unknown's avatarMoshood OlubodeLeave a comment
Business

5 Things Nigerians Should Know About the Latest Cost-of-Living Changes

Nigeria’s cost of living remains an important concern for households, workers and businesses, even as the country’s headline inflation rate continues to moderate. The National Bureau of Statistics (NBS) reported that headline inflation fell slightly from 15.43% in July 2026 to 15.39% in August. However, food inflation remained considerably higher at 19.57%. Recent increases in petrol prices have also created additional pressure on transportation and … Continue reading 5 Things Nigerians Should Know About the Latest Cost-of-Living Changes

Unknown's avatarMoshood OlubodeLeave a comment
News

Concerns as Nigeria’s public debt hits N166trn after increasing by N7trn in 3 months

Nigeria’s total public debt has risen to N166.79 trillion, increasing by N7.44 trillion between March and June 2026 and raising fresh concerns over the country’s growing debt burden. The latest figure was contained in a report released by the Debt Management Office (DMO) on Friday. The DMO said the debt stock rose from N159.35 trillion at the end of the first quarter of 2026 to … Continue reading Concerns as Nigeria’s public debt hits N166trn after increasing by N7trn in 3 months

Unknown's avatarMoshood OlubodeLeave a comment