Nigerian Economy
SMEDAN Seeks Stakeholder Support for MSME Growth
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reiterated the need for stronger stakeholder collaboration to accelerate the growth of Micro, Small, and Medium Enterprises (MSMEs) and, by extension, the Nigerian economy. This call was made on Wednesday during a high-level Stakeholders Engagement Forum and press conference held in Lagos as part […]
Nigeria Shells Out $2bn on External Debt in Just Four Months
Nigeria’s external debt servicing has surged dramatically in the first four months of 2025, with the country spending approximately $2.01 billion on external debt repayments between January and April. This marks a 50 percent increase compared to the $1.33 billion spent during the same period last year, according to the latest international payments data published […]
NECA Warns on Overusing Monetary Tools
The Nigeria Employers’ Consultative Association (NECA) has raised serious concerns over the Central Bank of Nigeria’s (CBN) persistent reliance on monetary policy tightening as the primary tool to control inflation. This warning comes in the wake of the Monetary Policy Committee’s (MPC) decision to maintain the Monetary Policy Rate (MPR) at 27.50 percent, a move […]
SMEDAN Moves to Power Jobs, Boost MSME Revenue
The Small and Medium Enterprises Development Agency (SMEDAN) has unveiled a transformative strategy aimed at propelling Nigeria’s Micro, Small, and Medium Enterprises (MSMEs) into a new era of growth. The strategy, called “GROW Nigerian,” is designed to create more job opportunities and significantly enhance the revenue generation capacity of the MSME sector. During an interaction […]
Nigeria Clears $3.4bn IMF Debt
In a significant development that reflects Nigeria’s efforts toward fiscal responsibility and economic recovery, the International Monetary Fund (IMF) has officially confirmed that Nigeria has fully repaid the $3.4 billion loan it received in 2020 to cushion the impact of the COVID-19 pandemic. The IMF loan, disbursed under the Rapid Financing Instrument (RFI), was aimed […]
FG Hails Progress in Naira-for-Crude Deal
The Federal Government has hailed the recent milestones recorded under the revived naira-for-crude oil initiative, a bold economic strategy aimed at strengthening the Nigerian naira, enhancing local refining capacity, and boosting energy security. This naira-for-crude oil policy commendation came at a strategic follow-up session of the Technical Sub-Committee on Crude and Refined Product Sales in […]
Naira Falls Against Dollar at Official Exchange Market
Nigeria’s local currency, the naira, further weakened against the United States dollar at the official foreign exchange (FX) market on Friday, closing at ₦1,602.18 per dollar, according to data published on the Central Bank of Nigeria (CBN) website. This marks a ₦5.49 loss from the ₦1,596.69 recorded before the mid-week Workers’ Day holiday on Wednesday, […]
May Day: Oluremi Tinubu Hails Nigerian Workers as Nation’s Backbone
As Nigeria commemorated International Workers’ Day on May 1, 2025, First Lady Senator Oluremi Tinubu took the opportunity to recognize and honor the significant contributions of the nation’s workers to its development. In her heartfelt message, the First Lady expressed her deep gratitude to Nigerian professionals and laborers, noting that their hard work and resilience […]
FEC Approves Full Implementation of Naira-for-Crude Oil Deal
The Federal Executive Council (FEC) has taken decisive action to strengthen Nigeria’s economic resilience. They directed the full implementation of the Naira-for-Crude Oil policy. This move revives the suspended agreement between the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL). It also includes local refiners, such as the Dangote Petroleum Refinery. The Ministry […]