Business

Nigeria’s crude oil production, including condensate, dropped by 8.3 per cent year-on-year to an average of 1.544 million barrels per day in December 2025, according to figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a decline from the 1.684 million barrels per day recorded in December 2024, underscoring ongoing difficulties in the nation’s oil and gas sector. Although the NUPRC did not directly outline the reasons for the drop in its report issued on January 19, 2026, industry analysts attributed the fall to factors such as weak investment, ageing production facilities, security challenges and declining investor confidence. On a month-on-month basis, output also dipped slightly, falling from 1.599 million barrels per day in Novem...

The International Monetary Fund (IMF) has revised Nigeria’s economic growth projection for 2026 upward to 4.4 per cent, attributing the improvement to stronger macroeconomic conditions and continued reform efforts. The updated forecast was published in the IMF’s January 2026 World Economic Outlook Update, titled “Global Economy: Steady amid Divergent Forces.” According to the report, Nigeria’s economy is expected to grow steadily from 4.1 per cent in 2024 to 4.2 per cent in 2025, before accelerating to 4.4 per cent in 2026. This represents a 0.2 percentage point increase from the Fund’s October 2025 projection. The IMF noted that Nigeria’s improved outlook mirrors broader growth expectations across sub-Saharan Africa, where economic expansion is projected at 4.6 per cent in both 2026...

Nigeria’s crude oil imports from the United States rose to more than 42 million barrels in the first 10 months of 2025, marking a sharp year-on-year increase driven largely by rising refinery demand.  Data from the US Energy Information Administration showed that between January and October 2025, Nigeria imported 42.13 million barrels of crude oil from the US, compared with 15.79 million barrels during the same period in 2024. This represents an increase of about 167 percent.  The surge has been linked mainly to increased crude requirements by the Dangote Petroleum Refinery. In contrast, Nigeria’s crude imports from the US in 2024 were relatively unstable, failing to exceed four million barrels for most of the year and dropping sharply to 1.04 million barrels in June.&n...

The Federal Government has rejected allegations that it intends to establish a federal gold refinery in Lagos, describing the claims as inaccurate and misleading. This response follows a warning by the Northern Elders Forum (NEF), which argued that siting a gold refinery in Lagos would breach the federal character principle. In a statement issued on Sunday, Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, clarified that the minister never claimed the Federal Government owned or planned to set up a gold refinery in Lagos or any part of the country. According to Tomori, the refinery referenced is a fully private investment by Kian Smith, stressing that the ministry has no power to determine where private investors locate their busin...

The Federal Government has been cautioned that the prevalence of multiple taxation is negatively affecting businesses—particularly in the private sector—while placing an increasing financial burden on consumers. Stakeholders have therefore called on the government to urgently harmonise taxes, especially those impacting private enterprises. It was noted that federal, state and local authorities often impose levies on the same goods and services, driving up production and operating costs that are ultimately passed on to consumers. These concerns were raised by the Founder and Chief Executive Officer of Pomegranate Nigeria Limited (PNL), a third-party logistics firm, Mr. Wole Elusakin, during the company’s management budget session and retreat held in Abeokuta on Friday. Elusakin war...

Nigeria’s banking sector is in the midst of one of its most transformative periods in decades. In March 2024, the Central Bank of Nigeria (CBN) announced a new minimum capital requirement for banks, prompting them to raise additional capital by 31 March 2026. The goal? Create larger, more resilient banks that can support big projects, strengthen the financial system, and help drive Nigeria toward a $1 trillion economy. It is important for everyday customers, investors, and businesses to understand that the new capital requirement is at different levels: International, National, and Regional. Banks That Have Secured International Licences An international banking licence allows banks to operate beyond Nigeria’s borders and engage in cross-border transactions. To qualify, banks...

The Chairman of the Presidential Tax Reforms Committee, Taiwo Oyedele, has dismissed reports claiming the Federal government has suspended issuing guidelines for the implementation of Nigeria’s new tax laws due to several uncertainties over the final approved version. There were reports online earlier today claiming Oyedele announced this while speaking at a function hosted by the Institute of Chartered Accountants of Nigeria. The report claimed that the speculations of a fake gazetted tax laws in circulation was the reason for the suspension of the issuance of the guidelines for the implementation of the new tax laws.  However, in a post shared on his X handle this afternoon, Oyedele described the report as ‘’Fake new''  Nigerian Events Calendar

The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate increased to 15.15 percent in December 2025. The figure was disclosed in the bureau’s latest Consumer Price Index (CPI) report released on Thursday. According to the NBS, the CPI, which tracks changes in the prices of goods and services, rose to 131.2 in December 2025, representing an increase of 0.7 points from November’s reading of 130.5. “The December 2025 year-on-year headline inflation rate stood at 15.15 percent when compared to the November 2025 headline inflation rate of 17.33 percent,” the report stated. Naija News noted that this uptick marks the first rise in headline inflation in eight months. The statistics agency explained that recent adjustments to its CPI methodology c...

The naira slid against the US dollar at the official foreign exchange market on Wednesday. According to data from the Central Bank of Nigeria (CBN), the naira fell to ₦1,420.04 per dollar, down from ₦1,419.66 recorded on Tuesday, marking a daily depreciation of ₦0.38. Reports that this is the first decline against the dollar this week. In the parallel market, however, the naira remained stable at ₦1,490 per dollar, unchanged from the previous day. The depreciation comes despite Nigeria’s foreign reserves continuing to rise, reaching $45.74 billion as of January 12, 2026, according to the CBN. Prior to Wednesday, the naira had recorded two consecutive days of gains against the dollar in the official market on Monday and Tuesday.

The World Bank has explained that Nigeria’s new tax laws, prudent monetary policies, and other economic reforms will push the country’s growth rate to 4.4 percent in 2026 and 2027, respectively. The bank disclosed this in its Global Economic Prospects report released in January 2026. It described the projected growth rate in Nigeria as the country’s fastest growth pace in over a decade. The projection by the World Bank is an upgrade from its earlier 3.7 percent forecast stated in its June 2025 Global Economic Prospects report. “Economic reforms, including the tax system, along with continued prudent monetary policy, are expected to continue supporting activity. “Improve investor sentiment and reduce inflation further. Higher oil output is expected to offset lower internation...