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Nigeria, Türkiye Sign Mining Partnership Deal to Boost Solid Minerals Sector

KEY POINTS Nigeria and Türkiye signed an MoU to strengthen cooperation in solid minerals development, mining technology, and investment. Dele Alake said ongoing reforms and crackdowns on illegal mining are improving investor confidence in Nigeria’s mining sector. Türkiye expressed readiness to expand investments in...

May 26, 2026

Business

Nigeria’s Economy Slows as GDP Growth Drops to 3.89% in Q1 2026 — NBS

KEY POINTS Nigeria’s economy grew by 3.89% in Q1 2026, according to the National Bureau of Statistics, showing a slowdown from the previous quarter. Agriculture improved significantly, while industry recorded modest gains and services remained the largest contributor to GDP at 57.73%. Despite slower...

May 26, 2026

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Nigeria’s trade surplus jumps 220 percent to $480m

Nigeria's trade surplus jumped 220 percent to $480 million in January as oil exports hit a record, even as weaker cocoa prices dragged non-oil earnings.

May 22, 2026

Business

CBN Retains Interest Rate at 26.5%

KEY POINTS The Central Bank of Nigeria retained the benchmark interest rate at 26.5%...

May 21, 2026

Business

Dangote unveils multi-billion-dollar Olokola deep seaport on 10,000 hectares

Aliko Dangote's group has begun preliminary work on a 10,000-hectare deep seaport at Olokola, targeting exports, fertilizer shipments and Atlantic trade.

May 20, 2026

Business

AfDB approves $200m BoI facility to boost Nigeria’s industrial sector

AfDB approved a $200 million facility for Nigeria's Bank of Industry to boost SMEs, manufacturing and green industrialization, with women-led and youth businesses prioritized.

May 19, 2026

Business

Dangote lifts Ethiopia investment to $4billion, pledges African food security

Aliko Dangote raised his Ethiopia investment from $2.5 billion to over $4 billion, pledging that fertilizer plants will deliver food security across Africa.

May 18, 2026

Business

Nigeria’s Inflation Rate Climbs to 15.69% in April Despite Slower Food Price Growth

KEY POINTS Nigeria’s inflation rate rose slightly to 15.69% in April 2026 after the...

May 16, 2026

Business

Dangote details mafia fight against $20bn Lekki refinery

Aliko Dangote said a fuel-import 'mafia' tried to block his $20bn Lekki refinery as land, currency and infrastructure costs piled up.

May 15, 2026

Business

Forex shock will swallow tariff cut on car prices, stakeholders warn

Nigerian car prices will not drop despite FG's tariff cut from 70 to 40 percent because forex, logistics and port costs dominate vehicle landing prices.

May 15, 2026

Business

LPG price set to hit N1,500/kg as depot stocks dry up

Nigerian cooking gas could rise to N1,500 per kilogram from N1,300 as depot stocks thin and only Dangote Refinery, Ardova and Navgas have supplies.

May 13, 2026

Business

Nigerian brewers post 117 percent profit jump in 2025

Nigeria's top four brewers grew combined profit 117 percent to N317.2 billion in 2025 on N2.8 trillion in revenue, driven by aggressive product re-pricing.

May 11, 2026

Business

Otedola scores N49.6bn paper gain as FirstHoldCo Q1 profit jumps 72 percent

Femi Otedola added N49.6 billion to his paper wealth as FirstHoldCo's stock jumped 10 percent on a 72 percent leap in Q1 profit.

May 9, 2026

Business

How Otedola’s bad-loan cleanup powered FirstHoldCo to $233m Q1 profit

FirstHoldCo's Q1 2026 profit jumped 72 percent to N321 billion, vindicating Femi Otedola's N830 billion bad-loan cleanup and lifting the bank above GTCO and Access.

May 9, 2026