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NIGERIAN ECONOMY
Nigeria’s business activity rose to a record 117.8 points in September 2026, surpassing the previous high of 117.2 points recorded in February, according to the Nigerian Economic Summit Group (NESG).
The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government and other tiers of government to shift economic policy from macroeconomic stabilisation towards productivity-led growth and shared prosperity as Nigeria marks its 66th independence anniversary.
The Nigerian stock market's performance does not accurately represent the broader economy, which remains largely informal and dominated by agriculture.
Nigeria’s economy showed resilience in the third quarter of 2024, recording a GDP growth rate of 3.46% year-on-year, an improvement from 3.19% in Q2 2024 and significantly higher than the 2.54% recorded in Q3 2023.
Bitcoin the flagship cryptocurrency surged to $97,000 yesterday smashing a new all-time high and closing in on a $2 trillion market capitalization
The Nigerian Government has taken several policy decisions in the last 18 months, mainly fuel subsidy removal and floating/unification of the exchange rate, with subsequent dire consequences on the purchasing power and well-being of the people.
The cost of living in Nigeria is high but moderating, with July 2024 Consumer Price Index (CPI) data showing a decrease in inflation rates across both all items and food.
The National Bureau of Statistics recently reported that Nigeria’s GDP grew by 3.19% year-on-year in real terms in the second quarter of 2024, surpassing the 2.51% growth recorded in the same period of 2023.
The Minister of Finance, Wale Edun, has reassured Nigerians that the economy is thriving under President Bola Tinubu’s leadership, noting that the country achieved an impressive $55 billion in non-oil exports last year.
As the presidential campaign heats up in the United States, there are palpable concerns among national governments around the world that have strong economic relationships with the country including Nigeria.
The Nigerian economy is shrinking rapidly, yet positive trends in fashion, power, and migration hint at potential economic revival
Financial analysts have forecasted a likely pullback in the stock market during the second half of 2024, following a peak in the first half of the year.