Economy/Business

Economy/Business

Nigeria’s middle class slipping into poverty 

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Nigeria’s middle class, the traditional engine of economic stability and growth, is rapidly collapsing under the weight of extreme inflation, currency devaluation, and soaring living costs. This erosion threatens to push millions into poverty, with projections indicating over 60% of the population could be impoverished by 2026, severely undermining national consumption and investment. The crisis is dismantling the crucial socio-economic bridge between the wealthy and the poor, jeopardizing the country’s overall economic resilience. Immediate and targeted policy interventions are

Economy/Business

NEPC sensitises Jigawa women entrepreneurs to export opportunities

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The Nigerian Export Promotion Council is strategically empowering women entrepreneurs in Jigawa State by transitioning them from local markets to global digital trade. This initiative provides critical training in export processes, digital marketing, and access to networks and financing, specifically targeting value-added sectors. A key insight is the direct linkage of women’s economic inclusion with national export growth, recognizing their established role in agriculture and manufacturing. The program’s practical impact is amplified by partnerships offering seed grants, aiming to create a ripple effect where trained participants further

Economy/Business

Chinese-built commercial complex opens in Angola

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China’s investment in Angola’s Luanda Outlets Commercial City demonstrates a strategic commitment to Africa’s economic modernization, extending beyond infrastructure to direct retail and job creation. The $60M project, generating nearly 3,000 direct jobs, symbolizes deepening China-Africa cooperation and a tangible vote of confidence in Angola’s long-term market potential. This commercial complex serves as a dual-purpose engine for local economic development and a cultural hub, reinforcing a partnership model focused on mutual growth and sustainable investment.

Economy/Business

Trump’s foreign aid freeze hits PPDC’ operations – CEO

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A sudden U.S. suspension of foreign aid, which constitutes over 60% of global development funding, has critically disrupted civil society operations in Nigeria and across Africa. The Public and Private Development Centre (PPDC) exemplifies the severe impact, being forced to suspend projects, terminate contracts, and lay off staff due to the immediate funding freeze. This reveals a dangerous over-reliance on a single, volatile foreign aid source, undermining organizational sustainability and critical governance reform work. The case underscores an urgent need for

Economy/Business

BPP DG urges 350 newly trained procurement officers to promote transparency, accountability

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Nigeria’s Bureau of Public Procurement is strategically cultivating a new cadre of procurement officers as the primary agents for systemic reform, moving beyond policy to practical implementation. The core mandate is to transform procurement into a national service by institutionalizing transparency, accountability, and efficiency to combat corruption and drive economic growth. This is being operationalized through targeted capacity building, digitalization, and a “Nigeria First” policy, with officers held accountable for implementing specific changes within their agencies. The initiative represents a deliberate, human

Economy/Business

CAC stands firm on transparency amid record tampering claims

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The Corporate Affairs Commission (CAC) has forcefully denied allegations of illegally tampering with a company’s records, asserting all its actions are strictly governed by the Companies and Allied Matters Act (CAMA) 2020. It frames its statutory power to correct corporate records as a transparent, audit-driven process essential for protecting investors and upholding the integrity of Nigeria’s business environment. The Commission positions these corrections not as arbitrary changes, but as lawful interventions to rectify proven illegality or non-compliance, signaling a definitive

Economy/Business

Ex-CBN director lauds Dangote refinery for reducing petrol to N699

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The Dangote Refinery’s 20th price cut this year, reducing petrol by 15.58% to N699 per litre, demonstrates its direct and substantial impact on lowering living costs for Nigerians. A former CBN director highlights this as a critical shift from fuel import dependency to domestic refining, delivering tangible economic relief. The refinery’s success underscores the high-stakes need for the government to foster a supportive operational environment to secure these national benefits. This case establishes a clear model where enabling local

Economy/Business

NGX Weekly Review: Investors rake in N1.54trn gain

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The Nigerian stock market posted strong gains for the week, with the All-Share Index rising 1.63% and adding N1.542 trillion in investor wealth, despite notable sectoral weakness in Banking, Oil & Gas, and Sovereign Bonds. Market activity was dominated by the Financial Services and ICT industries, which together drove over half of the total trading volume. While the number of advancing stocks slightly outnumbered decliners, the market exhibited selective momentum, with significant losses concentrated in specific companies like E

Economy/Business

Kano Gov., Dangiwa, others honoured at Africa Housing Awards

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The 7th Africa Housing Awards recognized key leaders driving a transformative agenda for sustainable and affordable housing across the continent. Core insights reveal a strategic focus on reducing construction costs through local materials, unlocking housing finance for low-income earners, and establishing reliable national housing data as a critical foundation for policy. The awards highlight a continent-wide shift towards public-private collaboration and innovative solutions to address the housing deficit, with Nigeria’s ministers and a state governor being prominently honored for their reformative policies. This signals a move

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