President Tinubu says reforms stabilising economy despite hardship

Nigerian President Bola Ahmed Tinubu said on Friday his economic reforms stabilised the country and revived investor confidence, despite a ​steep cost-of-living squeeze on households three years into his presidency.

Tinubu, ‌who is seeking re-election in January, cited a near fivefold surge in the stock market to a record 250,000 points, rising market capitalisation and increased infrastructure spending, ​including more than 2,700 km (1,678 miles) of roads under construction or ​rehabilitation, and ongoing rail upgrades.

Since 2023, Tinubu's reforms — scrapping ⁠a costly petrol subsidy, cutting electricity subsidies and devaluing the naira currency — ​have triggered the worst cost-of-living crisis in a generation.

In an anniversary statement ​on Friday, Tinubu said that painful reforms were beginning to yield macroeconomic gains — stronger public finances, rising market confidence and fresh investment.
"Today, I can say with confidence that ​Nigeria has stabilised and is moving forward again. Across the country, ​visible progress is taking shape," he said.

He also said reforms had drawn new oil ‌and ⁠gas investment and lifted domestic refining, cutting fuel imports and easing foreign exchange pressure, adding that efforts to clear 4 trillion naira ($2.92 billion) in power sector debts, expand transmission and increase output were ongoing, with better ​electricity supply key ​to growth.

Security operations ⁠against armed groups and criminal gangs have intensified, he said, with some gains despite ongoing challenges.

Nigeria has ​battled banditry in the northwest, communal violence in central ​states, a ⁠separatist movement in the southeast and a 17-year Islamist insurgency in the northeast, with militants this year stepping up attacks on military bases.

Tinubu urged ⁠Nigerians to ​stay the course, saying the "foundation for recovery ​has been laid" and that the benefits of reform would become more visible over time.

By Camillus Eboh, Reuters

Cost of living crisis reshapes Eid spending in Nigeria

 

Seated on a plastic chair inside his modest madrassa in Abuja, Yunus Akanji listened as children recited verses from the holy Quran in soft, rhythmic tones. Some sat on mats, others on long wooden benches.

The Islamic teacher occasionally corrected a pronunciation or repeated a line, but his attention drifted.

For years, Akanji, who teaches at the Nurul Bayan Islamic School, travelled with his wife and children to Saki in Oyo State to reunite with his extended family for Eid al-Adha, often called Sallah in Nigeria.

When he did not make the trip, he would buy a ram for Eid and host a modest celebration with his family and students.

This year, neither is happening.

“I have concluded that we will just celebrate with whatever we have,” he told Al Jazeera.

The annual Muslim festival, marked by communal prayers and the ritual sacrifice of animals, is approaching amid deep economic strain in Nigeria.

In Abuja, rising food and transport costs are quietly changing how many families are preparing for Eid.

No travel home

Akanji said even parents and community members who usually support his madrassa are struggling.

“Most of them have not even paid,” he said, referring to tuition fees that help keep the school and his household running.

The pressure is not confined to the classroom. It shows up in bus stations, in markets, and in the small calculations people make before deciding whether to travel or stay.

Nafisa Ibrahim from Ogun, currently in Abuja doing a mandatory one-year programme for graduates under the National Youth Service Corps, said she has dropped her plan to go home for Eid. Transport costs alone made it impossible.

There is also no guarantee her family will even be able to slaughter an animal this year.

“Transportation is about 35,000 naira [about $26], compared to the 15,000 naira [about $11] I paid when I came to Abuja in February,” she said.

Opeyemi Ibrahim, a fashion designer based in Byazhin district, said customer patronage has dropped sharply despite the approaching festivities.

He said rising fuel costs and erratic electricity supply have pushed up his operating expenses.

“When there is no electricity, we have to run the generator,” he said. “Filling it costs about 10,000 naira [$7].

But without it, the shop becomes too hot, and we still need power to iron customers’ clothes.”

Inside Kubwa livestock market

At a livestock market in Kubwa, visited by Al Jazeera ahead of Eid, the strain is obvious before anyone even speaks. Men stand beside rams tied to wooden posts. Buyers move from one animal to another, ask a few questions, then drift away.

Malam Ibrahim, a livestock seller who has been in the trade for years, sat near the feed, watching most of his customers leave empty-handed.

“People come, ask for prices, and walk away,” he said.

He pointed to a ram nearby, with black-and-white markings on its body.

“This ram is selling for 600,000 naira [about $438],” he said. “Last year, the same size was below 350,000 naira [$255].”

Getting animals down from northern Nigeria, Sokoto, Kaduna and beyond, has become more expensive. Fuel prices, transport fares, everything feeds into the final cost.

“Even the sellers are suffering,” Ibrahim said. If sales stay slow, he worries the animals will remain unsold after Eid, when their value drops further. “We do not pray to take them back home, but with the looks of things, I fear so,” he said.

Eid cutbacks

One woman who had come to buy two rams left with only one.

Inflation has been steady in Nigeria for years now, but what people feel most is the gap between rising prices and stagnant incomes. The naira may look more stable against the United States dollar than last year, traders say, but moving goods across the country still costs more every month.

At Kubwa village market, buyers kept moving, but few stopped to buy.

Vendors selling tomatoes, onions, rice and cooking oil said sales were slower than usual, with many families cutting back even on basic festive food.

“We used to celebrate Eid with joy,” one trader said quietly. “Now we just calculate what we can afford.”

By Hussain Wahab, Al Jazeera

China confirms that Nigeria is its largest engineering contracting market in Africa

Chinese officials recently highlighted Nigeria’s position within China’s long-term developmental and economic strategies, citing the country’s growing influence in infrastructure projects, investment, and bilateral trade.

During a seminar in the Chinese capital, Beijing, attended by prominent Nigerian government officials and media figures, Nigeria was touted as one of China’s major African partners.

It was also made known during the seminar that Nigeria now stands as one of China's premier market for engineering and construction on the African continent, boasting the title of the largest engineering contracting market in Africa.

“Nigeria is China’s largest engineering contracting market, second-largest export market, third-largest trading partner, and a major investment destination in Africa,” he stated.

Additionally, the West African country also stands as China’s second-largest export market and third-largest trading partner in Africa, according to the Deputy Director at the China International Communications Group, Li Hengtian.

As seen in the Punch newspaper, the Deputy Director began the session by stating that the goal of the seminar was to improve communication and collaboration between the two nations through media cooperation and people-centered storytelling.

“Stories are the highest form of human communication,” he said, quoting Nigerian author Chimamanda Ngozi Adichie.

“Today, in Beijing at the beginning of summer, we are here precisely for stories, to tell China’s stories, to listen to Nigeria’s stories, and even more so, to together write a new chapter of China-Nigeria friendship,” Li added.

Nigeria and China’s strategic ties

According to Li Hengtian, Deputy Director at the China International Communications Group, Nigeria also functions as China's second-largest export market and third-largest trading partner in Africa.

Invoking the words of Nigerian author Chimamanda Ngozi Adichie, he remarked that stories represent the highest form of human communication.

Li further stated that the gathering in Beijing served to facilitate the exchange of national narratives and to co-author a new chapter in the diplomatic friendship between China and Nigeria.

He described the two countries as civilizational allies, noting a diplomatic relationship that has been maintained since 1971.

“For over half a century, this friendship has been like the Niger River and the Yangtze River: though separated by vast oceans, they each flow ceaselessly, eventually merging into the great sea of a community with a shared future for mankind,” he said.

Furthermore, Li underscored Nigeria's strategic significance within China's broader objectives for economic expansion across Africa.

“From the Lagos Light Rail to the Abuja Rail Mass Transit, from the Lekki Deep Sea Port to the Zungeru Hydropower Station, monuments of China-Africa cooperation have risen one after another across the African continent,” he stated.

He remarked that this relationship contributes to a collective future for humanity.

Furthermore, Li emphasized Nigeria's strategic importance within China's broader economic expansion objectives in Africa.

The deputy director noted that several significant projects, including the Lagos Light Rail, the Abuja Rail Mass Transit, the Lekki Deep Sea Port, and the Zungeru Hydropower Station, serve as prominent examples of China-Africa cooperation across the continent.

He further asserted that the Forum on China-Africa Cooperation and the Belt and Road Initiative are now significantly dependent upon the bilateral relations between China and Nigeria.

“In the grand narrative of the Belt and Road Initiative and the Forum on China-Africa Cooperation, China-Nigeria cooperation has always been a highlight. More and more Nigerian youth are travelling east to pursue the starlight of knowledge in Chinese institutions; more and more Chinese builders are heading west to Nigeria to sow the seeds of development on its fertile soil,” he said.

“This year, the two countries are working together to build a China-Nigeria community with a shared future. I believe that with the joint efforts of China and Nigeria, mutually beneficial cooperation will progress steadily and yield more fruits on the African continent,” he added.

By Chinedu Okafor, Business Insider Africa

Related story: Zero tariffs policy between Nigeria and China to boost integration and industrialization

President Tinubu urges global finance overhaul as debt costs crowd out spending

Nigeria will spend about $11.6 billion servicing its ‌debt in 2026, nearly half of its projected government revenue, President Bola Tinubu said, as he called for an overhaul of a global financial system he said penalises African borrowers.

Debt-servicing costs are crowding out spending on infrastructure, healthcare and education, ​he said, despite a government tax overhaul aimed at boosting revenues in Africa's most populous ​country. Nigeria spent $5.15 billion servicing its debt in 2025, data from the Debt Management ⁠Office showed.

In a speech at the Africa Forward Summit in Nairobi on Tuesday, Tinubu said high borrowing ​costs and limited access to long-term finance were diverting resources away from industry, skills and infrastructure, in ​what he called a structural disadvantage for African economies. The summit, co-hosted by Kenya and France, drew leaders from more than 30 countries.

"Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go ​into our steel sector, our textile mills, our agro-processing plants, or our digital industries," he said, adding ​it also meant fewer trained engineers and less affordable power for factories.

Now in his third year in office and ‌aiming for ⁠re-election in January 2027, Tinubu has rolled out Nigeria's biggest reforms in decades, scrapping costly fuel and energy subsidies, devaluing the currency and overhauling the tax system in a bid to stabilise an economy hit by inflation, foreign exchange shortages and external shocks.

He said the "painful, homegrown" reforms had stabilised macroeconomic indicators and ​lifted investor sentiment.

But he ​added that the gains ⁠were being eroded by a global financial system that treats African sovereigns as persistently high-risk borrowers, driving up interest costs.

Analysts led by the Nigerian Economic Summit ​Group said this week that debt servicing remains a key vulnerability for the ​country.

Tinubu called ⁠for reforms including cheaper financing and deeper economic integration that prioritises Africa's growth and prosperity.

He also urged curbs on illicit financial flows and greater support for industrialisation, saying Africa still accounts for less than 2% of global ⁠manufacturing.

"Nigeria ​is not asking for charity," he said. "We're demanding a financial system ​that intentionally enables Africa to industrialize, to process its own minerals, refine its own crude oil, manufacture its own pharmaceuticals, and ​compete fairly in global markets."

By Camillus Eboh, Reuters

Nigerian meat traders face uncertainty as cattle cost more than cars

 

Cattle prices in Lagos State have surged sharply, with traders reporting that the cost of cows has now reached levels higher than some vehicles, intensifying pressure on butchers and consumers in Nigeria’s commercial capital.

The Lagos State Butchers Association says the price of a cow has risen to as much as N2.5 million (about $1,613), compared with around N1.7 million (about $1,097) in 2025. The group attributes the increase to insecurity across livestock routes, higher transport costs, and delays in implementing local ranching projects intended to boost supply.

Speaking to the News Agency of Nigeria, the association’s Patron, Alhaji Bamidele Kazeem, said prices have climbed steadily over the past year, with most cattle now selling between N2.3 million and N2.4 million ($1,484 to $1,548).

“There was even a time a cow was priced at N2.5 million in the market,” Kazeem said, describing the situation as increasingly unsustainable for traders.

He added that the cost escalation has pushed meat retailers into financial strain, with many struggling to remain in business amid weakening consumer demand.

Kazeem drew attention to the widening gap between livestock and asset prices, noting that some durable goods have become relatively cheaper.

“The car I bought in 2020 for N2.1 million is now cheaper than the price of a cow,” he said, highlighting the scale of inflation in the livestock market.

He also said that cows priced around N1 million (about $645), once common in the market, have become rare.

“If you see a cow of N1 million now, you will be surprised. What we complained about last year is child’s play compared to the current prices,” he said.

According to him, insecurity affecting cattle movement from northern Nigeria, the country’s main livestock supply region, has reduced availability in southern markets. Rising fuel and diesel prices have further compounded logistics costs, pushing up retail prices in Lagos.

“The supply has reduced because of insecurity in the country and, most recently, the increase in fuel pump price, which has made the cost of transportation skyrocket,” Kazeem said.

He added that planned state-backed livestock initiatives, including feedlot and ranching schemes, have yet to commence, leaving the market heavily dependent on long-distance supply chains.

“The local producers are not meeting demand because the feedlots and ranching programme of the state government have not started yet,” he said.

Kazeem urged authorities to accelerate the Eko Ranching project in Gbodu, Epe, arguing that local production could ease transport pressures, stabilise supply, and help moderate meat prices.

“The gains of the ranch are enormous. It will provide job opportunities for our teeming youths and probably bring down the cost of meat,” he said.

By Segun Adeyemi, Business Insider Africa

Nigeria inflation rises to highest level in more than two decades

Nigeria’s monthly inflation rate jumped to the highest level in more than two decades, propelled by surging fuel prices stemming from the war in the Middle East.

Africa’s most populous nation had halved price increases from a peak of almost 30% in early 2025. The Iran war now threatens that progress, just as the country is looking to woo foreign investors. However, the energy crunch cuts both ways, boosting prices for what is also Africa’s biggest crude producer, Nigeria’s finance minister argued.

Though the shock has driven economists to slash forecasts for economic growth across the continent, some remain bullish: The head of Africa’s largest bank said at Semafor World Economy that its forecast for African growth remained unchanged.

By Jeronimo Gonzalez, Semafor

Nigeria slashes import duties to fight rising cost of living

Nigeria will cut import duties on a range of goods from July 1, in a move aimed at easing living costs and supporting businesses.

Key tariff reductions

The presidency said duties will be lowered on rice, sugar, palm oil, passenger vehicles and construction materials.

Under the new rates, tariffs on passenger vehicles will drop to 40 percent, bulk rice to 47.5 percent, and raw sugar cane to between 55 and 57.5 percent. Palm oil duties will fall to 28.75 percent.

Electric vehicles, mass-transit buses and manufacturing machinery will be fully exempt.

Push to curb inflation

The measures are part of efforts by the government of Bola Ahmed Tinubu to reduce inflation and lower costs for households and businesses.

Inflation eased to 15.06 percent in February from a peak of about 33 percent in December 2024, but remains high.

Rising external pressures

Officials say global factors, including the Iran war, are adding pressure through higher fuel prices.

Finance Minister Wale Edun said Nigeria will seek support at meetings of the International Monetary Fund and the World Bank.

Petrol prices have risen by more than 50 percent, increasing costs for transport and businesses.

Africa News

Nigeria’s poverty crisis deepens as 140 million struggle despite easing inflation

Poverty in Nigeria deepened sharply to 63 per cent in 2025, affecting an estimated 140 million people, even as inflation began to slow, highlighting a widening gap between macroeconomic gains and the lived realities of households, according to the World Bank.

The alarming figure was disclosed in the Bank’s latest Nigeria Development Update (April 2026), titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development”, unveiled in Abuja on Tuesday. The report paints a sobering picture of worsening living conditions, despite signs of stability in key economic indicators.

According to the report, poverty levels have steadily climbed over the past three years, rising from 56 per cent in 2023 to 61 per cent in 2024, before peaking at 63 per cent in 2025. This upward trajectory underscores the persistent vulnerability of millions of Nigerians, particularly in the face of structural economic challenges, weak income growth, and uneven distribution of economic gains.

The World Bank noted that while inflationary pressures began to ease during the period under review, the decline did not translate into improved purchasing power or higher real incomes for most citizens. Instead, households continued to grapple with high living costs, stagnant wages, and limited access to economic opportunities.

“This trend reflects a disconnect between macroeconomic stabilisation and improvements in household welfare,” the report stated, warning that the benefits of policy reforms and fiscal adjustments have yet to reach the majority of Nigerians.

Analysts say the findings highlight deeper structural issues within the economy, including low productivity, high unemployment, and inadequate social safety nets. Despite recent policy efforts aimed at stabilising the naira, boosting government revenues, and curbing inflation, the impact has largely remained at the macro level, with minimal trickle-down effect on ordinary citizens.

The report further emphasised that children are among the most affected by the rising poverty levels, with long-term implications for human capital development. It called for urgent investment in early childhood development, nutrition, healthcare, and education as a pathway to breaking the cycle of poverty.

“Without targeted interventions, the current trajectory risks entrenching intergenerational poverty,” the Bank warned, stressing that early investment in children yields some of the highest economic and social returns.

The World Bank also urged the Nigerian government to strengthen social protection systems, expand cash transfer programmes, and prioritise inclusive growth policies that directly impact low-income households. It noted that while macroeconomic reforms are necessary, they must be complemented by measures that address inequality and improve livelihoods.

The report comes at a time when Nigeria is implementing sweeping economic reforms, including subsidy removals and exchange rate unification policies that have drawn mixed reactions due to their short-term impact on living standards.

As policymakers push for economic recovery and stability, the World Bank’s findings serve as a clear signal that growth without inclusion may deepen hardship rather than alleviate it.

By Kenneth Athekame, Business Day

Nigeria's non-oil exports surge to record high of $6.1 billion in 2025

Efforts by the Nigerian government to boost non-oil exports appear to be paying off as new data from the Nigerian Export Promotion Council shows non-oil exports climbed to a record $6.1 billion in 2025. Authorities say the figure marks an 11.5 percent increase from the $5.4 billion recorded in 2024.

CGTN Africa

Nigeria urges value-driven growth as Davos Forum concludes

Nigeria’s Foreign Minister Yusuf Tuggar outlined the country’s foreign policy priorities and efforts to deepen regional and global engagement.

CGTN Africa

Nigeria moves to address income tax imbalance

Nigeria is implementing significant personal income tax reforms aimed at correcting a system that has long placed a heavier burden on low-income earners. The new rules are designed to broaden the tax base, shift more responsibility to wealthier individuals, and create a fairer taxation system.

CGTN Africa

Nigeria aims to court investors at Davos as global capital pulls back

Nigeria will use this year’s World Economic Forum in Davos to press its case as a stable, reforming economy at a time when global investors are pulling back from emerging markets and geopolitical tensions are reshaping capital flows.

Led by Vice President Kashim Shettima, Nigeria’s delegation to the January 19–23 meetings includes Wale Edun, the finance minister and coordinating minister of the economy, who is attending as a VIP participant, according to a statement signed by Ogho Okiti, special adviser to the minister of finance, on Monday.

The forum’s theme, The Spirit of Dialogue, aligns with Nigeria’s strategy of pairing macroeconomic reforms with sustained engagement with investors, development partners, and global policymakers.

“At a time of heightened uncertainty, the world is looking to Nigeria as a pillar of economic stability in Africa — not only because of its size, but because of the reform choices it has made,” the finance ministry said.
“This positioning places Nigeria firmly within the global dialogue on how emerging markets can navigate volatility while sustaining reform momentum.”

According to the ministry, Nigeria’s message in Davos is straightforward: the country intends to stay the course on market-oriented reforms, maintain macroeconomic discipline, and protect institutional credibility, including the operational independence of the Central Bank of Nigeria, as a foundation for price stability and investor confidence.

That positioning comes as emerging markets face tightening financial conditions, weaker multilateral cooperation, and rising debt pressures. Nigeria is seeking to distinguish itself by arguing that reforms introduced since May 2023 are beginning to yield tangible results.

Africa’s most populous economy embarked on some market reforms nearly three years ago, including eliminating costly fuel subsidies and floating its currency — the twin policies that have now stabilised the economy and placed it on a more fiscal footing.

According to the finance ministry, Nigeria will use the forum to report progress rather than make new promises. Officials point to more predictable macroeconomic conditions, improving growth performance, moderating inflation trends, stronger external buffers, and renewed international confidence, including Nigeria’s removal from major global financial grey lists.

Beyond signalling reform credibility, Edun’s meetings in Davos will focus on deepening dialogue with global investors, development finance institutions, credit ratings agencies, and multinational companies. The aim is to address lingering concerns around policy consistency, foreign-exchange stability, inflation, and fiscal sustainability, while reinforcing Nigeria’s ambition to act as a reform anchor in Africa’s largest economy.

The government says this engagement builds on renewed investor interest, particularly from Europe and the UK, and Nigeria’s gradual reintegration into global financial markets after years of capital controls and policy uncertainty.

A central theme of Nigeria’s Davos strategy this year is shifting discussions from promotion to execution. Officials say Nigeria has opened multiple investment talks over the past two years across energy, infrastructure, manufacturing, agriculture, technology, and financial services. The focus in Davos will be on converting those discussions into firm commitments.

Rather than broad pitches, Edun is expected to push investors on what specific policy assurances, regulatory frameworks, or risk-mitigation tools are required to take projects to financial close. The approach reflects a broader attempt to unlock delayed capital and accelerate project execution in an environment where global funding has become more selective.

Nigeria’s message is shaped by wider global pressures. Trade rules are being rewritten, capital flows to developing economies have tightened sharply, and climate finance remains unevenly distributed. At the same time, rapid technological change is disrupting labour markets faster than new jobs are being created.

Against that backdrop, Nigeria is framing its reform agenda around domestic revenue mobilisation, private-sector-led growth and institutional credibility, with macroeconomic stability positioned as a prerequisite for inclusive development.

By Wasiu Alli, Business Day

Nigeria's 'Special Economic Zones' earnings hit $500m

Nigeria’s Special Economic Zones generated more than $500 million in export revenues and created over 20,000 direct jobs last year, underlining their growing contribution to the government’s strategy to shift the economy away from oil and towards export-led growth, according to a new government review document.

The Federal Ministry of Industry, Trade, and Investment said the performance of the zones reflected broad reforms implemented in 2025 to deepen industrial capacity, expand exports, attract investment, and restore confidence among global investors.

The findings were outlined in a document titled 2025: A Defining Year for Nigeria’s Industry, Trade and Investment.

“Nigeria’s Special Economic Zones generated over $500m in export revenues and created more than 20,000 direct jobs, reinforcing their role as engines of export-led growth, industrialisation and employment generation,” the report said, noting coordinated work by the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority.

The figures arrive amid broader gains in Nigeria’s trade landscape, with non-oil exports rising by about 21 per cent to $12.8 billion in the first half of 2025, nearly double the government’s internal target of $6.5 billion for that period.

This growth helped produce a trade surplus worth roughly N12 trillion, driven by stronger export performance and improvements in trade facilitation and logistics.

According to the review, the rise in non-oil exports was supported by increased value addition in key agricultural and manufactured products.

Nigeria’s top export earners included cocoa and cocoa derivatives, sesame seeds, cashew nuts, shea butter, ginger, hibiscus flowers, rubber, processed palm oil, fertilisers, cement, and liquefied natural gas. Efforts to build exporter capacity were also highlighted.

Working with the Nigerian Export Promotion Council, the ministry said it trained more than 27,000 exporters, certified 200 micro, small, and medium enterprises for international markets, and supported over 3,000 farmers by distributing hybrid seedlings. One inclusive trade initiative, the Women Export Fund, attracted more than 67,000 applications and awarded grants to 146 women-led businesses.

On investment flows, the ministry pointed to a recovery in foreign interest in Nigeria’s economy, reporting that four priority projects worth a combined $13.7 billion had advanced from the memorandum of understanding stage towards implementation.

These commitments stemmed from a larger pipeline of deals originally valued at more than $50.8 billion.

The review credited structured engagement with investors and high-level trade missions for helping to reshape perceptions of Nigeria’s business environment and improve deal quality. It said these engagements laid the groundwork for stronger investment pipelines and positioned Nigeria as a credible destination for long-term capital.

Analysts say the performance of the special economic zones and the wider export boom are part of efforts to diversify the economy, reduce reliance on crude oil earnings, and build more resilient sources of foreign exchange.

Nigeria’s recent trade and export momentum is seen as a sign of gradual progress in structural economic reforms, even as challenges in infrastructure and competitiveness remain on policymakers’ agenda.

The government said it plans to build on the gains of 2025 by accelerating export execution and sustaining investment flows, aiming to create jobs and foster more inclusive growth in the coming years.

By Segun Adeyemi, Business Insider Africa

Video - Nigeria's economic reforms aim for recovery and opportunity

As Nigeria awaits to usher in 2026, the country faces tough economic realities. Despite positive growth indicators and reforms, high food prices and inflation continue to strain households. While the government targets supply chain improvements and fiscal oversight, many Nigerians like trader Eucheria Kanu remain hopeful, yet still waiting for these reforms to bring real, tangible relief.

CGTN Africa

Video - Nigeria’s return to global debt market signals confidence amid caution

Nigeria’s successful $2.35 billion Eurobond issuance helped renew investor confidence in its economic reforms and leadership. The government aims to use the funds to bridge its fiscal deficit and support efforts to stabilize the economy.

CGTN Africa

President Tinubu says "worst is over" on independence day amid worsening hardship

Nigerian President Bola Tinubu declared on Wednesday that the “worst is over” following a series of painful economic reforms that have left millions struggling with rising costs and deepening poverty.

In a national address marking Nigeria’s 65th Independence Day, Tinubu defended his administration’s decision to scrap fuel subsidies and unify the foreign exchange rate - moves that triggered inflation and widespread public anger but, he said, were necessary to “reset” the economy.

“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” Tinubu said.

He cited second-quarter GDP growth of 4.23% - the fastest in four years - and a decline in inflation to 20.12% in August, the lowest in three years.

Tinubu also pointed to five consecutive quarters of trade surpluses, a rebound in oil production to 1.68 million barrels per day, and a rise in external reserves to $42.03 billion - the highest since 2019.

The president said the government had disbursed 330 billion naira ($222.90 million) to eight million vulnerable households under its social investment programme and was expanding infrastructure across rail, roads, airports, and seaports.

However, critics questioned the transparency of the cash transfer scheme. Two weeks ago, the finance minister announced the disbursement, sparking calls for a public register of beneficiaries.

Despite Tinubu’s upbeat tone, the IMF’s most recent Article IV assessment warned of persistently high inflation and worsening poverty.

Over 129 million Nigerians - more than half the population - live below the poverty line, while funding cuts by international donors have forced the World Food Programme to shut down 150 nutrition centres in the conflict-hit northeast.

“We are racing against time,” Tinubu said, even as critics including opposition party leader Peter Obi argue that his spending priorities have not matched the scale of the country’s humanitarian and economic challenges.

The speech comes amid growing labour unrest over the recent dismissal of 800 workers at the privately owned Dangote Oil Refinery for unionising.

The dispute has disrupted power supply and could threaten the oil production gains touted by Tinubu. ($1=1,480.4900 naira)

By Isaac Anyaogu, Reuters

Video - Nigeria surpasses half its 2025 tax target in six months

Nigeria collected $9.51 billion in tax revenue in the first half of 2025, a 43 percent increase from 2024, driven by non-oil taxes and excise duties. This signals a shift toward fiscal resilience and reduced oil dependency.

CGTN Africa

Video - IMF urges Nigeria to raise VAT from 7.5 percent to 10 percent

The IMF warns that Nigeria’s 7.5 percent Value Added Tax rate could cost the country $300 million, or 0.5 percent of GDP, straining essential services. With one of Africa’s lowest VAT-to-GDP ratios, a hike to 10 percent is proposed, but experts caution it may fuel inflation, impacting households and businesses.

CGTN Africa

Video - Expert highlights drivers of Nigeria’s 2025 GDP growth

Nigeria’s GDP grew 3.13 percent year-on-year in Q1 2025, driven by sectors like housing, which has surpassed oil in GDP contribution. Basil Abia, Policy Analyst and Co-Founder of Veriv Africa, explains the key factors fueling this economic expansion.

CGTN Africa

Nigeria theme park offers escape from biting economy

At Magicland, a privately owned theme park in Nigeria's capital, Abuja, the country's recurrent crises -- from galloping inflation to armed insurgencies -- fade into the background, at least for one afternoon.

Nigeria's fragile middle class has been battered by two years of soaring prices amid the country's worst cost-of-living crisis in a generation.

At Magicland, one content creator from Borno state -- where international headlines typically centre on jihadist attacks -- filmed TikTok dances as a brightly coloured big wheel towered behind her.

Others took to the carnival rides, including 26-year-old public health worker Mary Adeleke, who said she'd once been an adventurous person.

"But as I grew up, with how the country's structured and all the struggles, I lost that part of me," she said, adding she was on a quest to regain it, one roller coaster at a time.

The west African nation is, by some metrics, a success story: a tech powerhouse, a major exporter of global cultural staples like Afrobeats, and the continent's leading oil producer.

But rampant inflation, a cost of living crisis and continued insecurity have proven hard for much of the country's 228 million people.

Walking out of a swinging pendulum ride, Victor Bamidele, 28, offered a review.

"I thought it was something that would take my soul out of my body," the medical device supplier said in typically colourful Nigerian English.

"But it definitely did not," he added. "It was quite enjoyable."

Victoria Friday drove 30 minutes from Nasarawa state. She paid the 1,500 naira ($1) entry fee, but seemed less keen on buying ride tickets.

In a move relatable to budget-conscious young people the world over, the 20-year-old stylist said she "just came to snap my friend" -- taking photos for social media among the colourful backgrounds.

"Our prices are still very low," said park manager Paul Oko.

"Those who don't earn much can still come," he added, though he admitted the number of visitors has declined.

AFP