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.
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Wednesday, January 28, 2026
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.
Tuesday, January 27, 2026
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.
Monday, January 26, 2026
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.
Monday, January 19, 2026
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
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.
Monday, January 12, 2026
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.
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
Friday, January 2, 2026
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.
Wednesday, November 12, 2025
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.
Wednesday, October 1, 2025
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
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
Wednesday, July 30, 2025
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.
Wednesday, July 23, 2025
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.
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.
Tuesday, July 1, 2025
Nigeria theme park offers escape from biting economy
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.
Monday, June 30, 2025
Video - Nigerian President signs four tax reform bills into law
President Bola Tinubu said the new law will create a fairer and more efficient tax system, simplify revenue collection, reduce the tax burden on individuals and businesses and boost government revenue collection.
Tuesday, June 10, 2025
Video - Dog Owners in Nigeria Struggle as Pet Food Prices Soar
As Nigeria’s cost of living crisis stretches into its second year, pet owners are now among those feeling the economic squeeze. With food prices up more than 100% since 2023, many families are struggling to feed their beloved dogs, once a growing symbol of urban middle-class life.
Monday, May 19, 2025
Video - Nigeria’s poverty crisis deepens amid economic struggles
The World Bank has warned that Nigeria’s poverty levels are rising fast and will likely get worse in the coming years. A high cost of living and poor wages have eroded earnings and plunged millions into poverty. And the situation isn't helped by the government's decision to end decades of petrol subsidies.
Monday, May 12, 2025
Video - Nigeria on edge as falling oil prices raise economic fears
Nigeria’s economic managers are concerned over the continued drop in global oil prices, warning of potential impacts on the oil-dependent economy. Finance minister Wale Edun says the government is monitoring the situation and will act if the trend continues.
Thursday, May 1, 2025
Video - Experts call for Nigerian to boost ties with China as U.S. tariff threat looms
Nigeria is under pressure to diversify its trade partners after the U.S. announced a potential 14 percent tariff on its exports. Manufacturers warn the move could drive up production costs, affecting both businesses and consumers. Economic experts are now urging the government to deepen partnerships with China and tap into the country’s vast untapped mineral reserves to boost export resilience.
Thursday, April 24, 2025
IMF Urges Nigeria to be Prudent in Spending
The International Monetary Fund (IMF) has urged Nigeria to be prudent in spending following the implementation of hard economic reform that has made it save more revenue.
The Director, Fiscal Affairs Department IMF, Vitor Gaspar, said this at a Fiscal Monitor news conference at the ongoing 2025 IMF/World Bank Spring Meetings in Washington D.C. on Wednesday.
He said that there was an urgent need for fiscal authorities and governments to build buffers. According to him, governments need to act urgently and decisively as they face harsh trade offs and painful choices.
He said it was important for policy makers to invest their political capital in building confidence and trust that starts with keeping their own houses in order.
” This is especially important in a situation that tests the resilience of individual economies, not to mention the entire system.
“Putting house in order involves three policy priorities. first, fiscal policy should be part of an overall policies.
“Secondly, fiscal policy should in most countries, aim atreducing public debt and rebuilding buffers to create space to respond to spending pressures and other economic shocks through a credible medium term framework.
“Thirdly, fiscal policy should together with other structural policies, aim at improving potential growth, thereby easing policy trade offs in these times of high uncertainty.
“Fiscal policy must be an anchor for confidence and stability that contributes to a competitive economy, delivering growth and prosperity for all ministers of finance must build trust, tax fairly, spend wisely and take the long team,” the director said.
The Nigerian Division Chief in the Fiscal Affairs Department of the IMF, Davide Furceri, said that Nigeria had been able to make some of those painful choices to have space for fiscal savings but it needs to spend wisely.
“Nigeira managed to do a very difficult reform that was important in delivering fiscal savings.”
Furceri said that the country need to focus on boosting revenue through improved mobilisation efforts, and secondly, scaling up spending in key areas like social protection and investment.
“That said, we understand that many countries, including Nigeria, face pressing spending needs. But spending must be done wisely, this means stronger prioritisation and greater efficiency in how resources are allocated.
“One key message not just for Nigeria, but for many countries, is the importance of strong fiscal institutions. Medium-term fiscal frameworks and solid public financial management systems.are essential.
“They provide a fiscal anchor to guide necessary adjustments and help reduce uncertainty. We want fiscal policy to be a source of stability, not a source of volatility,” he said. #IMF Urges Nigeria to be Prudent in Spending Pension Fund Assets Grows to N23.366 Trillion.
By Olu Anisere, Market Forces Africa
The Director, Fiscal Affairs Department IMF, Vitor Gaspar, said this at a Fiscal Monitor news conference at the ongoing 2025 IMF/World Bank Spring Meetings in Washington D.C. on Wednesday.
He said that there was an urgent need for fiscal authorities and governments to build buffers. According to him, governments need to act urgently and decisively as they face harsh trade offs and painful choices.
He said it was important for policy makers to invest their political capital in building confidence and trust that starts with keeping their own houses in order.
” This is especially important in a situation that tests the resilience of individual economies, not to mention the entire system.
“Putting house in order involves three policy priorities. first, fiscal policy should be part of an overall policies.
“Secondly, fiscal policy should in most countries, aim atreducing public debt and rebuilding buffers to create space to respond to spending pressures and other economic shocks through a credible medium term framework.
“Thirdly, fiscal policy should together with other structural policies, aim at improving potential growth, thereby easing policy trade offs in these times of high uncertainty.
“Fiscal policy must be an anchor for confidence and stability that contributes to a competitive economy, delivering growth and prosperity for all ministers of finance must build trust, tax fairly, spend wisely and take the long team,” the director said.
The Nigerian Division Chief in the Fiscal Affairs Department of the IMF, Davide Furceri, said that Nigeria had been able to make some of those painful choices to have space for fiscal savings but it needs to spend wisely.
“Nigeira managed to do a very difficult reform that was important in delivering fiscal savings.”
Furceri said that the country need to focus on boosting revenue through improved mobilisation efforts, and secondly, scaling up spending in key areas like social protection and investment.
“That said, we understand that many countries, including Nigeria, face pressing spending needs. But spending must be done wisely, this means stronger prioritisation and greater efficiency in how resources are allocated.
“One key message not just for Nigeria, but for many countries, is the importance of strong fiscal institutions. Medium-term fiscal frameworks and solid public financial management systems.are essential.
“They provide a fiscal anchor to guide necessary adjustments and help reduce uncertainty. We want fiscal policy to be a source of stability, not a source of volatility,” he said. #IMF Urges Nigeria to be Prudent in Spending Pension Fund Assets Grows to N23.366 Trillion.
By Olu Anisere, Market Forces Africa
Friday, April 11, 2025
Cash-strapped Nigerians turn to YouTube for entertainment
It points to a shifting pattern as Nigerians grapple with one of the toughest economic crises in decades after President Bola Tinubu halted petrol subsidies that kept prices all round low and stopped support for the local currency.
Streaming platforms, cable TV and internet service providers are meanwhile on a price-hiking spree that has put off many clients.
Netflix increased monthly subscription fees twice last year to 7,000 naira ($4.50) from 4,400 naira for its premium package -- a substantial amount in a country where, according to the World Bank, over half of the 230 million people live in poverty.
Many people are slashing their entertainment budget, including cable and streaming subscriptions, according to Lagos-based think tank SBM Intelligence.
Nollywood, Nigeria's massive film industry, releases an average of 50 movies weekly, the second most prolific film industry in the world after India's Bollywood.
Health worker Adeleke Adesola, 31, from the southwestern city of Ibadan, has switched to watching movies on YouTube, driven not just by costs, but for its interactive nature.
"I feel good when I read a comment that speaks my thoughts about a scene or the movie. Also, because I don't have to pay monthly subscription to have access to YouTube movies," she told AFP.
Africa's pay TV giant MultiChoice reported losing nearly a quarter of a million subscribers between April and September 2024.
Streaming platforms, cable TV and internet service providers are meanwhile on a price-hiking spree that has put off many clients.
Netflix increased monthly subscription fees twice last year to 7,000 naira ($4.50) from 4,400 naira for its premium package -- a substantial amount in a country where, according to the World Bank, over half of the 230 million people live in poverty.
Many people are slashing their entertainment budget, including cable and streaming subscriptions, according to Lagos-based think tank SBM Intelligence.
Nollywood, Nigeria's massive film industry, releases an average of 50 movies weekly, the second most prolific film industry in the world after India's Bollywood.
Health worker Adeleke Adesola, 31, from the southwestern city of Ibadan, has switched to watching movies on YouTube, driven not just by costs, but for its interactive nature.
"I feel good when I read a comment that speaks my thoughts about a scene or the movie. Also, because I don't have to pay monthly subscription to have access to YouTube movies," she told AFP.
Africa's pay TV giant MultiChoice reported losing nearly a quarter of a million subscribers between April and September 2024.
Production cuts
Despite an uptick in subscriptions last year, streaming juggernaut Netflix has cut back on commissioning new productions in Nigeria.
Prime Video has also adopted the same approach.
With movie tickets now considered a luxury by millions in the west African economic powerhouse, consumers and filmmakers are veering to YouTube and other cheaper alternatives.
Filmmaker and co-founder of iBAKATV YouTube Channel, Kazeem Adeoti, said the number of full-length movies on YouTube had grown tremendously.
Several top actors own YouTube channels to directly distribute their movies to consumers, he said.
Despite an uptick in subscriptions last year, streaming juggernaut Netflix has cut back on commissioning new productions in Nigeria.
Prime Video has also adopted the same approach.
With movie tickets now considered a luxury by millions in the west African economic powerhouse, consumers and filmmakers are veering to YouTube and other cheaper alternatives.
Filmmaker and co-founder of iBAKATV YouTube Channel, Kazeem Adeoti, said the number of full-length movies on YouTube had grown tremendously.
Several top actors own YouTube channels to directly distribute their movies to consumers, he said.
YouTube movies 'cheaper'
Income from YouTube depends on factors such as watch time, audience engagement, copyright ownership and viewers' location.
"We see consistently high watch time... indicating strong audience interest in Nollywood content," Taiwo Kola-Ogunlade, spokesman for Google West Africa, told AFP.
"This increased watch time not only benefits the creators but also results in higher ad revenue for YouTube."
Seun Oloketuyi, film producer and founder of the Best of Nollywood (BON) awards, said YouTube had become more appealing to filmmakers as there were no specifications on the types of cameras to be used, the quality of costumes or the language mixes.
"Movies shot for YouTube are significantly cheaper than those to be screened at cinemas or on the digital streaming platforms," Oloketuyi said.
"It seems like a win-win for filmmakers who can spend significantly less on production, maintain ownership rights of the movies and still make good money."
Netflix and Prime say they don't plan on exiting Nigeria, but the contract terms for Nigerian filmmakers have now changed.
Nigerian films to which Netflix has screen rights are restricted to African viewers, leaving YouTube as the major alternative for the diaspora.
Income from YouTube depends on factors such as watch time, audience engagement, copyright ownership and viewers' location.
"We see consistently high watch time... indicating strong audience interest in Nollywood content," Taiwo Kola-Ogunlade, spokesman for Google West Africa, told AFP.
"This increased watch time not only benefits the creators but also results in higher ad revenue for YouTube."
Seun Oloketuyi, film producer and founder of the Best of Nollywood (BON) awards, said YouTube had become more appealing to filmmakers as there were no specifications on the types of cameras to be used, the quality of costumes or the language mixes.
"Movies shot for YouTube are significantly cheaper than those to be screened at cinemas or on the digital streaming platforms," Oloketuyi said.
"It seems like a win-win for filmmakers who can spend significantly less on production, maintain ownership rights of the movies and still make good money."
Netflix and Prime say they don't plan on exiting Nigeria, but the contract terms for Nigerian filmmakers have now changed.
Nigerian films to which Netflix has screen rights are restricted to African viewers, leaving YouTube as the major alternative for the diaspora.
Tuesday, April 1, 2025
Video - Food prices drop in Nigeria, but many remain cautious
Experts attribute the decline in food prices to enhanced security for farmers in rural areas. While this reduction offers some relief in a country grappling with high inflation, many still feel that prices remain prohibitively high for the average person.
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