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Tag: Nigeria Economy

  • “If You’ve Lost Weight, I’ve Lost Some Too” — Tinubu Speaks On Hardship After APC Primary Victory

    President Bola Ahmed Tinubu has admitted that he personally feels the hardship caused by the economic reforms introduced by his administration since taking office in May 2023.

    The president made the remarks in Abuja after emerging victorious in the All Progressives Congress (APC) presidential primary election held nationwide on Saturday.

    “I’ve Lost Sleep Too”

    Speaking after the exercise, Tinubu acknowledged the difficult realities Nigerians are facing while insisting that rebuilding the country requires sacrifice and painful decisions.

    “I know what it takes to reform this nation we met in tatters,” he said.

    “If you lost sleep, I’ve lost some too. If you’ve lost weight, I’ve lost some too. But I’ve always remembered one thing: in 2022, I asked for this job. You all supported me and I got it. So I must do it,” the president added.

    His comments have since generated widespread reactions online as Nigerians continue to debate the impact of subsidy removal, inflation, and rising living costs across the country.

    Tinubu Secures Massive Victory

    Tinubu recorded an overwhelming victory in the APC presidential primary, polling 10,999,162 votes.

    His sole challenger, Stanley Osifo, reportedly secured 16,503 votes in the direct primary conducted across the country’s 774 local government areas and 8,809 wards.

    Party leaders and supporters described the outcome as a strong endorsement of Tinubu’s Renewed Hope agenda ahead of the 2027 general election.

    Mixed Reactions Trail Statement

    While some APC supporters praised the president for acknowledging citizens’ struggles, critics argued that many Nigerians are experiencing deeper hardship due to inflation and the rising cost of living.

    Since the removal of fuel subsidy in 2023, economic conditions have remained a major topic of national discussion, with labour unions, opposition figures and civil society groups repeatedly calling for stronger relief measures.

  • Tinubu Says Cabals Benefiting From Subsidy, Forex Deals Want Him Dead

    President Bola Ahmed Tinubu has said some powerful interests affected by his administration’s economic reforms are unhappy and allegedly wishing him dead over the removal of petrol subsidy and foreign exchange reforms.

    The President made the remark on Wednesday during the launch of “The NADECO Story,” a book written by Chief Ayo Opadokun in Lagos.

    Tinubu was represented at the event by former Ogun State governor, Chief Olusegun Osoba.

    Tinubu Speaks On Subsidy, Forex Reforms

    According to Osoba, Tinubu said individuals who benefited from foreign exchange round-tripping and fuel subsidy payments were resisting his administration’s reforms.

    “As for security, he says, I should let you know, that he is aware that there is a deliberate attempt to disrupt the peace of this country by people whom he knew he had offended by canceling multiple exchange rates and by canceling oil subsidies,” Osoba said.

    “He said those cabals who are doing round-tripping will wish him dead any time, but he is determined that if that is the only thing he would do, he would make sure he rearranges the economy.”

    Osoba added that the President insisted he would continue with the reforms despite pressure from affected interests.

    Economy And Security Major Focus

    Tinubu reportedly described the economy and security as the two biggest challenges currently facing his administration.

    Osoba said the President expressed concern over worsening insecurity and the gradual spread of attacks into parts of the South-West region.

    “You all can see now that the security situation is now moving gradually into the South-West zone,” he said.

    The President also defended his foreign exchange reforms, arguing that the gap between the official and parallel market rates had significantly reduced.

    According to him, predictions that the naira would crash to ₦2,000 per dollar had not materialised.

    “You all can see that the difference between the parallel market and official market exchange rate is virtually zero now,” Osoba quoted Tinubu as saying.

    Tinubu Promises More Reforms

    Osoba further disclosed that Tinubu promised to revisit some political reforms demanded by pro-democracy actors if re-elected for a second term.

    The President also acknowledged the contributions of NADECO members and democracy activists to Nigeria’s democratic journey.

    “He is ever grateful for what all of you have done to bring this country to where we are today,” Osoba said.

    The event attracted several prominent Nigerians including Nobel Laureate Wole Soyinka, Rashidi Ladoja, Olisa Agbakoba and Joke Silva.

  • Tinubu Welcomes Airbus Plan For Aircraft Maintenance Hub In Nigeria, Pushes For Faster Helicopter Delivery

    President Bola Ahmed Tinubu has welcomed a proposal by global aircraft manufacturer Airbus to establish maintenance and hangar facilities in Nigeria as part of efforts to position the country as a regional aviation hub.

    Tinubu also stressed Nigeria’s urgent need for modern military helicopters and fixed-wing aircraft to support security operations and tackle terrorism across the country.

    Tinubu Meets Airbus Delegation In Rwanda

    The President spoke during a meeting with an Airbus delegation led by Thierry Cloutet, Head of Regional Business Growth for Africa and the Middle East, on the sidelines of the Africa CEO Forum in Kigali, Rwanda.

    According to a statement issued by presidential spokesman Bayo Onanuga, Tinubu said his administration was committed to deepening relations with Airbus, particularly in military aviation and aerospace development.

    President Demands Faster Delivery Of Apache Helicopters

    During the meeting, Tinubu called for the accelerated delivery of three Apache helicopters already ordered by Nigeria for ongoing counterterrorism operations.

    “Nigeria needs attack helicopters urgently that can be used to confront and overwhelm terrorists. That is my priority now,” the President said.

    The discussion also covered Nigeria’s acquisition of the Airbus C-295 aircraft platform and broader defence aviation cooperation between both parties.

    Plans For Aviation Financing, Leasing Company

    Tinubu and the Airbus delegation also discussed aircraft leasing and financing models aimed at improving access to aircraft for domestic airlines and reducing financing challenges within the aviation sector.

    The President raised the possibility of establishing an aviation leasing company to strengthen Nigeria’s aviation value chain and improve financing access for local operators.

    Airbus Proposes ‘360-Degree Engagement’

    Thierry Cloutet commended Tinubu’s economic reforms and efforts to stabilise Nigeria’s aviation sector.

    He also proposed what he described as a “360-degree engagement” model with Nigeria covering commercial aviation, military aircraft cooperation, sustainability initiatives, maintenance infrastructure, operational hubs and human capital development.

    The proposed partnership is also expected to include collaboration in satellite and Earth observation technology.

  • Nigeria Approves 30-Day Visa-Free Entry For Rwandans After Tinubu-Kagame Meeting

    Nigeria has approved a 30-day visa-free entry policy for citizens of Rwanda, marking a new step in strengthening diplomatic and travel relations between both countries.

    The development was announced on Friday by the Nigeria Immigration Service, which confirmed that all arrangements had been concluded for the implementation of the directive approved by President Bola Ahmed Tinubu.

    Tinubu, Kagame Deepen Bilateral Talks

    The decision comes shortly after Tinubu’s visit to Kigali for the Africa CEO Forum held on Thursday.

    Ahead of the summit, the Nigerian President held a bilateral meeting with Paul Kagame at the Urugwiro Presidential Villa.

    According to reports, both leaders discussed areas of cooperation including trade, tourism, regional integration and security collaboration.

    During the meeting, Tinubu reportedly hinted that Nigeria was considering adopting a visa-free policy similar to Rwanda’s existing 30-day entry arrangement for Nigerians.

    Push For African Integration

    The President described the move as part of broader efforts to encourage Pan-Africanism and strengthen relationships among African nations.

    Officials believe the new policy will improve movement between both countries while boosting tourism, business activities and diplomatic exchanges.

    The visa-free arrangement is also expected to further deepen economic and cultural ties between Nigeria and Rwanda as both countries continue to expand cooperation across multiple sectors.

  • Tinubu Hails $4.7bn France-Nigeria Trade Surge, Says Partnership Enters “Execution Phase” at Nairobi Summit

    President Bola Ahmed Tinubu has welcomed the outcome of the 10th France-Nigeria Business Council meeting, saying the partnership between both countries has now moved from discussion to full implementation.

    The meeting was held at the Africa Forward Summit in Nairobi, Kenya, where top government officials and leading global business figures reviewed ongoing investments and new collaboration frameworks between Nigeria and France.

    Trade Hits $4.7bn As Tinubu Pushes Investment Drive

    President Tinubu noted that trade between Nigeria and France reached $4.7 billion in 2025, describing Nigeria as the leading destination for French investment in sub-Saharan Africa.

    He said the growing economic ties must now translate into jobs, industrial expansion, infrastructure development and wider prosperity for both nations.

    The meeting had in attendance Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and France’s Minister Delegate, Nicolas Forissier, alongside top private sector leaders from both countries.

    Dangote, Elumelu, Others Attend High-Level Meeting

    The session also brought together major business leaders including Aliko Dangote, Tony Elumelu, and other prominent investors, alongside international partners such as Patrick Pouyanné of TotalEnergies and representatives of CMA CGM, Danone and Accor.

    President Tinubu commended the Chairman of the France-Nigeria Business Council, Aigboje Aig-Imoukhuede, for convening what he described as a productive session focused on real economic delivery.

    Accor–Shoreline Deal Highlights New Investment Push

    A key highlight of the meeting was the signing of an agreement between Accor and Shoreline Group for Nigeria’s first national hotel platform.

    The President described the development as a strong vote of confidence in Nigeria’s hospitality, tourism and services sector, noting that it reflects rising investor confidence in ongoing reforms.

    ‘Nigeria Is Ready For Serious Economic Execution’ — Tinubu

    Tinubu said Nigeria and France are no longer operating at the level of goodwill exchanges but are now focused on measurable economic outcomes.

    “This is the partnership Nigeria is ready for. We are ready for investment that builds, capital that produces, and enterprise that creates jobs,” he said.

    He added that the next phase of Africa-Europe relations would be defined by tangible projects in energy, agriculture, technology, logistics and industrial production.

    Reform Agenda Drives Confidence

    The President further assured investors that his administration would continue strengthening the business environment, deepening reforms and supporting credible investment inflows into the country.

    According to him, the goal is to position Nigeria as a stable and competitive economy capable of attracting long-term capital.

  • ‘Cut Your Coat According to Your Size’ — Tinubu’s Aide Tells Nigerians Amid Hardship Complaints

    The Special Adviser to President Bola Tinubu on Economic Affairs, Tope Fasua, has advised Nigerians to adjust their lifestyles and spending patterns in response to the country’s rising economic pressure.

    Fasua made the remarks while responding to questions during a members-only Coffee Hangout organised by Kay Hikers Club in Abuja.

    Heated Exchange Over Cost of Living

    The presidential aide spoke during a tense discussion with a female attendee who criticised the worsening cost of living, insecurity, and declining purchasing power in the country.

    The woman argued that basic food items had become unaffordable for many Nigerians struggling to survive under the current economic conditions.

    Reacting to the concerns, Fasua admitted that prices had increased but maintained that families could still manage their resources properly if spending was controlled.

    “A modest family will feed for several days with ₦10,000,” he said.

    Fasua Urges Nigerians to Spend Wisely

    Fasua further advised Nigerians to embrace more disciplined spending habits and focus on buying food items they could prepare at home.

    “You will know how to cut your coat according to your cloth. You can go to the market, I go to the market too. I have customers in Utako market, in Wuse market. I like shopping. I like going to the market. I test things. You can buy foodstuff which you cook at home,” he added.

    The economic adviser also stated that the government could not satisfy every expectation from citizens, insisting that Nigerians needed to adapt to present economic realities.

    Government Cannot Meet Every Expectation — Fasua

    According to him, public criticism often ignores the broader economic challenges facing the country.

    “I know things are expensive, more expensive than they were before. But if we want sensation, government will never win,” Fasua stated during the discussion.

    His comments have since sparked reactions online, with many Nigerians debating the affordability of food and the impact of rising inflation on households across the country.

  • Rice Hits ₦112,000 — NBS Reports Sharp Food Price Surge as Market Prices Differ

    Nigeria’s food prices climbed further in March 2026, with the National Bureau of Statistics (NBS) reporting that a 50kg bag of local rice rose to ₦112,000, up from ₦92,946 in February.

    The latest figures were contained in the bureau’s Selected Food Price Watch report.

    Rice prices jump, but markets tell a different story

    According to the NBS, local rice recorded a 20.5 per cent increase within one month, while imported rice rose by 3.06 per cent to ₦133,975.

    However, market checks in some areas suggest lower retail prices, with reports indicating that a 50kg bag of local rice sells for around ₦60,000 in certain locations.

    The gap highlights ongoing disparities in pricing across markets nationwide.

    Other staple foods record steady increases

    The report also showed consistent price increases across key food items.

    A crate of eggs rose by 2.0 per cent, while brown beans increased to ₦1,325.85 per kilogram.

    White garri climbed to ₦801.54, onions reached ₦1,153.14, and fresh ginger edged higher to ₦5,541.25.

    Wide state-by-state price differences

    NBS data revealed significant variations across states.

    Taraba recorded the highest egg price at ₦6,999, while Niger had the lowest at ₦5,610.04.

    For beans, Oyo posted the highest price at ₦1,937.20 per kilogram, while Taraba recorded the lowest at ₦745.

    Garri peaked in Abia at ₦1,075.45, with Plateau recording the lowest at ₦513.78.

    Onions were highest in Abia at ₦2,115.67 and lowest in Kwara at ₦829.9.

    Pressure on households deepens

    The sustained rise in food prices continues to reflect inflationary pressure on household incomes, even as inconsistent market prices create uncertainty for consumers.

  • Tinubu Meets Global Investors in Paris, Pushes Reforms and Fiscal Discipline Agenda

    President Bola Tinubu has met with global investors in Paris, France, where he outlined his administration’s economic reform agenda and commitment to fiscal discipline.

    The meeting forms part of his ongoing three-nation trip aimed at strengthening investor confidence in Nigeria.

    Tinubu defends reform strategy

    Speaking at the session, Tinubu said his government’s policies are focused on removing economic distortions and stabilising key macroeconomic indicators.

    He stressed that transparency, especially in the oil sector, remains a priority, alongside broader efforts to ensure policy consistency.

    “The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” he said.

    Investors react to policy direction

    Some of the investors at the meeting commended the reforms and expressed optimism about Nigeria’s economic outlook.

    During the engagement, Tinubu also addressed questions about his long-term plans, including his post-2027 agenda, reaffirming his commitment to transparency and sustained policy execution.

    Finance minister highlights growth figures

    Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, pointed to improvements in key economic indicators.

    He disclosed that Nigeria recorded 11.2 per cent GDP growth in dollar terms in 2025, aligning with the government’s target of building a $1 trillion economy by 2030.

    Oyedele added that the administration would begin publishing quarterly financial data to strengthen accountability.

    Debt management and investor confidence

    Director-General of the Debt Management Office, Patience Oniha, assured investors of a responsible approach to borrowing.

    She said the government remains focused on sustainable debt management while supporting economic growth.

    The meeting brought together investors from major global institutions, including Citibank, Amundi, and Prudential Global Investment Management.

  • Dangote Refinery Raises Petrol Price by ₦75, Signals Fresh Pressure on Pump Rates

    Dangote Refinery has increased the ex-depot price of petrol by ₦75, pushing its loading cost to ₦1,275 per litre. The adjustment, confirmed on Wednesday, is already stirring concerns of a possible rise in pump prices across Nigeria.

    The price hike comes amid operational changes and rising global crude oil costs.

    New Depot Price Takes Effect as Supply System Adjusts

    Data from industry sources shows the refinery raised its petrol loading price from ₦1,200 to ₦1,275 per litre, while coastal supply prices climbed to ₦1,215. A refinery official confirmed the adjustment, describing it as part of ongoing operational realities.

    The increase has quickly filtered through the downstream market, with marketers recalibrating their pricing expectations.

    Supply Disruption Adds to Market Tension

    Sources familiar with operations said the refinery halted its Proforma Invoice entry process around 4:00 pm on Tuesday. The move disrupted normal supply scheduling and temporarily stalled transactions within its loading system.

    The disruption reportedly led to a brief halt in the sale of petrol and Automotive Gas Oil, tightening supply conditions and adding pressure to an already sensitive market.

    Marketers Brace for Ripple Effect Nationwide

    Industry operators say such adjustments typically cascade through the value chain, affecting transportation, distribution, and retail pricing. Many marketers are now anticipating higher depot costs, which could translate into increased pump prices in the coming days.

    The development has heightened uncertainty, particularly as fuel pricing remains a major concern for consumers and businesses.

    Global Oil Price Surge Drives Cost Increase

    The price adjustment comes as international crude oil prices climb sharply. Brent crude was trading around $114.80 per barrel, while West Texas Intermediate rose to about $103.40, reflecting sustained upward momentum.

    Analysts link the surge to geopolitical tensions around the Strait of Hormuz, a key global oil supply route, which has pushed up feedstock costs for refiners.

    Rising Costs Set Stage for Possible Fuel Price Hike

    With higher crude prices feeding into refinery costs and supply disruptions tightening the market, attention is now on how quickly the increase will reflect at filling stations. The latest adjustment underscores the sensitivity of Nigeria’s fuel market to global shifts and operational changes.

  • ₦1m Salary Means Nothing Without Strong Naira, NLC President Ajaero Warns

    The Nigeria Labour Congress (NLC) has warned that a ₦1 million monthly salary will mean little for Nigerian workers if the naira remains weak and inflation continues to rise. NLC President Joe Ajaero made this known on Tuesday in Abuja, stressing that workers are more concerned about the real value of their earnings than the figures on paper. His remarks reflect growing frustration over declining living standards across the country.

    Purchasing Power Drops as Cost of Living Rises

    Ajaero said rising inflation has steadily reduced workers’ purchasing power, making it harder to afford basic needs such as food, transportation, and housing. He explained that the real challenge is not how much workers earn, but how far that income can go in today’s economy.

    “Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” he said. “What we are looking for is a currency that can sustain workers and their families at least to the end of the month.”

    Minimum Wage Negotiations Yet to Begin

    The labour leader clarified that talks on a new national minimum wage have not started, noting that the process follows a legal timeline and cannot be rushed. He dismissed suggestions that negotiations could begin immediately or be influenced by political pressure.

    According to him, discussions will commence at the appropriate time before the current wage structure expires, in line with established procedures. He stressed that due process is necessary to ensure fairness and sustainability in any new agreement.

    Fuel Prices and Inflation Deepen Hardship

    Ajaero linked the worsening economic situation to rising fuel prices, which he said continue to push up transportation costs, food prices, and overall living expenses. He noted that earlier concerns raised by organised labour about global factors affecting local fuel prices have not been adequately addressed.

    “The situation has not improved,” he said, warning that workers are bearing the brunt of policies that leave the economy exposed to external shocks. He called for urgent government intervention to ease the pressure on citizens.

    Pension Concerns and May Day Plans Emerge

    On pension matters, Ajaero expressed concern over the emergence of multiple pension unions, saying it has created confusion within the system. He revealed that the NLC is engaging stakeholders to resolve issues around deductions and remittances.

    Speaking ahead of Workers’ Day, he said any protest would be limited to states yet to fully implement the approved minimum wage. He added that while many states have complied, gaps remain, particularly in local government and education sectors.

    Call for Stronger Economic Policies

    Ajaero reiterated the NLC’s commitment to pushing for policies that improve workers’ welfare and stabilise the economy. He also acknowledged recent federal government steps, including the review of peculiar allowances and the approval of a 100 per cent duty tour allowance for civil servants.

    He expressed hope that these measures would be effectively implemented, noting that lasting relief for workers depends on stronger economic policies and a more stable currency.