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Economy Insight

Read the latest news on the economy in Nigeria.

Africa witnessed a huge growth in Foreign direct investment (FDI) in 2021, a new report by the United Nations Conference on Trade and Development (UNCTAD) has shown. In its investment trends monitor report released on Wednesday, UNCTAD Africa showed a strong rebound in growth of 147 percent to an estimated...
The move by the Board of Directors of Nigeria Liquefied Natural Gas (NLNG) to prioritise aggressive local penetration and expansion of the supply of cooking gas, has pushed demand for the commodity up. This surge in demand, according to retailers, may lead to scarcity of the commodity, which could...
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said the intervention of the apex bank has led to a huge reduction in imported rice from Thailand. Emefiele made this known on Tuesday when he spoke at the unveiling of the FCT mega rice pyramids under the RIFAN-CBN Anchor Borrowers’...
Estate Intel, a real estate think tank, has disclosed that property and infrastructural development in Lagos across the real estate sector increased by 19% in 2021.  The agency made the disclosure in a recently released report analysing activities in the city's thriving construction industry.  In what marked a return to market...
Rice farmers under the auspices of the Rice Farmers Association of Nigeria (RIFAN) have moved to address the high prices of rice in the country. RIFAN disclosed that the unveiling of the one million bags of rice paddy piled up as pyramids in Abuja would see to the crash of...
The World Bank has projected that Nigeria's inflation would increase in 2022, such that it may become the highest in the world. Should inflation increase as projected by World Bank, Nigerians would pay more for foods and other commodities this year. With increasing food prices and that of other commodities diminishing...
President Muhammadu Buhari has told manufacturers in the country that his administration will address their main challenge, which is insufficient forex. Unmaskng.com understands that the manufacturers need accessibility to forex for the procurement of raw materials and agro-allied equipment that are not available locally. Addressing Mansur Ahmed-led executives of the Manufacturer Association of Nigeria (MAN),...
President Muhammadu Buhari will next year (2022) impose new taxes and increased tariffs on Nigerians. This is according to Zainab Ahmed, the Minister of Finance. Speaking with stakeholders on the sidelines of the 2021 Finance Bill in Abuja, Ahmed hinted that the Buhari-led government is considering modest increases in taxes...
The Federal Inland Revenue Service (FIRS) has explained why Nigeria did not sign the Organisation for Economic Cooperation and Development (OECD) G20 Inclusive Framework two-pillar solution to tax challenges of the digitalized economy. The OECD G20 Inclusive Framework two-pillar solution proposes a framework of rules aimed at tackling base erosion...
As dollar to naira continues to be a topic of discussion on a daily basis, the World Bank has faulted Nigeria's forex policies with a claim that they are discouraging investments, and fueling inflation. While highlighting the role of the Central Bank of Nigeria (CBN) as it relates to forex...