Business

Babalola said high electricity prices should not automatically be considered cost-reflective, stressing that the costs incurred by operators must be examined to establish whether they reflect efficient operations or losses within the system.

Tax revenue per person shows that the South West generated ₦42,327 per capita, substantially higher than the ₦27,066 recorded in the South South and ₦17,522 in the North Central.

The latest Consumer Price Index report, released on Thursday by the NBS, showed that headline inflation was also lower than the 20.98 percent recorded in September 2025, representing a decline of 6.35 percentage points over the 12 months.

Sub-Saharan Africa’s economy is projected to expand by 4.5 per cent in both 2026 and 2027, but rising inflation, tighter financing conditions and declining foreign aid could undermine the region’s growth prospects, according to the International Monetary Fund (IMF).

Emerging markets continue to outperform developed nations in driving world economic expansion, according to the International Monetary Fund’s (IMF) October Outlook figures released by data analytics firm StatiSense.

Central Bank of Nigeria Governor Olayemi Cardoso on Thursday defended September’s surprise interest-rate reduction, saying stronger economic conditions gave the bank room to repair weaknesses in how its policy decisions influence financial markets.

The Danish Government has reaffirmed its commitment to strengthening maritime security cooperation with Nigeria, with both countries exploring further collaboration in intelligence sharing, capacity building and operational coordination to sustain security gains in the Gulf of Guinea.

High interest rates in Nigeria are discouraging investment in the solar energy sector, with PowerChina’s Africa Regional Director, Timmy Shi, identifying the cost of financing as a major obstacle for foreign companies seeking to establish businesses in the country.

Nigeria’s gross external reserves stood at $55.08bn as of October 9, 2026, following a revision of data published by the Central Bank of Nigeria (CBN).

The European Union (EU) has committed up to €14m in grant funding to support preparations for Nigeria’s planned deployment of 90,000 kilometres of fibre-optic infrastructure aimed at expanding broadband access and strengthening the country’s digital economy.