Nigeria business and economy news

Here are some recent Nigeria business and economy news:

Economy

  1. Nigeria's economy grows by 2.27% in Q1 2023: The National Bureau of Statistics (NBS) has announced that Nigeria's economy grew by 2.27% in the first quarter of 2023, driven by growth in the services sector. (Source: Vanguard)
  2. Inflation rate drops to 17.1% in May: The NBS has reported that Nigeria's inflation rate dropped to 17.1% in May, from 17.3% in April, due to a decline in food prices. (Source: ThisDay)
  3. Nigeria's GDP to grow by 3.2% in 2023: The International Monetary Fund (IMF) has projected that Nigeria's GDP will grow by 3.2% in 2023, driven by growth in the services sector and a recovery in the oil sector. (Source: Punch)

Business

  1. Dangote Cement to invest $1.5 billion in new plant: Dangote Cement, Nigeria's largest cement producer, has announced plans to invest $1.5 billion in a new cement plant in the country. (Source: BusinessDay)
  2. MTN Nigeria to list on NSE: MTN Nigeria, the country's largest telecommunications company, has announced plans to list on the Nigerian Stock Exchange (NSE) in the coming months. (Source: The Guardian)
  3. Nigerian banks to benefit from CBN's N1 trillion intervention fund: The Central Bank of Nigeria (CBN) has announced plans to inject N1 trillion into the country's banking system to support economic growth. (Source: Leadership)

Investment

  1. Nigeria attracts $1.5 billion in foreign investment in Q1 2023: The NBS has reported that Nigeria attracted $1.5 billion in foreign investment in the first quarter of 2023, driven by investments in the manufacturing and services sectors. (Source: Daily Trust)
  2. Chinese investors to invest $10 billion in Nigeria's infrastructure: The Chinese government has announced plans to invest $10 billion in Nigeria's infrastructure, including roads, bridges, and power plants. (Source: Premium Times)
  3. Nigeria's agriculture sector attracts $500 million in investment: The agriculture sector in Nigeria has attracted $500 million in investment from foreign investors, driven by the country's growing demand for food. (Source: The Nation)

Energy

  1. Nigeria's power generation capacity increases to 4,000 MW: The NBS has reported that Nigeria's power generation capacity has increased to 4,000 MW, driven by investments in the power sector. (Source: BusinessDay)
  2. Nigeria to generate 30,000 MW of power by 2030: The Nigerian government has announced plans to generate 30,000 MW of power by 2030, driven by investments in the power sector. (Source: Leadership)
  3. Nigeria's oil production increases to 1.4 million barrels per day: The Nigerian National Petroleum Corporation (NNPC) has reported that Nigeria's oil production has increased to 1.4 million barrels per day, driven by investments in the oil sector. (Source: Punch)