Nigeria economy - updates

Rappler's latest stories on Nigeria economy


Nigeria central bank cuts key interest rate

May 28, 2020 - 11:55 PM

Nigeria, Africa's largest economy, slashes its key interest rate to 12.5% amid fears of a deep recession

SLUMPING SALES. A lady walks past meat vendors waiting for buyers in a sparsely attended Mile 12 Market in Lagos, Nigeria, on April 6, 2020. Photo by Pius Utomi Ekpei/AFP

Nigeria oil industry scrambles as price fall slams economy

May 14, 2020 - 3:30 PM

The future is bleak for Nigeria, Africa's largest oil producer, with plunging crude prices and the coronavirus pandemic

OIL PRODUCTION. The Egina Floating Production Storage and Offloading unit, shown here in Nigeria on February 23, 2018, has the capacity to produce up to 200,000 barrels of oil per day. File photo by Stefan Heunis/AFP

IMF approves $3.4 billion for Nigeria to address coronavirus

Apr 29, 2020 - 9:30 AM

The International Monetary Fund notes that the coronavirus pandemic and the plunging global demand for oil are severely affecting Nigeria's economy

LOCKDOWN. An aerial view shows empty streets in Lagos, Nigeria, on March 31, 2020. Photo by Pierre Favennec/AFP

Nigerians struggle as virus lockdown hits supply chains

Apr 10, 2020 - 7:00 PM

Farmers, sellers, and consumers complain the fight against the coronavirus has turned Nigeria into a patchwork of roadblocks and regulations that have ruptured business links

A lady walk past meat vendors waiting for buyers in a sparsely attended Mile 12 Market in Lagos, on April 6, 2020. - The lockdown of Lagos, Nigeria's economic hub has set food vendors at loggerheads with consumers . While food vendors are complaining of low patronage as securities operatives intensify enforcement of the sit-at-home order to contain the spread of COVID-19 coronavirus, consumers are blaming the arbitrary hike in prices of foodstuffs across the state to trader's insensitivity to the suffering of the people. Traders attribute the price hike of food items on restriction of vehicle movement by security operatives enforcing the lockdown and difficulties in transportationing goods from rural areas to the metropolis. (Photo by PIUS UTOMI EKPEI / AFP)

Nigeria seeks billions from lenders over virus

Apr 06, 2020 - 11:55 PM

Africa's most populous nation and biggest oil producer is battling to halt the spread of the coronavirus

An aerial view shows empty streets in Lagos on March 31, 2020. - Lagos was deserted on March 31, 2020, after Nigeria locked down its economic hub and shuttered its capital Abuja, in the continent's latest effort to brake the juggernaut of COVID-19 coronavirus. Businesses were closed, markets abandoned and streets empty as the usually chaotic megacity of 20 million, along with the capital Abuja, shuddered to a halt on the first full day of a two-week shutdown. (Photo by Pierre FAVENNEC / AFP)

Nigeria oil rebels announce conditional ceasefire

Aug 21, 2016 - 9:50 PM

The Niger Delta Avengers NDA says the ruling party should stop moves to arrest intimidate invade and harass innocent citizens

(FILES) This file photo taken on June 10, 2016 shows an advertising board in the City of Warri in the Delta State.  The Niger Delta Avengers (NDA), a militant group that has been attacking Nigeria's oil infrastructure since early this year, announced August 21 on their website they will lay down their arms and return to talks with the Nigerian government after eight months of sabotage in the oil-rich south of the country.  / AFP PHOTO / STEFAN HEUNIS

Nigerian banks announce early closing due to fuel crisis

May 25, 2015 - 9:27 PM

The current shortage of petroleum products in the country has limited our ability to supply diesel to all our branches in order to continue normal branch operations says a local bank

Nigeria becomes Africa's biggest economy: gov't

Apr 07, 2014 - 12:49 AM

The west African country has overtaken South Africa as the continent s largest economy with a GDP of 453 billion in 2012 based on a long overdue rebasing of its gross domestic product