Nigeria’s food inflation rate remained higher than the country’s headline inflation rate for the second consecutive month in May 2026, underscoring the growing pressure of rising food costs on households despite signs of moderation in broader inflation. Data analysed by Nairametrics Research from the National Bureau of Statistics (NBS) Consumer Price Index (CPI) reports showed that food inflation rose to 16.96 per cent in May, compared to the headline inflation rate of 15.93 per cent. The development confirms a worrying trend that emerged in April 2026 when food inflation surpassed headline inflation for the first time in eight months. In…
Author: Elvis Eromosele
By Elvis Eromosele Step outside your home in Lagos, Kano, or Port Harcourt, and walk twenty meters. Under a frayed umbrella, seated on a plastic chair with a small banner, you will find a “POS operator.” These operators are the capillaries of Nigeria’s cash-dependent economy, pumping naira notes into the hands of millions. When commercial bank branches shrank, and automated teller machines (ATMs) consistently ran dry, these retail entrepreneurs stepped in. They brought financial services within reach of the poorest farmer and the busiest market woman, effectively humanising fintech for tens of millions of citizens. But today, the street-corner cash…
Nigeria’s mango industry could be on the verge of significant growth as the National Horticultural Research Institute (NIHORT) intensifies efforts to boost production, reduce post-harvest losses, and expand value addition across the mango value chain. With the global mango trade valued at approximately $4.19 billion, according to Tendata Global Trade Data, NIHORT is positioning Nigeria to capture a larger share of the lucrative market through improved production techniques, indigenous seed development, and processing innovations. Speaking on the institute’s ongoing interventions, Prof. Muhammed Lawal Atanda, NIHORT Executive Director, described mango as one of the institute’s priority crops because of its enormous…
The Federal Government will deploy 10,000 electric tricycles across Nigeria in August as part of its drive to modernise public transportation, reduce mobility costs, and accelerate the country’s transition to cleaner energy solutions. Vice President Kashim Shettima disclosed this on Monday while receiving members of Transporters for Tinubu/Shettima 2027 during a courtesy visit to the Presidential Villa, Abuja. According to Shettima, the initiative will be implemented by the North East Development Commission (NEDC), with the electric tricycles initially distributed across the North-East and other parts of the country. He added that President Bola Tinubu has approved the replication of the…
The Lagos State Employment Trust Fund (LSETF) has created more than 320,000 direct and indirect jobs and disbursed over N15 billion in loans to more than 20,000 micro, small and medium enterprises (MSMEs) since its establishment in 2016. Feyisayo Alayande, Executive Secretary of LSETF, disclosed this during a media briefing in Lagos to commemorate the agency’s 10th anniversary. Alayande said the agency was established by the Lagos State Government to address unemployment and promote wealth creation through access to finance, skills development, capacity building, market opportunities, and support for the technology ecosystem. According to her, the agency’s impact over the…
A Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties for failing to meet constitutional requirements on electoral performance. Justice Peter Lifu delivered the judgment on Monday, ruling that the affected parties failed to secure the minimum electoral threshold required to retain their registration. The parties affected by the ruling are the African Democratic Congress (ADC), Accord (A), Action Alliance (AA), Action Peoples Party (APP), and Zenith Labour Party (ZLP). The suit, marked FHC/ABJ/CS/2637/2026, was filed by the Incorporated Trustees of the National Forum…
The Central Bank of Nigeria (CBN) has introduced sweeping new regulations for banks, fintech companies and other payment service providers, mandating that all payment transaction data generated within Nigeria be stored locally from January 1, 2027. The directive was contained in a circular signed by Rakiya O. Yusuf, Director of the Payments System Supervision Department, as part of efforts to strengthen regulatory oversight, improve transparency and reduce systemic risks in Nigeria’s rapidly expanding digital payments ecosystem. Under the new framework, all institutions involved in processing payments within Nigeria, including banks, fintech firms, mobile money operators and payment processors, must ensure…
The United Nations Development Programme (UNDP), alongside other international development partners and the Federal Government, has committed more than N25 billion to a range of environmental and climate-related projects aimed at strengthening Nigeria’s resilience to climate change and accelerating its transition to a greener economy. The funding, drawn from various international climate and environmental programmes, is being channelled into projects focused on climate adaptation, emissions reduction, biodiversity conservation, pollution control, coastal protection, and sustainable development across the country. Data obtained from the Nigeria Development Cooperation Dashboard and implementation reports from the UNDP indicate that several major environmental initiatives are currently…
Nigeria’s Value Added Tax (VAT) collections rose to N2.42 trillion in the first quarter of 2026, representing a 17.06 per cent increase compared to the N2.07 trillion generated in the same period of 2025, according to the latest figures released by the National Bureau of Statistics. The report also showed that VAT revenue increased by 9.98 per cent quarter-on-quarter from the N2.20 trillion recorded in the fourth quarter of 2025, reflecting stronger tax collections across major sectors of the economy. Of the total VAT generated during the period, local transactions accounted for N1.11 trillion, while foreign VAT payments contributed N830.47…
…Concerns over cyberattack vulnerabilities prompt government restrictions on foreign access The United States government’s decision to restrict foreign access to some of Anthropic’s most advanced artificial intelligence models was reportedly triggered by security concerns raised by Andy Jassy, Amazon’s Chief Executive Officer. According to a report by The Wall Street Journal, Jassy alerted senior US officials, including Treasury Secretary Scott Bessent, after Amazon researchers discovered that Anthropic’s Fable 5 model could be manipulated into revealing information that might facilitate cyberattacks. The concerns prompted a review by US authorities and ultimately led to restrictions preventing foreign governments, businesses and individuals from…