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Nigeria’s GDP Could Hit $334 Billion, Says IMF, Thanks to Reforms
Nigeria’s GDP Could Hit $334 Billion, Says IMF, Thanks to Reforms
The International Monetary Fund (IMF) has linked Nigeria’s recent economic growth to the country’s policy reforms and structural initiatives, projecting that the nation’s Gross Domestic Product (GDP) could reach $334 billion in the coming years.
In its latest report, the IMF highlighted that Nigeria’s implementation of fiscal reforms, investment-friendly policies, and economic diversification strategies has contributed significantly to a resilient economic recovery, despite challenges in the global economy.
The Fund noted that reforms in energy, infrastructure, and agriculture have bolstered growth, attracting both foreign direct investment (FDI) and domestic capital. It also emphasized the role of digital economy initiatives, financial inclusion programs, and regulatory improvements in enhancing private sector participation.
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According to the IMF, Nigeria’s real GDP growth has accelerated due to a combination of prudent monetary policy, targeted fiscal measures, and expansion in key sectors such as oil and gas, telecommunications, and services. The Fund further projected that sustained reforms could see GDP reaching $334 billion, positioning Nigeria as one of the fastest-growing economies in Africa.
The IMF report underscores the importance of continuing structural reforms, including streamlining government spending, improving tax collection, and fostering a business-friendly environment to maintain momentum.
Economic analysts have welcomed the projections, noting that achieving the $334 billion GDP target would require continued commitment to reforms, effective governance, and investment in human capital and infrastructure.
The report also highlighted risks to Nigeria’s economic outlook, including global commodity price fluctuations, security challenges, and potential fiscal pressures, which could impact growth if not properly managed.
The IMF encouraged the Nigerian government to prioritize policies that enhance economic resilience, create jobs for the youth, and promote sustainable development, while maintaining macroeconomic stability.
Nigeria’s economic resurgence, as noted by the IMF, reflects decades of policy evolution, with the current administration leveraging reforms to expand trade, investment, and industrialization opportunities.
Nigeria’s GDP Could Hit $334 Billion, Says IMF, Thanks to Reforms
News
Tinubu Nominates Ismail Abba Yusuf as NAHCON Chairman, Seeks Senate Confirmation
Tinubu Nominates Ismail Abba Yusuf as NAHCON Chairman, Seeks Senate Confirmation
President Bola Ahmed Tinubu has nominated Ambassador Ismail Abba Yusuf as the new Chairman and Chief Executive Officer of the National Hajj Commission of Nigeria (NAHCON), subject to confirmation by the Senate.
The nomination was formally conveyed in a letter addressed to Senate President Godswill Akpabio on Wednesday, in line with Section 3(2) of the NAHCON Act, 2006, which mandates Senate approval before the appointment can take effect. The President urged lawmakers to expedite the confirmation process to ensure stability and continuity at the commission, especially as preparations for the 2026 Hajj exercise gather momentum.
The development follows the resignation of Professor Abdullahi Usman, who stepped down earlier this week after about 14 months in office as NAHCON Chairman. Although official details surrounding his resignation were not fully disclosed, his tenure was marked by efforts to reposition the commission and enhance coordination of Hajj operations for Nigerian pilgrims.
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His exit comes at a sensitive period when logistical planning, airlift arrangements, accommodation coordination, and pilgrim welfare services for the upcoming Hajj are intensifying. Stakeholders in the Hajj industry have emphasized the importance of swift leadership confirmation to avoid disruptions in preparations.
Ambassador Ismail Abba Yusuf is a seasoned Nigerian career diplomat who served as Nigeria’s Ambassador Extraordinary and Plenipotentiary to Türkiye from 2021 to 2024. During his diplomatic assignment, he played key roles in strengthening bilateral relations and advancing Nigeria’s foreign policy objectives.
If confirmed by the Senate, Yusuf will assume responsibility for overseeing Nigeria’s Hajj and Umrah operations, including the welfare and coordination of thousands of Nigerian pilgrims traveling annually to Saudi Arabia. The National Hajj Commission of Nigeria (NAHCON) is the statutory body responsible for organizing, supervising, and regulating Hajj and Umrah activities for Nigerian Muslims, as well as ensuring their welfare in Saudi Arabia.
The Senate is expected to schedule a confirmation hearing where Ambassador Yusuf will be screened by lawmakers. Upon approval, he will formally assume office as NAHCON Chairman, taking charge of preparations for the 2026 Hajj season.
The nomination is seen as part of broader efforts by the Tinubu administration to strengthen key institutions and ensure effective service delivery in religious affairs management.
Tinubu Nominates Ismail Abba Yusuf as NAHCON Chairman, Seeks Senate Confirmation
News
Lagos Allocates 180 Shops to Displaced Alabarago Market Traders
Lagos Allocates 180 Shops to Displaced Alabarago Market Traders
The Lagos State Government on Wednesday officially presented allocation letters to 180 traders affected by the redevelopment of Alabarago Market in Ojo Local Government Area, marking a significant step in the state’s efforts to modernize markets and support small businesses. The ceremony took place at the Lagos State Building Control Agency (LABSCA) office in Ikeja GRA, with Dr. Olajide Babatunde, Special Adviser to the Governor on e-GIS and Urban Renewal, handing over the letters.
Dr. Babatunde explained that former shop occupiers were given first right of refusal and flexible payment options. Beneficiaries can pay 60 percent upfront, with the remaining balance payable over six months, or opt for a 25 percent initial payment if unable to meet the larger installment. He noted that the state collaborated with financial institutions to redevelop the market under Governor Babajide Sanwo-Olu’s THEMES Plus Agenda, which includes the transformation of 21 markets across Lagos, including Katangwa, Pelewura, Jankara, and Alabarago.
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The redevelopment has converted Alabarago, the largest cattle market in West Africa, into the modern Alaba Transnational Market, featuring 3,000 shops and 1.2 kilometers of newly constructed roads linking the market to main access routes. Ground-floor shops are priced at ₦13 million each, while upper-floor units cost ₦10 million, both subsidized by the government to ease affordability for traders.
Dr. Babatunde commended the collaborative efforts of agencies and partners supporting the project, including LABSCA, the Urban Renewal Agency, United Bank for Africa (UBA), the Debt Management Office, Ministry of Finance, and the Accountant-General’s office.
Speaking on behalf of beneficiaries, Hussain Lajawa, Chairman of Central Alabarago Market, praised the government for delivering on its promise to develop a market to international standards. He urged the authorities to expedite road construction and access infrastructure to ensure smooth business operations for traders relocating to the new market.
The allocation of shops to displaced traders underscores Lagos State’s commitment to economic empowerment, modern market infrastructure, and business continuity, while cushioning the impact of displacement caused by urban redevelopment projects. The move is expected to revitalize local commerce, particularly in the Ojo area, and strengthen Lagos State’s small and medium-scale enterprise (SME) sector.
Lagos Allocates 180 Shops to Displaced Alabarago Market Traders
News
US Lawmakers Introduce Bill to Sanction Kwankwaso, Miyetti Allah
US Lawmakers Introduce Bill to Sanction Kwankwaso, Miyetti Allah
Five United States lawmakers have introduced a bill in the US Congress seeking to impose visa restrictions and asset freezes on former Kano State governor Rabiu Musa Kwankwaso, the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), Miyetti Allah Kautal Hore, and other actors over alleged persecution of Christians and severe violations of religious freedom in Nigeria.
The proposed legislation, titled the Nigeria Religious Freedom and Accountability Act of 2026, was sponsored by Representatives Chris Smith, Riley Moore, Brian Mast, Mario Díaz-Balart, and Bill Huizenga. It directs the US Secretary of State to submit periodic reports to Congress assessing Nigeria’s compliance with international religious freedom obligations and the measures taken to protect vulnerable communities, particularly in the Middle Belt states.
Under the bill, the US government could impose targeted sanctions, including Global Magnitsky Human Rights sanctions, asset freezes, and visa bans on individuals or entities responsible for religious persecution. It also allows the Secretary of State to determine whether certain Fulani-ethnic militias qualify as Foreign Terrorist Organisations (FTOs), reflecting growing concern over violence affecting Christian populations.
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Lawmakers cited estimates that between 2009 and 2025, between 50,000 and 125,000 Christians were killed in Nigeria, with more than 19,000 churches destroyed. They highlighted recent incidents, including attacks in Yelwata, the Christmas Eve massacres of 2023 and 2024, and Holy Week and Easter attacks of 2024 and 2025, which collectively left thousands dead and displaced over half a million people. According to Open Doors’ 2026 World Watch List, Nigeria accounted for 72 percent of Christians killed worldwide.
The bill also calls for the provision of humanitarian assistance, co-funded by the Nigerian government, through trusted civil society and faith-based organisations. It encourages collaboration with international partners, including France, Hungary, and the United Kingdom, to strengthen religious freedom, peace, and accountability.
Sponsors stressed that the future of US–Nigeria relations would depend on the Nigerian government’s response to these alleged atrocities, asserting that Nigeria could strengthen ties with Washington and play a stabilising role in the Sahel region if it takes concrete steps to protect vulnerable communities and combat religious violence.
The legislation follows prior US actions, including the redesignation of Nigeria as a “Country of Particular Concern” (CPC) under President Donald Trump, aimed at addressing ongoing religious freedom violations and promoting accountability for perpetrators of sectarian violence.
US Lawmakers Introduce Bill to Sanction Kwankwaso, Miyetti Allah
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