Business
Nigeria’s GDP growth drops to 1.5%, IMF predicts
The International Monetary Fund (IMF) in its latest World Economic Outlook update has projected that the Nigerian economy will grow by 1.5 per cent this year.
This is slightly lower than the 1.7 per cent it predicted for the country in its previous forecast.
The IMF’s latest outlook released on Tuesday, titled, ‘Policy Support and Vaccines Expected to Lift Activity,’ however, predicted that in sub-Saharan Africa, growth would strengthen to 3.2 per cent in 2021 and 3.9 per cent in 2022.
It also expected oil prices to average above $50 per barrel in 2021, a more than 21 per cent rise from 2020’s depressed level on the back of the rollout of vaccines and fiscal stimulus programmes.
IMF stated that the updated version of the report was reviewed in line with emergence of a new variant of coronavirus, which poses as a concern for global recovery.
The report stated, “Although recent vaccine approvals have raised hopes of a turnaround in the pandemic later this year, renewed waves and new variants of the virus pose concerns for the outlook. Amid exceptional uncertainty, the global economy is projected to grow 5.5 per cent in 2021 and 4.2 percent in 2022.
“The 2021 forecast is revised up 0.3 percentage point relative to the previous forecast, reflecting expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies.”
Economic Counselor and Director of the Research Department, Ms. Gita Gopinath, who at the virtual unveil of the WEO report, said as much as 90 million people worldwide would fall below poverty bracket and also urged low income and emerging economies to hasten COVID-19 vaccination.
She said, “Oil exporters and tourism-dependent economies are particularly hard hit and their prospects are severe given that oil prices have a subdued outlook and cross border travel is not expected to resume anytime soon.
“Even within countries, the burden of the crisis has been felt unequally across different groups. Workers with less education, youth and women have suffered disproportionate income losses. 90 million individuals are expected to enter extreme poverty over 2020/2021 reversing the trends of the past two decades.”
She called for more support to fund African countries’ purchase of vaccines.
“But there are many countries that are waiting till 2022 for that to happen and that is just costly for everybody not just for developing countries, it is also very costly for countries that have the vaccines. Which is why we are calling for greater funding for making sure these vaccines are available to poor nations.”
The IMF also said oil prices would average above $50 per barrel in 2021, a more than 21 per cent rise from 2020’s depressed level on the back of the rollout of vaccines and fiscal stimulus programmes.
It expects global Gross Domestic Product (GDP) to grow 5.5 per cent in 2021, after a 3.5 per cent contraction in 2020, with the 2020 figure revised up 0.9 percentage point from the previous forecast issued in October while the 2021 estimate is a 0.3 percentage point upward revision.
The S&P Global Platts quoted the IMF as forecasting that advanced economies are projected to recover more quickly than developing countries due to quicker access to vaccines and broader fiscal measures.
“Oil exporters and tourism-based economies face particularly difficult prospects given the subdued outlook for oil prices and expected slow normalisation of cross-border travel,” it said.
The IMF uses a simple average of prices of Brent, Dubai and WTI to calculate its oil prices. With that methodology, the IMF said oil prices averaged $41.29/b in 2020 and would rise to $50.03/b in 2021, before falling back to $48.82/b in 2022.
The October forecast had estimated that oil prices would average $46.70/b in 2021.
“Non-oil commodity prices are also expected to increase with those of metals, in particular, projected to accelerate strongly in 2021,” the IMF said.
The fund said its forecasts were subject to uncertainty, with the pandemic yet to be contained.
Business
NNPC Remits N1.804 Trillion to Federation Account in February
NNPC Remits N1.804 Trillion to Federation Account in February
The Nigerian National Petroleum Company Limited (NNPC) has remitted N1.804 trillion to the Federation Account in February 2026, marking a significant jump from the N726 billion recorded in January, according to its latest Monthly Financial and Operational Report Summary.
The sharp increase highlights improved oil and gas revenue performance in Nigeria, stronger production output, and ongoing fiscal reforms aimed at boosting transparency and accountability in the petroleum sector.
NNPC Ltd reported that its total revenue increased to N2.68 trillion in February, up from N2.57 trillion in January, driven by higher crude oil sales, improved gas earnings, and operational efficiency gains across its assets. The company also recorded a profit after tax of N136 billion, reflecting improved financial performance despite fluctuations in global crude oil markets and domestic operational challenges.
According to the report, Nigeria’s crude oil and condensate production averaged 1.51 million barrels per day (bpd) in February 2026. NNPC attributed the output stability to improved asset reliability, faster resolution of evacuation constraints, and enhanced coordination with upstream operators across key oil fields.
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The rise in remittances follows major fiscal policy changes introduced by President Bola Ahmed Tinubu in February 2026, including an Executive Order mandating full remittance of oil and gas revenues to the Federation Account. The directive also suspended the retention of management and frontier exploration fees previously deducted by NNPC Ltd and established an inter-agency committee led by the Minister of Finance to enforce compliance.
Officials say the reforms are designed to strengthen public revenue management in Nigeria, reduce leakages, and improve transparency in the oil sector.
The company said improved output was supported by infrastructure upgrades, better asset management, and stronger collaboration with industry stakeholders. It also highlighted progress on the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, noting that construction works are advancing toward early gas delivery to Abuja, a key milestone for Nigeria’s domestic gas expansion strategy.
The performance aligns with broader recovery trends in Nigeria’s oil industry, supported by efforts to curb crude theft, improve pipeline security, and enhance upstream efficiency. Data from the Nigerian Upstream Petroleum Regulatory Commission (Nigerian Upstream Petroleum Regulatory Commission) also indicates fluctuations but overall resilience in production levels, as the sector continues stabilisation reforms.
Analysts say sustained growth in NNPC remittances will depend on consistent crude production, stable global oil prices, and continued enforcement of fiscal transparency measures. As of the time of filing this report, NNPC Ltd has not provided additional breakdowns beyond its monthly financial summary.
NNPC Remits N1.804 Trillion to Federation Account in February
Auto
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility has announced plans to host the 2026 edition of its flagship CFAO Mobility Open Day, aimed at showcasing a wide range of innovative mobility solutions.
In a statement, the company said the event would take place on Thursday, April 30, 2026, at Harbour Point, Victoria Island, Lagos, from 9am to 6pm.
The Open Day is expected to bring together leading global automotive and equipment brands in a dynamic exhibition tailored to meet diverse mobility needs.
Participating brands are Toyota, BYD, Mitsubishi, Suzuki, Fuso, JCB, Howo, Sino Equipment, King Long, TechKing Tyres, Yamaha, Winpart and Auto Fast.
According to CFAO Mobility, attendees will experience an extensive display of products and services, ranging from brand-new vehicles and motorcycles to outboard engines, fleet management solutions, spare parts and aftermarket services.
The event, which is free and open to the public, will also feature test drives, professional vehicle diagnostics and exclusive spare-parts deals, offering participants a hands-on and engaging experience.
The company urged car enthusiasts, business owners and prospective buyers to take advantage of the Open Day to explore mobility solutions tailored to their personal and business needs.
With over 120 years of presence in Nigeria, CFAO Mobility remains a key player in the mobility and healthcare sectors.
It added that the Open Day reflects its continued commitment to delivering innovative, customer-focused mobility solutions.
Business
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
The Naira continued its positive performance on Thursday, appreciating further in the official foreign exchange market to close at ₦1,359.31 per US dollar, according to data published by the Central Bank of Nigeria (CBN).
The latest figure represents an improvement of ₦12.50 compared to the previous trading day, reflecting a 0.9 percent gain from Wednesday’s closing rate of ₦1,371.82/$.
The appreciation highlights continued stability in the official foreign exchange window, where recent policy measures have helped improve liquidity and reduce pressure on the local currency.
Market analysts attribute the naira’s relative strength to ongoing foreign exchange reforms by the CBN, increased dollar supply in official channels, and tighter regulation aimed at narrowing the gap between official and parallel market rates.
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The CBN has in recent months intensified efforts to stabilise the currency through measures such as improved FX market transparency, better coordination with market participants, and steps to attract foreign portfolio inflows.
Despite the gains in the official market, traders note that the parallel market remains more volatile, with rates still influenced by strong demand for foreign currency from importers, travellers, and businesses outside official allocation channels.
Economists say the recent appreciation could help ease short-term inflationary pressure, particularly on imported goods, fuel pricing, and manufacturing inputs, although they caution that sustained stability will depend on broader macroeconomic fundamentals.
These include stronger foreign reserves, improved export earnings—especially from crude oil—and continued investor confidence in Nigeria’s economic policy direction.
The naira’s performance also comes amid renewed attention on Nigeria’s broader economic outlook, with stakeholders closely monitoring the impact of monetary tightening and ongoing fiscal reforms.
As of the latest trading sessions, market participants expect the CBN to maintain its current policy stance in the near term as it works to consolidate recent gains in the foreign exchange market in Nigeria.
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
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