Nigeria in January 2026: the most important developments in economy
Nigeria's economy in January 2026 was marked by trade and investment agreements and by new spending figures. Lagos state said it had put N8.4 billion into the creative economy, and Nigeria and the United Arab Emirates agreed to scrap tariffs on more than 13,000 goods under a new trade pact and to co-host an investment summit in Lagos. The US embassy reopened a redesigned American Centre in Abuja, and Nigeria and the United States announced a deeper partnership on data privacy, artificial intelligence and cybersecurity. The federal government welcomed the European Commission's removal of Nigeria from its high-risk list for money laundering and terrorist financing.
The World Bank projected that Nigeria will record the fastest economic growth in 2026, while federal roads spending rose 489% to N3.23 trillion. The naira weakened to N1,480 per dollar on the parallel market. The Lagos-Calabar Coastal highway is to be tolled after its unveiling, according to Works Minister Umahi. In the fuel sector, a supply deal between the Dangote refinery and fuel marketers fell through as imports rose, and the marketers' association IPMAN rejected fuel imports while the refinery denied claims of supply disruption. The electricity regulator said Togo, Niger and Benin owe Nigeria N25 billion for power, and the Transmission Company of Nigeria sought support from the Lagos state government to protect power infrastructure.
by WorldBrief & Maksim Micheliov | AI-generated summary
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