Nigeria in February 2026: the most important developments in economy
In Nigeria in February 2026, the economic news centred on investment and reform. Lagos topped an ease-of-doing-business ranking, and Sanwo-Olu sought World Bank support. The World Bank's Managing Director of Operations, Anna Bjerde, said Nigeria is now often cited worldwide as an example of steady and credible reform leadership. The United Arab Emirates announced plans for multi-billion-dollar investments, the United States said it will open a new $537 million consulate in Lagos by 2028, and the UK-backed telecom operator Lebara entered the Nigerian market. The government said it approved 28 new oil field development plans worth $18.2 billion in 2025, inaugurated the board of CREDICORP, a new national credit corporation, and drew caution from financial experts over its plan to sell national assets to attract foreign investors. Lagos will host the largest Commonwealth investors' summit in June.
On monetary policy, the Monetary Policy Committee met on 23 February with analysts expecting a rate cut. The central bank made a small cut to its key interest rate, which a major business group welcomed. The naira appreciated to N1,359 per US dollar in the official market.
Energy supply was under strain. The national grid operator reported that power generation fell to 4,300 megawatts, attributing the drop to a 57% reduction in gas supply to power plants. State oil firm NNPC and the regulator NUPRC voiced concern over a possible financial squeeze following a recent presidential order.
On trade and infrastructure, President Bola Tinubu extended the ban on raw shea nut exports by another year, to protect domestic processing; the ban began in 2023. Saudi Arabia banned poultry egg imports from Nigeria and 39 other countries over bird flu. Tinubu directed the Federal Roads Maintenance Agency to adopt preventive maintenance and approved three road projects in Niger State, while Lagos approved a 13% fare rise for its Bus Rapid Transit system.
by WorldBrief & Maksim Micheliov | AI-generated summary
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