Nigeria in March 2026: the most important developments in economy
In Nigeria in March 2026, the dominant economic story was the price of petrol at the Dangote Refinery. It raised the price from 774 to 874 naira on 2 March and to 1,175 naira on 9 March, cut it by 100 naira on 10 March, and on 20 March raised it to 1,245 naira per litre. The Presidency answered Obi's call for a strategic reserve by saying a reserve was not the solution. On 23 March South Africa was reported to be looking at the Dangote refinery as a fuel source amid shortage fears at home, and on 25 March the refinery's chief executive said it receives only five crude cargoes a month. Oyo State Governor Seyi Makinde offered state workers a 10,000 naira monthly top-up to cushion the fuel price increase.
The Middle East conflict weighed on the wider economy. The naira weakened to 1,385 against the dollar, and business groups including NECA and the NLC warned of widespread closures and job losses. The Central Bank governor said recapitalised banks are crucial for the goal of a 1 trillion dollar economy, and the bank unveiled a policy framework aimed at single-digit inflation.
Other items included a 746 million pound investment deal with the United Kingdom to modernise Nigeria's ports, a pledge from China to strengthen green energy cooperation, and exporters' warnings of a severe container shortage at Lagos ports. Services on the Abuja-Kaduna rail line resumed after a train derailment on 16 March that injured passengers, and the Abuja-Kaduna highway was reported 80% complete, set for delivery in April.
by WorldBrief & Maksim Micheliov | AI-generated summary
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