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Summary
Domestic
The Nigerian government enacted a dramatic increase in federal road spending, with allocations rising 489% to 3.23 trillion naira. This major fiscal commitment occurred against a backdrop of significant labor unrest throughout the year, where strikes and shutdowns disrupted industrial activity before temporary truces were reached.
International
Several developments centered on Lagos, Nigeria's commercial hub. The city, alongside the capital Abuja, faces a severe housing affordability crisis with rents surging 20% annually. In response to public concerns, officials stated there is no egg shortage in Lagos and confirmed that the major new Lagos–Calabar Coastal Highway will be a toll road upon completion. A significant industrial policy decision to build a major gold refinery in Lagos drew criticism from the Northern Elders Forum, who argued it should be located nearer northern mining regions. This was paired with a push to launch a $600 million lithium plant.
In external relations, the European Commission removed Nigeria from its list of jurisdictions with strategic anti-money laundering deficiencies, easing financial transaction requirements with the EU. Furthermore, Nigeria and the United Arab Emirates signed a trade agreement eliminating import taxes on over 13,000 products to facilitate bilateral commerce.
Domestic and International Topics
7 topics | 66 sources
BJ/BF/CV+13Several developments in Lagos, Nigeria, are affecting daily life. Rents in Lagos and the capital Abuja have increased by about 20% in the past year, putting a strain on housing. Separately, officials announced that the planned Lagos–Calabar Coastal highway will be a toll road once it's built. Meanwhile, local poultry farmers say there is no shortage of eggs in Lagos, countering concerns about food scarcity.
place:lagos
Jan 13
NGThe Nigerian naira gained value in the parallel market, trading at around 1,470 naira to one US dollar. This represents an appreciation from its previous, weaker position.
topic:nairatopic:dollartopic:exchange rate
Jan 30
The Nigerian government has unveiled plans for a new gold refinery to be located in Lagos, the country's commercial hub in the south. The Northern Elders Forum, a group representing leaders from Nigeria's northern region, has strongly criticized the decision, arguing the refinery should be built closer to the gold mining areas in the north. The government is also pushing to launch a separate $600 million lithium plant.
topic:goldplace:lagos
Jan 22
Vice President Shettima says the new Dangote refinery will turn Nigeria into a net exporter of refined fuel. Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected fuel imports, and the Dangote Refinery has denied claims that it is experiencing supply disruptions.
topic:fuel
Jan 23
Nigeria and the United Arab Emirates have signed a new trade agreement that removes import duties on more than 13,000 different products. The deal is intended to boost trade and investment between the two countries.
topic:tariffs
Jan 14
The European Commission has taken Nigeria off its list of countries considered to have strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. This decision means Nigeria is no longer subject to enhanced due diligence requirements for financial transactions with the European Union.
org:eu
Jan 15
Nigeria has purchased 42 million barrels of crude oil from the United States. At the same time, the country's former oil minister, Diezani Alison-Madueke, is standing trial in the UK on bribery charges.
topic:oil
Jan 27
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