The World Bank has forecasted that Nigeria’s economy will grow by 3.5 per cent in 2025 and rise slightly to 3.7 per cent in 2026. This projection, contained in the latest Global Economic Prospects report, reflects a modest recovery for the nation amidst persistent economic challenges and global uncertainties. According to the report, Nigeria’s economic growth improved to an estimated 3.3 per cent in 2024, driven primarily by strong activity in the services sector, particularly financial and telecommunication services. The report read, “In Nigeria, growth increased to an estimated 3.3 per cent in 2024, mainly driven by services sector activity, particularly in financial and telecommunication services. “Macroeconomic and fiscal reforms helped improve business confidence. In response to rising inflation and a weak naira, the central bank tightened monetary policy.
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Investors at the Nigerian stock market started the year on a high note, with stock gaining an impressive N1.13 trillion in market capitalization during the second week of trading in 2025. The benchmark Nigerian Exchange Limited All-Share Index (NGX ASI) surged by 1.8per cent, or 1,864.73 basis points, closing at 105,451.06 basis points up from 103,586.33 basis points at the week’s start. This bullish performance pushed market capitalization to N64.30 trillion, a growth of N1.13 trillion from N63.17 trillion, driven by positive sentiment and bargain-hunting in key stocks such as MTN Nigeria (+21per cent), Transcorp (+18.3 per cent), and Transcorp Hotels (+9.8 per cent). Investors responded positively to signals of a potential tariff hike in the telecommunications sector, while other sectors also recorded significant gains. Year-to-date returns for the market now stand at +2.5per cent, reflecting renewed confidence in domestic equities.
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The Dangote Petroleum Refinery is planning to import more crude oil as supply from the Nigerian National Petroleum Company Limited becomes insufficient for fuel production at the $20bn Lekki-based facility. Officials at the plant said the facility has ramped up production to about 500,000 barrels per day, with the target of hitting the 650,000bpd mark by June this year. While affirming that the naira-for-crude deal is still on as directed by President Bola Tinubu last year, the sources, who spoke in confidence due to lack of authorisation to speak to the press, maintained that the facility will have to import more crude to meet its target. For the 650,000-capacity refinery, the NNPC is reportedly struggling to supply 350,000bpd from the 450,000bpd crude meant for Nigeria’s local consumption. With its current production capacity of 500,000bpd, officials said there is a need to look beyond the shores of Nigeria for the feedstock.
Read more: Punch News
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