As of March 18, 2025, here are the latest updates from Nigeria:
Economic Developments:
Investor Interest: Foreign investors are increasingly attracted to Nigeria's markets, seeking opportunities in resilient frontier markets amid global economic uncertainties. The Nigerian naira has appreciated over 7% against the dollar since November, bolstered by local bond yields reaching up to 25%. Economic reforms under President Bola Tinubu, including the removal of fuel subsidies and devaluation of the naira, have contributed to currency stabilization and enhanced investment appeal.
Inflation Trends: Nigeria's annual headline inflation rate decreased to 23.18% in February, marking the second consecutive month of decline following a data overhaul by the National Bureau of Statistics. This is a significant drop from 31.7% a year earlier and a 1.3 percentage point decrease from January. Food inflation also declined to 23.51% year-on-year in February from 26.08% in January.
Corporate News:
MTN Group Earnings: MTN Group, Africa's largest telecom operator, reported a 69% decline in full-year earnings, primarily due to the devaluation of the Nigerian naira and operational challenges in Sudan. The company's headline earnings per share fell to 98 cents from 315 cents in the previous year. In Nigeria, currency devaluation led to increased costs, resulting in a pretax loss of 550.3 billion naira for MTN Nigeria.
Entertainment:
Rema's Milestone: Nigerian music superstar Divine Ikubor, popularly known as Rema, has made history as the first African artist to feature on the cover of Rolling Stone magazine.
Nigeria News Update Today.....(A Quick Look On Today's News)