Here are top business stories to track from October 20 to October 24.
IMF UPGRADES NIGERIA’S ECONOMIC GROWTH RATE FORECAST TO 3.9%
The International Monetary Fund (IMF) has reviewed its forecast for Nigeria’s economic growth rate to 3.9 percent in 2025.
The projection is an upgrade from the IMF’s initial estimate of 3 percent, according to the World Economic Outlook (WEO) unveiled at the recent annual meetings of the World Bank and IMF in Washington, D.C, United States.
Advertisement
The IMF also projected that Nigeria’s economic growth will further rise to 4.2 percent in 2026.
NIGERIA’S INFLATION RATE DROPS TO 18% IN SEPTEMBER
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate has dropped to 18.02 percent in September 2025.
Advertisement
The NBS announced the increase in its latest consumer price index (CPI) report.
The rate is the lowest in three years, as June 2022 was the last time the country’s headline inflation hit the 18 percent region, according to data from the Central Bank of Nigeria (CBN).
ALIKO DANGOTE TO NIGERIANS: BUY MADE-IN-NIGERIA GOODS TO CREATE JOBS
Aliko Dangote, the chairman of Dangote Group, has asked Nigerians to patronise only made-in-Nigerian goods and services so as to grow the economy.
Advertisement
Dangote spoke on Saturday during a media tour of Dangote Petroleum Refinery, led by Reno Omokri, ex-special adviser to former President Goodluck Jonathan, and promoter of ‘GrowNairaBuyNaija’.
According to Dangote, Nigerians have a collective duty to grow Nigeria by patronising only made-in-Nigerian goods.
FG TO LAUNCH CAMPAIGN PROMOTING MADE-IN-NIGERIA GOODS
The federal government has announced plans to launch a national campaign to promote locally made goods and services under the ‘Nigeria First’ policy aimed at revitalising the country’s manufacturing sector.
Advertisement
The initiative was revealed by President Bola Tinubu at the fifth Adeola Odutola lecture by the Manufacturers Association of Nigeria (MAN).
John Enoh, the minister of state for industry, trade and investment, who represented Tinubu at the lecture, said the campaign aims to shift national demand towards Nigerian products that meet global quality standards while addressing the country’s import dependency.
Advertisement
NERC APPROVES N28BN FOR DISCOS TO ROLLOUT FREE METERS
The Nigerian Electricity Regulatory Commission (NERC) has approved the disbursement of N28 billion to electricity distribution companies (DisCos) for the procurement and installation of meters under the meter acquisition fund (MAF) tranche B scheme.
Advertisement
The fund, which serves as a financial intervention to support the power distribution firms, is designed to accelerate the rollout of prepaid meters to customers at no cost, bridge the metering gap, and reduce billing disputes in the power sector.
According to Order No: NERC/2025/107, which took effect from October 6, the intervention aims to provide a “credible revenue stream” from market collections that can leverage long-term financing for utilities with limited creditworthiness.
Advertisement
NIGERIA’S OIL PRODUCTION DROPPED BY 2% TO 1.39M BPD IN SEPTEMBER
The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s oil production output decreased to 1.39 million barrels per day (bpd) in September.
In its monthly report on October 13, OPEC said the figure represents a 2.8 percent decline from 1.43 million bpd in the previous month
At the current production level, the oil organisation reported that Nigeria has maintained its status as Africa’s top oil producer, exceeding Libya’s output of 1.36 million bpd.
NNPC INCREASES PETROL PRICE TO N992 PER LITRE IN LAGOS, N955 IN ABUJA
The Nigerian National Petroleum Company (NNPC) Limited has increased petrol price to N992 per litre in Lagos, and N955 per litre in Abuja.
On October 13, TheCable observed that the new price has taken effect across several NNPC retail outlets in both cities.
The price hike reflects an increase of N127 in Lagos from the previous rate of N865 per litre, and a N65 increase in Abuja from the previous price of N890 per litre.
