By Sarah Sam Adda

The World Bank has commended Nigeria for making progress in stabilizing its economy through bold reforms but warned that high food prices and persistent poverty continue to erode living standards.

In a report released on Wednesday, the Bank noted improvements in growth, revenue generation, and external balances following the removal of fuel subsidies, naira devaluation, and ongoing tax reforms.

It, however, cautioned that food inflation remains a major threat to household welfare, particularly among the poor.

Nigeria’s economy expanded by 3.9% year-on-year in the first half of 2025, up from 3.5% in the same period last year, driven by the services and non-oil sectors, as well as a rebound in oil production and agriculture.

Foreign reserves rose above $42 billion, while the current account surplus widened to 6.1% of GDP.

Despite lower oil prices, Nigeria’s fiscal deficit is projected to remain at 2.6% of GDP in 2025, with public debt expected to decline from 42.9% to 39.8% of GDP, its first drop in over a decade.

“The Nigerian government has taken bold steps to stabilize the economy, and these efforts are beginning to yield results,” said Mathew Verghis, World Bank Country Director for Nigeria. “The true measure of success will be how these reforms improve the daily lives of Nigerians, especially the poor.”

The report observed that the cost of a basic food basket has risen fivefold since 2019, with low-income households spending up to 70% of their earnings on food.

It urged the government to remove trade barriers, fix supply chain bottlenecks, strengthen fiscal transparency, and expand social protection through regular, domestically funded cash transfers.

Looking ahead, the Bank projects Nigeria’s GDP to grow by 4.2% in 2025 and 4.4% by 2027, driven by services, agriculture, and non-oil industries, even as inflation remains high.

“Food inflation is the biggest tax on the poor,” said Samer Matta, the Bank’s Senior Economist for Nigeria.

By Adenike Lawal

The Central Bank of Nigeria (CBN), has introduced new operational guidelines for Point of Sale (POS), agents across the country, setting a ₦1.2 million daily transaction limit for agents and ₦100,000 for individual customers.

The directive, which takes immediate effect, was contained in a circular signed by Musa Jimoh, Director of the CBN’s Payments System Management Department.

It forms part of broader reforms aimed at strengthening regulatory oversight, promoting financial inclusion, and safeguarding consumers.

According to the circular, all financial institutions must now publish and display lists of their registered POS agents both on their websites and at branch locations, to help customers verify legitimate operators and curb fraudulent activities.

The new framework also standardizes agent banking operations nationwide, addressing issues of agent location, exclusivity, and transaction monitoring.

However, certain provisions, particularly those relating to agent location and exclusivity will take effect from April 1, 2026.

The CBN explained that the limits are designed to encourage responsible market behavior, reduce fraud and money laundering risks, and enhance service quality within the fast-growing agent banking sector.

By tightening transaction rules, the apex bank said it aims to balance financial accessibility with system integrity, ensuring safer and more transparent digital financial services for Nigerians.

By Onyeanya Ebere Immaculata

Long fuel queues have returned to Abuja for the first time since the Dangote Refinery began petrol supply in 2024, as a widespread shortage forces several filling stations to shut down operations.

Across the city and its outskirts, only a few petrol stations were dispensing fuel, and those open were overwhelmed by long lines of motorists struggling to buy petrol.

The scarcity follows a three-day industrial action by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

Speaking on the development, Chief Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), assured that the situation would normalize within days.

“It is not just Abuja. Lagos was dry two days ago and so was the East. The shortage is a ripple effect of the PENGASSAN strike. Now that loading has resumed, normal distribution should return within two to three days. There is no cause for alarm,” Ukadike said.

He further explained that the $20 billion Dangote Refinery now serves as the country’s major source of petroleum products, supplying the NNPC Limited, depot owners, and independent marketers nationwide.