The Nigerian Economic Summit Group (NESG) has identified infrastructure deficits as a primary obstacle to the country’s economic growth. In a recent statement, the group noted that poor infrastructure limits productivity, discourages foreign and domestic investment, and hampers industrial development. Specific sectors such as transportation, power, and telecommunications were highlighted as areas requiring urgent attention. The NESG urged the government to prioritize public-private partnerships and policy reforms to bridge the infrastructure gap. No specific figures on economic losses were provided in the initial report.
Punch Newspapers (MobilePunch) The Central Bank of Nigeria (CBN) announced on August 22, 2025, that the country’s gross foreign exchange reserves have reached a four-year high of $41.05 billion. This milestone reflects a steady increase driven by improved oil revenues and diaspora remittances. CBN Governor, Olayemi Cardoso, stated during a press briefing in Abuja, 'This achievement is a testament to our prudent monetary policies, and we are targeting $100 billion in reserves by 2030.' The rise in reserves is expected to stabilize the naira, reduce import dependency, and boost investor confidence. Economists note that the current reserve level can cover over 10 months of imports, a significant improvement from the 6-month coverage recorded in 2021. The CBN also plans to leverage this growth to support small and medium enterprises through targeted forex interventions.
The US Bureau of Labor Statistics released inflation data on August 21, 2025, showing a higher-than-expected rise of 3.2% annually, prompting volatility in global markets. Stocks in major indices like the S&P 500 dropped by 1.5%, while the dollar strengthened. Federal Reserve Chairman Jerome Powell stated, 'We are monitoring the data closely and will adjust policies as needed.' Analysts predict potential interest rate hikes, impacting emerging markets like Nigeria through reduced foreign investment.