Nigeria News (Standard)
S&P Raises Nigeria’s 2026 Inflation Forecast to 16.9%, Cuts GDP Growth Projection
Ratings agency cites rising domestic energy costs; government faces pressure over persistent inflationary trends
Ratings agency cites rising domestic energy costs; government faces pressure over persistent inflationary trends
S&P Global has raised its inflation outlook for Nigeria, projecting an average rate of 16.9 percent for 2026, up from its previous estimate of 15 percent. The revision was announced in Abuja on Wednesday, following the release of S&P’s latest economic outlook covering emerging markets in Europe, the Middle East and Africa (EMEA). The agency attributed the upward adjustment to the stronger-than-expected impact of higher global oil prices on domestic energy costs.
According to S&P Global, Nigeria saw the largest upward revision to inflation forecasts among key economies included in the quarterly report. The agency also downgraded Nigeria’s projected gross domestic product (GDP) growth rates for both 2026 and 2027 by 30 basis points each, now expecting GDP to rise by 3.7 percent and 3.5 percent respectively over those years.
The report stated that inflationary pressures have persisted across many EMEA markets, but singled out Nigeria as particularly affected due to escalating energy prices feeding into transportation and food costs. This development comes as many Nigerians continue to grapple with high prices for essential goods, further stretching household budgets and raising concerns about living standards.
S&P Global noted that energy inflation has accelerated not only in Nigeria but also in Turkiye and other regional economies, warning that continued volatility in global oil prices could further complicate monetary policy responses. The agency said, “The transmission of higher oil prices into local energy and transportation costs has been stronger than anticipated in Nigeria,” leading to persistent upward pressure on headline inflation.
With these revised forecasts, analysts say government may come under increasing pressure to implement measures aimed at easing inflationary burdens on citizens and supporting economic growth. The Central Bank of Nigeria has already embarked on a series of interest rate hikes this year in response to surging inflation figures reported by the National Bureau of Statistics (NBS).
Nigeria News (Standard)
NAFDAC Warns Lagos Importers Against Banned Vodka Energy Drink After Ghana Seizes 140 Boxes
Agency urges Nigerians to report Café de Paris Vodka Energy Drink, citing health risks from alcohol and stimulants mix
Agency urges Nigerians to report Café de Paris Vodka Energy Drink, citing health risks from alcohol and stimulants mix
The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a public alert in Lagos and across Nigeria on Wednesday, warning importers, distributors, retailers and consumers against the banned Café de Paris Vodka Energy Drink. This follows the seizure of about 140 boxes of the product by Ghana’s Food and Drugs Authority (FDA) during an enforcement operation in the Upper East Region in May.
According to NAFDAC, Ghana’s FDA intercepted the alcoholic beverage—which combines vodka with stimulants such as caffeine, inositol, glucuronolactone, ginseng and guarana—after it was banned nationwide earlier this year. The ban was based on scientific findings that mixing alcohol with stimulants can mask the true level of intoxication, encouraging excessive drinking and increasing the risk of alcohol poisoning, accidents and other serious health complications.
NAFDAC warned that products prohibited in neighbouring countries often find their way into Nigerian markets through informal cross-border routes. The agency therefore called on stakeholders in the food and beverage sector to be vigilant, adding that anyone found importing or distributing Café de Paris Vodka Energy Drink would face regulatory action. “The public is advised to exercise caution and avoid the importation, distribution, sale and consumption of the banned alcoholic energy drink,” NAFDAC stated in Public Alert No. 032/2026.
The agency explained that Ghana’s FDA had directed all manufacturers, importers and distributors to withdraw such alcoholic energy drinks from circulation by March 31, 2026. Following this deadline, enforcement activities led to the confiscation of hundreds of boxes across Ghana. NAFDAC said healthcare professionals should also report any suspected adverse reactions linked to the product through its pharmacovigilance channels.
This latest alert forms part of ongoing collaboration among West African regulatory bodies aimed at curbing unsafe food and beverage imports. NAFDAC urged members of the public who come across Café de Paris Vodka Energy Drink anywhere in Nigeria to immediately report it at the nearest agency office for prompt regulatory action.
Nigeria News (Standard)
Abuja Court Overturns Recognition of NDC as Political Party
Judgment nullifies earlier decision on National Democratic Congress status; INEC yet to issue response
Judgment nullifies earlier decision on National Democratic Congress status; INEC yet to issue response
A Federal High Court sitting in Abuja has set aside an earlier judgment that recognised the National Democratic Congress (NDC) as a registered political party in Nigeria. The ruling, delivered on Friday, brings uncertainty to the NDC’s legal standing ahead of upcoming electoral cycles.
The court’s decision follows a challenge to the previous ruling which had granted the NDC official status among Nigeria’s registered parties. The latest judgment means that, for now, the NDC cannot operate as a political party under the law. Details of the grounds for overturning the judgment were not immediately disclosed at press time.
The status of newly formed or smaller political parties has been a point of contention in Nigeria’s evolving multi-party landscape. Many stakeholders argue that clear guidelines and consistent court rulings are essential for credible elections and inclusive participation.
As at Friday, the Independent National Electoral Commission (INEC) had not issued an official statement on how the court’s decision will affect future elections or ballot access for candidates under the NDC platform. No comment was available from NDC chieftains or their legal representatives regarding their next steps.
Legal experts expect further clarification from INEC and possibly an appeal from affected parties in coming weeks. The matter highlights ongoing tensions between party registration processes and judicial review, which have shaped Nigeria’s political environment since the return to democracy.
Nigeria News (Standard)
Gbajabiamila Signals Fresh Review of ₦70,000 Minimum Wage Amid Soaring Cost of Living
Presidency says current wage no longer adequate as NLC insists workers face severe hardship under inflation
Presidency says current wage no longer adequate as NLC insists workers face severe hardship under inflation
The Federal Government has announced plans to review Nigeria’s national minimum wage, acknowledging that the current ₦70,000 benchmark is no longer sufficient in light of rising inflation and cost of living pressures. The disclosure came on Thursday at the Good Governance Summit 2026 in Abuja, where Chief of Staff to the President, Femi Gbajabiamila, addressed labour leaders and policy stakeholders.
Gbajabiamila explained that the Tinubu administration introduced the ₦70,000 minimum wage in 2024 after raising it from ₦30,000 and shortening the review cycle from five years to three. However, he admitted that economic realities have since shifted dramatically. “The ₦70,000 wage, which was a milestone in 2024, must be honestly reassessed against today’s realities,” Gbajabiamila said at the summit.
This development follows sustained agitation by organised labour unions, particularly the Nigeria Labour Congress (NLC), which argue that surging food prices and utility costs have eroded workers’ purchasing power. Acting General Secretary of the NLC, Benson Upah, said: “The truth is that ₦70,000 is not sustainable under the present economic situation. Workers are under immense pressure.” The NLC has indicated it will formally engage government on new wage negotiations ahead of the statutory 2026 review deadline.
While government has not announced any new minimum wage figure or salary increment yet, Gbajabiamila assured that organised labour would be treated as a partner rather than an adversary when formal negotiations commence. He also urged union leaders to pursue dialogue instead of confrontation in pushing their demands. Any new minimum wage must be negotiated among government, employers and labour before being transmitted to the National Assembly for approval and presidential assent.
Some state governments have already moved beyond the national benchmark: Lagos and Rivers States currently pay ₦85,000 monthly (with Lagos previously announcing plans for ₦100,000), while Imo recently adopted ₦104,000. Other states like Bayelsa, Enugu and Akwa Ibom now offer ₦80,000 minimum wage to their workers. Nonetheless, many states still struggle to pay even the existing federal minimum.
With inflation rates above 33 percent according to recent National Bureau of Statistics data and continued naira depreciation against major currencies, many Nigerian families report spending over 90 percent of monthly income on basic food needs alone. The outcome of this next minimum wage negotiation is expected to shape living standards for millions of workers across all sectors nationwide.
