•Maintains forecast for Nigeria’s GDP at 4.1% in 2026, 4.3% in 2027

•Says improved macroeconomic stability supports Nigeria’s economy

By Babajide Komolafe, Economy Editor

The International Monetary Fund, IMF, has warned that rising prices of essential goods will deepen poverty and food insecurity in Nigeria despite improved macroeconomic stability, even as it maintained growth forecasts for the economy in 2026 and 2027 at 4.1 per cent and 4.3 per cent.

In its July 2026 World Economic Outlook Update, the IMF  also lowered its forecast for global economic growth to 3.0 per cent in 2026 from the average 3.5 per cent recorded in 2024 and 2025, citing the impact of the Middle East conflict and uneven benefits from the artificial intelligence-driven technology boom.

Commenting on Nigeria and Sub-Saharan Africa, the IMF stated: “Growth in sub-Saharan Africa is expected to remain broadly stable at 4.3 percent in 2026, though this masks substantial divergence across countries, reflecting differences in policy space, reform implementation, and exposure to external shocks.

“Oil-importing, non-resource-intensive economies are more adversely affected by higher energy and food prices, whereas some larger economies continue to benefit from earlier stabilization and reform efforts, even though they are largely absent from the AI-driven global technology upswing and face headwinds from the decline in official development assistance.

“Nigeria is supported by improved macroeconomic stability and favorable terms-of-trade effects, though higher prices for essentials are expected to further aggravate poverty and food insecurity.”

The IMF projected Nigeria’s economy to expand by 4.1 per cent in 2026 and 4.3 per cent in 2027, while Sub-Saharan Africa is expected to record growth of 4.3 per cent in 2026 and 4.5 per cent in 2027.

On the global economy, the IMF said: “Global growth is projected to be 3.0 percent in 2026 and 3.4 percent in 2027, down from the average of 3.5 percent observed in 2024–25.”

“The modest slowdown reflects the effects of the war in the Middle East being partly offset by accelerated demand-driven momentum in the global technology cycle thanks to advances in artificial intelligence (AI) and its adoption.”

The IMF further warned: “Global headline inflation is expected to increase from 4.1 percent in 2025 to 4.7 percent in 2026 before declining to 3.9 percent in 2027,” adding that the earlier disinflation trend has stalled.

Highlighting risks to the outlook, the IMF said: “The possibility of renewed Middle East conflict looms large and could extend commodity price volatility, further threaten supply chains, raise prices, and weigh on financial conditions.”

It added that “Trade fragmentation could accelerate, possibly hurting output and increasing prices,” stressing that governments should restore price stability, rebuild fiscal buffers and pursue structural reforms to strengthen energy security, AI readiness and international cooperation.”

By Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions.

The apex bank, in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, yesterday, said the clarification became necessary, following reports that some members of the public were rejecting the note.

The statement reads in full, “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of the rejection of the standard N100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.

“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote. The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.

“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach. The Bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country. Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.”

•As diesel prices rises across major depots

By Udeme Akpan

The Dangote Petroleum Refinery on Wednesday trimmed its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by ¦ 1 per litre, even as diesel prices climbed across several petroleum depots in Lagos, reflecting mixed trends in Nigeria’s downstream petroleum market.

Meanwhile, the global crude oil prices suddenly surged sharply on Wednesday, with international benchmark Brent crude climbing close to the $80 per barrel mark, signalling renewed strength in the oil market amid heightened geopolitical tensions and expectations of tighter supply.

Latest market data showed that Brent crude rose by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate (WTI) gained $4.78, or 6.79 per cent, to $75.22 per barrel, showing that the prices of petroleum products could rise again if the crude oil prices continue to rise in the global market.

The latest mid-day depot price report showed that Dangote reduced its petrol loading price to N1.075 per litre from N1,076 per litre, joining a handful of marketers that lowered prices marginally to remain competitive.

Similarly, MRS Oil Nigeria reduced its petrol depot price by N2 per litre,  to N1,074 per litre from N1,076 per lire, making it one of the cheapest suppliers in the Lagos market.

However, most other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, maintained their previous petrol prices, signalling relative stability in the petrol segment despite increasing competition among suppliers.

In Lagos, depot prices for petrol remained largely within a narrow band of N1,074 to N1,075 per litre, indicating a stable wholesale market despite fluctuations in international crude oil prices.

Unlike petrol, diesel, the market recorded widespread increases across Lagos depots.

African Terminal increased its diesel price from N1,410 to N1,450 per litre, while Duport, Ibachem, Ibeto and T-Time implemented similar N40 per litre increases to N1,450.

In contrast to Lagos, the Port Harcourt market witnessed a notable reduction in diesel prices.

Matrix Depot reduced its AGO price by N50 per litre, from N1,550 to N1,500, providing some relief to industrial users and transport operators.

Sigmund also adjusted its diesel price downward by N3 per litre, from N1,463 to N1,460.

Petrol prices in Port Harcourt, however, remained stable, with Matrix maintaining its PMS price at N1,100 per litre.

In Warri, competition also resulted in slight petrol price reductions. Nepal and Optima each reduced petrol prices by N2 per litre to N1,083, while Parker lowered its price by N1 to N1,084.

Other marketers, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained prices at N1,085 per litre.

On the diesel side, Prudent raised its diesel price sharply by N70 per litre, from N1,480 to N1,550, while A.Y.M Shafa maintained its diesel price at N1,435 per litre.

In Calabar, Soroman held its PMS price steady at N1,100 per litre, while Fynfield increased its diesel price by N30 per litre, from N1,450 to N1,480.