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The Nigerian government enacted a dramatic increase in federal road spending, with allocations rising 489% to 3.23 trillion naira. This major fiscal commitment occurred against a backdrop of significant labor unrest throughout the year, where strikes and shutdowns disrupted industrial activity before temporary truces were reached.
Several developments centered on Lagos, Nigeria's commercial hub. The city, alongside the capital Abuja, faces a severe housing affordability crisis with rents surging 20% annually. In response to public concerns, officials stated there is no egg shortage in Lagos and confirmed that the major new Lagos–Calabar Coastal Highway will be a toll road upon completion. A significant industrial policy decision to build a major gold refinery in Lagos drew criticism from the Northern Elders Forum, who argued it should be located nearer northern mining regions. This was paired with a push to launch a $600 million lithium plant.
In external relations, the European Commission removed Nigeria from its list of jurisdictions with strategic anti-money laundering deficiencies, easing financial transaction requirements with the EU. Furthermore, Nigeria and the United Arab Emirates signed a trade agreement eliminating import taxes on over 13,000 products to facilitate bilateral commerce.
1 topics | 28 sources
The Nigerian naira gained value in the parallel market, trading at around 1,470 naira to one US dollar. This represents an appreciation from its previous, weaker position.
4 topics | 24 sources
Jan 13
Lagos faces rising rents and new highway plans as officials address food supplySeveral developments in Lagos, Nigeria, are affecting daily life. Rents in Lagos and the capital Abuja have increased by about 20% in the past year, putting a strain on housing. Separately, officials announced that the planned Lagos–Calabar Coastal highway will be a toll road once it's built. Meanwhile, local poultry farmers say there is no shortage of eggs in Lagos, countering concerns about food scarcity.
Jan 22
Northern Elders Forum criticizes new gold refinery planned for LagosThe Nigerian government has unveiled plans for a new gold refinery to be located in Lagos, the country's commercial hub in the south. The Northern Elders Forum, a group representing leaders from Nigeria's northern region, has strongly criticized the decision, arguing the refinery should be built closer to the gold mining areas in the north. The government is also pushing to launch a separate $600 million lithium plant.