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Nigeria Becomes 26th Largest Economy in the World

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Nigeria has moved up 11 steps to number 26th largest economy globally ahead of South Africa, following the outcome of the reclassification of the based year of the Gross Domestic Product (GDP) from 1990 to 2010.

The country’s GDP increased by 75.58 per cent from $258.55 billion before the rebasing to $453.96 billion.

The new GDP places Nigeria ahead of countries like Austria with $394.7 billion; Venezuela with $381.26 billion as well as Columbia, Thailand, Denmark, Malaysia and Singapore among others which has $369.6 billion, $$365.96 billion, $$314.88 billion, $274.7 billion and $269.86 billion respectively.

On the continent, Nigeria now ranks number one ahead of South Africa which currently has a GDP of $384.3 billion.

The result of the rebasing of Nigeria’s GDP, the first in almost 25 five years, confirm that the country’s economy has grown in total value and undergone significant changes, including substantial diversification in May sectors especially in the last 10 years.

Dr Yemi Kale, statistician general of the Federation who announced the new GDP figures yesterday in Abuja, noted that the results reveal better diversification of the Nigerian economy than earlier reported.

One of the major changes identified is the noticeable shift in the share of key sectors to the country’s overall GDP.

An example is the decline in the share of agriculture sector which dropped to 24 per cent while the share of the Services sector rose to 50.2 per cent.

In the 1990 nominal series, agriculture contributed 30 per cent to the GDP while the industry contributed 46.1 per cent and services sector contributed 23.6 per cent.

According to Kale, even though agriculture is growing in terms of total value and jobs created, the rise in the contribution of services sector such as the telecommunications has led to the reduction of its contribution as a proportion of total GDP.

The implication of this, he said, is that Nigeria is moving towards a more service-oriented economy.

Speaking on the development, Dr. Ngozi Okonjo-Iweala, coordinating minister for the Economy and minister of Finance stated that with the recent exercise, “Nigeria’s estimated GDP in 2013 is N80.2 trillion or approximately $509.9 billion.”

As a result, Nigeria she said “has moved to be the largest economy by GDP size in Africa and has moved to be the 26th largest economy in the world, it notched 10 points up. On a per capita basis, Nigeria is number 121 in the world so we have the total GDP size of $2,688 per capita now and moved up from 135.”

Okonjo-Iweala however cautioned that “even though our GDP size is large in Africa and even to the world where we are number 26, if you divide it by the total number of our population we should not get carried away by the whole exercise.”

“The share of GDP of some sectors are now quite important. Manufacturing moved from 2 per cent to 7 per cent which is significant and telecommunications moved from a very low number of 1 per cent to 3 per cent. Nollywood moved from zero per cent to 1.2 per cent now and it was not being included in the GDP that was earlier measured as well as a lot of telecommunications services. A whole lot of services in the formal and informal sectors were excluded from our GDP and these have now been brought in in terms of measurement.”

This rise in services she said is not unusual for any economy and the fact that agriculture is now 22 per cent does not make it any less important. Agriculture she said is “still has a strong share of GDP and that is why we will maintain our focus.”

What this means Okonjo-Iweala added “is that what Nigerians have been wishing for, that is a more diversified economy is showing up in these numbers, with better information we can see that the economy is more diversified than before.”

She lamented that the share of oil and gas has dropped to about 15.9 per cent “but it is still an important sector of the economy as any sector with 10 per cent or more of the GDP is considered important to the economy but services is making a bigger mark.”

Government,  the finance minister said “will need to continue to support diversification of the economy and push harder and we need to continue to support agriculture, manufacturing because we have seen how it has grown with policies.”


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Court Declares ARCON’s N60Bn Fine against Facebook Nigeria Illegal

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Justice Yellim Bogoro of the Federal High Court in Lagos has declared the N60 billion fine imposed by the Advertising Regulatory Council of Nigeria (ARCON) on Facebook Nigeria Operations Limited Illegal.

Court Declares ARCON’s N60Bn Fine against Facebook Nigeria Illegal

Justice Bogoro stated that ARCON regulator exceeded its legal authority and breached the company’s constitutional right to a fair hearing.

He, who made the declaration while delivering judgment in Suit marked, FHC/L/CS/2205/2024, declared ARCON’s Notice of Violation/Demand for Compliance dated 21 October 2024, unconstitutional, unlawful, null, and void, and barred the agency from taking further steps to enforce it.

The judge also held that ARCON lacked the statutory power to impose fines for alleged criminal violations under the Advertising Regulatory Council of Nigeria Act, 2022, without first obtaining a conviction from a court or other competent tribunal.

The dispute arose from ARCON’s claim that Facebook Nigeria displayed advertisements on Facebook and Instagram to Nigerian audiences without prior approval from the Advertising Standards Panel, contrary to provisions of the ARCON Act and the Nigerian Code of Advertising.

Following these alleged breaches, the regulator ordered the company to cease displaying the advertisements and imposed an N60 billion penalty.

Apparently dissatisfied with the development, Facebook Nigeria, through Mofesomo Tayo-Oyetibo (SAN), its lawyer, challenged the action, arguing that ARCON lacked the legal authority to determine criminal liability or impose punitive sanctions via an administrative notice without allowing the company to defend itself.

The company also argued that it does not own or operate Facebook or Instagram, claiming both platforms are owned and controlled by Meta Platforms Inc., a separate foreign entity.

But ARCON, represented by Akinlolu Kehinde (SAN), contended that Facebook Nigeria acts as Meta’s operation in Nigeria and should therefore be held responsible for regulatory violations related to advertisements on the platforms.

The regulator further argued that the notice was simply a compliance directive, allowing the company the option to comply, pay the specified violation fee, or face prosecution.

However, Justice Bogoro dismissed the regulator’s arguments.

The judge stated that Facebook Nigeria is a distinct legal entity from Meta Platforms Inc. and that ARCON failed to present credible evidence showing that the Nigerian company owns, operates, or controls Facebook or Instagram.

The court maintained that the argument that Facebook Nigeria represents Meta’s interests in Nigeria was insufficient to establish liability for the alleged advertising infractions.

Regarding fair hearing, the court ruled that ARCON violated Section 36 of the Constitution by accusing the company of misconduct and imposing a N60 billion fine without first hearing its defence.

Justice Bogoro also held that Section 57(4) of the ARCON Act explicitly requires the regulator to provide a fair hearing before imposing any penalty.

The court further found that the alleged violations were criminal because Section 34 of the ARCON Act designates the unlawful exposure of advertisements as an offence.

The judge also held that, since the Act stated that punishment can only be imposed “upon conviction,” ARCON had no authority to impose the N60 billion fine through an administrative process.

He insisted that, regardless of what ARCON called it, the demand was a fine that could only be imposed by a court following proper judicial procedures.

As a result, the court invalidated the Notice of Violation/Demand for Compliance.

It declared ARCON lacked authority to impose fines for breaches of Sections 34(3), 54, or other criminal provisions of the ARCON Act.

Justice Bogoro also issued a perpetual injunction preventing ARCON, its officers, agents, and associates from enforcing the October 21, 2024 notice against Facebook Nigeria.


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NIN Enrollment Hits over 136m as New ID Law Takes Effect

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National Identity Management Commission (NIMC) has said thet more than 136 million Nigerians and legal residents have been enrolled in the National Identity Database (NIDB).

NIN Enrollment Hits over 136m as New ID Law Takes Effect

In a statement on Tuesday, Kayode Adegoke, head of corporate communications, NIMC, said Abisoye Coker-Odusote, chief executive officer (CEO) of the commission, announced the milestone during a courtesy visit to the ministry of budget and economic planning.

In April 2025, NIMC said over 117.36 million Nigerians had been enrolled as of February 28, 2025.

The visit was part of the commission’s ongoing stakeholder engagements with ministries, departments and agencies (MDAs) on the implementation of the NIMC Act 2026.

Presenting the new Act, Coker-Odusote said the legislation repeals and replaces the 2007 NIMC Act, modernising Nigeria’s digital identity ecosystem by positioning the national identification number (NIN) as the country’s foundational identity under the “one person, one identity” policy.

She said the law also establishes NIMC as the root certificate authority for the national digital infrastructure and introduces stronger data protection and cybersecurity measures, as well as digital credentials.

“The Federal Government remains committed to enrolling and issuing NINs to all Nigerians and legal residents within the shortest possible time,” Coker-Odusote said.

She added that NIMC is ready to collaborate with the ministry of budget and economic planning to leverage the NIN for economic planning and national development initiatives.

Speaking during the visit, Abubakar Atiku Bagudu, the minister of budget and economic planning, reaffirmed the federal government’s commitment to the implementation of the NIMC Act 2026.

Bagudu described the legislation as “a transformative milestone” that would strengthen Nigeria’s digital identity ecosystem and accelerate national planning and development.

He commended the NIMC director-general and the commission’s leadership for their efforts in securing the passage of the legislation, noting that it provides “a solid legal foundation for a trusted, secure, and inclusive national identity management system”.

The minister, however, said the true measure of the Act’s success would lie in its implementation and the benefits it delivers to Nigerians.

“The true measure of the Act’s success will lie in its effective implementation and the tangible benefits delivered to citizens,” he said.

Bagudu also called for stronger collaboration across the federal, state and local governments to build public confidence in the national identity system and eliminate the duplication of identity databases across government institutions.

He said the NIN should serve as Nigeria’s single, universally accepted identity standard, supporting efficient service delivery and good governance.

On June 26, President Bola Tinubu signed the NIMC Act 2026 into law, repealing the commission’s 2007 establishing Act.

At the time, Olubunmi Tunji-Ojo, minister of interior, said the legislation would strengthen Nigeria’s legal framework for digital identity management, cybersecurity and secure digital authentication, while reinforcing the NIN as the country’s foundational identity credential under the “one person, one identity” principle.


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NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira

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National Reading Culture (NRC), an online investment platform targeting Nigerians has collapsed, resulting in the loss of billions of Naira for investors.

NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira

The website unexpectedly shut down, blocking users from withdrawing their funds and locking in their investments.

Just like all other investment scams, victims were lured with promises of doubling their money in few weeks.

When National Reading Culture eventually crashed, the operators vanished with users’ funds, leaving investors devastated.

How the Platform WorkedTask-Based Earning:

According findings, National Reading Culture lured users with promises of making money by completing simple daily tasks like reading articles, clicking links, or inviting friends.

They also offered investment tiers to  earn higher daily profits, where users had to deposit their own money into the platform.

Evidence showed the website previously operated as a Chinese job search platform before rebranding into an “earning” scheme.


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