In a bid to explore economic challenges about countries and currencies, The New Daily Prime reports that the countries below have been using other countries’ currencies as legal tender In the intricate world of global finance, some nations have opted to adopt foreign currencies as their official legal tender. This phenomenon, often referred to as “dollarization” (when the U.S. dollar is involved), occurs due to various factors including economic instability,…

In an era of growing financial volatility and global uncertainty, an increasing number of nations are adopting an unconventional strategy to stabilize their economies: embracing the U.S. dollar as their official currency. While the dollar remains the world’s dominant reserve currency, its role as legal tender beyond America’s borders is less well known — and increasingly significant. Several countries and territories now use the greenback as their primary currency, replacing…

The Federal Government, in partnership with the Food and Agriculture Organization (FAO), has launched a ₦200 million aquaculture support initiative aimed at boosting local fish production and reducing Nigeria’s reliance on fish imports.

By Damilola Olufemi, Friday Omosola and Helen Okechukwu Since President Bola Tinubu assumed office in May 2023, today, May 29, 2025, marks the completion of his second year in office. Investigations by The New Daily Prime revealed that the tenure is marked by critical economic issues, insecurity and others. While, there are issues, the tenure also brings good tidings to the country. In this report, The New Daily Prime explores…

Vice President Kashim Shettima, has reaffirmed the President Bola Tinubu administration’s commitment to transforming the country’s cocoa industry by shifting focus from primary production to large-scale processing. He spoke on Monday during a meeting with a delegation from the World Cocoa Foundation (WCF) led by its President, Chris Vincent, at the Presidential Villa. Shettima said the Federal Government was determined to restore Nigeria’s lost glory as a global leader in…

The Osun State Government, under the leadership of Governor Ademola Adeleke, has entered into a strategic partnership with Smart City Plc to drive innovation, economic development, and enhance the quality of life for citizens. The agreement was formalised with the signing of a Memorandum of Understanding (MoU) between both parties. The deal aligns with Adeleke’s broader industrialisation agenda, which prioritises infrastructure, technological advancement, healthcare, education, agriculture, and commerce as key…

Aliko Dangote has disclosed that Nigerians are paying half of what other countries in West Africa are paying for petrol, also known as Premium Motor Spirit, PMS. Dangote said this during a high-level visit of the ECOWAS Commission to the 650,000 barrels-per-day Dangote Refinery and Petrochemicals in Lagos. Recall that Dangote Refinery has reduced the price of petrol in the country more than two times this year, making the company’s…

Nigerian military has arrested over 40 individuals, including 18 soldiers, 15 police officers, and eight civilians, in connection with a suspected arms trafficking ring involving the illegal sale of weapons to armed groups, a military spokesperson confirmed Friday. Captain Reuben Kovangiya, spokesperson for Nigeria’s joint anti-insurgency operation, described the arrests as part of a nationwide crackdown on arms racketeering within the country’s security forces. “This is part of the counter-arms…

In a significant vote of confidence, global credit ratings giant Moody’s has upgraded Nigeria’s sovereign credit rating from Caa1 to B3, citing substantial progress in fiscal discipline, external balance, and foreign exchange stability. The move marks a rare positive shift for one of Africa’s largest economies. The upgrade, announced on Friday, moves Nigeria from Moody’s “substantial risk” category to the less severe “highly speculative” band—still below investment grade, but a…

Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), has called on African governments to adopt strategic policies that could position the continent as a vital player in global supply chains, particularly in the critical minerals sector which is gaining prominence in the global economy. She delivered this message yesterday in Abidjan during her goodwill address at the closing ceremony of the 2025 Annual Meetings of the African Development Bank…

Once hailed as one of Nigeria’s most influential economic technocrats, Godwin Ifeanyi Emefiele, the former Governor of the Central Bank of Nigeria (CBN), now finds himself at the centre of multiple corruption cases, with fresh charges filed against him by the Economic and Financial Crimes Commission (EFCC). Emefiele, who was born on August 4, 1961, in Lagos and hails from Agbor, Delta State, rose from humble beginnings through academic excellence…

Nigeria has teamed up with the ECOWAS Parliament to accelerate progress on the ambitious Abidjan–Lagos highway project, a critical infrastructure initiative aimed at boosting trade, creating employment, and enhancing connectivity across West Africa. The Abidjan–Lagos Corridor represents the initial phase of the Dakar–Lagos Trans–West African Coastal Corridor (Trans-African Highway No. 7). This route is intended to connect West Africa with Central and Eastern Africa, stretching from Dakar through Lagos, Yaoundé,…