2015 marked a significant turning point in Nigeria’s economic and business landscape. It was a year defined by political transition, oil price volatility, policy shifts, and a challenging macroeconomic environment.
As Nigeria elected a new president and grappled with falling government revenues, businesses and investors navigated uncertainty across multiple sectors.
This roundup highlights the top business news stories that shaped Nigeria’s economy in 2015.
1. Oil Prices Plunge and Revenue Declines
Global crude oil prices crashed from over $100 per barrel in 2014 to below $40 by the end of 2015. As an oil-dependent economy, Nigeria was severely affected. The fall in oil revenue resulted in a sharp decline in foreign reserves and triggered rising pressure on the naira.
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The federal government slashed capital expenditures and implemented austerity measures.
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The 2015 budget was revised, with benchmark oil price adjusted to $53 per barrel.
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Economic growth slowed significantly due to declining oil earnings.
Read more on how oil prices affected Nigeria’s economy in 2015 ➝
2. Muhammadu Buhari Elected President — Business Confidence Shifts
In March 2015, General Muhammadu Buhari of the All Progressives Congress (APC) defeated incumbent President Goodluck Jonathan in a historic election. His anti-corruption stance and promise to stabilize the economy sparked mixed reactions in the business community.
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Investors adopted a wait-and-see approach in the months following the election.
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Buhari’s delay in appointing key ministers, especially the Minister of Finance and CBN Governor, created uncertainty.
Read our coverage of Nigeria’s 2015 political transition and investor response ➝
3. Central Bank Maintains Fixed Naira Policy
Throughout 2015, the Central Bank of Nigeria (CBN), under Governor Godwin Emefiele, resisted calls to devalue the naira despite pressure from global financial institutions and market analysts.
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The naira was pegged at around ₦197–₦199/$1 through CBN’s official window.
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CBN introduced foreign exchange restrictions on 41 import items to preserve reserves.
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Parallel market rates diverged sharply, hitting ₦260/$1 by December 2015.
How CBN managed Nigeria’s currency in 2015 ➝
4. Stock Market Performance Weakens
The Nigerian Stock Exchange (NSE) suffered from foreign investor exits, economic uncertainty, and weaker corporate earnings.
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The NSE All-Share Index fell by over 17% in 2015.
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Market capitalization dropped from ₦11.5 trillion in January to ₦9.8 trillion by year-end.
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Key banking and oil stocks underperformed amid weak investor sentiment.
Full analysis of Nigerian stock market performance in 2015 ➝
5. Banking Sector Faces Capital Challenges
Nigerian banks struggled with rising non-performing loans and tighter foreign exchange liquidity.
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Banks with significant oil and gas exposure began reporting provisioning concerns.
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Lending slowed due to rising risk and economic contraction.
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Several banks began reassessing their regional expansion strategies.
How Nigerian banks responded to macroeconomic shocks in 2015 ➝
6. Telecom and Fintech Show Resilience
Despite the macroeconomic headwinds, sectors like telecom and fintech continued to expand.
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MTN Nigeria maintained growth in subscribers but faced regulatory pressures.
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Mobile money adoption gained momentum as traditional banking slowed.
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Early-stage fintech startups began emerging, setting the stage for future industry growth.
Emerging fintech landscape in Nigeria, 2015 recap ➝
Conclusion: A Defining Year for Economic Reset
2015 was a defining year that laid the groundwork for many of the reforms and disruptions that followed. With a new government in place and oil prices at record lows, Nigeria’s economy was forced to rethink its dependency on oil and foreign exchange controls. While investor confidence waned mid-year, key sectors such as technology, telecom, and consumer goods showed signs of resilience.
For a decade-long view, explore our yearly summaries:
