Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
US – The dollar on Tuesday marked a fresh low against the yen and hovered around multi-year lows versus the euro and the Swiss franc as the attacks of US President Donald Trump on the Federal Reserve raised concerns about the central bank’s independence. Debating on the development, analysts said the dollar was left in…
Easter – The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on Christians across Nigeria to use the Easter season as a time of rededication to integrity and anti-corruption values. Speaking in Abuja on Saturday, April 19, 2025, Olukoyede emphasized that Easter, which commemorates the death and resurrection…
NIGERIA – The Dangote Refinery has notified marketers and customers of a reduction in its the price of Premium Motor Spirit (PMS) popularly called petrol at the point of loading from the refinery’s gantry from N880 to N865 per litre The refinery notified its customers through a notice sent on Thursday morning, which was also…
NIGERIA – Billionaire businessman Femi Otedola has extended heartfelt birthday wishes to his fellow mogul, Aliko Dangote, describing him as “the greatest entrepreneur to have come out of Africa.” Otedola shared the tribute on his social media platform on Thursday, commemorating Dangote’s birthday with a message of admiration and respect. “Happy Birthday to my dear…
NIGERIA – President Bola Tinubu has congratulated Africa’s foremost industrialist and philanthropist, Alhaji Aliko Dangote, founder and President of the Dangote Group, on his birthday. According to a statement by Bayo Onanuga, Special Adviser to the President (Information & Strategy), the President celebrates the life of a visionary whose resilience and unwavering commitment to Africa’s…
Nigeria – Tope Fasua, President Bola Ahmed Tinubu Special Adviser on Economic Affairs, has doubled down on his controversial claim about the $1 feeding argument, saying $1 is a valuable amount in Nigeria. In a recent interview with Seun Okinbaloye, Fasua argued that many Nigerians misunderstand the concept of multi-dimensional poverty, which is often used…
Lagos State – Lagos State Governor, Babajide Sanwo-Olu, is among the dignitaries expected to officially inaugurate the newly built state-of-the-art LGS2 Data Centre by a leading carrier-neutral data centre operator, Rack Centre, on April 10, 2025. The governor, who confirmed his attendance for the inauguration, to be led by the Chief Executive Officer of the…
Abuja, Nigeria — The Debt Management Office (DMO) has raised the alarm over Nigeria’s ballooning public debt, which surged to ₦144.67 trillion ($94.23 billion) as of December 31, 2024, marking a 48.58% increase within one year. In its latest report released on Friday, the DMO disclosed that the sharp rise from ₦97.34 trillion in 2023…
Abuja, Nigeria — The recent announcement of the newly constituted board of the Nigerian National Petroleum Company Limited (NNPCL) by President Bola Ahmed Tinubu has drawn sharp criticism from the Women in Energy Network (WIEN) over glaring gender imbalance. In a statement issued on Friday, WIEN President Eyono Fatai-Williams praised the president’s reorganisation of the…
Bayelsa – Organisers of the mega rally scheduled to be held in Yenagoa, Bayelsa State, on April 12, in solidarity with President Bola Tinubu and the Minister of the Federal Capital Territory, Nyesom Wike, have said the event will go on as scheduled. They decried what they termed as a misinterpretation of the judgement of…
Abuja, Nigeria — Nigeria’s oil production saw a decline of 50,000 barrels per day (bpd) in March, averaging 1.5 million bpd in line with its designated quota. The drop comes amid delays in loading the Bonny Light crude grade, following a fire outbreak at the Trans-Niger Pipeline. This development coincided with the Organisation of Petroleum…
Niger – As part of its annual events, Stanel World Suleja has identified with Muslim community in Suleja, Niger State with the distribution of over 10,000 loaves of bread to break Ramadan fast with at the weekend. The household brand in Nigeria States, Stanel World, is a subsidiary of Stanel Group of companies that has…
Nigeria – The Central Bank of Nigeria (CBN) has reported a Net Foreign Exchange Reserve (NFER) of $23.11 billion as of the end of 2024, marking the highest level in over three years. In a statement released in Abuja, the apex bank described the increase as a reflection of improved external liquidity, reduced short-term obligations,…
Lagos – The Presidency has described as baseless and misleading, recent claims by former vice president, Atiku Abubakar, alleging that he was under investigation by the Economic and Financial Crimes Commission (EFCC) over financial transactions linked to Lagos State. In a statement issued yesterday by the special adviser to the president on information and strategy,…
Ogun, Nigeria — The Commissioner for Women Affairs and Social Development in Ogun state, Adijat Adeleye, on Thursday said that 33,530 women have received N536,480,000 in revolving grants under Oko’wo-Dapo to support their various business endeavours. Adeleye said that through the ministry’s skill acquisition programmes, no fewer than 5,000 women were equipped through training in…
Nigeria — The Naira appreciated to N1, 560 per dollar in the parallel market yesterday from N1,570 per dollar on Wednesday. However, the Naira depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose…
Abuja, Nigeria — Nigeria is losing an estimated $10 billion annually due to its inability to tap into the lucrative global honey market, a challenge largely attributed to an underdeveloped beekeeping industry. This concern was raised by Gideon Dagundoro, President of the Grassroots Beekeepers Association of Nigeria, in an interview where he urged the federal…
Nigeria – The United Nations Conference on Trade and Development (UNCTAD) has raised concerns over the increasing debt burdens faced by developing nations, warning that many are struggling under financial pressure. According to the agency, by 2023, external debt for developing countries had reached $11.4 trillion, nearly equaling their total export earnings. Nigeria’s debt is…
Ogun, Nigeria — Ogun State has issued a flood alert for 2025 on Thursday, warning residents across various towns in the state, including Abeokuta, Ijebu-Ode, Sagamu, Iperu, and Ota, of imminent flash floods between March and July. The Commissioner for Environment, Ola Oresanya, highlighted the likelihood of heavy rainfall this year, with predictions from NiMET…
Ekiti – Ekiti State Governor, Biodun Oyebanji, has announced that young farmers participating in the state’s agricultural scheme made over N200 million in profit last year from the sale of their produce. Speaking on Tuesday while hosting the management team of Origin Tech Group, led by its Chief Executive, Prince Samuel Joseph, Governor Oyebanji reaffirmed…
NIGERIA – The Nigerian House of Representatives has directed the Nigerian Communications Commission (NCC) to block all pornographic websites in the country. The decision was reached following a motion sponsored by Hon. Dalhatu Tafoki, a lawmaker from Katsina State under the All Progressives Congress (APC). Tafoki expressed concerns about the increasing accessibility of pornography in Nigeria…
NIGERIA – The Nigerian National Petroleum Company (NNPC) Limited has officially discontinued its naira-for-crude agreement with Dangote Petroleum Refinery and other local refineries, a move that could lead to a surge in petrol prices. With the suspension of this initiative, domestic refineries will now depend on international crude suppliers, incurring significant costs in dollars. The…
Onitsha, Nigeria — The Federal Government has introduced a specialized workforce development initiative aimed at strengthening Nigeria’s industrial sector, particularly in metallurgy and steel production. Speaking at the inauguration of a Boot Camp Training Programme at the Metallurgical Training Institute (MTI), Onitsha, Dr. Chris Isokpunwu, Permanent Secretary of the Federal Ministry of Steel Development, underscored…
Nigeria — The Conference of Energy & Finance Consultants, CEFC, has called on major oil regulatory agencies in Nigeria to allow local refineries to function smoothly. The group specifically urged the Group Chief Executive Officer, GCEO, of the Nigerian National Petroleum Company Limited, NNPCL, Mallam Mele Kyari, and the CEO of the Nigerian Midstream and…
CBN, Nigeria – In a significant overhaul, the Central Bank of Nigeria (CBN) has appointed 16 new directors to lead key departments, effective March 3, 2025. This strategic move aims to enhance oversight and operational efficiency within the apex bank. The newly appointed directors and their respective departments are as follows: Banking Supervision: Akinwunmi Olubukola…
ABUJA: The Federal Government on Tuesday hinted of plans to reduce the number of custodial facilities in the country, declaring that Nigeria does not need the current figure of 256. Noting that some facilities are only utilising about 30 to 40 percent of their carrying capacities, the government said there is need to identify…
Nigeria – President Bola Tinubu says the current administration is diligently working to establish a sustainable and globally competitive system for Nigerian banks and other financial institutions to thrive. Tinubu, who was represented by Vice President Kashim Shettima, said this at the groundbreaking ceremony for First Bank’s 43-story headquarters at Eko Atlantic City on Wednesday…
Nigeria – Nigeria’s liquefied natural gas (LNG) production has taken a severe hit due to widespread pipeline vandalism, with gas supply to Nigeria LNG Ltd. (NLNG) now at just 20% of the plant’s requirement, sources familiar with the matter have revealed. NLNG CEO Philip Mshelbila confirmed last week that only two of the facility’s six…
Nigeria – The Federal Government has strengthened trade and investment relations with five major economies—Brazil, India, France, and the United Arab Emirates—as part of efforts to drive economic growth and wealth creation. Minister of Trade and Investment, Dr. Jumoke Oduwole, announced this at a ministerial briefing in Abuja, following President Bola Tinubu’s directive for officials…
Nigeria — The Chairman, House of Representatives Committee on Interior, Mr. Abdullahi Aliyu-Ahmed, has warned traders to desist from indiscriminate food price hikes during the holy month of Ramadan. In his Ramadan message to the Muslim faithful in Nigeria on Saturday, Aliyu-Ahmed expressed worries that the price of groceries and other basic food items increased…
FG Sets New Cement Price, Orders Dangote, BUA, Others to Adjust Immediately NIGERIA – The Federal Government has directed cement manufacturers to reduce the price of a bag of cement to ₦7,000 with immediate effect. This directive was issued by David Umahi, the Minister of Works, during a meeting with MTN and RCC Company…
