Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
NIGERIA – Oil prices rebounded more than $1 a barrel yesterday after the Organisation of Petroleum Exporting Countries (OPEC) decided to increase output in July by the same amount as it did in each of the prior two months. Coming as a relief to those who expected a bigger increase, Brent crude futures climbed $1.46,…
Lagos, Nigeria — Africa’s largest oil refinery, the Dangote Refinery, is now fully capable of meeting the fuel needs of Nigeria and the wider West African region, according to its founder and industrialist, Aliko Dangote. He made the declaration during a high-level visit by ECOWAS Commission President, Dr. Omar Alieu Touray, to the world-class facility…
Abuja, Nigeria — The International Monetary Fund (IMF) and financial analysts have raised alarms over Nigeria’s mounting public debt levels as the federal government advances plans to secure nearly $26 billion in new loans to support its 2025–2026 fiscal agenda. The warning follows President Bola Tinubu’s recent $21.5 billion loan request to the National Assembly…
Abuja, Nigeria — Former Nigerian President Muhammadu Buhari has commended Dr. Akinwumi Adesina for what he described as an exceptional and historic tenure at the African Development Bank (AfDB), marking the end of Adesina’s two-term leadership of the continental financial institution. In a message of goodwill, Buhari expressed satisfaction with Adesina’s achievements, praising his transformative…
NIGERIA – President Bola Tinubu on Wednesday acknowledged the great feat the Economic Community of West African States, ECOWAS, has achieved, saying for nearly five decades, the bloc has remained a pillar of regional development, cooperation, and solidarity. He reaffirmed that Nigeria will remain committed to the idea of establishing the regional bloc, emphasising the country’s…
Nigeria – Minister of Interior, Olubunmi Tunji-Ojo, has announced that the Federal Government has cleared over 200,000 unprocessed passport applications and paid off ₦28 billion in legacy debts — all without additional government funding. Tunji-Ojo disclosed this while delivering a keynote address at the Access Bank Guest Lecture Series held in Lagos on Monday. Themed “Dare…
United States – Pope Leo XIV on Monday received United States Vice President JD Vance and Secretary of State Marco Rubio at the Vatican, a day after his inauguration mass. Vance’s spokesperson said the audience with the pontiff lasted 45 minutes. The Vatican, in a statement, said Vance then met with the Holy See’s secretary for…
Lagos, Nigeria — The Federal Government has announced that tertiary institutions with fewer than 2,000 enrolled students will no longer be eligible for funding from the Tertiary Education Trust Fund (TETFund). This was disclosed by the Minister of Education, Mr. Tunji Alausa, during a one-day strategic engagement with institutional heads, bursars, and procurement officers held…
Abuja, Nigeria— The World Bank has raised concerns over the Nigerian National Petroleum Company Limited’s (NNPCL) partial remittance of revenue gains following the removal of the Premium Motor Spirit (PMS) subsidy. This observation was detailed in the World Bank’s latest Nigeria Development Update (NDU), released in May 2025. The report indicates that despite the official…
Ibadan, Nigeria — The Oyo State Government has launched a range of export-ready, value-added food products in a bid to accelerate agro-industrialisation and strengthen the state’s participation in regional and continental markets. The initiative was spearheaded by the Agricultural Exporting Farmers Multipurpose Cooperative Society, which unveiled processed and packaged yam, cassava, and plantain flour…
ABUJA – The Nigeria Youth Forum (NYF) has expressed concern over Nigeria’s escalating security crisis, revealing that at least 3,610 Nigerians were killed by bandits and Boko Haram insurgents between January and March 2025. The group called on the Federal Government to act decisively, warning that the country is drifting dangerously toward anarchy. In…
Abuja, Nigeria — Nigeria has intensified efforts to address the persistent scarcity of aviation fuel and promote sustainable alternatives by hosting a high-level regional workshop focused on Sustainable Aviation Fuel (SAF) production. The two-day workshop, held under the Assistance, Capacity-building, and Training for Sustainable Aviation Fuels (ACT-SAF) Africa–India project, was organized by the Nigeria Civil…
Ondo, Nigeria — The Ondo State Government has assured Akure residents that the 7.8km Oda Road project will be ready for inauguration in June 2025. It stated that it is committed to improving infrastructural development across the 18 local government areas. The Senior Special Assistant to the Governor on Infrastructure, Lands, and Housing, Olawoye Abiola…
BORNO – Gov. Babagana Zulum of Borno has directed the immediate ban on the sale of petrol in filling stations across Bama Local Government Area, including Bama town and Banki. The directive followed consultations with security agencies as part of ongoing efforts to address security challenges in the area. Malam Dauda Iliya, the governor’s Special…
Abuja, Nigeria— Social media activist Martins Otse, popularly known as VeryDarkMan (VDM), has been released from the custody of the Economic and Financial Crimes Commission (EFCC) after five days. This was confirmed by his legal representative, Deji Adeyanju, who told our correspondent on Wednesday, “He has been released.” Otse had been in EFCC custody since…
Lagos, Nigeria — The Economic and Financial Crimes Commission (EFCC) has withdrawn earlier allegations of fraudulent conversion of funds against gospel music producer Ezekiel Onyedikachi, popularly known as EeZeeTee, filed by gospel singer Mercy Chinwo. In a statement following court proceedings on Wednesday, the EFCC confirmed the filing of a revised eight-count charge against…
NIGERIA – The Economic and Financial Crimes Commission (EFCC) has stated that social media activist Martins Otse, popularly known as VeryDarkMan (VDM), will be released upon fulfilling his bail conditions. EFCC spokesperson Dele Oyewale told BBC Pidgin that VDM’s arrest followed multiple petitions from unnamed individuals alleging misconduct. Although speculation linked GTBank to the arrest,…
Abuja, Nigeria — The Federal Ministry of Art, Culture, Tourism, and Creative Economy has unveiled the Creative Economy Development Fund (CEDF), a strategic financial initiative aimed at unlocking opportunities for creatives and entrepreneurs across Nigeria. The announcement was made by Ms. Nneka Anibueze, Special Adviser to the Minister of Art, Culture and Creative Economy, Hannatu…
Akure, Nigeria — Ondo State has emerged as the nation’s leading sub-national in fiscal responsibility, recording the sharpest domestic debt reduction across Nigeria’s 36 states. This development was confirmed through fresh statistics released by the Debt Management Office (DMO), which compared states’ debt profiles from 2023 to 2024. The report revealed that Ondo State reduced…
Lagos, Nigeria — The Cherubim and Seraphim Church (Praying Band) has called on the Federal Government to prioritize job creation and youth empowerment as a strategy to curb insecurity and killings across Nigeria. The call was made by His Eminence Ferguson Eneogwe, Supreme Head of the Church, in a statement commemorating the Church’s 100th anniversary,…
Abuja, Nigeria — The Presidential Compressed Natural Gas Initiative (PCNGI) has rolled out a revised transport fare structure for intra-city routes within Nigeria’s Federal Capital Territory (FCT), aimed at easing the economic burden on commuters following the fuel subsidy removal. The update was disclosed by Mr. Michael Oluwagbemi, Programme Director of PCNGI, during a sensitization…
Lagos, Nigeria — The Lagos State chapter of the Nigeria Labour Congress (NLC) has called on Governor Babajide Sanwo-Olu to extend the implementation of the N85,000 new minimum wage to workers in all state agencies and parastatals as means of alleviating the economic hardships faced by workers. The appeal was made during the 2025 International…
Nigeria — The Nigeria Labour Congress and Trade Union Congress on Thursday blamed the Federal Government for continuous neglect of the energy sector, saying it has consistently failed to consult stakeholders in its efforts to come up with lasting solution to challenges in the sector. NLC and TUC made this statement in a joint address…
Warri, Delta State — The Nigerian National Petroleum Company Limited (NNPCL) has come under intense criticism from energy stakeholders and industry analysts over the shutdown of the Warri Refining and Petrochemical Company (WRPC), despite a reported $897.6 million overhaul. The refinery, which was declared operational in December 2024 following years of dormancy, ceased operations on…
2027 – Dr Jibril Mustapha, the President of the Nigeria Rescue Mission Organisation and former leader of the Buhari Youth Organisation (BYO), has appealed to former President Goodluck Jonathan to contest the 2027 presidential election. Mustapha made this appeal in a statement issued on Sunday, April 27, in Lagos, calling on Jonathan to heed growing…
Nigeria – Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday revealed that the forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) was underway. Also, as the ripple effects of United States’ reciprocal tariffs continue to reverberate across the globe, causing uncertainties, Edun asserted that the cocktail of…
Nigeria – The federal government has said it is committed to safeguarding the dignity and well-being of retired Nigerian workers. It said that while a number of policy reforms have been implemented to address challenges affecting workers during retirement, the present administration is pursuing other initiatives meant to improve life of pensioners. In another related…
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…
