Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Nigeria – Two agencies regulating Nigeria’s petroleum industry could not properly account for over N313 billion, leading to significant revenue losses for the government, according to the latest report by the Auditor General of the Federation. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are…
Lagos, Nigeria–The National Tomato Growers, Processors, and Marketers Association of Nigeria is seeking the intervention of the Federal Government to reduce post-harvest losses of the produce. In an interview with the News Agency of Nigeria in Lagos on Monday, the Chairman of NATPAN, Kaduna state chapter, Mr Rabiu Zuntu made this call. Zuntu added that…
Lagos, Nigeria — The Nigerian Exchange (NGX) has officially delisted the entire issued share capital of Flour Mills of Nigeria Plc from its Daily Official List, effective December 30, 2024. This was confirmed in the NGX weekly market report, which explained that the delisting followed the approval of an application by Flour Mills for the…
Lagos, Nigeria — The number of Point of Sale (PoS) terminals deployed across Nigeria has surged to 3.04 million, marking significant growth in the country’s electronic payment system. This data was disclosed by the Nigeria Inter-Bank Settlement System (NIBSS) in its latest report on electronic payment trends. According to the report, the deployment of PoS…
AFRICA – The 2025 African Union Summit is scheduled for February 5-6. The summit will prioritize agriculture as a key theme for the continent’s development. Agriculture, a critical sector in many African nations, is at a crossroads, facing challenges such as climate change, food insecurity, and underdevelopment. This year’s summit will focus on…
Bauchi, Nigeria — Former Kano State Governor and New Nigeria Peoples Party (NNPP) leader, Rabiu Kwankwaso, has advised President Bola Tinubu to reconsider his stance on the proposed tax reform bills, urging him to listen to public concerns. In an interview with the BBC Hausa Service monitored in Bauchi, Kwankwaso described the tax bills as…
Abuja, Nigeria — The naira recorded its second consecutive marginal gain against the dollar on Friday, reflecting easing pressure in Nigeria’s foreign exchange (FX) market. Data from the Central Bank of Nigeria (CBN) showed that the dollar traded at N1,537 in the official FX market, slightly lower than N1,538 recorded on Thursday, the first trading…
NIGERIA – Human rights lawyer Femi Falana (SAN) has attributed the cancellation of a Public-Private Partnership (PPP) arrangement for the management of Nigeria’s Port Harcourt, Warri, and Kaduna refineries under former President Umaru Musa Yar’Adua to questionable circumstances srrounding the deal initiated by ex-President Olusegun Obasanjo in 2007. In a statement on behalf of…
Abuja, Lafia – Vice President Kashim Shettima, yesterday said the Nigerian economy was recovering, even as he anticipated a bumper harvest this year. Shettima was also optimistic that ongoing reforms initiated by the administration of President Bola Tinubu were such that would create employment opportunities for the youths as well as provide greater opportunities in…
Port Harcourt, Nigeria — The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to tour the Port Harcourt Refinery to verify its operational status. The invitation follows remarks made by Obasanjo during a recent Channels Television interview, where he criticized the management of Nigeria’s refineries and recalled events from his tenure…
Nigeria Employers’ Consultative Association, NECA, has expressed concerns over rising costs of living, saying “the minimum wage of N70,000 has actually been eroded by the current realities.” In an interview with news sources, NECA’s Director-General, Adewale-Smatt Oyerinde, said: “Most private sector organisations, even before we agreed on N70,000, were paying above N70,000. The…
By Damilola Adeleke ALIKO DANGOTE – For Dangote Refineries & Petrochemicals Nigerian businessman and industrialist, Alhaji Aliko Dangote is the President, Dangote Group and is referred to as the first man who built a private refinery in Nigeria. Inaugurated on May 22, 2023 The Dangote Petroleum Refinery which had since commenced operations is…
The Speaker of the House of Representatives, Tajudeen Abbas, says continued over-dependence on oil by Nigeria will only lead to inequality, greater poverty among Nigerians and mass unemployment. Abbas made this statement at the 14th convocation lecture of the Al-Hikmah University in Ilorin on Monday, adding that Nigeria should harness its abundant resources and human…
Nigeria’s imported food inflation has reached an alarming 42.29% as of November 2024, according to the latest Consumer Price Index report from the National Bureau of Statistics. This marks a significant jump from the 23.74% recorded in November 2023, reflecting an 18.55 percentage point year-on-year increase. On a month-on-month basis, the inflation rate…
The Nigerian National Petroleum Company Limited (NNPCL) has announced the resumption of operations at the Warri Refining and Petrochemicals Company (WRPC), which processes 125,000 barrels of crude oil per day. NNPCL’s Group Chief Executive Officer, Mele Kyari, revealed this milestone during a tour of the facility on Monday, affirming that the refinery, though…
President of Dangote Industries Limited, Aliko Dangote, has praised President Bola Ahmed Tinubu for implementing the crude-for-naira swap deal, a policy that has positively impacted Nigeria’s economy by stabilizing the naira and reducing petroleum product prices. In line with this development, Dangote announced a price reduction for Premium Motor Spirit (PMS) from N970 to N899.50…
By Damilola Adeleke The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have set July 5, 2025, as the deadline for Deposit Money Banks (DMBs) and Mobile Network Operators (MNOs) to settle a ₦250 billion Unstructured Supplementary Service Data (USSD) debt. In a joint circular titled, “2nd Joint Circular…
The Democratic Front (TDF) has applauded Shell’s recent $5 billion Final Investment Decision (FID) for the Bonga North Deep Offshore field. This landmark decision highlights Nigeria’s appeal as an investment destination and reflects the effectiveness of the Tinubu administration’s pro-business reforms. According to a statement by TDF Chairman Mallam Danjuma Muhammad and Secretary…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), in collaboration with its partners, plans to establish a refinery with an initial capacity of 50,000 barrels per day (bpd). According to PETROAN President Billy Gillis-Harry, the agreement and Memorandum of Understanding (MoU) to commence the refinery’s construction will be signed in the coming weeks….
The World Bank has raised Nigeria’s target for National Identification Numbers (NIN) issuance under the Digital Identity for Development (ID4D) project from 148 million to 180 million, signaling confidence in the country’s progress despite previous setbacks. Launched in February 2020 with a $430 million budget, the ID4D project seeks to create an inclusive digital identity…
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have directed banks to clear an outstanding debt of N250 billion owed to telecom operators for Unstructured Supplementary Service Data (USSD) services. The regulators have set stringent deadlines for compliance, amid a notable decline in the usage of USSD for financial transactions. USSD…
The Ministry of Works has requested National Assembly approval to allocate N1.065 trillion for capital projects in its 2025 budget, representing 99% of its total budget of N1.072 trillion for the fiscal year. This proposal, presented by President Bola Tinubu last week, includes: N5.635 billion for personnel costs. N1.857 billion for…
The competition among stakeholders in the downstream sector has caused a reduction in the price of Premium Motor Spirit, PMS, better known as petrol, as report gained. Petrol, which sold at N1,020 per litre, dropped to N899 per litre after the Dangote Refinery in Lagos slashed the product’s price to N899.50k for marketers, last…
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre, down from N1,020. This adjustment, according to Dr. Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), reflects the…
Aliko Dangote has commended President Bola Tinubu for the positive impact of the naira-for-crude swap deal on the Nigerian economy. To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its refinery loading gantry and provided generous credit terms to marketers. Dangote…
The Federal Government has announced an ambitious plan to reduce Nigeria’s inflation rate from the current 34% in 2024 to a targeted 15% by the end of 2025. This strategy, spearheaded by the Budget Office of the Federation, is embedded in the Federal Government of Nigeria’s (FGN) 2025 budget plan and outlines a multi-pronged…
The Ekiti State Government has refuted claims of a ₦25,000 Christmas cash grant allegedly distributed by Governor Biodun Oyebanji, urging residents to disregard the rumor. In a statement released on Thursday, the governor’s Special Adviser on Media, Yinka Oyebode, labeled the information as false and warned the public against falling victim to fraudulent…
The African Centre for Human Rights (ACHR) has described the 2025 budget presented to the National Assembly by President Bola Ahmed Tinubu as the largest in the history of Nigeria, which it said reflects a strategic and forward-thinking approach. Titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” the N47.96 trillion budget is being hailed…
The House of Representatives has recommended the delisting of National Examinations Council, NECO, University of Ibadan, Federal Ministry of Labour and Employment from the 2025 budget. Also, 21 ministries, departments and agencies, MDAs, for their alleged repeated failure to account for previous budgetary allocations and internally-generated revenue, IGR. The Reps reached the…
Nigeria’s exports to member countries of the Economic Community of West African States (ECOWAS) totaled N1.54 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The report revealed that imports from the ECOWAS region amounted to N82 billion, resulting in a significant trade surplus. Ivory Coast emerged as Nigeria’s…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to launch another oil licensing round in 2025, leveraging the “Drill or Drop” clause from the Petroleum Industry Act (PIA) 2021, which mandates oil operators to commence production within three years or relinquish their licenses. This initiative aims to boost oil production, enhance resource management,…
