Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
Jigawa, Nigeria — The Federal Government and Jigawa State Government are set to collaborate on a project to transform the livestock sector. This partnership was announced on Thursday at the Jigawa State Stakeholders Consultative Workshop on Livestock Reforms, in Dutse, the state capital. The co-chairman of the Presidential Livestock Reforms Implementation Committee, Prof Attahiru Jega,…
Abuja, Nigeria — The Federal Capital Territory Inland Revenue Services says it has generated N43.8bn in taxes for January 2025, describing the development as a “very strong” start for the year. The Acting Chairman of the FCT-IRS, Ango Abdullahi stated this on Thursday while addressing the press during a tax sensitization event in Abuja. Abdullahi…
Nigeria – A total of 180 Nigerian migrants stranded in Niamey, Niger Republic, have been successfully repatriated to the country through a coordinated effort led by the National Commission for Refugees, Migrants, and Internally Displaced Persons (NCFRMI) in collaboration with key stakeholders. The returnees arrived at the Mallam Aminu Kano International Airport (MAKIA), Kano, at…
Abuja, Nigeria — The Nigerian government is set to acquire six new World Bank loans amounting to $2.23 billion in 2025, reinforcing its commitment to economic development and social welfare. This move will bring the country’s total approved World Bank loans to $9.25 billion over three years, with funding channeled into critical sectors such as…
Abuja, Nigeria — The Federal Government has intensified efforts to rejuvenate Nigeria’s steel sector through the Nigerian Metallurgical Industry Bill 2023, aimed at strengthening regulatory oversight and fostering sustainable growth. The Ministry of Steel Development convened a stakeholder meeting to deliberate on the Bill, which is expected to provide a structured legal and regulatory framework…
Nigerian – Nigerians have reeled out the benefits of Compressed Natural Gas-powered vehicles as an alternative to premium motor spirit, petrol. Some Abuja residents, who spoke with a news source on Monday said they saved at least N36,000 weekly after conversion to CNG from petrol. Recall that President Bola Ahmed Tinubu in August 2023, targeting…
NIGERIA – Oil Marketers under the aegis of the Depot Chairmen Forum (DCF) of the Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday threatened to embark on a strike action if the N100 billion owed it by the federal government in ‘bridging claims’ is not paid. The forum, in a communiqué issued in Abuja by…
Nigeria, Others – The European Commission (EC) has received requests from Nigeria and 23 other non members of the Organisation for Economic Cooperation and Development (OECD), for inclusion on the list of countries eligible to import non-hazardous waste from the European Union (EU). Non-hazardous waste represents 95.6 per cent of solid waste produced in Europe….
Nigeria – Indigenous producers under the umbrella of Independent Petroleum Producers Group (IPPG), said they planned to ramp up their crude oil production by one million barrels per day (bpd) and their gas output by one trillion cubic feet (TCF) per day within the next five to 10 years. The assertion came amid a rebounding…
Lagos, Nigeria — Stakeholders in Nigeria’s Free Trade Zones have voiced concerns over aspects of the 2024 Tax Bill, particularly proposals that could alter key fiscal incentives for the Special Economic Zones (SEZs). These concerns were highlighted in a communiqué issued at the 3rd Special Economic Zones Annual Meeting, organized by the Nigeria Economic Zones…
