Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Bori, Rivers State — A crucial meeting aimed at discussing the potential resumption of oil exploration in Ogoniland ended in disarray on Saturday, sparking tension and frustration among attendees. The gathering, held at the Peace and Freedom Centre in Bori, Khana Local Government Area, was organized following President Bola Tinubu’s directive for Ogoni leaders to…
Abuja, Nigeria — The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed that ongoing activities at the Warri Refining and Petrochemical Company (WRPC) are part of routine maintenance to enhance efficiency and ensure steady operations. NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, dismissed reports of an explosion at the refinery, clarifying that the…
Cape Town, South Africa — Nigeria is set to launch a strategic roadmap aimed at developing a critical minerals value chain, paving the way for local solar power production and reducing reliance on imports. The initiative, funded by the Global Council for Critical Minerals under the Solid Minerals Development Ministry, seeks to optimize the extraction…
Abuja, Nigeria — Nigeria’s external reserves declined by $1.16 billion in January, even as the naira continued its upward trajectory across both official and parallel markets. According to the latest figures from the Central Bank of Nigeria (CBN), the country’s external reserves fell from $40.883 billion at the start of the year to $39.723 billion…
Ado-Ekiti, Nigeria — The Federal Government has unveiled plans to set up a Pilot Soil Assessment Laboratory in Ekiti State to enhance agricultural productivity and support farmers. This was disclosed by the Ekiti State Commissioner for Agriculture and Food Security, Mr. Ebenezer Boluwade, in a statement issued in Ado-Ekiti. He noted that the facility would…
Nigeria – Nigeria’s economy faces significant challenges as crude oil prices remain volatile, jeopardising the federal government’s ambitious revenue target of N36.35 trillion for 2025. A report has warned of a possible negative impact of unstable global oil prices and its implications for the federal government’s revenue forecast for 2025. According to the report,…
Abuja, Nigeria — The naira continued its upward trend in the parallel market as the Central Bank of Nigeria (CBN) extended foreign exchange sales to Bureau de Change (BDC) operators. From closing at N1,620 per dollar last week, the naira appreciated to N1,610/$ on Monday. The CBN had earlier set January 31, 2025, as the…
NIGERIA – Against the backdrop of sharp rises in cost of procuring products and interest rates in banks petroleum marketers have recorded massive jump in bank borrowing and cost of doing business. Financial Vanguard findings from the financial records of key operators in the sector show they borrowed over N3.0 trillion in the nine…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has reaffirmed its commitment to empowering young Nigerians by closing financial access gaps, fostering innovation, and promoting their active involvement in economic policy development. CBN Governor, Olayemi Cardoso, made this pledge during a youth engagement workshop themed “The Youths are Here”, held in Abuja on Friday….
Abuja, Nigeria— President Bola Ahmed Tinubu has confirmed the appointment of Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA). The appointment, announced by Presidential Spokesman Bayo Onanuga, took effect on January 23, 2025, for an initial tenure of four years. Aliyu, who has been serving as Acting Managing Director…
Kogi State, Nigeria — The Nigerian National Petroleum Company Limited (NNPCL) and its partners have officially launched the construction of five mini-Liquefied Natural Gas (LNG) plants in Ajaokuta, Kogi State. The groundbreaking ceremony marked the commencement of work on NNPC Prime LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete. These projects are part…
Abuja, Nigeria — The Nigerian Communications Commission (NCC) has linked the decline in telecom revenue for 2024 to the inability to auction 5G spectrum licenses. This disclosure was made by Yakubu Gontor, NCC’s Director of Financial Services, and Aminu Maida, the Commission’s Chief Executive Officer and Executive Vice Chairman, during the 2025 budget defence session…
Nigeria – Nigerian workers have announced February 4, 2025, as the date to embark on a nationwide protest against the 50 percent telecommunications services tariff hike in the country. The Nigerian Labour Congress, NLC, disclosed this in a statement on Wednesday. This comes as the Nigerian Communications Commission on January 20, 2025, announced the approval…
Abuja, Nigeria — The naira maintained its upward momentum on the parallel market while depreciating on the official exchange platform amid ongoing forex reforms by the Central Bank of Nigeria (CBN). By the close of trading on Tuesday, the naira appreciated by N10, closing at N1,640 per dollar on the parallel market, compared to N1,650…
Abuja, Nigeria — President Bola Ahmed Tinubu has returned from Dar es Salaam, Tanzania, where he joined other African leaders at the Mission 300 Africa Energy Summit. The two-day event, hosted by the Tanzanian government in collaboration with the African Union, African Development Bank (AfDB), and the World Bank, culminated in the adoption of the…
Solid Minerals to Transform Nigeria’s Mining Industry —Minister Abuja, Nigeria— The Minister of Solid Minerals Development, Dr. Dele Alake, has assured Nigerians that the newly established Nigeria Solid Minerals Corporation will serve as a catalyst for sustainable growth and revolutionize the nation’s mining sector. During a meeting with British Deputy High Commissioner Jonny Baxter,…
Compiled and Edited by Adio islamiyat wasiu 0013 The Polytechnic Ile-Ife, Osun State Osogbo, Nigeria — Governor Ademola Adeleke of Osun State has announced that his administration has successfully reduced the state’s infrastructure deficit by over 40%, while pledging to pursue even greater developmental strides. The governor made this declaration on Thursday in Osogbo…
Abuja, Nigeria — Bilateral trade between Nigeria and China reached a remarkable $20 billion in 2024, marking a major achievement in the partnership between the two nations. The announcement was made by Yu Dunhai, Chinese Ambassador to Nigeria, during the 2025 Chinese Lunar New Year celebration held in Abuja. Reflecting on the past year, Ambassador…
Abuja, Nigeria — President Bola Ahmed Tinubu is set to travel to Dar es Salaam, Tanzania, on Sunday, January 26, 2025, to participate in the Africa Heads of State Energy Summit taking place from January 27 to 28, 2025. The summit, organized by the Tanzanian government in partnership with the African Development Bank Group and…
Lagos, Nigeria — The Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has committed to addressing the widespread buying and selling of Naira notes, a practice he describes as a significant threat to Nigeria’s financial ecosystem. Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, themed…
Abuja, Nigeria — The Trade Union Congress of Nigeria (TUC) has called on the federal government to increase the tax exemption threshold from the current ₦800,000 per annum, as proposed in the Tax Reforms bill, to ₦2,500,000 per annum. In a statement released by the President of TUC, Comrade Festus Osifo, the Union emphasized that…
Abuja, Nigeria — The National Assembly has commended the Federal Inland Revenue Service (FIRS) and its Executive Chairman, Mr. Zacch Adedeji, for exceeding the 2024 revenue collection target of N19.4 trillion, achieving an impressive N21.6 trillion. The achievement, described as historic, has led the Joint Committee on Finance to propose an ambitious N25 trillion revenue…
Abuja, Nigeria — The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate climbed to 34.80% in December 2024, up from 34.60% in November. According to a report released by the NBS on Wednesday, the 0.20% rise was largely driven by increased demand for goods and services during the festive season. On a…
Abuja, Nigeria — The National Population Commission (NPC) has made an urgent appeal for increased funding to bolster its operations and ensure the successful conduct of Nigeria’s forthcoming population and housing census. Budget Presentation at National Assembly Hon. Nasir Isa Kwarra, the NPC chairman, led the commission’s delegation to the House of Representatives Committee…
IPMAN, NIGERIA – Following the Federal Government’s directive, filling station owners are now set to sell fuel priced at N200 across the country. In response, the Independent Petroleum Marketers Association of Nigeria (IPMAN) is calling for government support to convert filling stations into refueling points for Compressed Natural Gas (CNG). Hammet Fashola, National…
Nigeria–The Minister of Power, Adebayo Adelabu, has said that the national electricity grid will remain prone to collapse. According to Adelabu, this was due to the government’s inability to repair a crucial transmission line in the northern part of the country owing to persistent insecurity. The minister said this during the 2025 budget defense session…
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…
