Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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,…
The Presidential Livestock Reform Implementation Committee has convened discussions with stakeholders in Bauchi State to address longstanding challenges in the country’s livestock sector. The 25-member committee, co-chaired by Professor Attahiru Jega, aims to find sustainable solutions to farmer-herder conflicts, seasonal migrations, and inefficiencies in livestock production and processing. Speaking at the session held at the…
The Central Bank of Nigeria (CBN) has disclosed that the nation’s external reserves, which stand at $42.01 billion, are sufficient to finance the importation of goods and services for over nine months. CBN Governor, Mr. Olayemi Cardoso, made this known in Abuja during a performance report presentation to the Senate Committee on Banking, Insurance, and…
Kogi State Governor Ahmed Usman Ododo has engaged in discussions with China’s Consular General in Lagos, Yan Yuqing, to attract Chinese investment aimed at driving the state’s economic growth and industrialization. The meeting, held as part of the governor’s efforts to position Kogi as an industrial hub, focused on fostering partnerships in agriculture, manufacturing, infrastructure,…
Human rights lawyer and activist, Dele Farotimi, has stated that he did not ask anyone to plead with Afe Babalola (SAN), who took him to court for defamation. Farotimi is currently standing trial in Ekiti State following a petition by Babalola regarding his book, ‘Nigeria and Its Criminal Justice System.’ Recall that the…
Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians. This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November. The report showed that the country’s headline or all-items inflation was 0.72 on…
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against enabling the illegal sale of mint naira notes to currency hawkers, imposing a penalty of N150 million for each offending branch involved in such activities. In a circular issued by Solaja Mohammed J. Olayemi, Acting Director of Currency Operations, on December 13,…
The Minister of Solid Minerals Development, Dr. Dele Alake, has commended African Natural Resources and Mines Limited for its role in driving local value addition in Nigeria’s mining sector. This recognition came during the commissioning of the country’s first ultra-modern mineral analysis laboratory in Sabon-Wuse, Niger State. Dr. Alake described the facility as a milestone…
Vice President Kashim Shettima has left Abuja for Dubai, United Arab Emirates, to represent President Bola Ahmed Tinubu at the inauguration of a $315 million oil production and storage facility owned by Nigerian firm, Oriental Energy Ltd. The commissioning, scheduled for December 14, highlights the achievements of indigenous companies in the global oil and gas…
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.727 trillion as November 2024 revenue to the federal, state, and local governments. This allocation was drawn from a gross revenue pool of ₦3.143 trillion. Under the distribution, the Federal Government received ₦581.856 billion, while the states were allocated ₦549.792 billion. Local Government Councils…
The Central Bank of Nigeria (CBN) says all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out. A statement on Friday by CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said all banknotes, including the old and new designs of N1,000,…
President Bola Tinubu will present the 2025 budget to the joint session of the National Assembly on Tuesday. This was stated by President of Senate, Godswill Akpabio, during the plenary on Thursday. Akpabio said the budget presentation would take place at the chamber of House of Representatives. Recall that November 14, the Federal Government proposed…
Point of Sale (POS) operators have been spotted in the Lekki area of Lagos State hawking new Naira notes as bank customers lament their inability to withdraw cash from ATMs. Point of Sale (POS) operators have been spotted in the Lekki area of Lagos State hawking new Naira notes as bank customers lament their…
President Bola Tinubu has appointed Mr. Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF), effective immediately. The appointment follows the commencement of pre-retirement leave by the incumbent AGF, Mrs. Oluwatoyin Sakirat Madein. A statement from the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, highlighted the move…
Investors are flocking to short-term Nigerian government debt, attracted by high yields and renewed confidence in the naira following Nigeria’s successful issuance of a $2.2 billion eurobond. On Monday, the Central Bank of Nigeria (CBN) auctioned N1.56 trillion ($990 million) in 365-day and 351-day bills, offering yields close to 24%. This is more…
The Governor of Borno, Professor Babagana Zulum, has presented the 2025 Budget, titled the “Budget of Recovery and Continuity,” with a total sum of ₦584.76 billion aimed at consolidating the state’s developmental strides. The budget prioritizes health, education, and economic recovery, alongside critical investments in security, infrastructure, and social services. The budget is divided into…
Banks in Ebonyi State have been accused of hoarding cash to maximize profits during the yuletide season, leaving many customers stranded. Investigations revealed that customers, particularly those from rural areas, faced significant challenges when attempting to withdraw money for business and festive purposes. Some bank customers reported being told they could only withdraw as little…
The Federal Government has dismissed a circulating list of ambassadorial nominees on social media as fake, urging the public to disregard it. In a statement issued on Sunday, Kimiebi Imomotimi Ebienfa, the Acting Spokesperson for the Ministry of Foreign Affairs, clarified that no such appointments have been made. “The Ministry of Foreign Affairs wishes to…
