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…
Washington, D.C. — In a swift escalation of trade measures, U.S. President Donald Trump has raised tariffs on Chinese imports to an unprecedented 145%, intensifying the ongoing trade war between the two economic superpowers. This development comes barely a day after the president declared plans to increase the levy to 125%, following an earlier 20%…
Abuja, Nigeria — The recent announcement of the newly constituted board of the Nigerian National Petroleum Company Limited (NNPCL) by President Bola Ahmed Tinubu has drawn sharp criticism from the Women in Energy Network (WIEN) over glaring gender imbalance. In a statement issued on Friday, WIEN President Eyono Fatai-Williams praised the president’s reorganisation of 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…
Lagos, Nigeria — Dangote Petroleum Refinery and Petrochemicals has implemented another price reduction on petrol, marking the second adjustment within a month. In a statement released Wednesday in Lagos, the company’s Head of Media Communications, Anthony Echiejina, announced a ₦65 per litre cut, lowering the ex-depot price from ₦890 to ₦825 per litre. This follows…
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…
Lagos, Nigeria — The Exponential Conference 2025, a premier gathering of global ministry and marketplace leaders, is set to inspire transformative leadership with its dynamic lineup of speakers. The organizers confirmed the participation of former Vice President Prof. Yemi Osinbajo, alongside other distinguished figures, in the highly anticipated event scheduled to take place in Lagos…
Abuja, Nigeria — The Dangote Petroleum Refinery has assured Nigerians of an adequate fuel supply, emphasizing its ability to meet both local and international demand. This assurance was given by the President of the Dangote Group, Alhaji Aliko Dangote, during a facility tour of the $20 billion refinery in Lekki, Lagos State, alongside Zambia’s Minister…
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…
Ibadan, Nigeria — Minister of Education, Dr. Marufu Alausa, has emphasized that skill acquisition is now more critical than ever in driving economic growth and social development, urging greater investment in technical and vocational training. Speaking at the closing ceremony of the Technical Teachers and Instructors Training Workshop in Ibadan, the minister stressed the importance…
Abuja, Nigeria — The Federal Government of Nigeria has called on China to ease trade restrictions and strengthen economic collaboration to drive industrialization and diversification. This appeal was made by Ambassador Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, during a meeting with the Chinese Ambassador to Nigeria, Yu Dunhai, in Abuja. Highlighting over five…
Abuja, Nigeria — The House of Representatives Committee on Public Accounts has opened an investigation into outstanding debts owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and several oil firms. The probe was initiated following concerns raised by the Office of the Auditor General for the Federation, highlighting unresolved financial…
Kano, Nigeria — The Singer Market Development Association (SIMDA) has appealed to the Federal Government to provide enhanced support for farmers, particularly through the provision of improved seeds, to strengthen food security in Nigeria. The appeal was made by SIMDA Chairman, Junaidu Zakari Mohammed, during a media briefing in Kano, where he emphasized the critical…
Abuja, Nigeria — The Nigerian National Petroleum Company (NNPC) Ltd dismisses allegations in a viral video questioning the quality of its fuel. In a statement issued today by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, the company described the claims as baseless, emphasizing that its fuel is produced to meet the highest industry standards. Soneye…
Lagos, Nigeria — MTN Nigeria has significantly raised its Pulse call bundle rates, following regulatory approval for industry-wide tariff adjustments. The telecom giant announced the increase in a message to Pulse subscribers, confirming a sharp rise in call charges from N7.8 per minute (13 kobo per second) to N13.8 per minute (23 kobo per second)…
Abuja, Nigeria — The Federal Government, in collaboration with the UK Foreign, Commonwealth and Development Office (FCDO), is intensifying efforts to enhance rice production through the System of Rice Intensification (SRI), aiming to increase yields, cut greenhouse gas emissions, and boost smallholder farmer incomes. Key agricultural stakeholders gathered at a Propcom+ knowledge-sharing event to assess…
Abuja, Nigeria — The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have reinforced their commitment to improving tax compliance, transparency, and data accessibility to enhance funding for Nigeria’s education sector. During a courtesy visit by TETFund’s management to NEITI House in Abuja, Executive Secretaries Dr. Orji Ogbonnaya Orji (NEITI)…
Kano, Nigeria — The Kano/Jigawa Area Command of the Nigeria Customs Service (NCS) has engaged stakeholders in discussions regarding the implementation of the 4% Free On Board (FOB) levy. The dialogue, led by Area Comptroller Dalhatu Abubakar, focused on the levy’s reintroduction following its temporary suspension due to the termination of the NCS contract with…
Abuja, Nigeria — The Nigeria Labour Congress (NLC) has called for an immediate reversal of the recent 50% increase in telecommunication tariffs, warning of a potential nationwide shutdown if their demand is not met. In a communiqué issued after its Central Working Committee meeting in Lokoja on Tuesday, the NLC, through its President Joe Ajaero…
Abuja, Nigeria—The Senate Committee on the Capital Market has urged the Minister of Finance, Mr. Wale Edun, to approve a special allocation of N10 billion to enhance literacy and investor confidence in Nigeria’s capital market. The appeal was made during an[ez-toc] interactive session with the Minister of Finance and the Director-General of the Securities and…
Lagos, Nigeria — Dangote Petroleum Refinery & Petrochemicals has further reduced the price of diesel, lowering it from ₦1,075 to ₦1,020 per litre in a move aimed at easing costs for businesses and consumers. Since commencing diesel production in January 2024, the refinery has consistently lowered prices, bringing them down from an initial ₦1,700 per…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has scrapped the three free monthly interbank ATM withdrawals, introducing new charges for customers using other banks’ ATMs. This policy shift, set to take effect from March 1, 2025, was outlined in a circular issued by the CBN on February 10, 2025, and directed to all…
Cape Town, South Africa — Nigeria and Venezuela have announced plans to collaborate on investment opportunities in the mining sector, reinforcing their commitment to economic diversification and sustainable resource development. The agreement was reached following high-level discussions between a Venezuelan delegation led by Deputy Minister of Mining, Alejandro Martinez, and Nigeria’s Minister of Solid Minerals…
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…
Lagos, Nigeria — Dangote Petroleum Refinery has reached a major milestone, successfully exporting two cargoes of jet fuel to Saudi Aramco, the world’s largest oil producer and a leading global oil and gas entity. Saudi Aramco, the official national oil company of Saudi Arabia, is a state-owned corporation and a dominant force in the petroleum…
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…
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…
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,…
Dangote Refinery, Africa’s largest oil refinery, has achieved a historic milestone by exporting its first batch of Premium Motor Spirit (PMS) to Cameroon, in partnership with Neptune Oil. This marks the refinery’s inaugural international shipment and a significant step toward regional energy integration. The collaboration reflects a shared commitment to fostering economic ties between Nigeria…
Civil servants in Nasarawa State have embarked on an indefinite strike following the state government’s failure to implement the N70,000 national minimum wage recently signed into law by the federal government. Led by organized labour unions, workers shut down ministries, departments, and agencies (MDAs) across the state to press their demands. Chanting solidarity songs, union…
The Lekki Textile and Garment Special Economic Zone (SEZ) in Lagos State is projected to generate approximately 5,000 direct jobs and over 20,000 indirect employment opportunities upon completion, according to Dr. Olufemi Ogunyemi, Managing Director of the Nigeria Export Processing Zones Authority (NEPZA). Dr. Ogunyemi made this known during the disbursement of compensation to seven…
