The World Bank has downgraded Nigeria’s economic growth projection for 2026 to 4.1%, down from its earlier estimate of 4.4%, reflecting growing global and domestic economic pressures. The revised outlook was released in the bank’s latest Africa Economic Update. Where it highlighted rising global uncertainties, weaker investment, and structural challenges as key reasons for the…
The Trade Union Congress of Nigeria (TUC) has urged the federal government to deploy excess crude revenue to subsidise petroleum products as fuel prices continue to rise across the country. Festus Osifo, president of the union, made the call on Friday, warning that the surge in petrol prices has worsened the cost of living and…
The Trade Union Congress (TUC) of Nigeria has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could surge to around ₦2,000 per litre unless urgent steps are taken to address rising global crude oil prices and the weakening naira. Speaking on Thursday, April 9, TUC President Festus Osifo urged the…
Gold prices remained largely steady as investors closely monitored the fragile ceasefire between the United States and Iran, with markets showing caution despite easing geopolitical tensions. Spot gold hovered around the $4,700 level, with only slight movements as traders assessed whether the truce would hold. The recent two-week ceasefire agreement helped calm global markets after…
Nigeria’s oil production has recorded a major recovery, hitting a peak of 1.84 million barrels per day (bpd), according to the Nigerian National Petroleum Company Limited (NNPC). The development marks a significant turnaround from the country’s output low of about 960,000 bpd in 2022. Speaking at a parliamentary roundtable in Abuja, NNPC Group Chief Executive…
Global oil markets saw a dramatic (drop) after Donald Trump announced a two-week ceasefire agreement with Iran, easing tensions around the critical Strait of Hormuz. Oil prices crashed sharply, with benchmarks falling toward $92 per barrel following the announcement. The ceasefire includes a temporary reopening of the Strait of Hormuz—a key global oil route responsible…
Governor Lucky Orimisan Aiyedatiwa has unveiled plans to transform the Araromi beach resort into a major tourism hub, signaling a new push to unlock Ondo State’s coastal economic potential. Araromi Beach Set for Major Upgrade The project, announced during the Araromi seaside carnival in Ilaje Local Government Area, will see the development of a state-owned…
Peter Obi, the 2023 presidential candidate of the Labour Party, has questioned President Bola Tinubu’s recent approval of N3.3 trillion to settle debts in the power sector, calling for transparency and measurable results. Obi made the call in a post on X on Tuesday, where he expressed concern over what he described as repeated financial…
President Bola Ahmed Tinubu has commissioned key infrastructure projects in Ogun State, marking what officials describe as a major step toward Nigeria’s shift to investment-driven economic growth. Gateway Airport Takes Centre Stage At the heart of the commissioning is the Gateway International Agro-Cargo Airport, a flagship project expected to transform logistics and boost exports. The…
Power generation companies in Nigeria have raised fresh concerns over the Federal Government’s ₦3.3 trillion electricity sector debt, asking President Bola Ahmed Tinubu to clarify how the figure was calculated. Industry Questions Debt Calculation The concerns were voiced by operators under the Association of Power Generation Companies (GenCos), who say the reported debt figure does…
