Nigeria’s crude oil production increased to 1.459 million barrels per day (bpd) in January 2026, solidifying its position as Africa’s largest oil producer. However, the country’s output remained below its Organisation of Petroleum Exporting Countries (OPEC) quota. The data was revealed in OPEC’s latest Monthly Oil Market Report (MOMR), published on Wednesday. While the figures show…
Dangote Petroleum Refinery and Petrochemicals imported nearly 250,000 metric tonnes of crude oil and intermediate feedstocks at its Lekki terminal in Lagos. Nigerian Ports Authority data revealed the details. The imports included refinery feedstock and petroleum blending components such as crude oil, condensate, naphtha, and cracked gasoline. The vessel Seaways Montauk delevered 140,187 metric tonnes…
The naira appreciated to N1,349.5 per US dollar in the official foreign exchange market on Tuesday. This marks the first time it has traded below the N1,350/$ threshold since May 29, 2024. Data from the official market shows the currency improved from Monday’s rate of N1,354.9 per dollar. The appreciation reflects sustained gains in the…
The Lagos State Government has announced a four-week partial closure of the Lagos–Abeokuta Expressway to carry out essential repairs on damaged sections of the road. This announcement made in a statement signed by the Commissioner for Transportation, Oluwaseun Osiyemi, on Tuesday. However, The closure will affect both inbound and outbound lanes between U-Turn Bus Stop…
The Central Bank of Nigeria permitted licensed bureau de change operators to access foreign exchange from the Nigerian Foreign Exchange Market through authorised dealer banks. Officials announced this development in a circular on February 10, 2026. Musa Nakorji, director of the trade and exchange department, signed the circular. The document addressed all authorised dealer banks…
Dangote Petroleum Refinery reduced its Premium Motor Spirit gantry price by N25 per litre. The company lowered the ex-depot rate from N799 to N774 per litre. Marketers received the communication on Tuesday, and the change took immediate effect. The Group Commercial Operations Department issued a notice. It stated, “This is to notify you of a…
The Malaysian government plans to launch a new digital platform that will allow employers to hire foreign workers directly, eliminating the need for private recruitment agents who have long controlled the process. Malaysia’s Human Resources Minister, Datuk Seri Ramanan Ramakrishnan, announced the initiative, which aims to reduce recruitment costs, prevent worker exploitation, and enhance transparency…
The Federal Airports Authority of Nigeria (FAAN) has reduced the cargo port charge at Lagos’ Murtala Muhammed International Airport (MMIA) to N15 per kilogram. This decision follows negotiations with cargo handling stakeholders. FAAN’s Director of Public Affairs and Consumer Protection, Henry Agbebire. Announced the development in a statement shared on the Authority’s official X page…
The Central Bank of Nigeria (CBN) has announced the full implementation of its Scripless Securities Settlement System (S4). As the exclusive platform for conducting primary market auctions of government securities. This confirmation, provided in response to an inquiry by Nairametrics, establishes S4 as the sole system for bid submission, price discovery, and allocation in Nigeria’s sovereign…
The Nigerian All-Share Index rose 1.29 % on the trading day that ended 9 February 2026, exceeding the 173,000-point mark. The index went up by 2218.7 points and began at 171727.5 and finished at 173946.22. The big names powered by bullish momentum with Dangote Cement rising 8.81. The rally given the backdrop of a drop…
