The World Bank has commended the government of Nigeria for its recent economic reforms. Noting that the measures have helped stabilise the nation’s economy and lay the foundation for long-term growth. According to the global financial institution, the reforms are positioning Nigeria on a new economic trajectory. Which could lead to increased job creation, improved…
The Federal Government of Nigeria has unveiled a ₦10 billion Sugar Project Acceleration Fund. That aimed at expanding large-scale sugar production and strengthening the country’s agricultural value chain. The initiative jointly introduced by the National Sugar Development Council (NSDC) and the Bank of Industry (BOI) to support the development of new sugar projects across the…
Dangote Refinery has announced a reduction in the price of refined petroleum products. Thus lowering the Petrol Price to ₦1,075 per litre while diesel now sells at ₦1,430 per litre. The Petrol Price adjustment is expected to have a significant impact on Nigeria’s fuel market. Potentially easing fuel costs for businesses, transport operators, and consumers…
Nigeria has officially signed the Host Country Agreement to stage the Intra-African Trade Fair 2027 (IATF 2027). Thus setting the stage for one of Africa’s largest trade and investment gatherings to take place in Lagos from 5–11 November 2027. The landmark agreement positions Nigeria as the host nation for the major continental event. That’s aimed…
Legendary Nollywood actor, Pete Edochie has decried inadequate supply of public electricity in the country, revealing he spends N40,000 everyday to provide power in his house. Giving a breakdown of his daily expenses on power, he said “I spend about ₦10,000 every day buying electricity units. Then I spend ₦20,000 on diesel to power the generator…
The Anambra State Government on Thursday announced its recovery of a substantial number of oil wells belonging to the state but were initially attributed to Delta State. The Managing Director of the Anambra State Solid Mineral Development Company and Chairman of Anambra State Petroleum Energy Resources Limited, Prof Charles Ofoegbu, disclosed this in Awka during…
Africa’s largest refinery, the Dangote Refinery, has issued fresh tenders. To sell about 84,000 tons of jet fuel and gasoil (diesel) for loading in March. Signaling that the facility is ramping up operations and strengthening its presence in both domestic and global fuel markets. According to industry sources, the move reflects the refinery’s growing production…
The Federal Executive Council (FEC) has approved a new gratuity package for retiring federal civil servants. Marking a significant enhancement to their exit benefits. This decision was made during a recent FEC meeting in Abuja, based on recommendations from an inter-ministerial technical committee. The committee, led by the Office of the Head of the Civil…
Crude oil prices climbed sharply on Thursday, reaching nearly $84 per barrel—the highest level this year. This figure surpasses Nigeria’s 2026 budget benchmark of $64.85 per barrel. According to Bloomberg, Brent crude, the global oil benchmark, rose by 12% in the first three days of the week. Meanwhile, West Texas Intermediate (WTI) hovered near $78…
The Central Bank of Nigeria (CBN) has announced that its gold reserves have grown to $3.5 billion. This increase follows the acquisition of newly refined gold that meets the London Bullion Market Association (LBMA) Good Delivery standards. However, In a statement on Wednesday, March 4. The CBN revealed that the gold was sourced locally through…
