An industrialist has lauded the Dangote Refinery for its recent impact on petrol availability in Nigeria, noting that the facility has significantly eased the chronic fuel shortages that have plagued the country for years. While praising the refinery’s contribution to stabilising petrol supply, the industrialist also urged authorities and marketers to consider reducing diesel prices, highlighting the economic importance of affordable fuel for manufacturing and logistics. According to the industrialist, the Dangote Refinery, which began operations recently, has enabled over 1,000 trucks to load petrol daily, dramatically improving access and distribution across the nation. This has reportedly led to a…
Author: Temitope Nlewemchi
The Nigerian Communications Commission has issued a stern warning to telecom subscribers and internet users nationwide to exercise heightened caution against cybercriminal activities, amid a rise in digital fraud, phishing attacks and identity theft. The regulator emphasised that as Nigeria deepens its adoption of digital services, the risks associated with cybercrime are increasing, requiring proactive measures from both consumers and service providers. According to the NCC, cybercriminals have become more sophisticated, employing tactics such as fake banking alerts, fraudulent online transactions, social engineering scams and malware attacks to exploit unsuspecting individuals and businesses. The regulator noted that these criminal schemes…
The African Export‑Import Bank and the Central Bank of Egypt have taken a major step toward laying the foundations for a pan‑African Gold Bank, a strategic initiative aimed at transforming the continent’s gold sector and strengthening its economic resilience. The move is part of Afreximbank’s broader effort to ensure that Africa’s natural resources directly benefit its people and economies. Under the agreement signed on December 30, 2025, the two institutions will collaborate on commissioning a comprehensive feasibility study to explore the technical, regulatory and commercial framework required to establish an integrated Gold Bank ecosystem. The proposed institution is expected to…
The Nigeria Deposit Insurance Corporation has reaffirmed its full compliance with the Fiscal Responsibility Act and other statutory remittance requirements, dismissing concerns over alleged non-remittance of funds to the appropriate government accounts. The corporation said it operates strictly within the framework of existing financial regulations and remains committed to transparency and accountability in the management of public funds. NDIC explained that its financial operations are guided by its enabling Act as well as relevant federal fiscal laws, including the Fiscal Responsibility Act. According to the corporation, its remittance obligations differ in structure from those of conventional revenue-generating agencies due to…
The National Insurance Commission has ruled out any extension of the deadline for the ongoing recapitalisation of insurance and reinsurance companies, insisting that operators must meet the stipulated capital requirements within the approved timeline. The regulator said the reform is critical to strengthening the insurance industry and enhancing its capacity to support Nigeria’s economy. NAICOM stressed that the recapitalisation programme is aimed at building a more resilient, credible and solvent insurance sector capable of underwriting large and complex risks. According to the commission, delaying the process would undermine the objectives of the reform and weaken public confidence in the industry.…
Nigeria’s crude oil output averaged about 1.46 million barrels per day, remaining below the production benchmark allocated by the Organisation of the Petroleum Exporting Countries, according to recent industry data. The shortfall highlights persistent operational and structural challenges in the country’s upstream oil sector, despite ongoing efforts to boost production and meet OPEC targets. The OPEC benchmark for Nigeria is higher than the current production level, and consistently falling short of this quota has raised concerns among policymakers and industry stakeholders. Crude oil remains Nigeria’s largest source of export revenue and foreign exchange earnings, making production levels critical to fiscal…
Nigeria recorded a rebound in foreign direct investment in the third quarter, attracting about $720 million in capital inflows, signalling renewed investor interest amid ongoing macroeconomic and structural reforms. The improvement marks a positive shift after periods of subdued investment driven by policy uncertainty, foreign exchange constraints and global economic headwinds. According to official data, the increase in FDI reflects growing confidence in Nigeria’s reform trajectory, particularly in the foreign exchange market, fiscal management and key productive sectors. Analysts note that while inflows remain below long-term potential, the Q3 performance suggests that investors are beginning to reassess opportunities in Africa’s…
The Central Bank of Nigeria has projected that the country’s foreign exchange reserves could rise to about $51 billion by 2026, driven by ongoing economic reforms, improved foreign exchange inflows and stronger macroeconomic management. The projection reflects growing optimism within the apex bank that recent policy adjustments will strengthen Nigeria’s external position over the medium term. According to the CBN, the expected growth in external reserves is anchored on reforms in the foreign exchange market, increased oil and gas earnings, improved non-oil exports and rising inflows from diaspora remittances and foreign investment. The bank said these factors, combined with tighter…
The World Bank has urged countries, particularly developing economies, to strengthen trade standards as a critical pathway to boosting economic growth, improving competitiveness and expanding access to global markets. The multilateral lender said weak standards and regulatory gaps continue to limit trade potential and undermine industrial development in many emerging economies. According to the World Bank, trade standards play a central role in determining the quality, safety and acceptability of goods and services in international markets. Countries that fail to align with global standards, the bank noted, often struggle to integrate effectively into global value chains, resulting in lost export…
The Nigerian National Petroleum Company Limited has reported a profit of ₦502 billion for November, even as the country’s crude oil production declined during the period. The performance highlights the company’s improved financial position following ongoing reforms in the oil and gas sector, despite operational challenges affecting upstream output. According to the national oil company, the profit was recorded in November operations, reflecting stronger revenue management, improved trading margins and increased efficiency across its business units. The result underscores NNPCL’s transition into a commercially driven entity under the Petroleum Industry Act, which mandates transparency and profitability. Crude oil production during…
President Bola Ahmed Tinubu has departed Lagos for Europe ahead of his participation in the Abu Dhabi Sustainability Summit, a high-level global forum focused on sustainable development, climate action, and economic transformation. The President left Lagos on Tuesday following the conclusion of official engagements in the state. According to a statement from the Presidency, Tinubu will first make a brief stop in Europe before proceeding to the United Arab Emirates for the summit, which brings together world leaders, policymakers, investors, and development experts. The Abu Dhabi Sustainability Summit is held annually as part of the Abu Dhabi Sustainability Week and…
The Nigerian Army has announced that its troops have neutralised more than 80 terrorists and rescued 34 kidnap victims in coordinated military operations carried out across several parts of the country. The operations, conducted over recent days, were aimed at dismantling terrorist cells, bandit groups, and other criminal networks responsible for violence, kidnappings, and attacks on communities. According to military authorities, the successes were recorded through a combination of ground offensives, intelligence-led raids, and aerial support. Troops engaged terrorists in multiple theatres, particularly in areas affected by insurgency and banditry. During these encounters, several terrorists were neutralised following intense firefights,…
The Lagos State Government has announced the cancellation of the Greater Lagos Fiesta 2025, a major end-of-year entertainment event traditionally held across key locations in the state, citing the need for reflection and prayers as the year draws to a close. In a statement released on Monday, the state government said the decision was taken after careful consideration of prevailing circumstances, emphasizing the importance of unity, solemn reflection, and collective prayers as Lagosians prepare to enter 2026. The government urged residents to use the period to pray for peace, progress, and prosperity for the state and the nation at large.…
Funke Akindele’s latest film Behind the Scenes has taken the Nigerian box office by storm, grossing an impressive N1.1 billion in just 17 days since its release. The milestone marks another major success for Akindele, one of Nollywood’s most influential filmmakers and actors. Released nationwide earlier this month, Behind the Scenes has drawn large audiences across cinemas, driven by strong word of mouth and social media buzz. The film’s compelling storyline, high production values, and a star-studded cast have been widely credited for its commercial performance, helping it join the ranks of Nigeria’s highest-grossing films. Industry analysts say the movie’s…
British heavyweight boxing star Anthony Joshua was involved in a serious road accident on Tuesday, sparking widespread concern among fans and the sporting community after reports emerged that two people are feared dead. The accident reportedly occurred along a major highway, with eyewitnesses describing a violent collision involving multiple vehicles. Emergency responders were said to have arrived at the scene shortly after the crash, cordoning off the area as rescue operations and investigations began. While details remain sketchy, sources at the scene claimed that the impact was severe, leading to extensive damage to at least one vehicle. Anthony Joshua, a…
Nigeria’s manufacturing sector is facing intense pressure as rising energy costs and tightening credit conditions combine to squeeze profitability and threaten growth. While government reforms aim to stabilize the economy and improve market efficiencies, the immediate effect has been an increased operational burden on manufacturers, many of whom are struggling to stay afloat amid soaring expenses. Energy costs remain one of the biggest challenges for manufacturers. The country’s unreliable power supply forces most companies to rely heavily on alternative energy sources such as generators, which are expensive to run. In 2024, spending on alternative energy surged by about 75%, reaching…
Nigeria is currently facing a serious food security challenge that threatens the well-being of millions across the country. Rising inflation, climate change, insecurity, and structural weaknesses in agriculture have combined to create one of the most pressing crises in recent memory. In response, the Federal Government has stepped up efforts to address these challenges with a series of ambitious programs and reforms aimed at boosting food production, stabilizing prices, and safeguarding the nation’s food supply. Food insecurity in Nigeria has deepened significantly in recent years. According to recent reports, over 100 million Nigerians are classified as food insecure, with nearly…
Nigeria’s recent liberalisation of its foreign exchange (forex) market has been hailed as a turning point in the country’s quest to restore investor confidence, attract foreign capital, and strengthen its macroeconomic position. The wide-ranging reforms, spearheaded by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, aim to reduce market distortions, improve transparency, and create a stable environment conducive to long-term investments. The forex market liberalisation involved the unification of multiple exchange rate windows into a single market-driven rate. Previously, the existence of disparate exchange rates—ranging from the official rate to the widely-used parallel market—led to arbitrage, discouraged foreign…
In a major policy move aimed at reforming revenue collection in Nigeria’s electricity sector, the Nigerian Electricity Regulatory Commission (NERC) has introduced new guidelines for the registration and engagement of third-party collection service providers. The directive, which took effect on May 27, 2025, was signed by NERC Chairman Sanusi Garba and is part of efforts to standardize and digitize electricity bill payment processes across the country. The framework is anchored on Section 226 of the Electricity Act, 2023, and is designed to eliminate cash-based collections, streamline revenue channels, reduce losses due to untracked payments, and improve accountability. It also aligns…
South Africa has officially overtaken Nigeria as Africa’s largest importer of refined petroleum products, marking a significant shift in the continent’s energy dynamics. This change, detailed in a new report by energy consultancy CITAC, reflects contrasting developments in both countries’ fuel supply strategies and refining capabilities. According to CITAC, South Africa imported approximately 4.2 million tonnes of refined petroleum products in the first quarter of 2025, a notable increase that puts the country ahead of Nigeria, which imported 3.1 million tonnes over the same period. Projections for the rest of the year suggest that South Africa may import up to…