PenCom has announced a renewed focus on the informal sector as it moves to expand pension coverage and boost financial inclusion through a redesigned micro pension plan. The initiative is aimed at addressing one of the most critical gaps in Nigeria’s retirement savings structure—the exclusion of millions of workers in the informal economy from any form of social security. According to the National Pension Commission, the redesigned scheme is structured to be flexible, technology-driven, and accessible to artisans, traders, transport workers, and other self-employed Nigerians who make up the bulk of the country’s workforce but remain outside formal retirement schemes.…
Author: Temitope Nlewemchi
Nigeria has recorded a significant boost in its foreign earnings after generating about $2.21 billion from crude oil exports to the United States, marking one of the strongest revenue flows in recent years from its transatlantic trade. The development comes amid shifting global energy dynamics and renewed efforts by Nigeria to consolidate its market share among traditional buyers while also seeking new destinations for its crude. According to industry data, the volume of crude supplied to the United States has grown steadily in 2024, with improved compliance to production quotas and lower crude theft bolstering output levels. Analysts note that…
Nigeria’s oil output in August 2025 fell short of the Organization of Petroleum Exporting Countries (OPEC) quota, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirming that an unscheduled maintenance exercise at a key oil facility was the major reason behind the decline. The country, which had consistently met or slightly exceeded its quota in previous months, recorded an average of about 1.43 million barrels per day (bpd) in August, compared to the 1.5 million bpd target set by OPEC. According to the NUPRC, the shortfall was largely due to just one day of unexpected operational downtime, which was enough…
The Nigerian Exchange (NGX) experienced a notable decline in trading activity in August 2025, as combined foreign and domestic investors’ transactions dropped to ₦908 billion. This marks a slowdown in capital market activity compared to July, reflecting cautious investor sentiment amid macroeconomic pressures, global uncertainties, and profit-taking strategies. According to market data, both foreign portfolio investors and local institutional and retail investors reduced their trading volumes, underscoring the prevailing volatility in the equities market. Analysts link this to a combination of factors, including currency fluctuations, high interest rates, and inflationary concerns that have continued to shape investment decisions. The NGX…
Nigeria’s crude oil production reached a major milestone in August 2025, as the country achieved 96 percent of its Organization of Petroleum Exporting Countries (OPEC) production quota. This marks one of the strongest outputs in recent months and highlights the government’s ongoing efforts to stabilize production, curb theft, and restore confidence in the oil sector. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that daily crude oil production averaged around 1.5 million barrels per day (bpd) in August, bringing the country close to its OPEC allocation of 1.55 million bpd. This improvement comes after years of underperformance, largely…
Kenyon Energy, a fast-rising indigenous oil and gas company, has unveiled plans to channel significant investments into Nigeria’s brownfield development projects, marking a strategic shift aimed at revitalizing aging oilfields and boosting national crude output. The move underscores the growing role of local players in the energy sector, particularly at a time when Nigeria is under pressure to increase production and meet revenue targets. Brownfield development refers to the rehabilitation and optimization of existing oil and gas fields that still hold untapped reserves but require technical intervention and capital to maximize output. Unlike greenfield exploration, which involves developing new fields…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians over the abuse of the naira, cautioning that practices such as spraying notes at parties, hawking mint notes at events, and mutilating the national currency will no longer be tolerated. The apex bank, he said, will strengthen enforcement of existing laws to ensure that offenders face appropriate penalties. Speaking during a sensitisation programme on currency management, Cardoso described the naira as a symbol of sovereignty that must be respected by all citizens. He lamented that the frequency of abuse has reached troubling…
Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship scheme, a landmark initiative aimed at supporting students across Nigeria in their pursuit of quality education. The programme, which was launched earlier this year, is part of the bank’s broader commitment to advancing human capital development and addressing the financial barriers faced by many young Nigerians. According to the bank, the first batch of beneficiaries was selected following a rigorous screening and evaluation process that prioritized merit, need, and regional representation. Thousands of applicants from across the country submitted entries, reflecting the high demand for…
The Dangote Petroleum Refinery has announced that it will no longer sell refined petroleum products to unregistered and unlicensed marketers, reinforcing its compliance with regulatory standards and commitment to transparency in the downstream sector. The move, which was confirmed by the management of the $18 billion facility, comes amid ongoing debates over product pricing, distribution challenges, and clashes with oil marketing associations. According to the company, only marketers who have been duly accredited by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and meet the industry’s regulatory requirements will continue to have access to the refinery’s supplies. The development…
Retail Supermarkets Nigeria Limited (RSNL), the local operator of ShopRite, has restated its commitment to serving Nigerian consumers better following recent disruptions in store operations and customer satisfaction. The retailer’s renewed assurance comes as it works to restore consistency across product availability, pricing, and store operations in response to rising concerns of empty shelves, outlet closures, and service gaps. In recent weeks, shoppers in cities including Lagos, Abuja, Ibadan, and Ilorin have reported seeing scant inventory in major ShopRite stores—and in some cases, shuttered locations. In response, RSNL has explained that these issues stem from a broader restructuring of its…
Union Bank of Nigeria has successfully redeemed its ₦6.3 billion Series 2 bond, including both principal and coupon payments, marking a significant milestone in its ongoing commitment to investor confidence and financial discipline. The redemption, which took place on September 3, 2025, underscores the bank’s capacity to meet its debt obligations despite the challenging macroeconomic environment. The bond, issued under the bank’s ₦100 billion Debt Issuance Programme, carried a coupon rate of 15.75%. Fully subscribed at the time of issuance, the instrument represented an important financing tool for Union Bank, providing liquidity to support its strategic operations. By redeeming the…
Amid growing market turbulence and intensifying competition, independent petroleum marketers across Nigeria have started slashing petrol prices below the cost price reportedly offered by the Dangote Petroleum Refinery. The move, which has sparked wide industry debate, is driven largely by weakening consumer demand, high operational costs, and the struggle to maintain market share. In major cities including Lagos, Ibadan, Port Harcourt, and Abuja, pump prices have been observed to range between ₦560 and ₦580 per litre—below the ₦610 to ₦630 per litre range initially floated by Dangote for its refined products when the refinery began domestic supplies. Industry players suggest…
President Bola Ahmed Tinubu officially inaugurated the new board and executive management team of the Nigerian National Petroleum Company Limited (NNPCL) on May 22, 2025, at the State House in Abuja. This marks a pivotal moment for Nigeria’s state-owned oil company as it embarks on a fresh phase under new leadership aimed at boosting efficiency, attracting investment, and supporting the nation’s broader economic objectives. The new NNPCL board comprises 11 members representing Nigeria’s six geopolitical zones, a move that ensures regional diversity in decision-making. Among the key appointments is Bayo Ojulari, named Group Chief Executive Officer (GCEO). Ojulari brings extensive…
Nigeria remains classified within a high-risk debt environment despite recent fiscal improvements, according to a new assessment highlighted by the Nigerian Economic Summit Group (NESG), raising fresh concerns about the country’s debt sustainability trajectory and long-term macroeconomic stability. The report suggests that while fiscal reforms and revenue improvements have been recorded in recent periods, Nigeria’s debt burden, rising debt servicing costs, and limited fiscal space continue to pose significant risks to economic growth and development planning. Debt sustainability refers to a country’s ability to meet its debt obligations without resorting to excessive borrowing or undermining essential public spending. Economists assess…
Commercial banks reportedly withdrew about ₦1.76 trillion from the Central Bank of Nigeria as they increased cash holdings in preparation for heightened liquidity demand typically associated with election cycles and related economic activities. The development reflects a broader trend in the financial system where banks adjust liquidity positions in response to anticipated cash demand spikes, political cycles, and short-term economic uncertainty. The banking system’s decision to hold more cash outside the central bank is often influenced by expected withdrawals by customers, increased transactional activity, and precautionary liquidity management strategies. Nigeria’s financial system is regulated by the Central Bank of Nigeria…
Governor Sheriff Oborevwori has pledged continued collaboration with Julius Berger Nigeria, promising more infrastructure projects for the engineering and construction giant as Delta State intensifies efforts to expand development across critical sectors. The governor reportedly made the commitment while highlighting the importance of quality infrastructure in driving economic growth, improving transportation networks, and supporting urban and rural development within the state. According to stakeholders, the planned partnership is expected to focus on roads, bridges, public facilities, drainage systems, and other strategic infrastructure projects aimed at improving connectivity and boosting socio-economic activities across Delta State. Julius Berger Nigeria remains one of…
Passengers traveling to Nigeria aboard a Delta Air Lines international flight were left stranded after the aircraft reportedly turned back to the United States following nearly eight hours in the air, triggering concerns among travelers and raising questions about operational disruptions affecting long-haul international routes. According to reports surrounding the incident, the flight had departed from the United States en route to Nigeria before the crew made the decision to return mid-journey. The unexpected reversal reportedly caused inconvenience for passengers, many of whom had already spent several hours onboard before the aircraft headed back to its departure location. While details…
The National Association of Aircraft Pilots and Engineers (NAAPE) has warned that the persistent challenges surrounding Jet A1 aviation fuel supply and pricing pose a serious threat to Nigeria’s aviation sector and the broader economy. According to the association, rising aviation fuel costs, supply instability, and operational uncertainties are placing severe financial pressure on airlines, increasing airfares, and threatening the sustainability of domestic air transport operations across the country. Jet A1 fuel, which powers commercial aircraft, represents one of the largest operational costs for airlines globally. In Nigeria, the situation has become more critical due to exchange rate volatility, inflation,…
AltBank has intensified its financial support for local pharmaceutical manufacturing as part of broader efforts to strengthen domestic drug production, improve healthcare supply chains, and reduce Nigeria’s dependence on imported medicines. The bank’s renewed funding commitment is expected to support pharmaceutical companies involved in medicine production, manufacturing expansion, equipment acquisition, and capacity development within Nigeria’s healthcare sector. Industry stakeholders say increased financing for local drug production could significantly improve medicine availability, affordability, and long-term healthcare resilience. Nigeria’s pharmaceutical industry has faced longstanding challenges related to import dependence, foreign exchange constraints, rising production costs, and limited manufacturing infrastructure. A substantial portion…
The Dangote Group has reportedly engaged in high-level investment discussions with Norges Bank Investment Management, the manager of Norway’s sovereign wealth fund valued at approximately $1.9 trillion, in a move that could strengthen international investor interest in Nigeria’s industrial and infrastructure sectors. The discussions are believed to focus on potential investment opportunities, strategic partnerships, and areas of long-term collaboration involving major industrial projects and economic development initiatives across Nigeria and potentially other parts of Africa. Industry analysts describe the engagement as significant due to the global influence and financial strength of Norway’s sovereign wealth fund, which is regarded as one…