The Dangote Petroleum Refinery has committed to supplying 1.5 billion litres of petrol every month as part of efforts to stabilise Nigeria’s fuel market, reduce dependence on imports and ensure consistent nationwide availability. The pledge marks a major milestone in the refinery’s operational rollout and signals its intention to play a central role in reshaping the country’s energy landscape. With Nigeria historically reliant on imported fuel despite being a leading crude oil producer, the refinery’s promise represents a significant shift in supply dynamics and a potential turning point for the downstream sector. Officials of the refinery disclosed that the monthly…
Author: Temitope Nlewemchi
Nigeria’s oil-dependent economy is once again in the spotlight as fresh disclosures reveal that the Nigerian National Petroleum Company Limited (NNPCL) is grappling with an outstanding crude-for-loan debt of approximately N8.07 trillion. The financial strain, stemming from long-standing crude repayment deals with international lenders and commodity traders, has raised new questions about transparency, fiscal sustainability, and the long-term impact on Nigeria’s oil revenue. The crude-for-loan model, which allows the national oil company to secure cash advances in exchange for future crude oil deliveries, has been a recurring strategy for NNPCL whenever liquidity becomes tight. While it provides short-term financial relief,…
The Ibadan Electricity Distribution Company (IBEDC) has announced the resumption of its mass rollout of over 55,000 free prepaid meters, reaffirming its commitment to improving metering coverage, reducing estimated billing controversies, and enhancing customer satisfaction across its franchise areas. This renewed metering drive, implemented under the Federal Government–backed National Mass Metering Programme (NMMP), is expected to accelerate the transition to more transparent and efficient energy consumption accounting. In a statement, the utility company explained that the fresh phase of meter distribution would prioritise communities and business clusters with high levels of customer complaints, especially those long affected by estimated billing…
MTN Nigeria has called for deeper collaboration among government agencies, private investors, technology companies, incubators, and the broader innovation community to accelerate the growth of Nigeria’s startup ecosystem. The company said the country possesses one of Africa’s most dynamic pools of young innovators, but noted that sustained progress depends on building a more coordinated environment that supports ideas, funding, and long-term business development. Speaking at a recent industry forum devoted to digital innovation and entrepreneurship, MTN executives stressed that startups remain essential to Nigeria’s economic transformation, particularly in areas such as fintech, health technology, agritech, e-commerce, and artificial intelligence. The…
Lafarge Africa Plc has reaffirmed its dedication to community development across Nigeria by implementing projects that directly impact education, health, and social infrastructure, with a particular focus on improving learning environments in public schools. The cement manufacturing giant disclosed that its ongoing initiatives aim to provide quality education, promote social wellbeing, and empower local communities, highlighting the company’s broader corporate social responsibility (CSR) agenda. The company recently completed several interventions in schools located in communities surrounding its operations, including renovations of classrooms, provision of learning materials, and installation of essential facilities such as desks, chairs, and teaching aids. Lafarge Africa…
The Nigerian Exchange Limited (NGX) ended the week on a negative note as investors collectively lost N129 billion due to bearish trends across major sectors of the equities market. Market analysts attributed the decline to profit-taking activities, lingering economic uncertainties, and fluctuations in global commodity prices that influenced investor sentiment. The downturn reflects the fragile balance between market optimism driven by positive economic indicators and the caution exhibited by investors in response to domestic and international factors. Trading activity during the week was characterised by moderate volumes, with investors selectively buying into blue-chip stocks while exiting positions in cyclical and…
The President of the ECOWAS Commission, Omar Alieu Touray, has projected that Nigeria could emerge as one of the world’s top five economies by the year 2100, describing the nation as a country with unmatched demographic strength, strategic influence and far-reaching economic potential. Touray made the statement during the launch of the ECOWAS National Biometric Identity Card in Abuja, where he praised Nigeria’s leadership role in regional integration and long-term development planning. According to Touray, the transformation already taking shape within Nigeria’s economic and institutional framework is laying the groundwork for long-term prosperity. He explained that the country’s youthful population,…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Nigeria’s removal from the Financial Action Task Force (FATF) grey list has restored an estimated $30 billion in previously lost investment potential, reaffirming the country’s credibility in global financial markets. Cardoso stated this while addressing journalists following the announcement of Nigeria’s exit from the list, noting that the development marks a turning point for investor confidence and international financial cooperation. Nigeria was placed on the FATF grey list due to concerns over anti-money laundering (AML) and counter-terrorist financing (CTF) compliance gaps. The classification had subjected Nigeria to…
The Federal Government has disclosed that Nigeria’s refining capacity remains hampered by multiple structural and operational constraints, with crude supply shortages identified as the most significant factor limiting utilisation by as much as 62 per cent. This revelation highlights the persistent challenges undermining the nation’s long-standing ambition to achieve self-sufficiency in petroleum product refining and reduce reliance on expensive imports. According to government officials, although Nigeria hosts several refinery assets with the potential to meet a substantial portion of domestic demand, the performance of these facilities continues to fall far below expectations. The combination of inadequate crude supply, ageing infrastructure,…
The Central Securities Clearing System has officially moved to a T+2 settlement cycle, marking a major advancement in Nigeria’s capital market and aligning the country with global settlement standards adopted by leading financial markets. The transition represents a significant step in reducing settlement delays, improving liquidity, strengthening market efficiency, and attracting more institutional investors who rely on faster and more predictable settlement timelines. With this move, transactions executed on the Nigerian Exchange and other participating platforms will now be completed within two business days after the trade date. The CSCS explained that the migration from the previous settlement framework to…
The Central Bank of Nigeria has given formal approval for the appointment of Aigboje “Abiagam” Aig-Imoukhuede as the new Chief Executive Officer of Coronation Merchant Bank, marking a significant leadership transition at one of Nigeria’s key investment and wholesale banking institutions. The approval, which follows a thorough fit-and-proper assessment by the apex bank, signals a new chapter for the bank as it seeks to strengthen its market position and deepen its financial services capabilities in an increasingly competitive and regulated environment. Abiagam’s appointment comes at a crucial moment for the banking sector, which has been undergoing reforms aimed at stabilising…
Google has announced a commitment of N3bn to strengthen Nigeria’s artificial intelligence capacity, marking one of the company’s most significant investments aimed at accelerating technological development in the country. The pledge, made as part of broader initiatives to support innovation across Africa, reflects Google’s strategic focus on expanding digital infrastructure, nurturing local talent, and promoting AI-driven solutions that can address Nigeria’s economic and social challenges. The investment comes at a time when Nigeria is increasingly positioning itself as a key player in the global tech landscape. With a growing population of young innovators, rising adoption of digital tools, and expanding…
Nigeria has witnessed a significant rise in currency circulating outside the banking system, as cash held by individuals and businesses surged by N181.7bn within just one month. The development has raised concerns among financial experts and policymakers, who warn that the growing preference for cash-based transactions could undermine the country’s monetary stability, weaken financial inclusion efforts, and complicate the Central Bank of Nigeria’s broader economic reforms. According to recently released monetary data, the volume of money in circulation outside formal banking channels climbed sharply, reflecting a renewed shift toward physical cash despite ongoing initiatives promoting digital payments and regulated financial…
Nigeria has emerged as the leading African exporter of crude oil to the United States, recording shipments valued at $2.57bn within the first ten months of the year. The development marks a significant boost for Africa’s largest oil producer, reaffirming its position as a dominant player in the global energy market despite persistent domestic production challenges. The surge in exports to the US reflects both the country’s improved output levels and America’s renewed reliance on West African crude to balance supply disruptions and diversify its import sources. The United States has historically maintained a fluctuating relationship with Nigerian crude, with…
The Central Bank of Nigeria has confirmed that a total of 27 banks have successfully mobilised fresh capital as part of the ongoing recapitalisation programme designed to strengthen the financial system and enhance the resilience of deposit money banks. The disclosure marks a major milestone in the implementation of the banking sector reforms announced earlier in the year, aimed at ensuring that Nigerian banks possess the financial muscle required to support long-term economic growth, withstand external shocks, and compete effectively at both regional and global levels. According to the apex bank, the recapitalisation drive has continued to attract strong responses…
The Securities and Exchange Commission has issued a firm directive requiring all capital market operators to register their investment instruments before January, marking a significant step in its ongoing efforts to strengthen regulatory oversight, improve investor protection, and restore confidence in the nation’s financial markets. The instruction is part of a broader push to enhance transparency and ensure that all products traded within the Nigerian capital market meet the minimum standards of disclosure, compliance, and risk management expected by the regulator. According to the Commission, the January deadline is non-negotiable and applies to all instruments currently in use, including those…
Dangote Industries has unveiled plans to significantly boost its fertilizer production capacity with the construction of a $2.5 billion plant in Ethiopia, a move set to triple output and expand the company’s footprint in Africa’s agricultural sector. The announcement underscores Dangote’s commitment to addressing food security challenges, supporting agricultural development, and contributing to the continent’s industrial growth agenda. The plant is expected to become a major hub for fertilizer manufacturing, supplying both domestic and regional markets. According to Dangote executives, the new facility is strategically located in Ethiopia to leverage the country’s favorable logistics, access to raw materials, and growing…
The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it spent N17.5 trillion over the past 12 months on securing fuel pipelines and other critical oil and gas infrastructure across the country. The disclosure underscores the persistent challenges the company faces in protecting vital energy assets from vandalism, theft, and sabotage, which have historically disrupted supply, caused revenue losses, and undermined investor confidence. The investment is part of a comprehensive strategy to safeguard national infrastructure, ensure uninterrupted fuel supply, and protect government revenue. NNPCL officials explained that the funds were deployed across multiple security initiatives, including the recruitment and…
The Central Bank of Nigeria has disclosed that commercial banks extended a total of N74.41 trillion in credit to the private sector in a single month, highlighting the continued expansion of lending activities and the central role of banks in supporting economic growth. The report underscores the resilience of Nigeria’s financial system and signals the banking sector’s readiness to provide liquidity to businesses across various industries, including manufacturing, agriculture, trade, and services. According to the apex bank, the increase in private sector credit reflects sustained confidence in economic recovery, improved credit management practices, and regulatory measures designed to enhance the…
OPay, one of Nigeria’s leading fintech companies, has officially inaugurated a new office in Ibadan, signalling the company’s continued commitment to expanding its operations, enhancing customer engagement, and strengthening its presence in key regional markets. The move reflects OPay’s strategic focus on deepening financial inclusion, improving access to digital payment services, and supporting small businesses and individuals across Nigeria’s rapidly growing fintech ecosystem. The Ibadan office is expected to serve as a regional hub, providing both operational support and customer service for OPay’s expanding user base in the Southwest. Officials explained that the new location will enable quicker response times,…