The cost of Premium Motor Spirit (PMS), commonly known as petrol, is on the verge of hitting ₦900 per litre across Nigeria, as global oil dynamics tighten and the Organization of the Petroleum Exporting Countries and its allies (OPEC+) signal a fresh phase of production hikes. Fuel marketers in major cities including Lagos, Abuja, Port Harcourt, and Kano are already adjusting pump prices, with several outlets selling petrol between ₦860 and ₦880 per litre. According to sources within the downstream petroleum sector, the ₦900 threshold may be breached within days unless international oil prices retreat significantly or the naira strengthens…
Author: Temitope N.
The global hospitality industry is set to record remarkable growth over the next four years, with a new market forecast projecting the sector to reach a total value of $2.61 billion by 2029. The report, released by industry analysts, attributes the surge to rising tourism, increased disposable incomes, expansion in business travel, and the growing demand for leisure experiences among younger populations. Currently, the industry is valued at approximately $1.5 billion, meaning it is expected to nearly double within five years. This growth trajectory is being supported by several key trends, including the digital transformation of booking services, the rise…
The Centre for the Promotion of Private Enterprise (CPPE) has projected that Nigeria’s Gross Domestic Product (GDP) could climb to approximately $450 billion by the end of 2025, a significant economic milestone for Africa’s largest economy. The forecast, announced by CPPE’s Director, Dr. Muda Yusuf, follows the recent rebasing of the nation’s GDP and signals cautious optimism about the country’s economic direction amid ongoing structural reforms. Dr. Yusuf, a seasoned economist, noted that the projection is based on the current pace of economic activity and the assumption that the macroeconomic environment will remain stable in the absence of major shocks.…
Amid mounting public scrutiny, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has firmly defended the federal government’s decision to allocate a staggering ₦712 billion for the redevelopment of Terminal 1 of the Murtala Muhammed International Airport (MMIA), Lagos. The project, which received Federal Executive Council (FEC) approval, has sparked intense debate across political, economic, and civil society circles, with many questioning the size of the budget and the urgency of the overhaul. At a press briefing in Abuja, Keyamo addressed the growing criticism, explaining that the decision to embark on a comprehensive reconstruction of Terminal 1 stems from…
In a dynamic gathering of financial minds and policy experts, a recent conference spotlighted the pivotal role insurance and pension industries play in fostering economic growth and long-term national stability. The event, held in Abuja and attended by stakeholders from both the public and private sectors, sought to unravel the layers of influence that these industries have on infrastructure financing, capital market development, and social welfare enhancement. Speakers at the event emphasized that insurance and pensions are not merely financial products, but critical levers for sustainable development. As governments across Africa face budgetary constraints and rising demands for social security,…
As global trade tensions continue to rise, particularly with the evolving landscape of US tariffs, industry regulators and experts are calling on insurance companies across the United States to tighten their risk management frameworks. The growing unpredictability of international trade policies and the possibility of retaliatory measures by foreign governments have heightened the need for insurance firms to prepare for broader economic shocks that may arise from tariff-related disruptions. Tariffs — government-imposed duties on imported goods — are often used as tools of trade negotiation, economic protectionism, or retaliation. In recent years, the US has implemented several rounds of tariffs…
The Federal Government has clarified that no contract has been awarded under the current administration for the Baro Inland Port project in Niger State. The clarification comes amid growing public interest and legislative scrutiny concerning the status of the multibillion-naira project, which has remained non-operational years after it was commissioned. According to the government, the Baro port project was initiated by previous administrations, and while there have been ongoing discussions regarding its operational challenges, no new contract has been issued since the present government assumed office. The Minister of Marine and Blue Economy, through official communication, confirmed that the current…
The Nigeria Labour Congress (NLC) has outrightly rejected the Federal Government’s newly approved National Industrial Relations Policy, describing it as an attempt to weaken trade unions and criminalise lawful strike actions. The NLC raised alarm that the policy, as approved by the Federal Executive Council, poses a grave threat to workers’ constitutional rights and industrial democracy in Nigeria. In a strongly worded statement, NLC President, Comrade Joe Ajaero, warned that any move by the government to restrict or criminalise strikes would be met with stiff resistance from organised labour. He described the policy as a veiled attack on the rights…
The National Agency for Food and Drug Administration and Control (NAFDAC) has seized counterfeit, expired, and unregistered products estimated at over ₦1.5 billion in a major crackdown at the Trade Fair Complex in Lagos. The enforcement exercise, which targeted the cosmetics section of the market, was carried out as part of the agency’s nationwide campaign to rid the country of substandard and dangerous products. According to the Director of NAFDAC’s Investigation and Enforcement Directorate, Dr. Martins Iluyomade, the operation followed weeks of surveillance and intelligence gathering. The agency stormed several warehouses and storage units where large quantities of banned and…
The Dangote Group has appointed David Bird as the new Chief Executive Officer of its refinery and petrochemicals business, a major leadership move aimed at accelerating operations and addressing existing technical challenges. Bird, a seasoned oil and gas executive with more than 30 years of experience, assumed office in July and is expected to lead the 650,000 barrels-per-day refinery through a critical phase of stabilization and expansion. The appointment of Bird comes at a time when the Dangote Refinery, one of Africa’s most ambitious industrial projects, is transitioning from its construction and early commissioning phase to full-scale operations. Despite its…
First Bank of Nigeria has successfully retained its Environmental, Social, and Governance (ESG) leadership title at the prestigious 2025 Euromoney Awards, marking consecutive years of recognition for its commitment to sustainable banking practices and social responsibility. The award, announced at a high-profile ceremony in June, reaffirms First Bank’s position as a dominant player in ESG standards within Africa’s financial sector. The bank was praised for its strategic integration of ESG principles across core operations, including robust support for green financing, transparent governance structures, and inclusive social initiatives. First Bank’s Chief Executive Officer highlighted that ESG considerations are deeply embedded in…
The World Bank is set to disburse a $250 million loan to Nigeria next month to strengthen the country’s healthcare delivery systems and address longstanding weaknesses in infrastructure, service accessibility, and public health capacity. The loan, part of a broader global health development initiative, is aimed at supporting reforms in Nigeria’s healthcare sector, especially in primary healthcare and maternal-child health services. The planned financial intervention comes at a time when Nigeria’s public health system faces multiple challenges, including underfunding, overstretched infrastructure, workforce shortages, and rising health emergencies. Government officials have confirmed that the World Bank facility will be directed toward…
A recent analysis by PricewaterhouseCoopers (PwC) has raised concerns that Nigeria’s decision to restrict the importation of solar energy components could significantly hamper the country’s energy access ambitions. The professional services firm warned that while the intent behind the restriction may be to encourage local manufacturing, the short-term consequences could negatively affect efforts to provide affordable and clean energy to millions of Nigerians, particularly those in underserved and rural areas. According to PwC, the federal government’s move to ban or heavily restrict the importation of solar panels and related technologies may lead to higher costs, reduced supply, and project delays…
Nasarawa State has officially assumed regulatory control over its electricity market, marking a pivotal moment in Nigeria’s energy sector. This shift follows provisions in the 2023 Electricity Act, which decentralised electricity regulation, empowering state governments to oversee power generation, transmission, and distribution within their boundaries. The move is intended to foster improved electricity access, efficiency, and tailored solutions for local challenges. With this development, the Nasarawa State Electricity Regulatory Commission (NASERC) has become the central body responsible for issuing licenses to operators, overseeing power supply quality, and ensuring consumer protection. The state government emphasized that this transition would allow for…
Airtel Nigeria has announced a substantial increase in its infrastructure investment, allocating approximately $39 million toward network expansion, digital service upgrades, and technology enhancements for the remainder of 2025. The focused capital deployment underscores the telecommunications giant’s commitment to improving service quality, coverage, and resilience amid rising demand for data-driven connectivity. At a media briefing in Lagos, Airtel’s Managing Director confirmed that the increased spending—nearly 20 percent above its initial 2025 capital plan—is being channelled into several core areas. These include expansion of 4G coverage, accelerated rollout of new 5G base stations, deployment of fiber-optic transmission links, and investment in power-backup…
Sterling Bank has announced a robust profit before tax of ₦41.8 billion for the first half of 2025, marking another impressive milestone in its financial journey. The strong performance underscores the bank’s resilience and strategic execution amid a volatile operating environment defined by high inflation, tight liquidity, and foreign exchange pressure. At a press briefing in Lagos, Sterling Bank’s Group Managing Director highlighted the diversified revenue streams that supported the result. “Our balanced approach across retail, corporate, and digital banking, combined with effective cost control measures, has enabled Sterling to deliver sustainable profitability,” he said. He emphasised that prudent credit…
The Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Olumide Adeosun, has urged the Federal Government to initiate strategic partnerships with Original Equipment Manufacturers (OEMs) as a deliberate move to reduce the country’s heavy reliance on imported industrial and energy-related equipment. He made this call during an energy policy roundtable held in Lagos, highlighting the role such collaborations could play in enhancing local capacity, creating jobs, and stabilising the foreign exchange market. Adeosun explained that consistent importation of equipment for the downstream and upstream sectors of the oil and gas industry has placed a significant strain on Nigeria’s…
A police officer who turned down an ₦800,000 bribe offer from a robbery suspect has been publicly commended by the Nigeria Police Force for his integrity and professionalism. The officer, whose name has not been disclosed for security reasons, reportedly refused the bribe during an investigation in which a suspected armed robber attempted to secure his release through illicit means. According to the Police Public Relations Office, the officer was part of a tactical team in a recent operation that led to the arrest of the suspect, who is believed to be part of a syndicate terrorising communities in a…
The Nigeria Customs Service (NCS) has issued a directive mandating all companies currently operating under the Fast Track Scheme to fully migrate to the Authorised Economic Operator (AEO) programme on or before December 31, 2025. The announcement is part of the Service’s broader plan to enhance trade facilitation, tighten cargo security, and align with global customs best practices. According to the directive, companies that fail to transition by the deadline will no longer enjoy the privileges associated with the Fast Track Scheme, which was initially introduced to expedite clearance for compliant, large-scale importers and manufacturers. The Fast Track Scheme allowed…
Banks’ deposits with the Central Bank of Nigeria (CBN) have skyrocketed by 783 percent year-on-year, rising to a record ₦79.8 trillion as of June 2025, compared to ₦9.04 trillion in the same period of 2024. This sharp increase signals a growing trend in liquidity management and reserve placement among commercial banks, especially amidst recent monetary policy tightening by the apex bank. The spike, which has drawn attention from analysts and stakeholders across the financial sector, is largely attributed to the CBN’s aggressive mop-up strategy, including frequent issuance of Open Market Operation (OMO) bills, increased Cash Reserve Ratio (CRR) debits, and…