Nigeria’s downstream petroleum sector witnessed a major shift as the Nigerian National Petroleum Company Limited (NNPC) and several independent marketers announced a reduction in petrol pump prices following Dangote Refinery’s decision to cut its ex-depot price. The development marks one of the most significant adjustments in the domestic fuel market since the removal of subsidies and signals a competitive turn that could benefit millions of Nigerians. The Dangote Refinery, Africa’s largest and a long-anticipated game-changer for Nigeria’s energy landscape, recently slashed the ex-depot price of Premium Motor Spirit (PMS) by ₦30 per litre. This move immediately prompted both NNPC and…
Author: Temitope Nlewemchi
The World Trade Organization (WTO) has launched a $50 million fund aimed at supporting women-led businesses and boosting their participation in global trade. The initiative, unveiled at the WTO headquarters in Geneva, is designed to provide direct financial assistance, capacity-building, and market access opportunities for women exporters from developing and least-developed countries. According to the global trade body, the fund will help women entrepreneurs overcome barriers that have long hindered their ability to compete in international markets, including limited access to finance, inadequate infrastructure, and gender-related trade restrictions. The WTO said that 146 Nigerian women exporters are among the first…
The Corporate Affairs Commission (CAC) has uncovered 247 companies allegedly operating with fake or invalid registration numbers, raising fresh concerns about fraudulent practices within Nigeria’s business environment. The revelation, made public during a regulatory enforcement briefing in Abuja, highlights the Commission’s increasing use of technology to monitor and verify corporate compliance across the country. Registrar-General of the CAC, Hussaini Ishaq Magaji, said the fraudulent practices came to light after an extensive digital audit of the Commission’s database, where inconsistencies in the use of registration certificates were detected. He explained that the companies were flagged for presenting false registration credentials while…
Chevron Nigeria Limited (CNL) has reiterated its commitment to supporting the growth and development of Nigeria’s oil and gas industry, pledging sustained investment, technological expertise, and collaboration with stakeholders to maximise the sector’s potential. Speaking during a recent industry forum in Lagos, Chevron’s Chairman and Managing Director, Rick Kennedy, said the company remained dedicated to working alongside the Federal Government and industry partners to enhance production, boost reserves, and ensure energy security for the country. Kennedy highlighted Chevron’s decades-long presence in Nigeria, noting that the company has been instrumental in driving upstream production, midstream infrastructure development, and community engagement programmes…
Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced an ambitious plan to significantly reduce Nigeria’s dependence on fish imports by expanding local aquaculture production and empowering young people to actively participate in the fisheries value chain. He said the strategy is aimed at strengthening food security, creating jobs, and preserving foreign exchange currently spent on importing fish. Speaking at a stakeholders’ engagement in Abuja, Oyetola lamented that Nigeria still imports a substantial portion of its fish consumption despite having abundant marine resources and inland waterways. According to him, the country spends billions of naira annually on fish imports,…
The Central Bank of Nigeria (CBN) has called on Nigerians to promptly report any commercial bank or financial institution found selling naira notes to the public, describing such acts as illegal and a serious violation of the country’s monetary regulations. The apex bank stressed that the sale of currency undermines the integrity of the financial system, contributes to cash scarcity, and fuels illicit economic activities. In a statement issued by its Corporate Communications Department, the CBN warned that it would not hesitate to take decisive action against banks or individuals involved in the illicit trade of naira notes. The bank…
Lafarge Africa Plc, in partnership with the Ogun State Government, has embarked on an ambitious environmental sustainability initiative aimed at planting one million trees across the state. The project is designed to combat climate change, restore degraded landscapes, and promote biodiversity, while also creating socio-economic opportunities for local communities. Speaking at the launch ceremony in Ewekoro, Ogun State, Lafarge Africa’s management emphasised the company’s long-standing commitment to environmental stewardship and sustainable business practices. The cement manufacturer stated that the tree-planting initiative aligns with its broader corporate social responsibility (CSR) framework, which focuses on climate action, community development, and resource efficiency.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set its sights on positioning Nigeria to attract at least 40% of all oil and gas investment inflows into Africa, citing the country’s vast hydrocarbon resources, recent regulatory reforms, and ongoing efforts to improve the investment climate. Speaking at an industry stakeholders’ forum in Lagos, the Commission’s Chief Executive, Gbenga Komolafe, said the goal aligns with Nigeria’s ambition to reclaim its status as the continent’s foremost oil and gas destination. He noted that the implementation of the Petroleum Industry Act (PIA) has provided a more transparent and predictable framework for investors, but…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has expressed concern over the slow pace in the development and exploitation of the country’s vast untapped oil reserves, warning that prolonged delays could undermine Nigeria’s economic growth and its position as a leading crude oil producer in Africa. Speaking during an industry forum in Abuja, senior executives of NNPC Ltd said that despite Nigeria’s significant proven reserves, inadequate investments, infrastructural challenges, and bureaucratic bottlenecks have hindered the country from fully harnessing its hydrocarbon potential. They stressed that the global energy market is rapidly evolving, and Nigeria risks losing its competitive advantage…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that state governments have received a cumulative N7.1 trillion in allocations from the Federation Account since the beginning of the current administration in May 2023. Edun said the figure reflects the government’s commitment to fiscal federalism and equitable revenue sharing among the three tiers of government. Speaking during a briefing in Abuja on Tuesday, the minister explained that the disbursements were made through the Federation Accounts Allocation Committee (FAAC) over a period of 14 months. According to him, the consistent and timely remittances demonstrate the administration’s…
The Federal Inland Revenue Service (FIRS) has extended the deadline for taxpayers to transition to its new electronic invoicing system by an additional three months, giving businesses more time to adjust to the platform aimed at improving tax compliance and reducing revenue leakages. The extension, announced on Tuesday in Abuja, moves the compliance deadline from September 1, 2025, to December 1, 2025. FIRS Chairman, Zacch Adedeji, said the decision was in response to appeals from the business community and industry groups who requested more time to fully integrate the e-invoicing system into their accounting and payment processes. Adedeji explained that…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country’s $4 billion trade surplus recorded in the second quarter of 2025 is a strong indicator that the economy is on a steady path to recovery and stabilisation. Edun, who disclosed the figures during a media briefing in Abuja on Tuesday, explained that the surplus reflected the combined effect of ongoing economic reforms, improved export earnings, and a gradual decline in import dependence. According to the minister, Nigeria’s merchandise exports in Q2 2025 stood at $18.2 billion, compared to $14.2 billion in imports, leaving a positive…
The Nigeria Labour Congress (NLC) has accused the Federal Government of diverting 40 percent of the contributions to the Nigeria Social Insurance Trust Fund (NSITF), threatening to embark on a nationwide strike if the alleged practice is not stopped within seven days. NLC President, Joe Ajaero, disclosed the allegations during a press briefing in Abuja on Tuesday, warning that the Congress would mobilise its affiliates across the country for industrial action if the government failed to address what it described as “a brazen act of misappropriation.” According to the NLC, the diversion of funds contravenes the Employees’ Compensation Act, which…
The National Pension Commission (PenCom) has urged the Federal Government to raise the pension contribution rate for the Nigeria Police Force from the current 10 percent to 20 percent, citing the need to ensure adequate retirement benefits and financial security for officers after years of service. The call was made by PenCom’s Director-General, Mrs. Aisha Dahir-Umar, during a stakeholders’ engagement in Abuja on Tuesday. She explained that the recommendation was part of a broader proposal to address long-standing concerns over the welfare of police officers, especially given the high-risk nature of their duties. Under Nigeria’s Contributory Pension Scheme (CPS), employers…
Nigeria’s banking sector attracted more than half of total capital inflows into the country in the first half of 2025, underscoring its central role in the nation’s economic reform agenda and growing investor appetite for financial services. Data from the National Bureau of Statistics (NBS) reveal that the financial institutions sector accounted for over 52 percent of the $3.21 billion in total capital importation recorded between January and June 2025. This dominance reflects the continued confidence of foreign investors in Nigeria’s banking system despite macroeconomic headwinds and policy adjustments. According to the NBS report, foreign portfolio investments in Nigerian banks…
The Power System Operator (PSO), a key division of the Transmission Company of Nigeria (TCN), has stepped in to mediate the ongoing electricity tariff crisis in Enugu State, amid growing tensions between the Enugu Electricity Distribution Company (EEDC) and electricity consumers in the region. The intervention follows weeks of heated complaints from residents, business owners, and civil society groups over what they described as “unjustified and exorbitant” tariff increases introduced by EEDC. The new rates, which took effect in July, have reportedly led to sharp increases in monthly bills for both residential and commercial customers. Speaking at a press briefing…
The Infrastructure Concession Regulatory Commission (ICRC) has given the green light to the outline business case (OBC) for Nigeria’s proposed $60 billion bullet train project, marking a major step forward in the Federal Government’s push to modernise the country’s transportation system. The project, which aims to connect key cities with high-speed rail infrastructure, is expected to revolutionise travel, boost economic activities, and position Nigeria as a regional transport hub. According to the ICRC, the approval of the OBC paves the way for the Federal Government to commence detailed procurement processes, including the engagement of private sector partners under a Public-Private…
The Chief Executive Officer of Ghana International Bank (GHIB), Dean Adansi, has said that Africa has the potential to generate up to $133 billion annually if it successfully closes its existing $80 billion trade finance gap. He made this known during a recent economic forum where financial experts, policymakers, and trade leaders discussed strategies to unlock the continent’s economic potential through enhanced access to trade financing. Adansi explained that trade finance remains one of the most critical enablers of Africa’s economic growth, yet the continent continues to face significant barriers in this area. According to him, limited access to affordable…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the nation’s daily petrol consumption dropped to 48.03 million litres in June 2025, marking a notable decline compared to previous months. The figure reflects the continued impact of subsidy removal, market reforms, and stricter monitoring of fuel distribution and sales across the country. According to data released by the Authority, the figure is a reduction from the average of over 60 million litres per day recorded before the removal of fuel subsidies in May 2023. NMDPRA officials attributed the decline to a combination of factors, including improved transparency…
The Federal Government has introduced a new digital platform designed to strengthen compliance with the Code of Conduct for public officers nationwide. The innovation, which was officially launched on Tuesday in Abuja by the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Walson-Jack, aims to promote transparency, enhance accountability, and streamline the asset declaration process in the public sector. Developed by the Code of Conduct Bureau (CCB) in collaboration with technology partners, the tool provides a centralised, user-friendly system for public officers to submit their asset declarations, access relevant guidelines, and stay updated on compliance requirements without…