Nigeria’s earnings from crude oil and gas sales have declined sharply by about 43.3 per cent, even as the country recorded an increase in oil production, according to recent figures from the Budget Office of the Federation. The report revealed that gross profit from the crude and gas sector fell to ₦1.08 trillion in 2024, compared to ₦1.90 trillion in 2023, representing a shortfall of about ₦824.66 billion. Despite modest improvements in production, the decline in global oil prices, combined with structural challenges in the sector, eroded much of the potential gains. Nigeria’s total oil and gas revenue before deductions…
Author: Temitope N.
Ecobank Nigeria has launched a new initiative aimed at promoting digital learning and inclusion for children living with disabilities, reinforcing its commitment to education, technology, and social responsibility. The programme, unveiled in Lagos, seeks to bridge the technological gap affecting children with special needs and equip them with the digital skills required to thrive in the modern world. The initiative, which forms part of the bank’s Corporate Social Responsibility (CSR) agenda, focuses on providing assistive digital tools, specialized learning software, and inclusive teaching platforms for schools catering to children with visual, hearing, and physical impairments. Ecobank said the goal is…
Revenue generated by electricity distribution companies (DisCos) in Nigeria surged by 43 per cent to ₦1.5 trillion in the first nine months of 2025, compared to ₦1.04 trillion recorded in the same period of 2024, according to the latest industry data released by the Nigerian Electricity Regulatory Commission (NERC). The sharp increase was attributed to improved billing efficiency, aggressive metering initiatives, and upward tariff adjustments that took effect earlier in the year. The report indicated that DisCos are now collecting a greater percentage of the energy they bill, reflecting gradual improvement in sectoral liquidity. NERC’s data revealed that between January…
The Federal Airports Authority of Nigeria (FAAN) has announced the enforcement of a zero-tolerance policy against touting and extortion across all Nigerian airports, reaffirming its commitment to ensuring a safe, seamless, and passenger-friendly travel experience. In a statement issued in Lagos, the Managing Director of FAAN, Mrs. Olubunmi Kuku, said the agency has intensified surveillance and security operations to curb the activities of touts, illegal operatives, and unscrupulous staff involved in extortion and harassment of travellers. She described the move as part of FAAN’s broader reform to restore order and uphold Nigeria’s reputation as a hospitable aviation destination. Kuku stated…
The Minister of Aviation and Aerospace Development, Festus Keyamo, has urged Nigerian airline operators to take advantage of the global aircraft dry leasing opportunities as part of efforts to strengthen the nation’s aviation sector and boost local capacity. Speaking at the Aviation Stakeholders’ Forum in Abuja, Keyamo stated that the aviation industry must adopt innovative financing models to bridge operational gaps and reduce dependence on expensive wet leases that drain foreign exchange. He said dry leasing presents a viable and sustainable alternative for Nigerian carriers seeking to expand their fleets without the heavy financial burden associated with outright aircraft purchases.…
The Nigeria Customs Service (NCS), Port Harcourt Area 1 Command, has announced that it collected a total revenue of ₦33 billion in October 2025, reflecting improved efficiency in port operations, enforcement, and trade facilitation within the command.The Customs Area Controller, Comptroller Babatunde Olomu, disclosed this in a statement issued by the command’s Public Relations Officer, Ifeoma Onuigbo, in Port Harcourt. He said the figure represents a significant increase compared to previous months and underscores the command’s commitment to achieving its annual revenue target. According to Olomu, the impressive revenue performance was achieved despite challenges such as fluctuating import volumes, high…
The Federal Government is in talks with the World Bank to secure a fresh $500 million loan aimed at supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country. The facility, government officials say, is part of efforts to strengthen Nigeria’s economic base, drive job creation, and enhance productivity in critical non-oil sectors. According to sources in the Federal Ministry of Finance, discussions with the global financial institution have reached an advanced stage, with the facility expected to be disbursed under the World Bank’s Nigeria for Women and MSME Competitiveness Programme, which focuses on expanding access to…
The Nigerian Association of Petroleum Explorationists (NAPE) has warned that the nation’s crude oil production could decline significantly in the coming years if urgent efforts are not made to discover new oil reserves and revamp exploration activities. The association cautioned that Nigeria’s failure to replace depleting reserves with fresh discoveries threatens its long-term energy security, export capacity, and fiscal stability. Speaking at a pre-conference media briefing in Lagos ahead of the 42nd NAPE Annual International Conference and Exhibition, the association’s President, Abiodun Ogunjobi, emphasised that Nigeria’s oil reserves are aging while exploration activities have slowed down due to funding challenges,…
The Central Bank of Nigeria (CBN) has reaffirmed that the ongoing banking sector recapitalisation is vital to achieving President Bola Tinubu’s ambitious goal of transforming Nigeria into a $1 trillion economy by 2030. The apex bank noted that strengthening the capital base of financial institutions is essential to enhancing credit growth, boosting resilience against shocks, and supporting sustainable economic expansion. CBN Governor, Olayemi Cardoso, stated this while addressing financial sector stakeholders in Abuja, explaining that the recapitalisation exercise is not merely a regulatory requirement but a strategic move to align the banking industry with Nigeria’s broader developmental vision. Cardoso said…
The United Kingdom’s refined oil exports to Nigeria have surged to £1.5 billion, underscoring the deepening trade relationship between both nations despite ongoing efforts by Nigeria to strengthen local refining capacity and reduce dependence on imported fuel. According to recent trade data from the UK Office for National Statistics (ONS), Nigeria ranked among the top destinations for British refined petroleum products in the first three quarters of 2025. The export figures represent a significant increase compared to previous years, reflecting both the high demand for refined fuels in Nigeria and the shifting dynamics in the global energy market. The ONS…
The African Continental Free Trade Area (AfCFTA) Secretariat has unveiled a new Tourism and Creative Industries Forum aimed at harnessing the potential of Africa’s vibrant cultural, entertainment, and travel sectors to accelerate intra-African trade, job creation, and economic diversification. The initiative, unveiled at the AfCFTA headquarters in Accra, Ghana, brings together policymakers, private sector players, and development partners to explore how creative and tourism industries can drive the continent’s economic integration agenda. Secretary-General of AfCFTA, Wamkele Mene, said the forum was created to strengthen collaboration among African nations and develop strategies to unlock the economic potential of the continent’s creative…
The Nigerian Ports Authority (NPA) has called for deeper regional integration and cooperation among West and Central African countries to improve port efficiency, boost trade facilitation, and enhance the overall competitiveness of ports within the region. The Authority said such collaboration is essential to overcome common challenges affecting maritime logistics, infrastructure, and cargo movement, as well as to position the sub-region as a global maritime hub. Speaking at a stakeholders’ engagement session in Lagos, the Managing Director of NPA, Mohammed Bello-Koko, said regional integration is not just desirable but a necessity in light of global trade dynamics and the increasing…
The National Sugar Development Council (NSDC) has unveiled plans to integrate more outgrower farmers into Nigeria’s sugar supply chain as part of efforts to strengthen local production and reduce dependence on imported raw sugar.Speaking at a stakeholders’ engagement in Abuja, the Executive Secretary of NSDC, Mr. Kamar Bakrin, said the Council is deepening collaboration with sugar-producing companies and local farmers to ensure that smallholder producers benefit from the country’s expanding sugar value chain. Bakrin noted that the move aligns with the objectives of the Nigeria Sugar Master Plan (NSMP II), which aims to achieve self-sufficiency in sugar production by 2030.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country is poised for a significant increase in crude oil production, following renewed investments, enhanced regulatory reforms, and progress in tackling security challenges in the Niger Delta.Speaking during a media briefing in Abuja, the Chief Executive of NUPRC, Engr. Gbenga Komolafe, stated that Nigeria is on track to ramp up production beyond its current levels, with new projects expected to boost national output to over 1.8 million barrels per day (bpd) in the coming months. Komolafe explained that a combination of factors, including better surveillance of oil assets, the…
Manufacturers in Northern Nigeria have expressed strong support for the Federal Government’s recently introduced 15 percent tariff on imported fuel, describing the move as a strategic step toward promoting local refining capacity, industrial self-sufficiency, and economic stability. The manufacturers said the policy would encourage investment in Nigeria’s refining industry, reduce foreign exchange pressure, and position the country to benefit from its growing oil and gas sector. The endorsement came after several industry groups and economists weighed in on the implications of the new tariff policy, which President Bola Ahmed Tinubu’s administration introduced as part of a broader effort to strengthen…
The Nigerian Senate has absolved Nigeria’s leading carrier, Air Peace, of any wrongdoing or negligence regarding the recent drug trafficking incident involving the airline’s crew in Saudi Arabia. The Senate’s Committee on Aviation, in its report presented on Monday, concluded that the airline exercised due diligence and followed all aviation safety and security protocols before the flight’s departure. The incident, which sparked national outrage and diplomatic tension between Nigeria and Saudi Arabia, occurred when Saudi authorities arrested two members of an Air Peace cabin crew for alleged possession of illicit drugs. The airline had maintained its innocence, insisting that the…
Ecobank Group has signed a €10 million trade finance agreement with Proparco, the private sector financing arm of the French Development Agency (AFD), to boost access to finance for small and medium-sized enterprises (SMEs) across Africa.The landmark deal, announced in Lomé, Togo, where Ecobank’s headquarters is based, aims to enhance intra-African trade and strengthen the capacity of SMEs to participate in regional and international commerce. The partnership underscores both institutions’ shared commitment to driving inclusive economic growth through sustainable financial solutions. According to a joint statement by both organisations, the financing package will enable Ecobank to expand its trade finance…
The United Bank for Africa (UBA) Plc has brought together top social media influencers, entrepreneurs, and digital creators for an interactive business series aimed at promoting entrepreneurship, financial literacy, and digital innovation across Africa.The event, held at UBA House in Lagos, was part of the bank’s Business Series initiative — a platform designed to empower individuals and small business owners with practical insights, financial knowledge, and networking opportunities to enhance their business growth. The session, themed “Monetising Influence: Building Sustainable Income Streams in the Digital Era,” featured prominent influencers and digital experts who shared their experiences on how content creators…
The Nigeria Customs Service (NCS) has firmly denied reports alleging that it conducted a secret auction of seized containers at major ports across the country. The agency described the claims as “false, misleading, and malicious,” asserting that all auction procedures are transparent and carried out in accordance with established guidelines. In a statement issued by the National Public Relations Officer, Abdullahi Maiwada, the NCS said its attention was drawn to several media publications and online commentaries accusing the service of illegally auctioning confiscated containers without due process. Maiwada dismissed the allegations as baseless, insisting that the Customs Service operates under…
The Nigerian Association of Petroleum Explorationists (NAPE) has cautioned that Nigeria’s crude oil production may experience a steep decline in the coming years if the country fails to make significant new oil and gas discoveries. The association warned that the nation’s reliance on aging oil fields and inadequate exploration investments poses a major threat to its long-term energy security and economic stability. Speaking ahead of its upcoming annual international conference, NAPE President, Abiodun Ogunjobi, said the rate of oil exploration and discovery in Nigeria has dropped drastically over the last decade, creating a dangerous gap between production and reserve replacement.…