The Naira concluded the week on a more positive note, trading at ₦1,534.72 to the U.S. dollar in the official market—a modest but meaningful improvement from the ₦1,550 average recorded earlier in the week. The currency’s uptick is being attributed to increased liquidity in the foreign exchange market, tighter regulatory oversight, and measured intervention by financial authorities. Following weeks of sustained pressure stemming from thin dollar supply and persistent currency volatility, this upward movement brought renewed optimism to import-dependent businesses and households grappling with surging costs. It offers a momentary respite from the uncertainty that has gripped exchange rates, import…
Author: Temitope Nlewemchi
The Dangote Petroleum Refinery has officially resumed the sale of petrol in naira, reversing its earlier decision to suspend transactions in the local currency. This development comes after the intervention of a special committee set up by the federal government to resolve the pricing and operational disagreements that had sparked concerns across the downstream oil sector. The refinery, which had temporarily halted sales in naira citing operational risks, exchange rate volatility, and payment delays from fuel marketers, confirmed on Wednesday that it has resumed local currency transactions with immediate effect. The suspension had generated intense debate, with stakeholders warning that…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has intensified efforts to attract private sector participation as part of a broader strategy to boost the country’s marine and blue economy. The agency, in line with the federal government’s vision of diversifying revenue sources and strengthening non-oil sectors, has outlined new initiatives to unlock investment opportunities across shipping, port infrastructure, shipbuilding, fisheries, and related maritime services. NIMASA’s push comes at a time when Nigeria is seeking alternative revenue streams to reduce dependence on oil, which has historically dominated government income. The marine and blue economy—spanning fisheries, transport, offshore energy, coastal tourism,…
The Dangote Petroleum Refinery has accused the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) of engaging in actions it described as deliberate economic sabotage, following disruptions to crude oil and gas supplies to its multi-billion-dollar facility in Lagos. The accusation comes against the backdrop of escalating tensions between the management of the refinery and the union, whose industrial actions have sparked concerns over fuel availability and broader economic stability. According to the refinery’s management, PENGASSAN’s directives to halt supply have significantly affected production schedules and the distribution of refined petroleum products. Dangote officials argue that these actions…
The Federal Government has unveiled an ambitious new plan, Mission 300, aimed at tackling Nigeria’s long-standing problem of energy poverty and expanding electricity access to millions of citizens who still live without reliable power. The initiative, which was announced at a stakeholders’ forum in Abuja, is part of a broader African strategy to connect 300 million people across the continent to electricity by 2030. Nigeria, as Africa’s most populous country, plays a critical role in this drive and has set out clear targets and partnerships to make this goal a reality. At the heart of Mission 300 is the…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to prioritising frontier basin exploration and strengthening the competitive licensing process as part of efforts to drive sustainable growth in the nation’s oil and gas sector. The move comes as Nigeria intensifies strategies to unlock new hydrocarbon reserves and attract foreign and local investments amid global energy transition concerns. The initiative, according to the regulator, is aimed at boosting reserves, ensuring energy security, and increasing the nation’s revenue base. NUPRC Chief Executive, Gbenga Komolafe, who made this known at an industry stakeholders’ session in Abuja, explained that the commission…
The Infrastructure Concession Regulatory Commission (ICRC) has introduced fresh guidelines for Public-Private Partnership (PPP) projects in Nigeria, while also decentralising approval powers to Ministries, Departments, and Agencies (MDAs) to fast-track infrastructural development. The new framework, announced in Abuja on Friday, is aimed at deepening transparency, efficiency, and accountability in the execution of PPP arrangements across the country. It also seeks to reduce bureaucratic bottlenecks that have historically delayed the approval and implementation of major projects. According to the ICRC, the decision to decentralise certain approval powers will empower MDAs to play a more active role in designing, initiating, and managing…
The Federal Government has successfully settled over ₦2 trillion in outstanding capital budget arrears, significantly boosting the financial standing of states and raising their combined surplus to ₦7.1 trillion, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. Edun disclosed this on Tuesday while briefing journalists in Abuja, explaining that the clearance of the arrears was part of the government’s broader fiscal reforms aimed at stimulating economic activity, improving liquidity, and restoring contractors’ confidence. He said the move aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises infrastructure development and fiscal discipline. According to…
Nigeria’s crude oil production climbed to 1.559 million barrels per day (bpd) in July 2025, marking its highest output level so far this year, according to fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a significant boost from the 1.43 million bpd recorded in June, reflecting ongoing efforts by the Federal Government and oil industry stakeholders to stabilise and ramp up production. The increase is seen as a welcome development for Africa’s largest oil producer, which has struggled in recent years with fluctuating output due to pipeline vandalism, crude theft, ageing infrastructure, and underinvestment. Industry analysts…
The Nigeria Customs Service (NCS) has announced the interception of contraband goods valued at ₦3.1 billion and the arrest of 13 suspected smugglers in a sweeping anti-smuggling operation carried out over the last three weeks. The operation, which spanned several border points, highways, and storage facilities, was part of the NCS’s intensified enforcement drive to curb illicit trade, protect local industries, and safeguard the nation’s revenue base. Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed the development during a press briefing in Lagos on Tuesday, describing the seizures as a significant blow to smuggling networks operating across Nigeria. According to…
The House of Representatives has commenced an investigation into the N1.06 trillion Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme, following growing concerns that the initiative has failed to deliver significant benefits to ordinary Nigerians despite its vast funding. The programme, launched in 2021, was designed to mitigate the socioeconomic impacts of the COVID-19 pandemic by providing targeted interventions for vulnerable individuals, small businesses, and communities across the country. Lawmakers, during a plenary session on Tuesday, expressed dissatisfaction with the reported outcomes of the NG-CARES initiative, alleging that its reach and effectiveness have been far below expectations. They argued…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the need for stronger collaboration between the public and private sectors to accelerate the growth of non-interest financial services across the country. Speaking during a stakeholders’ engagement forum in Abuja, Edun explained that Public-Private Partnerships (PPPs) could play a transformative role in increasing access to ethical and alternative financing models, which would, in turn, foster greater financial inclusion, attract investments, and stimulate sustainable economic development. He noted that non-interest finance, which includes Islamic banking, Sukuk bonds, Takaful insurance, and other Sharia-compliant products, has been growing in…
The Nigerian Postal Service (NIPOST) has denied reports suggesting it confirmed that courier services have been used to traffic drugs since President Bola Ahmed Tinubu took office, describing the claim as misleading and unfounded. The agency, through its management, clarified that it never linked any illegal courier activities to the current administration and warned against twisting its statements for sensational headlines. The controversy arose following reports that quoted Oludotun Sounde, General Manager of the Courier and Logistics Regulatory Department of NIPOST in Ondo State, allegedly stating that courier companies have become conduits for transporting hard drugs and other illegal…
LivingTrust Mortgage Bank Plc has been honoured with the Development Bank of Nigeria (DBN) Innovation Award in the Other Financial Institution (OFI) category for the 2024 financial year. This prestigious recognition highlights the bank’s exceptional performance and innovative contributions to supporting micro, small, and medium-sized enterprises (MSMEs) in Nigeria. The DBN, supported by global development partners including the World Bank, European Investment Bank, French Development Agency, African Development Bank, and the Federal Government of Nigeria, acknowledges financial institutions that demonstrate excellence in facilitating access to finance for MSMEs. LivingTrust Mortgage Bank’s award reflects its commitment to fostering entrepreneurship, driving economic…
The Nigerian Civil Aviation Authority (NCAA) has confirmed that domestic airfares will continue to operate under a deregulated system, with airlines maintaining the autonomy to set prices based on market conditions. This announcement comes amid growing passenger concerns over recent fare increases on domestic routes. Current Pricing Landscape: Economy class tickets on major domestic routes now range between ₦50,000 and ₦150,000, with prices fluctuating based on several factors. The NCAA emphasized that this pricing structure has been in place since the 2016 deregulation policy took effect. NCAA Director-General Capt. Musa Nuhu clarified the authority’s position: “Our role is to ensure…
Fitch Ratings has reaffirmed the long-term Issuer Default Rating of Ecobank Nigeria at ‘CCC’, a level that suggests heightened vulnerability to adverse economic and financial conditions. The rating, while not indicative of immediate default, implies that the bank’s ability to meet its financial commitments is highly dependent on favorable economic developments and possibly external support. This development has sparked concern among industry watchers, given the broader context of challenges in Nigeria’s banking sector and macroeconomic pressures. Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, has faced a series of financial headwinds in recent times. The bank’s capital adequacy has come…
The Dangote Petroleum Refinery has announced a reduction in the pump price of Premium Motor Spirit (PMS), cutting it by N30 per litre in a move aimed at easing the financial burden on Nigerians and supporting economic stability. The new price adjustment, which took effect immediately after the announcement, has been widely welcomed by fuel marketers, transport operators, and consumers. According to a statement from the refinery’s management, the decision was informed by recent operational efficiencies, cost optimisation measures, and the company’s commitment to delivering affordable energy to Nigerians. The management explained that improved crude oil supply arrangements and enhanced…
The Presidency has announced that investments in Nigeria’s Compressed Natural Gas (CNG) sector have reached $980 million, marking a significant milestone in the Federal Government’s efforts to promote cleaner and more affordable energy alternatives. This achievement is part of a broader strategy to reduce the country’s dependence on petrol and diesel, while simultaneously addressing environmental and economic challenges. Chief Executive Officer and Programme Director of the Presidential Compressed Natural Gas Initiative (PCNGI), Michael Oluwagbemi, disclosed the figure on Tuesday in Abuja, noting that the CNG expansion programme is a major pillar of President Bola Tinubu’s Renewed Hope Agenda. He stated…
The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard…
The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a Dubai-bound passenger apprehended at the Murtala Muhammed International Airport, Lagos, for failing to declare a cash sum of $49,000 in his possession. The arrest was made in collaboration with the Nigeria Customs Service (NCS) during routine checks on outbound passengers on Monday. According to EFCC sources, the suspect was scheduled to board a flight to Dubai, United Arab Emirates, when officers conducting clearance procedures discovered the large sum concealed in his luggage. Under Nigerian law, any person transporting cash or negotiable instruments above $10,000 is required…