Nigeria’s external reserves have recorded a sustained rebound for the first time in 2025, rising by $364 million between April 30 and May 14, 2025. This marks the first consistent two-week upward trend in the country’s foreign reserves since they peaked on January 6, 2025, at $40.92 billion. According to the latest figures published by…
The Chairman of BUA Group, Abdul Samad Rabiu, has pledged to further lower the prices of rice and other food items, which he said have already decreased over the past year. He commended President Bola Tinubu for granting waiver on imported food items, saying that his “foresight” helped crash food prices in the country. In…
The World Bank, yesterday, described the Budget 2025 key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market. The Federal Government however disagreed, saying that the assumptions were based on the potentials of the…
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bashir Ojulari, has promised that oil exploration in northern Nigeria will continue. He said drilling activities at the Kolmani oil field in the North-East will soon resume. Mr Ojulari made this known during an interview with the BBC, where he assured…
Nigeria’s economy recorded its fastest growth in about a decade in 2024, the World Bank said yesterday, alluding to early gains of macroeconomic reforms by the President Bola Tinubu’s administration. World Bank’s Lead Economist for Nigeria, Alex Sienaert, pointed out Federal Government’s improved fiscal position, driven by reforms in key areas of petroleum, foreign exchange…
Dangote Petroleum Refinery has slashed the gantry price Premium Motor Spirit, PMS, also known as petrol to ₦825 per litre from N835 per litre as competition continues in the domestic market. Last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre. Checks…
Nigeria government under President Bola Tinubu has fully repaid its $1.61bn (N2.59trn as of May 6, 2025) debt obligation to the International Monetary Fund (IMF). A check through the IMF’s website by our correspondent revealed that Nigeria has been removed among list of countries owning the international financial agency. Check here A data obtained popular…
In a bid to strengthen Nigeria’s domestic economy and promote local content, President Bola Tinubu has initiated a policy that bars the Ministries, Departments and Agencies, MDAs, from procuring foreign goods or services already available locally without a written waiver from the Bureau of Public Procurement, BPP. This is as the Federal Executive Council, FEC,…
The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow by 3.0 per cent in 2025, according to its latest World Economic Outlook report released on Tuesday. However, the current Medium Term Expenditure Framework (MTEF) forecasts the economy to grow at 4.6 percent in 2025, yet with targets of the last ten years…
The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), also known as petrol, at its filling stations in Lagos and Abuja. As at Monday, NNPC retail outlets sold the product for as low as N880 per litre in Lagos and N935 per litre in Abuja. The current…