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…
The International Monetary Fund (IMF) says Nigeria will navigate global shocks due to the reforms implemented by President Bola Tinubu. Axel Schimmelpfennig, IMF mission chief for Nigeria, spoke during a visit to Lagos and Abuja from April 2 to 15, where he led a delegation to hold discussions for the 2025 Article IV Consultations with…
The Federation Account Allocation Committee (FAAC) has shared ₦1.578 trillion among the Federal Government, states and local governments for the month of March. This is according to a communiqué issued by FAAC and made available by the Director, Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa, on Saturday. According to…
Nigeria’s headline inflation rate surged to 24.23% in March 2025, according to data released by the National Bureau of Statistics (NBS) on Tuesday. This marks a significant increase from the 23.18% recorded in February 2025, demonstrating the persistent pressure on household incomes, rising food prices, and the broader cost of living across the country. The…
Fitch, a global rating agency, has reviewed Nigeria’s long-term foreign-currency issuer default rating (IDR) from negative to stable. IDR is an entity’s relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations. In a statement on Friday, the agency said Nigeria’s outlook was revised to B’, from ‘B-‘. “The upgrade…
The Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre. The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday. Our correspondent gathered that the refinery informed its customers in a notice sent out on…
Chairman of Transcorp Group, Mr Tony Elumelu, has said that Nigeria’s ambition to build a $1tn economy cannot be realised without urgent and sustained efforts to address challenges in the country’s electricity sector. Elumelu, who spoke on Wednesday at the company’s Annual General Meeting held in Abuja, said access to reliable power remains the single…
The Federal Executive Council has officially directed the full implementation of the suspended Naira-for-Crude agreement with local refiners. The Ministry of Finance disclosed this on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday. Recall that the first phase of the six-month deal involving the Federal…