The National Bureau of Statistics (NBS) has reported a year-on-year real GDP growth of 3.13% for Nigeria in the first quarter of 2025, surpassing the 2.27% recorded in Q1 2024. This follows a rebasing exercise using 2019 as the base year, which aligned previous quarterly estimates with new, higher annual GDP figures. The robust performance…
With a record of 104%, Nigeria exceeded the Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota in June 2025 by four percent. In the month under review, the country’s crude oil output was 1.505million barrels of oil per day, surpassing the 1.5mopd, the cartel allowed it to produce. The Nigerian Upstream Petroleum Regulatory…
Nigeria’s annual inflation rate eased to 22.22 per cent in June from 22.97 per cent in May 2025, the National Bureau of Statistics (NBS) said on Wednesday. The statistics office said the June 2025 headline inflation rate showed a decrease of 0.76 per cent compared to the May 2025 headline inflation rate. On a year-on-year…
Nigerian petroleum products marketers have announced a reduction of premium motor spirit prices, starting from today, Tuesday. This comes as the economy shuts down today owing to the public holiday declared by the federal government to honour ex-president Muhammadu Buhari. The national president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this…
Africa and Nigeria’s richest man, Aliko Dangote, is taking another major step in the expansion of his industrial empire with plans to construct a deep seaport near his existing fertilizer and oil refinery plants. The initiative is aimed at boosting export capacity and strengthening the Dangote Group’s logistics operations. Speaking in a recent interview in…
The Nigerian Petroleum Products Marketers Association of Nigeria has announced a plan to reduce the premium motor spirit price from Monday following Dangote Refinery’s latest fuel ex-depot price reduction. The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to DAILY POST in an interview on Friday. This comes as…
Nigeria’s active crude oil rigs have increased from 44 last week to 46, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This growth reflects ongoing efforts to boost the country’s oil production capacity and attract greater investment into the sector. NUPRC Chief Executive Gbenga Komolafe announced this development during a recent workshop for media…
Nigeria’s trade with BRICS countries jumped to N5.41tn in the first quarter of 2025, more than three times higher than the N1.54tn recorded from exports to the United States. This was according to an analysis of data from the National Bureau of Statistics’ foreign trade statistics report. The significant rise shows a major shift in…
Dangote Petroleum Refinery has reduced its ex-depot price of premium motor spirit (PMS), commonly known as petrol, from N840 per litre to N820 per litre. The reduction comes a week after the refinery dropped its ex-depot price from N880 to N840 per litre. In a statement on Tuesday, Anthony Chiejina, Dangote Group’s spokesperson, said the…
The Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price. DAILY POST correspondent gathered that the NNPCL retail outlets in Abuja on Saturday slashed their petrol pump price to N910 per litre from N945. This was the case in NNPCL filling stations in Zone 6, Kubwa Expressway, Wuse Zone 4, and…