Dangote Refinery Announces Nationwide Reduction in Petrol Pump Price

EconomyNewsNigeriaDangote Refinery Announces Nationwide Reduction in Petrol Pump Price

By Ezinwanne Onwuka (Senior Reporter)May 23, 2025

The Dangote Petroleum Refinery has announced a new reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol, across its partner retail outlets nationwide. In a statement released to the public on Thursday, the refinery disclosed that Nigerians can now purchase petrol at significantly reduced prices, depending on the region. According to the new pricing schedule, petrol will sell at ₦875 per litre in Lagos, while residents of the South West...

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Enugu State yet to benefit of 13% oil derivation revenue – Gov. Peter Mbah

EconomyNewsNigeriaEnugu State yet to benefit of 13% oil derivation revenue – Gov. Peter Mbah

Ije Ulasi (Regional Correspondent)May 21, 2025

The Enugu State Government urges the Federal Government of Nigeria to effect the 13% oil derivation revenue sharing for the state as provided by the 1999 Constitution (as amended). The Enugu State Governor made this call as he received in audience the Indices and Disbursement Committee of the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC on Tuesday in the Lion Building, Government House Enugu; the RMAFC team came to monitor the disbursements from the Federation...

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China Ready To Establish Electric Vehicle Factories In Nigeria

EconomyNewsNigeriaChina Ready To Establish Electric Vehicle Factories In Nigeria

Uzoamaka Ikezue (Staff Reporter)May 18, 2025

China is ready to establish electric vehicle factories in Nigeria, in a bid to strengthen business partnership between both countries. The Chinese Ambassador to Nigeria who stated this, also harped on the imperative of enhanced collaboration between China and Nigeria in unlocking the potential of Nigeria’s Solid Minerals sector through the establishment of electric vehicle factories in Nigeria. Speaking while paying a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake in his...

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Industry Minister Projects Logistics Growth At Over $3tr In 5years

BusinessEconomyNewsNigeriaIndustry Minister Projects Logistics Growth At Over $3tr In 5years

Uzoamaka Ikezue (Staff Reporter)May 14, 2025

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole has projected the growth of the logistics industry at over $3 trillion in the next five years. Oduwole spoke at the official opening of the international headquarters of a logistics firm, Zenith Carex, in Abuja, on Wednesday. The event coincided with the 51st birthday anniversary of its Managing Director/Chief Executive Officer of Zenith Carex, Dr. Adelana Olamilekan. Oduwole, who was represented by the Executive Director/Chief...

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Fed Government Says Economy Witnessing Significant Turnaround

EconomyNewsNigeriaFed Government Says Economy Witnessing Significant Turnaround

Uzoamaka Ikezue (Staff Reporter)May 14, 2025

The Federal Government has said that the economy is witnessing significant turnaround, garnering investors’ confidence, and a renewed focus on national priorities. The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, noted that the turnaround is driven by bold reforms, improved coordination, and a renewed focus on national priorities. In a feature interview for an upcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary, the Minister declared that the government’s “Renewed Hope...

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Poverty to Rise in Nigeria by 3.6% By 2027, Says World Bank

BusinessEconomyNewsNigeriaPoverty to Rise in Nigeria by 3.6% By 2027, Says World Bank

By Ezinwanne Onwuka (Senior Reporter)April 24, 2025

The World Bank has raised fresh concerns over Nigeria’s economic outlook, warning that poverty levels in the country are likely to rise by 3.6 per cent between now and 2027. The projection is contained in the latest edition of the Africa’s Pulse report, which was released this week during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. “Poverty in resource-rich, fragile countries—including large economies like Nigeria and...

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Inflation Hits 24.23% in March as Food Prices Continue to Bite Harder

EconomyNewsNigeriaInflation Hits 24.23% in March as Food Prices Continue to Bite Harder

By Ezinwanne Onwuka (Senior Reporter)April 15, 2025

Nigeria’s cost of living crisis worsened in March 2025, as headline inflation rose to 24.23 per cent, up from 23.18 per cent recorded in February. The latest data released by the National Bureau of Statistics (NBS) on Tuesday showed a 1.05 percentage point increase, continuing the steady rise in the prices of goods and services across the country. On a month-on-month basis, inflation surged by 3.90 per cent in March, significantly higher than the 2.04...

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CBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

BusinessEconomyNewsNigeriaCBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

Anthony O. OgboApril 2, 2025

The Central Bank of Nigeria (CBN) has announced a significant improvement in Nigeria’s Net Foreign Exchange Reserve (NFER), which has surged to $23.11 billion, the highest level in over three years. This marks a sharp increase from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The CBN attributed this growth to strategic policy measures, including a deliberate reduction in short-term foreign exchange liabilities, such as FX swaps...

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Fuel Prices Surge as Dangote Refinery Suspends Sales in Naira

BusinessEconomyNewsNigeriaFuel Prices Surge as Dangote Refinery Suspends Sales in Naira

By Ezinwanne Onwuka (Senior Reporter)March 20, 2025

Nigerians are bracing for another fuel price hike after Dangote Petroleum Refinery temporarily halted the sale of refined petroleum products in naira, citing currency mismatches in crude oil purchases. The refinery announced that its sales in naira had surpassed the value of naira-denominated crude received, making it necessary to suspend local currency transactions. “To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result,...

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Nigeria’s Inflation Rate Falls for Second Consecutive Month

BusinessEconomyNewsNigeriaNigeria’s Inflation Rate Falls for Second Consecutive Month

By Ezinwanne Onwuka (Senior Reporter)March 18, 2025

Nigeria’s inflation rate dropped to 23.18 per cent in February 2025, down from 24.48 per cent in January, according to the National Bureau of Statistics (NBS). This marks the second consecutive month of decline following the rebasing of Nigeria’s Consumer Price Index (CPI) in January 2025. The rebasing updated the base year from 2009 to 2024 and expanded the number of goods and services tracked from 740 to 960, providing a more accurate picture of...

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