Dangote Refinery Sells Petrol At ₦825 Per Litre

BusinessEconomyNewsNigeriaDangote Refinery Sells Petrol At ₦825 Per Litre

Hassan Umar Shallpella (Regional Correspondent)February 27, 2025

The Dangote Petroleum Refinery and Petrochemicals has announced another reduction in petrol prices, marking the second cut this month. In a statement issued Wednesday in Lagos, the company’s Head of Media Communications, Anthony Echiejina, confirmed a ₦65 reduction, bringing the ex-depot price down to ₦825 per litre from the previous ₦890 per litre. It described the move as a relief measure, particularly with Ramadan approaching, and a step towards supporting President Bola Ahmed Tinubu’s economic recovery...

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Petrol Cost Drops Again as Dangote Refinery Cuts Price to ₦825 Per Litre

BusinessEconomyNewsNigeriaPetrol Cost Drops Again as Dangote Refinery Cuts Price to ₦825 Per Litre

By Ezinwanne Onwuka (Senior Reporter)February 27, 2025

Dangote Petroleum Refinery has slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to ₦825 per litre. The Head of Media Relations and Branding Communications at Dangote Group, Esan Sunday, announced the price adjustment in a statement on Wednesday. The latest reduction follows a previous cut from ₦950 to ₦890 per litre, marking a total decrease of ₦125 within a few weeks. “This recent price reduction will also ensure that Nigerians...

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World Bank to Lend Nigeria $2.2bn in 2025 for Development Projects

BusinessEconomyNewsNigeriaWorld Bank to Lend Nigeria $2.2bn in 2025 for Development Projects

By Ezinwanne Onwuka (Senior Reporter)February 27, 2025

The World Bank has outlined plans to provide Nigeria with a fresh $2.2 billion loan in 2025, with the funds earmarked for six development projects spanning economic recovery, education, health, and digital infrastructure. According to the Washington-based institution’s project list, the first tranche of $500 million is designated for the ‘Community Action for Resilience and Economic Stimulus Programme’ and is expected to be approved by 17 March. On 31 March, another $552 million will be...

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Nigeria’s GDP Grows by 3.84% in Q4 2024

EconomyNewsNigeriaNigeria’s GDP Grows by 3.84% in Q4 2024

By Ezinwanne Onwuka (Senior Reporter)February 25, 2025

Nigeria’s Gross Domestic Product (GDP) grew by 3.84 per cent in the fourth quarter of 2024, up from 3.46 per cent recorded in the previous quarter and the corresponding period of 2023, according to the National Bureau of Statistics (NBS). The NBS report attributed the growth to the services sector, which expanded by 5.37 per cent and contributed 57.38 per cent to the total GDP. “The agriculture sector grew by 1.76 per cent, from the...

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Nigeria’s Inflation Falls to 24.48% Following CPI Recalculation

EconomyNewsNigeriaNigeria’s Inflation Falls to 24.48% Following CPI Recalculation

By Ezinwanne Onwuka (Senior Reporter)February 20, 2025

Nigeria’s annual inflation rate declined to 24.48 per cent in January 2025 from 34.80 per cent in December 2024, following the adjustment of the Consumer Price Index (CPI), the National Bureau of Statistics (NBS) has reported. The NBS explained that the rebasing exercise, which updated the reference basket of goods and services, was necessary to ensure that inflation measurement reflects current economic realities and consumer spending patterns. This marks the first CPI rebasing in Nigeria...

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Dangote Refinery Reduces Petrol Price to ₦890 Per Litre

EconomyNewsNigeriaDangote Refinery Reduces Petrol Price to ₦890 Per Litre

By Ezinwanne Onwuka (Senior Reporter)February 3, 2025

The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit, commonly known as petrol, from ₦950 to ₦890 per litre. The price adjustment takes effect from Saturday, 1st February 2025. A statement issued on Saturday by the refinery’s spokesperson, Anthony Chiejina, described the price review as a “strategic adjustment” influenced by positive developments in the global energy and gas markets, as well as a decline in international crude oil prices....

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NYSC DG Confirms Corps Members Will Receive ₦77,000 Allowance from February

EconomyNewsNigeriaNYSC DG Confirms Corps Members Will Receive ₦77,000 Allowance from February

By Ezinwanne Onwuka (Senior Reporter)February 3, 2025

The Director-General of the National Youth Service Corps (NYSC), Brigadier General Yushau Ahmed, has assured corps members that they will begin receiving ₦77,000 as their monthly allowance starting from February 2025. Ahmed gave the assurance while addressing the 2024 Batch ‘C’ Stream II corps members in Katsina State. The Federal Government had earlier announced an increase in the monthly allowance from ₦33,000 to ₦77,000 in response to the reviewed minimum wage and rising inflation. However,...

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We Maintain Zero Borrowing Policy In Project Financing, Ekiti Govt

EconomyNewsNigeriaWe Maintain Zero Borrowing Policy In Project Financing, Ekiti Govt

Uzoamaka Ikezue (Staff Reporter)January 30, 2025

Ekiti State Government has said that it has maintained a zero borrowing policy in project financing. This was disclosed on Thursday when the government presented a breakdown of the N375.7 billion 2025 Budget signed into law by Governor Biodun Oyebanji on 30th December 2024 to the general public, with a confirmation that the administration has not borrowed a dime to finance its projects. Giving an highlight of the 2025 budget tagged “ Budget of Sustainable...

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Festive Season Drives Inflation to 34.80% in December

BusinessEconomyNewsNigeriaFestive Season Drives Inflation to 34.80% in December

By Ezinwanne Onwuka (Senior Reporter)January 15, 2025

Nigeria’s inflation rate increased for the fourth consecutive month, reaching 34.80 per cent in December 2024, compared to 34.60 per cent recorded in November. This was disclosed by the National Bureau of Statistics (NBS) in its latest report released on Wednesday. The NBS attributed the rise to heightened demand during the festive season, with food and non-alcoholic beverages being the key contributors to the surge. Despite the rise in overall inflation, food inflation slightly eased...

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Dangote Refinery Slashes Petrol Price to ₦899.50

EconomyNewsNigeriaDangote Refinery Slashes Petrol Price to ₦899.50

By Ezinwanne Onwuka (Senior Reporter)December 19, 2024

The Dangote Petroleum Refinery, Africa’s first privately-owned oil refinery, has announced a reduction in the price of its Premium Motor Spirit (PMS), popularly known as petrol, to N899.50 per litre. The price cut is intended to ease transport costs for Nigerians during the Christmas and New Year celebrations. This development was disclosed in a statement issued on Thursday by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina. Mr Chiejina explained that...

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