December 18, 2023
Nigeria: FDI - Tackling Poor Signaling
Nigeria faces unprecedented economic uncertainties and desperately needs to "bend the curve" on most economic indices. Even the optimistic people among us struggle with what to… Read more »
Nigeria: Power Sector Stakeholders Say Changing Ownership of Discos Won't Solve Nigeria's Erratic Electricity Problem
Power sector players in the country yesterday told the federal government that changing the ownership of the electricity Distribution Companies (Discos) will not resolve Nigeria's… Read more »
December 12, 2023
Nigeria: Govt May Increase 2024 Budget If Revenue Improves Next Year, Says Wale Edun
The federal government, yesterday, hinted that it might consider returning to the National Assembly to seek the lawmakers' approval for a supplementary budget next year if the… Read more »
December 11, 2023
Nigeria: CBN Suspends Charges On Cash Deposits Above N500k
In a move aimed at providing temporary relief to bank customers and easing cash crunch, the Central Bank of Nigeria (CBN) has announced the suspension of processing fees on cash… Read more »
December 08, 2023
Nigeria: Tinubu - Every Commitment to Clear FX Backlog Will Be Fulfilled
President Bola Tinubu yesterday assured that every commitment by his administration towards resolving foreign exchange (FX) backlogs through injection of funds into the market… Read more »
Nigeria: For a Just Energy Transition, Nigeria Must Reform Oil Industry Divestment
As world governments discuss a transition from oil to low-carbon energy alternatives at the U.N. climate conference in Dubai this week, how the oil industry should transition its… Read more »
December 07, 2023
Nigeria: Dangote Refinery Set to Commence Fuel Production As First Crude Oil Shipment From Agbami Arrives Facility
Africa's largest oil refinery and the world's biggest single-train refiner, Dangote Refinery, is set to begin fuel production as the first crude oil shipment from Agbami arrives at… Read more »
Nigeria: Former NUPENG General Secretary, Frank Kokori, Dies At 80
A foremost trade unionist and former General Secretary of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Chief Frank Kokori, has died. Read more »
December 06, 2023
Nigeria: Nigeria Eyeing Multi-Trillion Dollar Climate Change Financing, Privatisation to Fund 2024 Budget
Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, has said the country is targeting multi-trillion-dollar climate change financing. Edun stated this… Read more »
December 04, 2023
Nigeria: No Worries, Nigeria Will Surpass Opec's 1.5m Bpd Oil Quota in 2024 - Govt
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said at the weekend that Nigeria remains on track to surpass the crude oil production quota handed… Read more »
December 03, 2023
Nigeria: At COP28 Summit, Tinubu Commits Nigeria to Ending Gas Flaring
In line with the global push to halt methane emissions, President Bola Tinubu has expressed his government's commitment to end gas-flaring in the country. Read more »
December 02, 2023
Nigeria: Banks to Close Accounts Without Verification, Identity Number
The Central Bank of Nigeria (CBN) yesterday said it has become mandatory for all Tier-1 bank accounts and wallets for individuals to have either the Bank Verification Number (BVN)… Read more »
November 21, 2023
Nigeria: In Berlin, Tinubu Pushes for Investment in Nigeria's Power, Rail Transport Sectors
President Bola Tinubu met with German Federal Chancellor, Olaf Scholz, yesterday in Berlin, where he stated that Nigeria's pursuit of German investment in targeted sectors of the… Read more »
November 19, 2023
Nigeria: To Ramp Up Oil Production, Govt Moves to Resolve Dispute Over Sale of $1.3bn ExxonMobil's Assets
The federal government has met with a team from Seplat Energy, to resolve the stalemate arising from the proposed $1.3 billion ExxonMobil's oil asset sale which has now been held… Read more »
November 15, 2023
Nigeria: CBN - Old N100, N200, N1,000 Banknotes Remain Legal Tender Interminably
The Central Bank of Nigeria (CBN) yesterday said it intends to extend the legal tender status of the old N200, N500, and N1, 000 denominations beyond the December 31, 2023 deadline… Read more »
November 13, 2023
Nigeria: Respite Seen for Naira As CBN Intensifies Settlement of Forex Backlogs
The Central Bank of Nigeria (CBN) has intensified its clearance of backlogs of foreign exchange (FX) forwards, raising hope for the strengthening of the naira in the coming days. Read more »
Nigeria: Huge Recurrent Expenditure Affecting States' Capacity to Develop - NEITI
A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed serious concerns over states' recurrent expenditure, noting that the huge expenses was… Read more »
November 09, 2023
Nigeria: The Posthumous 'Benevolence' of Abacha
For the past several years, the joke in Abuja is that whenever Nigeria encounters dire financial straits, the late General Sani Abacha looks down on us from beyond and drops a… Read more »
November 06, 2023
Nigeria: Fitch - Nigeria's Credit Rating Stable, Predicts Inflation At Below 21%
Fitch Ratings has affirmed Nigeria's long-term foreign-currency issuer default outlook at 'B-' with a stable outlook, listing the country's major strengths as large economy,… Read more »
Nigeria: Lokpobiri - We'll Hold NNPCL Accountable for Complete Rehabilitation of All Refineries By 2024
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has declared that the federal government would hold the Nigerian National Petroleum Company Limited (NNPCL)… Read more »
November 03, 2023
Nigeria: CBN Moves to Restore Investor Confidence, Begins Clearance of FX Forward Backlogs
The Central Bank of Nigeria (CBN) has started clearing backlogs of foreign exchange (FX) forward contract through some banks as part of efforts to rebuild confidence in the… Read more »
Nigeria: Dangote Refinery Begins Test Run with Domestic Crude
The Nigerian National Petroleum Company Limited (NNPC) will supply the new 650,000 barrel-per-day Dangote oil refinery with up to six million barrels of crude oil in December, to… Read more »
October 30, 2023
Nigeria: 15-Point Agreement - NLC Wants Minister of Labour Excluded From Today's Meeting With Govt
Nigeria Labour Congress (NLC) has threatened to boycott today's meeting with the federal government, meant to review the 15-point memorandum of understanding (MoU) it had signed… Read more »
October 29, 2023
Nigeria: NUPRC Moves to Enforce Domestic Crude Oil Supply Obligation to Feed Emerging Refineries
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said it was taking all necessary steps within the provisions of the Petroleum Industry Act (2021) to ensure… Read more »
October 27, 2023
Nigeria: Govt Moves to Securitise Nigerian Liquefied Natural Gas Dividends for $7bn Cash
As part of efforts to boost foreign currency liquidity in the economy and strengthen foreign exchange (FX), the federal government has concluded plan to securitise about $7 billion… Read more »