Naira records first appreciation against US dollar
The Naira appreciated on Tuesday against the US Dollar at the official foreign exchange market for the first time in two working days. Data from the Central Bank of Nigeria showed it rose to N1,382.63 from N1,388.38 on Monday, marking a gain of N5.7 per dollar. This uptrend followed a N34.48 decline recorded on Monday, […]
Africa will pay price for dependence on imported fuel — Dangote warns
Africa risks serious economic consequences if it continues to rely heavily on imported fuel, according to billionaire Aliko Dangote. Speaking in Lagos, Dangote highlighted the effects of rising global oil prices and supply disruptions on African economies. He stressed that the continent must reduce dependence on foreign fuel by investing in local refining and boosting […]
Fuel price hike: Experts, CSOs divided on subsidy as Nigerians face worsening hardship
Rising fuel prices in Nigeria have sparked fresh debate, with experts and civil society groups divided on whether the government should reintroduce subsidies or provide relief measures. The increase has worsened economic hardship for many citizens. The price surge is linked to global oil market disruptions caused by tensions involving Iran, the United States, and […]
Crude oil prices plummet significantly, raises hopes of petrol cuts in Nigeria
Global crude oil prices have dropped sharply, raising fresh hope for a reduction in petrol prices in Nigeria. The decline comes amid easing tensions linked to developments in the Middle East. The price fall followed a decision by Donald Trump to extend the deadline given to Iran over the reopening of the Strait of Hormuz. […]
Nigerian crude sold to Dangote Refinery through London, Dubai middlemen at $18 higher price – Ugochinyere
Chairman of the House Committee on Petroleum Resources (Downstream), Ikenga Ugochinyere, has alleged that Nigerian crude oil is being sold to Dangote Refinery through foreign middlemen, increasing costs significantly. Speaking at a press briefing, he claimed that intermediaries based in London and Dubai are involved in the transactions, adding no value but charging high fees. […]
Nigeria, Vietnam have highest fuel price hikes worldwide amid Iran, US-Israel war
Nigeria and Vietnam have experienced the largest fuel price increases worldwide since the February 28, 2026, escalation of the Iran-US-Israel conflict. The war has disrupted global oil markets, pushing crude prices higher and affecting domestic pump prices. The Gulf region turmoil has caused interruptions in trade through the Strait of Hormuz and impacted Middle Eastern […]
UBA, NiDCOM deepen collaboration to unlock diaspora capital for Nigeria’s growth
United Bank for Africa (UBA) has strengthened its partnership with Nigerians in Diaspora Commission to promote investment from Nigerians living abroad. The move is aimed at supporting Nigeria’s economic growth through diaspora contributions. UBA’s Group CEO, Oliver Alawuba, made this known during a meeting with NiDCOM officials led by Abike Dabiri-Erewa at the bank’s UK […]
Dangote Signs Gas Deal With China’s GCL To Power Ethiopia Fertilizer Project
Aliko Dangote’s Dangote Industries Limited has signed a $4.2 billion, 25-year natural gas supply deal with China’s GCL Group to fuel its planned fertilizer project in Ethiopia. The agreement will support a 3-million-tonne-per-year urea plant, a $2.5 billion venture expected to start operations in 2029. The facility, developed with Ethiopian Investment Holdings, aims to become […]
Dangote Refinery-backed MRS filling station increases fuel pump price
Dangote Refinery-backed MRS filling stations have raised their petrol pump price nationwide, following a gantry price increase by the refinery. In Abuja, the new retail price is N1,267 per liter, up from N1,167, representing a N100 increase. An MRS manager confirmed the hike, attributing it to the recent rise in the refinery’s gantry price. Optima […]
Dangote seals US$4.2bn gas deal with China’s GCL Group to power its Ethiopian fertilizer megaproject
Dangote Industries Limited has signed a US$4.2 billion, 25-year natural gas deal with China’s GCL Group to fuel its Ethiopian fertilizer megaproject. The agreement will supply gas to Dangote’s upcoming 3‑million‑tonne‑per‑year urea plant in Gode, Somali Region, set to start operations in 2029. The project, valued at US$2.5 billion, is a joint venture between Dangote […]