Five African Countries Top World Bank Borrowers, Owing $67.8 Billion
New data on global exposure patterns shows that five African countries rank among the world’s top 10 borrowers from the World Bank’s International Development Association (IDA), underscoring the continent’s significant role in concessional development finance. According to the IDA’s Quarterly Financial Statements as of March 31, 2026 (unaudited), total outstanding exposure among the top 10 […]
Dangote Refinery, export growth driving Nigeria’s economic resurgence
Dangote Petroleum Refinery & Petrochemicals has emerged as a key driver of Nigeria’s improving economic outlook, following the recent sovereign credit rating upgrade by S&P Global Ratings. In its latest assessment, S&P upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising crude […]
Following FG Approval of National Leasing Firm, Keyamo Secures Landmark Airbus Deal in France
Nigeria’s aviation sector has secured strategic partnerships and aircraft access deals with Airbus and other aviation institutions in France as part of efforts to operationalise the Federal Government’s newly approved national aircraft leasing company. The delegation, led by the Minister of Aviation and Aerospace Development, Festus Keyamo, visited France to deepen collaboration in aircraft acquisition, […]
Dangote To Partner Kenya, Uganda To Build Refinery In Tanzania
Nairobi, Kenya — Africa’s foremost industrialist and President/CEO of Dangote Group, Aliko Dangote, has announced plans to collaborate with Kenya and Uganda on the development of a major oil refinery in Tanzania, modelled on the company’s flagship 650,000 barrels-per-day facility in Nigeria. Speaking on Thursday at a regional infrastructure financing conference in Nairobi, Mr Dangote […]
Dangote Refinery Moves Into Plastics & Detergents, Targets Global Market
Nigeria’s industrial landscape is poised for a significant transformation as Aliko Dangote advances plans to expand refining operations into high-value petrochemicals. Dangote Group has confirmed that its Lekki-based refinery will commence large-scale production of critical industrial chemicals used in plastics and detergents, following a strategic partnership with Honeywell to deploy advanced processing technologies. Under the […]
NNPC April Crude Supply to Dangote Refinery Exceeds 1 Billion Litres
By Damilola AinaCrude oil deliveries from the Nigerian National Petroleum Company Limited (NNPC) to Dangote Oil and Gas Company Limited rose significantly in April 2026, surpassing 1 billion litres for the month, according to tanker movement data. Shipment records show that NNPC’s trading arm delivered over 1.03 million metric tonnes of crude oil—equivalent to approximately […]
BREAKING: Dangote Refinery slashes petrol price to N1,200/litre
Dangote Refinery has reduced the price of petrol, bringing down the ex-gantry cost of Premium Motor Spirit (PMS) by N75 to N1,200 per litre, according to industry sources. This price drop comes shortly after the refinery had increased petrol to about N1,275 per litre, blaming the earlier rise on global oil market instability that raised […]
Power sector crisis: Consumers, experts pick holes in Tinubu’s N3.3 trillion legacy debt approval
Electricity users and experts are raising doubts about President Bola Ahmed Tinubu’s recent N3.3 trillion plan to settle Nigeria’s long-standing power sector debt. Presidential spokesperson Bayo Onanuga said on Sunday that Tinubu had approved the N3.3 trillion to pay off the debts owed to power generation companies (GenCos). The announcement has sparked mixed reactions in […]
‘He was working on Easter’ — Otedola reveals details of meeting with Tinubu
Nigerian businessman Femi Otedola has shared that Bola Ahmed Tinubu was actively working even on Easter Sunday. He made this known in a post on social media, explaining that he visited the president together with Aliko Dangote. Otedola said their discussion focused on the country’s economy and ways Nigerians can benefit from the government’s ongoing […]
Dollar to Naira exchange rate today, April 6, 2026
The Nigerian Naira started the first full trading week of April 2026 on a steady note against the US Dollar. Across both the official and parallel markets, the currency showed signs of stability, supported by recent financial reforms and the Central Bank’s tight monetary policies. At the official Nigerian Foreign Exchange Market (NFEM), the Naira […]