Illicit Financial Flows deprive Nigeria, African economies of $88bn yearly — Edun
Nigeria’s Minister of Finance, Wale Edun, has revealed that illicit financial flows are costing Nigeria and other African countries about $88 billion every year. He made this known during a tax and financial transparency meeting held in Abuja. According to him, these illegal outflows reduce funds that could have been used for development and poverty […]
Nigerian stock market opens bearish as investors lose N276bn
The Nigerian stock market opened the week on a weak note, with investors losing about N276 billion in value. Data from the Nigerian Exchange Limited showed that market capitalization dropped slightly. The All-Share Index also fell by 428.63 points, showing a decline in overall market performance. Market activity remained mixed, with more losing stocks than […]
US Cuts Nigerian Crude Imports By Nearly 50%
The United States has significantly reduced its crude oil imports from Nigeria, with a sharp drop of about 47% in January 2026. According to official trade data, imports fell from over 3 million barrels in December 2025 to about 1.66 million barrels in January 2026. This decline also affected Nigeria’s earnings, as the value of […]
What CBN’s new policy on diaspora remittances means for naira to dollar exchange — Gwadabe
The Central Bank of Nigeria has introduced new rules on diaspora remittances, aimed at improving the foreign exchange system. According to Aminu Gwadabe, the policy will help make the market more transparent and efficient. The new directive requires International Money Transfer Operators to route funds through naira settlement accounts. It also mandates the use of […]
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 […]