Chinese Company to Build $300 Million Steel Plant in Ogun State
A Chinese company, Inner Galaxy Steel Company Limited, is planning to invest $300 million to build a new steel plant in Ogun State. The new plant will focus on making specialized steel products. This information was shared by Prince Shuaibu Audu, the Minister of Steel Development, through a statement from Salamatu Jibaniya, the Head of […]
Naira Among Africa’s Worst Performing Currencies in 2024 – World Bank Report
The Nigerian Naira has been identified as one of the worst-performing currencies in sub-Saharan Africa, according to the World Bank’s Africa’s Pulse report released in August 2024. Alongside the Ethiopian Birr and the South Sudanese Pound, the Naira has suffered a significant decline this year. The report points out that the Naira has lost approximately […]
Nigeria’s Inflation Surges to 32.70% in September 2024 Amid Fuel Price Hike
Nigeria’s inflation rate jumped to 32.70% in September 2024, a sharp rise from 32.15% recorded in August. This increase, reported by the National Bureau of Statistics (NBS) in its Consumer Price Index and Inflation report for September, has largely been driven by a series of fuel price hikes across the country. One of the key […]
Dangote Petrol: IPMAN and PETROAN Suggest Potential Price Decrease
Nigeria has been grappling with soaring fuel prices, but a glimmer of hope is on the horizon as petroleum marketers prepare to buy petrol directly from the Dangote Refinery. With the Nigerian National Petroleum Company Limited (NNPC) no longer acting as a middleman, this shift is expected to reduce the cost of fuel for Nigerian […]
Petrol Prices Rise to ₦1,350 Per Litre in Osun State: Impact on Motorists and the Economy
Petrol prices in Osun State have sharply increased, with reports indicating that consumers are now paying between ₦1,350 and ₦1,400 per litre at various petrol stations. This significant price hike follows a decision by the Nigerian National Petroleum Company Limited (NNPC) to raise prices on Wednesday, leading to immediate adjustments at filling stations across the […]
NNPC Ends Exclusive Purchasing of Petrol from Dangote Refinery
In a significant development in Nigeria’s oil industry, the Nigerian National Petroleum Company Limited (NNPCL) has officially ended its role as the sole buyer of petrol from Dangote Refinery. This change means that petrol marketers will now need to purchase fuel directly from the refinery, marking a shift in the dynamics of fuel distribution in […]
Higher Interest Rates Are Difficult for Borrowers But Essential for Controlling Inflation – Cardoso
The Central Bank of Nigeria (CBN) has recently taken a decisive step to combat rising inflation by raising the Monetary Policy Rate (MPR) to 27.25%. This bold move, announced by Governor Olayemi Cardoso, reflects the bank’s commitment to addressing the economic challenges facing the country. While this decision may be painful for borrowers, Cardoso insists […]
Nigeria Begins Naira-for-Crude Oil Sales from October 1, 2024
The Nigerian government has officially begun selling crude oil and refined petroleum products in exchange for naira, starting October 1, 2024. This initiative, known as the naira-for-crude program, is aimed at strengthening the local currency and improving the availability of petroleum products throughout the country. By eliminating the need for foreign currency in these transactions, […]
CBN Sells $543.5 Million to Stabilize Nigeria’s Foreign Exchange Market
In September 2024, the Central Bank of Nigeria (CBN) took decisive action to stabilize the foreign exchange (FX) market by selling a total of $543.5 million to authorized dealer banks. This intervention occurred between September 6 and September 30, aiming to mitigate the market volatility that arose from rising demand for foreign currency, particularly due […]
Petrol Prices in Nigeria Could Increase Again, According to Marketers
Nigerians might soon see an increase in petrol prices. Oil marketers are raising concerns due to the rising cost of crude oil, which has hit around $78 per barrel. This situation could lead to more challenges for people who rely on petrol for their daily needs. Billy Gillis-Harry, the President of the Petroleum Products Retail […]