Aliko Dangote has disclosed that Nigerians are paying half of what other countries in West Africa are paying for petrol, also known as Premium Motor Spirit, PMS. Dangote said this during a high-level visit of the ECOWAS Commission to the 650,000 barrels-per-day Dangote Refinery and Petrochemicals in Lagos. Recall that Dangote Refinery has reduced the price of petrol in the country more than two times this year, making the company’s…

Nigerian military has arrested over 40 individuals, including 18 soldiers, 15 police officers, and eight civilians, in connection with a suspected arms trafficking ring involving the illegal sale of weapons to armed groups, a military spokesperson confirmed Friday. Captain Reuben Kovangiya, spokesperson for Nigeria’s joint anti-insurgency operation, described the arrests as part of a nationwide crackdown on arms racketeering within the country’s security forces. “This is part of the counter-arms…

In a significant vote of confidence, global credit ratings giant Moody’s has upgraded Nigeria’s sovereign credit rating from Caa1 to B3, citing substantial progress in fiscal discipline, external balance, and foreign exchange stability. The move marks a rare positive shift for one of Africa’s largest economies. The upgrade, announced on Friday, moves Nigeria from Moody’s “substantial risk” category to the less severe “highly speculative” band—still below investment grade, but a…

Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), has called on African governments to adopt strategic policies that could position the continent as a vital player in global supply chains, particularly in the critical minerals sector which is gaining prominence in the global economy. She delivered this message yesterday in Abidjan during her goodwill address at the closing ceremony of the 2025 Annual Meetings of the African Development Bank…

Once hailed as one of Nigeria’s most influential economic technocrats, Godwin Ifeanyi Emefiele, the former Governor of the Central Bank of Nigeria (CBN), now finds himself at the centre of multiple corruption cases, with fresh charges filed against him by the Economic and Financial Crimes Commission (EFCC). Emefiele, who was born on August 4, 1961, in Lagos and hails from Agbor, Delta State, rose from humble beginnings through academic excellence…

Nigeria has teamed up with the ECOWAS Parliament to accelerate progress on the ambitious Abidjan–Lagos highway project, a critical infrastructure initiative aimed at boosting trade, creating employment, and enhancing connectivity across West Africa. The Abidjan–Lagos Corridor represents the initial phase of the Dakar–Lagos Trans–West African Coastal Corridor (Trans-African Highway No. 7). This route is intended to connect West Africa with Central and Eastern Africa, stretching from Dakar through Lagos, Yaoundé,…

President Bola Tinubu has signed a new Executive Order aimed at reducing operational expenses in Nigeria’s oil and gas sector and attracting fresh investment, in a strategic push to restore competitiveness and fiscal discipline in the industry. The newly signed directive, titled “The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025),” introduces performance-based tax incentives for upstream operators that achieve verifiable cost reductions aligned with standards set by the Nigerian…

President Bola Tinubu has congratulated President Mohamed Ould Cheikh El Ghazouani of Mauritania following the election of Sidi Ould Tah as the new President of the African Development Bank (AfDB) Group. Tah, a former Mauritanian Finance Minister and Director-General of the Arab Bank for Economic Development in Africa (BADEA), was elected as the ninth president of the AfDB during the institution’s Annual Meetings held in Abidjan, Côte d’Ivoire. READ ALSO: Rivers…

Mauritania’s former Minister of Economic Affairs, Sidi Ould Tah, has been elected the new President of the African Development Bank (AfDB). He succeeded Nigeria’s Akinwumi Adesina after nearly a decade of leadership. Tah announced this in a statement posted on his X page on Thursday, describing his emergence as president as the start of a challenging yet inspiring journey. “I am humbled and honored to be elected President of the…

President Bola Tinubu has disclosed that fuel subsidies, along with the corruption-laden multiple foreign exchange windows, had long acted as a stranglehold on Nigeria, suffocating the nation’s prospects for decades. In a national broadcast marking his second year in office on Thursday, Tinubu stated that both policies were no longer sustainable. The New Daily Prime reported that the president had ordered the complete removal of fuel subsidies upon assuming office.…

On May 29, 2023, President Bola Tinubu, in his inaugural speech as President of the Federal Republic of Nigeria, made a landmark declaration: “Subsidy is gone.” With that single phrase, he signaled the end of the petrol subsidy regime in Nigeria. While subsidies on diesel and kerosene had already been removed by the previous administration, petrol remained untouched due to anticipated widespread economic impacts. The fuel subsidy, long seen as…

President Bola Tinubu has reaffirmed his administration’s firm commitment to combating corruption, vowing to recover stolen assets and ensure no refuge for corrupt individuals. Speaking at a one-day Asset Recovery Summit held in Abuja yesterday, Tinubu decried the deep-rooted impact of corruption across key sectors such as healthcare, education, and infrastructure. He noted that the consequences of diverted public resources remain starkly visible across the country. READ ALSO: Children’s Day: Tinubu…