ExxonMobil has reaffirmed its long-term commitment to Nigeria’s oil and gas industry with plans to invest $1.5 billion, approximately 2.41 trillion Naira in deepwater exploration and development projects between the second quarter of 2025 and 2027. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed the development on its official social media channels yesterday night. READ ALSO: 10 essential rituals of Conclave for electing a new Pope The planned investment will focus…

7 May 2025 – The Nigerian Naira gained marginally against the US Dollar today, appreciating by 0.18% compared to the previous trading day. According to official data, the selling rate for the Dollar to Naira is now ₦1,606.46 per $1, down from ₦1,606.64 on 6 May 2025. This slight gain reflects ongoing shifts in forex demand, supply constraints, and current monetary policies implemented by the Central Bank of Nigeria (CBN).…

No fewer than 6,500 direct and indirect jobs are set to be created in Ewekoro Local Government Area of Ogun State as a $400 million hot rolled coiled steel factory is slated for establishment. The President of Inner Galaxy Group, Mr Li Shuang, disclosed this on Tuesday during a visit to the Governor Dapo Abiodun’s Office at Oke-Mosan, Abeokuta, where he led a delegation of key officials from the company.…

The Lagos State Government has revealed that food transactions worth over N3 billion have been recorded at the Mid-Level Agro Produce Hub in Idi-Oro, Mushin, since its launch in December 2023. Commissioner for Agriculture and Food Systems, Abisola Olusanya, disclosed this on Tuesday during the ongoing 2025 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, to mark Governor Babajide Sanwo-Olu’s sixth year in office. Olusanya said the…

In today’s foreign exchange market, the Nigerian naira recorded a slight depreciation against both the US dollar and the British pound, reflecting continued volatility in the currency landscape. According to market data, the naira slipped by approximately 0.21% against the US dollar. As of 04 May 2025, the dollar exchanged for ₦1603.83. However, by today, the rate had edged up to ₦1607.30, signalling a minor but notable decline in the…

As of today,  from Aboki Forex data, the Nigerian Naira continues to face pressure in the parallel market, with black market exchange rates reflecting persistent demand for foreign currencies, particularly the US Dollar, British Pound, and Euro. Traders across major exchange hubs in Lagos and Abuja confirm a widening gap between official and street-level rates, raising ongoing concerns about currency volatility and import-driven inflation. In the dollar segment, the Naira…

LAGOS, Nigeria — May 3, 2025, naira, posted modest gains against the world’s major currencies (Dollar, Pounds, Euro and Chinese yuan) on Friday, offering a brief window of optimism in an otherwise tense and uncertain foreign exchange landscape. The currency market movements, although minor, have drawn considerable attention from economic analysts, traders, and international observers due to the continued volatility of Nigeria’s foreign exchange regime. Data from google finance channels…

Over the years, numerous economic experts and stakeholders have consistently called for improvements in Nigeria’s electricity supply. Joining this growing chorus is the President of the African Development Bank (AfDB), Akinwumi Adesina. Speaking at the 20th Anniversary Dinner of Chapel Hill Denham in Lagos, Adesina warned that Nigeria risks long-term economic stagnation unless it decisively tackles its chronic infrastructure and power deficits. He stressed that no country can industrialise, remain…

Nigerian Naira continued to weaken on the parallel market today, as the U.S. dollar sold for ₦1,607.66, reflecting persistent forex volatility and mounting economic headwinds. This rate represents a slight depreciation from ₦1,612.64. recorded on  01/05/2025  indicating a 0.31% drop in value. The widening gap between the official and black-market exchange rates remains a key indicator of Nigeria’s macroeconomic pressures, despite recent policy reforms introduced by the Central Bank of…

Ogun State Governor, Dapo Abiodun, has announced that President Bola Tinubu will perform the groundbreaking ceremony for what is projected to be the world’s largest cotton and polyester processing factory. Governor Abiodun stated that the factory will be sited within the Special Agro-Processing Zone at the Gateway International Airport, in the Iperu/Ilisan axis of the state. Abiodun stated that the launch will take place in the coming weeks. READ ALSO: Gov.…

The Federal Government (FG) has unveiled a major digital reform aimed at boosting efficiency and accountability across Ministries, Departments and Agencies (MDAs), as part of its broader strategy to strengthen governance and service delivery. Minister of Information and National Orientation Mohammed Idris made this known on Wednesday during the launch of the Nigeria Procurement Certification Portal in Abuja. The initiative, developed by the Bureau of Public Procurement (BPP) in collaboration…

The Nigerian government has reaffirmed its commitment to deepening its strategic partnership with the European Union (EU), as the European Bank for Reconstruction and Development (EBRD) prepares to open its first office in West Africa, based in Lagos. This milestone comes after Nigeria became the 77th shareholder of the EBRD in February 2025. The bank’s expansion into Sub-Saharan Africa was approved by the EBRD Board of Governors in 2023. During…