The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the nation’s oil and condensate reserves stood at 37.28 billion barrels as of January 1, 2025—a marginal decline of about 0.60 per cent. Despite the slight dip, Nigeria maintained its position as Africa’s second-largest holder of crude oil reserves, trailing only Libya, which has an estimated 48.36 billion barrels. However, Nigeria remains the continent’s top producer. In contrast to the…

The Central Bank of Nigeria (CBN) has announced a significant increase in personal remittance inflows, which rose to $20.93 billion in 2024, reflecting an 8.9 per cent year-on-year growth. This is part of the country’s broader financial performance, as the CBN also reported a balance of payments surplus of $6.83 billion for the 2024 financial year. In a statement released on Wednesday, April 9, the CBN attributed the improvement to…

Nigeria’s external debt servicing surged to $1.08 billion in the final quarter of 2024, a sharp rise that underscores mounting concerns about the country’s debt sustainability and foreign exchange pressures. The figure, released by the Debt Management Office (DMO), reflects a growing burden compared to the previous quarter when total debt service across all categories hit N3.57 trillion—up 1.71% from Q2 2024. A breakdown of the Q4 data reveals that…

Renowned political economist and Commonwealth Institute Director, Prof. Anthony Kila, has urged President Bola Tinubu to resign as Minister and take further action beyond simply changing the management and board of the Nigerian National Petroleum Corporation (NNPC). The NNPC, the government-owned company responsible for harnessing Nigeria’s oil and gas reserves for sustainable national development, recently underwent a significant board overhaul. The Chairman, Chief Pius Akinyelure, and the Group Chief Executive…

The Nigerian naira continued its downward slide in March, depreciating by 2.4% at the Nigerian Autonomous Foreign Exchange Market (NAFEM) and 2.6% at the parallel market, as mounting demand pressures and global economic uncertainty weighed on the local currency. According to Afrinvest’s Monthly Market Report titled ‘Analysing Global and Nigerian Economies & Financial Markets’, the naira fell to N1,536.82/$ at the NAFEM window and N1,530.00/$ at the parallel market. This…

The Presidency announced on Monday that the Automobile Compressed Natural Gas (AutoCNG) initiative has secured over $491 million in investments over the past year. The announcement was made by Michael Oluwagbemi, Programme Director and CEO of the Presidential CNG Initiative (PCNGI), during a “Meet the Press” briefing at the Presidential Villa in Abuja. Oluwagbemi revealed that the initiative has generated significant employment opportunities, with more than 9,000 direct jobs and…

Global crude oil prices have taken a significant hit, sliding by over 12% to around $65.50 per barrel, in the wake of sweeping new trade tariffs imposed by U.S. President Donald Trump on multiple countries. The sharp decline marks a notable reversal from recent highs, as oil had been trading above $70 per barrel before the tariffs were announced. The development has raised alarm bells for oil-dependent economies like Nigeria,…

The Central Bank of Nigeria (CBN) has categorically disowned a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes—set for circulation on May 1. The apex bank described the circular as “fake” in a statement via its official handle on X (formerly Twitter). The viral circular widely shared on social media, falsely attributed to the CBN, stated, “The Central Bank of Nigeria (CBN) has officially announced the introduction…

Nigeria has received a loan totalling $1.08 billion from the World Bank to support education, nutrition, and economic resilience in Nigeria. The financial institution stated on its website on Wednesday that the concessional loans are aimed at improving the quality of education, building household and community resilience, and enhancing nutrition for underserved groups. The statement read, “The World Bank has approved three operations in Nigeria, totalling $1.08bn in concessional financing,…

*Sahel alliance imposes 0.5% import duty on ECOWAS goods *This marks the end of free trade across West Africa and highlights a growing rift between Sahel states and influential democracies in ECOWAS *Diplomatic resolution crucial to avoiding further economic fragmentation in West Africa This import duty on ECOWAS states will take immediate effect and aims to finance the activities of the Sahel states, although specific details have not been provided.…

The Initial public offering (IPO) market was expected to see a resurgence during Donald Trump’s second term, fuelled by his promises of deregulation and tax cuts, which were anticipated to encourage tech companies to go public. However, early signs suggest that the market is not responding as hoped. This weakness was demonstrated by the underwhelming debut of CoreWeave, a leading GPU supplier for AI workloads. The company’s IPO was downsized,…

President Bola Tinubu has explained why his administration removed the Federal Capital Territory (FCT) from the Treasury Single Account (TSA). The president, who spoke in Abuja while receiving FCT residents at the Presidential Villa for Sallah homage on Sunday said the move was done to expedite development and enhance resident participation in governance. President Tinubu also said the bureaucracy associated with the TSA was hampering infrastructure growth in the capital…