Naira falls to N1,401/$ at official FX market amid global tensions
The Nigerian currency, the Nigerian naira, traded at N1,401.4 per dollar on Tuesday at the official foreign exchange window. Data from the Nigerian Foreign Exchange Market (NFEM), the country’s official FX platform, showed that the naira has weakened by about 4.09 percent over the past three weeks compared with the N1,346.32/$ rate recorded on February […]
Dangote Refinery cuts petrol price to N1,075 per litre
The Dangote Petroleum Refinery has reduced its ex-gantry price of petrol to N1,075 per litre. According to the refinery’s latest pricing template released on Tuesday, the new rate reflects a N100 reduction from the previous price of N1,175 per litre. The company also announced that petrol supplied through coastal distribution will now sell at N1,050 […]
Nigeria’s petrol consumption drops amidst shifting refining landscape
By Iqrom Tesilim Nigeria’s daily petrol consumption has witnessed a notable decline, dropping to 56.9 million litres per day in February 2026, compared to 60.2 million litres per day in January, according to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This decrease in demand is unfolding against the backdrop of […]
Global oil prices cross $100 per barrel amid strait of Hormuz disruption
Global crude oil prices surged past the $100 per barrel mark on Monday, recording their highest level since July 2022 as tensions in the Middle East continued to disrupt energy supplies. Brent crude climbed by about 16 per cent to $107.56 per barrel, up from roughly $91 recorded on Friday. Similarly, West Texas Intermediate […]
Senate pushes for stronger CBN oversight of fintechs, tougher action on ponzi schemes
Nigeria’s Senate has called for a stronger regulatory framework that would place the Central Bank of Nigeria (CBN) at the centre of supervising the country’s rapidly expanding financial technology sector, while also demanding tougher measures to combat the growing threat of Ponzi schemes. The call was made on Wednesday during a one-day public hearing held […]
Analysts urge states to boost internal revenue as VAT allocations rise
Economic analysts have urged state governments to intensify efforts to grow their internally generated revenue (IGR) as allocations increase under the revised Value Added Tax sharing formula. In separate interviews, financial experts noted that VAT has historically not been a primary revenue source for the Federal Government, arguing that the revised formula was deliberately structured […]
VAT revenue rises to N1.08tn in January as new sharing formula takes effect
Total Value Added Tax (VAT) collections rose sharply to N1.08tn in January 2026, marking the first full month under Nigeria’s revised VAT sharing formula. Documents presented at the February meeting of the Federation Account Allocation Committee (FAAC) show that collections by the Nigeria Revenue Service (NRS) increased from N913.96bn in December 2025 to N1.08tn in […]
Dangote signs $1 billion china deal to expand African plants
By Clement Abayomi Dangote Cement Plc has signed a $1 billion agreement with China’s Sinoma International Engineering in Lagos to build and expand cement plants across seven African countries. The deal, reported by Business Insider Africa, covers 12 different projects. This massive investment is part of Aliko Dangote’s plan to increase his company’s total cement […]
Edun praises Nigeria’s economy record of 4.07% GDP growth in Q4 2025
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has welcomed newly released economic figures showing that Nigeria’s real Gross Domestic Product (GDP) expanded by 4.07 percent in the fourth quarter of 2025. Reacting to the latest report issued by the National Bureau of Statistics, Edun described the development as evidence of […]
Finance minister sets out 10-year plan for $1tn Nigeria economy
Nigeria must post annual economic growth of between 10 and 12 per cent for the next decade to achieve its ambition of becoming a $1 trillion economy, the minister of state for finance, Doris Uzoka-Anite, has said. Speaking on Wednesday at the 2026 annual general meeting of the Finance Correspondents Association of Nigeria (FICAN) in […]