Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new ex-depot price is now set at N835 per litre, down from N865, representing a 3.5 per cent decrease. This adjustment follows a recent drop in global crude oil prices, which have fallen to $64 per barrel from over $70 in recent weeks. This marks the second price…

On Tuesday, April 15, 2025, Nigeria’s unofficial currency market continued to experience fluctuations in the value of the naira, largely influenced by a strong appetite for U.S. dollars and limited access through formal financial channels. Current Street Market Rates: These figures come from local exchange dealers and may shift slightly depending on the location and size of the transaction. For the most accurate and timely updates, sources such as Aboki…

Following the fall of MMM in December 2016 after it was introduced in Nigeria in 2015, among other Ponzi schemes, Nigerians have again fallen for another allegedly fraudulent scheme known as Cbex, a digital trading asset platform. Cbex, a digital trading asset platform that promised investors a 100 percent return on investment in 30 days with a structure similar to that of MMM, has left many Nigerians in shock, as…

The National Bureau of Statistics on Tuesday announced Nigeria’s headline inflation rate edged up to 24.23 per cent in March 2025 while stating the increase in its consumer price index (CPI) for March. The new rate indicates an increased move from the 23.18 per cent reported in February. It also signals a return to levels (24.48 per cent) recorded at the beginning of the year following the CPI rebasing. “In…

The Organisation of the Petroleum Exporting Countries (OPEC) on Monday marginally lowered its forecast for oil demand growth in 2025, citing the negative impact of U.S. trade tariffs on the global economy. According to a Reuters report referencing OPEC’s April Monthly Oil Market Report, the organisation now expects global oil demand to rise by 1.3 million barrels per day (bpd) in 2025—down from its previous forecast of 1.4 million bpd.…

Nigeria’s power generation companies (GenCos) have sounded the alarm over a looming shutdown of power plants across the country, citing a staggering N4 trillion debt owed by the Federal Government as the primary cause. The GenCos, operating 40 power-generating plants connected to the national grid alongside independent power providers and the Niger Delta Holding Company, issued a statement on Monday under the Association of Power Generation Companies (APGC). The statement…

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…