The Economic Community of West African States (ECOWAS) convened its 66th Ordinary Summit in Abuja on December 15, 2024, under the leadership of Nigerian President Bola Tinubu. The summit brought together heads of state and government from member countries to discuss critical issues affecting the region, with a strong emphasis on advancing regional integration and…
By Elizabeth Adegbesan The Naira yesterday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend. However, the Naira depreciated to N1,550 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the…
The Nigerian National Petroleum Company Limited has said it secured a $1bn loan backed by crude oil to support the coming on stream of the 650,000 barrels per day capacity Dangote Petroleum Refinery. It also stated that the firm facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange…
Nigeria is on the cusp of transiting from the archaic tax regime that has been retarding its collective prosperity to a progressive alternative that places businesses and people at the core of its general principles. But this transition has elicited highly spirited debates at the National Economic Council, NEC, and the National Assembly. Again, for…
As Nigeria’s National Assembly prepares to debate significant tax reform bills, prominent Northern leaders, including former Vice President Atiku Abubakar and Borno State Governor Babagana Zulum, have voiced strong opposition to the proposed legislation. Their concerns centre around the potential negative impact these reforms could have on the Northern economy, with calls for a more…
In recent years, Nigeria has witnessed an increasing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility and rising operational costs. The latest company to announce its departure from Nigeria is South African grocery retailer Pick n Pay, which confirmed on Monday that it will exit the market…
The Dangote Petroleum Refinery has started supplying Premium Motor Spirit, popularly called petrol, to some oil marketers directly without recourse to the Nigerian National Petroleum Company Limited. It was gathered that while more oil marketers were intensifying efforts to buy the product directly from the plant, others were importing the commodity, as hundreds of millions…
The Dangote Petroleum Refinery has received four cargoes of crude oil from the Nigerian National Petroleum Company Limited under the naira-for-crude sale agreement, officials of the refinery and the Federal Government confirmed on Tuesday. It was gathered that the four cargoes of crude were delivered to the refinery within the past three weeks when the…
In an address during the 30th Nigerian Economic Summit held in Abuja, the World Bank has called on Nigerians to support and sustain ongoing economic reforms for the next 10 to 15 years. Senior Vice President of the World Bank Group, Indermit Gill, highlighted that these reforms are essential for transforming Nigeria’s economy and positioning…
In a development for Nigeria’s economy, foreign capital inflows from BRICS countries have surged by 189% over the past six months. This remarkable increase reflects a growing interest in Nigeria as a viable investment destination, particularly amid the global economic shifts and the ongoing efforts to diversify the nation’s economic partnerships. Key Statistics According to…
