By Bashiru Ayuba Dangote Group has signed a $400 million construction equipment agreement with XCMG Construction Machinery Co., Ltd., one of China’s leading manufacturers of construction machinery, in a move set to accelerate the expansion of the Dangote Petroleum Refinery & Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, positioning it to […]

•As oil price falls to $67 per barrel By Udeme Akpan, Energy Editor Nigeria’s oil output has declined both year-on-year and month-on-month, falling short of budget and OPEC targets, even as prices remain above the Federal Government’s benchmark. Data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, showed that total oil production, including condensate, dropped by […]

•As credit costs rise in key sectors despite stable deposits rate By Babajide Komolafe Manufacturers and operators in the agricultural sector are facing interest rates of up to 60 per cent, according to latest data on deposit and lending rates released by the Central Bank of Nigeria, CBN. The data, among other things, revealed sharp increases in […]

Fresh turmoil engulfed the National Assembly yesterday, as minority members of the House of Representatives staged a dramatic walk-out over contentious provisions in the Electoral Act Amendment Bill, even as police tear-gassed protesters demanding mandatory electronic transmission of results ahead of the 2027 general election.

Stakeholders in the financial sector have said banking recapitalisation can be used as a catalyst to transform the country’s economy. Country Director of World Bank in Nigeria, Mr Matthew Verghis, said a stronger banking system would provide the foundation to finance Nigeria’s long-term ambitions, including MSME growth, expansion of productive capacity and large-scale infrastructure development. […]