The Bank of Industry (BoI) said it has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a significant milestone in the bank’s growth and long-term development agenda. A statement from the bank said the approval authorises BoI to commence Non-Interest Banking operations, positioning the bank to […]

By Obas Esiedesa The Federal Government (FG) has reaffirmed its commitment to strengthening Nigeria’s gas-to-power value chain as part of efforts to expand electricity supply, drive industrial growth and reduce energy poverty. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, stated this while delivering his address at the National Gas Day session of the 9th […]

By Peter Egwuatu  The stock market sustained a positive trend Week on Week, W/W, as investors gained over N4.08 trillion in 5 trading days last week. Specifically, the Nigerian Exchange Limited, NGX, market capitalisation, which represents the total value of listed equities, rose to N110.234 trillion from N106.153 trillion in the penultimate week. Similarly, another stock […]

By Udeme Akpan Nigeria may have recorded an estimated N6 trillion gain from reforms in the downstream petroleum sector within the first nine months of 2025. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed this at the ongoing Nigerian International Energy Summit (NIES) in Abuja, noting that decades of heavy petroleum product importation had […]

By Progress Godfrey The Federal Government has signed a cooperation agreement with the International Finance Corporation (IFC) to speed up the delivery of bankable infrastructure projects and mobilise private capital critical to Nigeria’s economic transformation. The agreement, signed in Abuja on Wednesday, had the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Minister […]

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has urged the First Abu Dhabi Bank to invest in Nigeria.

British energy giant Shell said Thursday that its net profit rose 11 percent last year as higher volumes and lower costs helped to offset falling oil and gas prices.

By Obas Esiedesa, Abuja The Federal Government (FG), yesterday, urged International Oil Companies (IOCs) operating in Nigeria to take concrete steps to ramp up crude oil production, following the country’s ambitious target of reaching 2.5 million barrels per day by 2027. Nigeria’s daily average oil production stood at about 1.6 million barrels per day in 2025, […]

… Reaffirms commitment to delivering euro standard fuel to Nigerians Dangote Petroleum Refinery & Petrochemicals (DPRP) has firmly denied reports suggesting that it imports finished petroleum products, describing the claims as incorrect and based on a misunderstanding of global refinery operations. As a state of the art, large scale merchant refinery, DPRP refines crude oil […]

By Obas Esiedesa ABUJA — The Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, has declared that the re-opening of the Port Harcourt Refinery and Petrochemical Company was a huge waste of resources. Ojulari, who spoke on Wednesday at the ongoing 2026 Nigerian International Energy Summit, said the national oil company currently lacks the […]

Inflows from IMTOs fall 15.7% to $3.2bn Q3 net forex inflow rebounds 20% QoQ By Babajide Komolafe, Economy Editor Net foreign exchange inflow into the Nigerian economy fell by 18.3 per cent, year-on-year (YoY), to $48.1 billion in the nine months ended September 2025, from $58.8 billion recorded in the corresponding period of 2024. The decline […]

By Elizabeth Adegbesan Economic activities in Nigeria expanded for the 14th consecutive month in January 2026, to 55.7 index points. According to the Central Bank of Nigeria, CBN, Purchasing Managers Index, PMI, Report for January 2026 released yesterday, the Industry, service and agriculture sectors recorded growth at 56, 54.5 and 54.2 index points respectively during the […]

By Progress Godfrey The Federal Government (FG) has signed a cooperation agreement with the International Finance Corporation (IFC) to speed up the delivery of bankable infrastructure projects and mobilise private capital critical to Nigeria’s economic transformation. The agreement, signed in Abuja on Wednesday, had the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the […]

•…as industry sector credit declines By Elizabeth Adegbesan Banks have moved the bulk of their credits to the services sector, leaving industry sector with a declining loan portfolio. This is reflected in the Central Bank of Nigeria, CBN, third quarter 2025 (Q3’25) Economic report released yesterday. Meanwhile the report also indicated that total credit to the economy […]

By Obas Esiedesa The completion of the 624-megawatt Abuja Feeding Scheme, designed to significantly boost electricity supply to the Federal Capital Territory (FCT), is being delayed by persistent right-of-way (RoW) challenges, the Transmission Company of Nigeria (TCN) has said. The donor-funded project, which is about 91 per cent completed, is expected to ease power shortages in […]