Manufacturers deepen local raw materials sourcing, up 11% in 3yrs
By Yinka Kolawole Nigeria’s manufacturing sector recorded a steady increase in the use of locally sourced raw materials between 2021 and 2024, with the share rising from 51.5 per cent in 2021 to 57.1 per cent in 2024, as foreign exchange pressures, naira depreciation and rising import costs pushed manufacturers towards domestic alternatives. Data from […]
ECOWAS Bank approves over $267m for projects in Nigeria, Ghana, others
The ECOWAS Bank for Investment and Development (EBID) has approved $266.7 million and another XOF30 billion to support a portfolio of strategic infrastructure projects in Nigeria, The Gambia, Ghana, Senegal, and Côte d’Ivoire.
NNPC to increase crude oil supply to Dangote Refinery to seven cargoes
By Udeme Akpan, Energy Editor The NNPC Limited has concluded plans to increase crude oil allocation to the Dangote Petroleum Refinery to seven cargoes in May 2026, up from the five cargoes supplied in previous months. The move, it was gathered, reflects NNPC’s commitment to prioritising domestic crude supply in the coming months. However, reacting in an […]
Oil reserves dip 0.74% to 37.01bn barrels as gas grows 2.21% — NUPRC
•Oil to last another 59 years By Obas Esiedesa, Abuja Nigeria’s oil and condensate reserves recorded a marginal decline of 0.74 percent to 37.01 billion barrels as of January 1, 2026, while gas reserves rose by 2.21 percent, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). In its official declaration of the national petroleum reserves position, […]
Pension industry proposes investment consortium to tackle infrastructure deficit
By Rosemary Iwunze The pension industry has commenced moves to establish an investment consortium aimed at bridging the huge infrastructural gap in the country. Director General of the National Pension Commission, PenCom, Ms. Omolola Oloworaran, disclosed this yesterday at a press briefing in Lagos after the first Pension Industry Leadership Council (PILC) meeting. Oloworaran disclosed that PILC […]
CBN concludes recapitalisation, as 33 banks raise N4.65trn
•Says banks positioned to expand lending, support economic growth By Babajide Komolafe, Economy Editor The Central Bank of Nigeria, CBN, yesterday said it has concluded the banking sector recapitalisation programme, with 33 deposit money banks raising a total of N4.65 trillion in fresh capital to strengthen balance sheets and bolster the resilience of the financial system. The […]
