Petrol Up 600% in 3 Years Under Tinubu
Petrol price in Nigeria surged over 600% from N175 to N1,300-N1,400 per litre since May 2023, driven by fuel subsidy removal, forex reforms, and global oil shocks.
Category : Business
Petrol Price Soars 643% in Three Years to ₦1,400
Petrol price in Nigeria has risen by 643% from ₦175 in May 2023 to ₦1,300-₦1,400 in May 2026, driven by subsidy removal and naira devaluation.
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Banks Lend Government ₦15.66 Trillion in One Year
Nigerian banks boosted lending to the government by ₦15.66 trillion between April 2025 and 2026, pushing total public-sector credit to ₦39.60 trillion, a 65.4% increase.
Naira Stable at ₦1,373/$ Official, Black Market at ₦1,395-1,405
The Nigerian naira traded stable on June 2, 2026, at ₦1,373.25 in the official NFEM market, while the parallel market quoted between ₦1,395 and ₦1,405 per dollar.
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Congo to Grant Visa-Free Access to All African Citizens from 2027
The Republic of the Congo will remove visa requirements for all African nationals, including Nigerians, starting January 1, 2027, to boost regional integration and economic cooperation.
Dangote Refinery to Process 130 Crude Types, Challenge Global Giants
Dangote Refinery plans to expand crude processing from 40 to 130 grades, double capacity to 1.4 million bpd, and cut costs below $2 per barrel.
CBN Releases Banks' Interest Rates as Personal Loans Reach N1.96trn
The CBN reports personal loans in Nigeria hit N1.96 trillion in January 2026, over half of total consumer credit. Latest prime and maximum lending rates are released.
Paystack Absorbs Brass as Nigerian Fintech Startup Shuts Down
Brass, a Nigerian business banking startup, ends independent operations, transitioning customers to Paystack Microfinance Bank by July 31, 2026.
TCN Warns of 30-Day Power Outage in Three States
The Transmission Company of Nigeria has extended maintenance on the Jos–Bauchi–Gombe 330kV line, causing power disruptions until June 30, 2026, affecting three states.
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Tinubu Lauds Navy, Abbas Inaugurates Maritime Task Force
President Tinubu applauds Nigerian Navy's professionalism and eradication of piracy in Gulf of Guinea. CNS Abbas inaugurates Combined Maritime Task Force. NLNG awards LNG vessel contracts to Chinese firms.
UBA Celebrates Africa Day Across 20 African Markets
UBA Plc marked Africa Day with celebrations across its 20 African markets, featuring cultural showcases, fashion, music, and food. Group MD Oliver Alawuba emphasized the bank's role as a bridge connecting Africa to itself and the world.
Cross River, Firm Seal $42M Deal to Revive Water Board
Cross River State signs a $42 million PPP with Agua Global Services to restore water infrastructure, ending over a decade of scarcity.
Nigeria, WIPO Strengthen Ties for Innovation, IP Growth
Nigeria and WIPO agree to boost collaboration on intellectual property, aiming to turn creativity into economic assets, with WIPO opening its first Sub-Saharan Africa office in Abuja.
Nigeria Inflation Hits 18-Year High
Nigeria's inflation rate surges to 18-year high, putting pressure on the economy and citizens' purchasing power. Experts call for urgent policy action.
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Strengthen Airlines Audit Practice for Stability, FG Advised
The Federal Government is urged to enhance financial audits of domestic airlines to ensure liquidity and sustainability, while avoiding new taxes on aviation schools.
FGC Enugu Alumni Start N2 Billion Innovation Hub
FGC Enugu alumni have begun constructing a N2 billion Innovation Hub to equip students with digital economy skills, alongside a solar borehole and free medical outreach.
CBN targets 95% financial inclusion by 2028
The Central Bank of Nigeria launches Nigeria Payments System Vision 2028, aiming for 95% financial inclusion, reduced fraud, and a cash-lite economy to support a $1 trillion GDP target.
Power Outages Cost Nigerian Firms 3% of Yearly Sales
Nigerian businesses lose 3% of annual sales due to power outages, forcing heavy investment in generators, according to the African Development Bank's 2026 report.
CardinalStone Wins Debt Deal of the Year at African Banker Awards
CardinalStone Partners Limited wins 'Debt Deal of the Year' for its role in the N501 billion power sector bond issuance at the African Banker Awards 2026.
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Nigeria's Gas to Power Global AI Boom and Deepen Region's Infrastructure
Nigeria's vast natural gas reserves position it as a key player in powering AI data centres, with tech giants investing in gas-fired generation to meet energy demands.
Flight Delays: Need for Stricter Regulation and Responsible Airlines
A passenger recounts a 15-hour flight delay in Nigeria, highlighting poor communication and lack of accountability, urging stricter regulation and passenger compensation.
TAJBank Profit Before Tax Surges 74% to N31.56 Billion
TAJBank's profit before tax rose 74% to N31.56 billion in 2025, driven by strong asset growth and earnings. Total assets hit N1.34 trillion.
NGX launches T+1 settlement, cuts trade processing time
Nigerian Exchange Limited (NGX) has implemented T+1 settlement, reducing trade processing from two days to one, enhancing liquidity and aligning with global markets.
Türkiye Opens New Visa Centre in Lagos
Türkiye launches SEFA Visa Application Office in Lagos, Nigeria, to simplify visa processes for Nigerians traveling for tourism, business, and education.
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Hajj 2026: NAHCON Reschedules Return Flights to June 3
NAHCON reschedules the airlift of Nigerian pilgrims from Saudi Arabia to June 3, 2026, urging compliance with luggage rules and timely passport processing.
Supreme Court Sanctions Providus–Unity Bank Merger
The Supreme Court dismissed an appeal against the Providus–Unity Bank merger, awarding N10m costs and ordering the transfer of assets within 10 days.
Pilot Dies in Helicopter Crash Hours After Wedding
Indian-origin pilot Dave Fiji was killed in a helicopter crash in Atlanta just hours after his wedding. His bride Jesni survived and is recovering.
Foundation Targets 20,000 Kids as Africa Robotics Market Hits $4.29bn
The Louis Awode Foundation launches a nationwide program to teach 20,000+ Nigerian children robotics, coding, AI, and entrepreneurship to bridge the digital skills gap.
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Nigerian Bottling Company Advances Youth Hospitality at IHTEF 2026
Nigerian Bottling Company and Schweppes sponsor Bartender Academy at IHTEF 2026, empowering youth with mixology, entrepreneurship, and mentorship opportunities.
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Cameroon Refinery to Begin Fuel Output in December 2026
Cameroon's new Mboro refinery will begin fuel production in December 2026, meeting 22% of domestic demand and reducing reliance on imports.
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