Dangote Refinery Cuts PMS Price by N50, Fourth Reduction
Dangote Refinery announces fourth PMS price cut in a month, reducing ex-depot price by N50 per litre to N1,075, citing lower production costs despite high crude purchase prices.
Category : Economy
Africa's New Credit Rating Agency: Can It Correct Big Three Bias?
The African Union launches AfCRA in 2025 to counter perceived bias by S&P, Moody's, and Fitch. Studies suggest underrating by 0.5-1 notches, but success hinges on independence and transparency.
Enugu Governor Mbah: Clean Water a Right, Not Privilege
Governor Peter Mbah declares clean water a fundamental right, outlines progress and plans at Enugu Water Sustainability Summit 2026, calling for collaboration and innovation.
SCO at 25: Poverty reduction, education, and connectivity drive cooperation
The Shanghai Cooperation Organization marks 25 years, advancing poverty reduction, vocational training, and connectivity across Eurasia, benefiting nearly half the global population.
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Adapt or Perish: Technological Disruption's Urgent Lesson
A Nigerian returnee discovers the furniture stores of his youth have vanished, replaced by e-commerce and supermarkets, illustrating a profound lesson: adapt to technological change or face obsolescence.
EBRD Targets $1.5 Billion Investment in Nigeria in 3 Years
The European Bank for Reconstruction and Development targets at least $1.5 billion in Nigerian investments over three years, opening its first Sub-Saharan Africa office in Lagos.
PZ Cussons profit surges nearly fourfold to N49.1bn
PZ Cussons Nigeria's net profit rose to N49.1 billion, driven by N38.7 billion from asset disposals including its stake in PZ Wilmar, as revenue climbed 22.5% to N260.5 billion.
Ukraine Military Publishes Salaries of Regulars and Officers
Ukraine military publishes monthly salaries: regulars earn over N615,000, officers start at N769,606, plus combat pay up to N923,527, as disclosed on its website.
PZ Cussons Posts N260.46 Billion Revenue in FY2026
PZ Cussons Nigeria reports N260.46 billion revenue for FY2026, up 12% from prior year, driven by price adjustments and product innovation despite economic challenges.
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Naira Mixed Against Dollar: Black Market Falls, Official Gains
The naira depreciated in the black market but appreciated in the official market on July 3, 2026, closing at N1,370.15/$1 in NAFEM, with mixed trends against other currencies.
Nigeria is US second-largest trading partner in Sub-Saharan Africa
Two-way trade between Nigeria and the US reached nearly $15 billion in 2025, a 14% increase, making Nigeria Washington's second-largest trading partner in sub-Saharan Africa.
Dangote Refinery Cuts Petrol Price by N50, Fourth Reduction
Dangote Refinery reduces petrol ex-depot price by N50 to N1,075/litre, marking the fourth cut in one month and cumulative N200 reduction since May 30.
Oyedele proposes commercial dispute tribunal for faster resolution
Nigeria's Finance Minister Taiwo Oyedele proposes a specialised Commercial Dispute Resolution Tribunal to cut litigation time from 15 years, boost investor confidence, and strengthen the capital market.
World Bank Approves $1.25bn for Nigeria, Unveils Growth Plan
The World Bank has approved $1.25 billion in financing for Nigeria and unveiled a six-year growth strategy to boost economic recovery and reduce poverty.
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NNPC Profit Drops to ₦462 Billion in May Despite Gains
NNPC's May 2026 profit after tax fell to ₦462 billion, down from ₦481 billion in April, despite crude production hitting a one-year high of 1.73 mbpd.
Why I Am Bullish About Africa: Institutional Gains
Despite crisis narratives, Africa is seeing institutional gains: rising tax-to-GDP ratios, digital governance reforms, and Nigeria's non-oil exports surpassing oil. These shifts underpin a bullish outlook.
Naira Holds Steady at ₦1,374.18/$ Official Rate
The naira traded at ₦1,374.18/$ in the official market on July 2, 2026, while the parallel market strengthened to ₦1,385, narrowing the premium to ₦10.82.
Nigeria Gets $1.25bn World Bank Boost for Jobs, Growth
The World Bank approved $1.25 billion for Nigeria to boost jobs, investment, and growth, targeting electricity, broadband, health, and agriculture reforms.
Naira Rises Against Dollar as Forex Turnover Surges 20%
Nigeria's naira gains against the dollar as forex turnover surges 20% to $269.898 million, with external reserves rising to $51.429 billion, boosting market stability.
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UBA, Transcorp, United Capital Top Stock Picks This Week
UBA, Transcorp, and United Capital are among top stock picks this week, as analysts predict strong gains in the Nigerian equities market.
Onanuga's Economic Denial: Nigerians Face Hardship Despite Reforms
Bayo Onanuga dismisses claims of hardship under Tinubu, but data shows naira depreciation, inflation, and poverty rising; reforms cause pain before gain.
Universal Insurance Profit Halves on Soaring Claims
Universal Insurance's 2025 profit plunged nearly 50% to N867.9 million as insurance service expenses doubled to N8.3 billion, driven by huge fire insurance claims.
Nigeria accesses $1.5bn from $5bn Abu Dhabi facility
Nigeria has drawn the first $1.5 billion from its $5 billion financing arrangement with First Abu Dhabi Bank, Finance Minister Taiwo Oyedele confirmed.
Nigeria draws first $1.5bn from $5bn Abu Dhabi deal
Nigeria has accessed the first $1.5 billion from its $5 billion financing facility with First Abu Dhabi Bank, Finance Minister Taiwo Oyedele confirmed, to refinance debt and fund infrastructure.
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Naira Falls Against Dollar as Foreign Investors Exit Nigerian Markets
Nigeria's naira depreciated 0.20% as foreign investors exit amid political uncertainty and hawkish Fed, with FPI dropping 25.9% in May 2026.
NGX Extends Losses: Panic Selling Erases N2.36trn Market Value
The Nigerian stock market extended its losing streak on Monday, with panic selling erasing N2.36 trillion in market value as the NGX All-Share Index fell by 3,682.70 points.
Naira falls to N1,395/$ in parallel, N1,385 official
The Naira depreciated to N1,395 per dollar in the parallel market from N1,386, and to N1,385 in the official NFEM, widening the gap to N9.
FG Urges Marketers to Reduce Petrol Prices Amid Global Oil Drop
The federal government has called on petroleum marketers to reduce petrol prices in line with declining global crude oil prices, but says it cannot fix prices due to deregulation.
Petrol Landing Cost Drops to N1,003 Per Litre, Diesel, LPG Also Fall
The landing cost of imported petrol in Nigeria has fallen to N1,003 per litre, widening the price gap with Dangote Refinery and raising hopes of lower pump prices for Nigerians.
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Kwari Market: Africa's textile hub struggles amid economic crisis
Kwari Market in Kano, Africa's largest textile trading hub, faces declining sales, rising costs, and currency instability, yet traders adapt to survive.
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