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IMF projects higher prices for essential commodities in Nigeria, as global headline inflation to rise by 4.7%
International Monetary Fund (IMF) has projected that Nigerians will face higher prices for essential goods in 2026, warning that the trend could worsen poverty and food insecurity despite improvements in the country’s macroeconomic stability. The projection is contained in the IMF’s…
Crude oil output up by 2.3% to reach 1.74mbpd, as Nigeria tops OPEC quota for second consecutive month
Nigeria’s average daily crude oil and condensate production rose by 2.3 per cent to 1.74 million barrels per day (mbpd) in June 2026 from 1.70mbpd recorded in May, while crude oil output climbed to 1.56mbpd, enabling the country to exceed its…
Three marketers seek joining as parties in Dangote’s N100bn against FG over fuel import permits
Three major petroleum products marketers; Matrix Energy, AA Rano and AYM Shafa have applied to be joined as parties to the fresh lawsuit filed by Dangote Petroleum Refinery seeking N100 billion in damages from the Federal Government over the latter’s…
NNPCL/Seplat JV signs 15-yr supply deal with UTM FLNG to drive commercialisation of Nigeria’s gas
Nigerian National Petroleum Company Limited (NNPCL) and the Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture (JV) has signed a 15-year Wet Gas Sale and Purchase Agreement (WGSPA) agreement with the UTM FLNG Ltd with the aim of driving the commercialisation…
NDIC begins verification exercise for depositors of 46 liquidated MFBs
Nigeria Deposit Insurance Corporation (NDIC) says it has formally commenced a nationwide verification exercise for customers of the 46 microfinance banks (MFBs) whose operating licences were revoked by the Central Bank of Nigeria (CBN). According to the NDIC, the verification exercise…
Zamfara commissions $200m lithium plant
Zamfara Government has commissioned a $200 million lithium mining and processing plant in Zamfara State. The Zamfara Lithium Mining and Processing Plant, located in Boko Village, Zurmi Local Government Area, is a joint investment by ZAM Mining Company Ltd, Bima…
Abia seeks Stanbic IBTC support for proposed Medical City, seaport projects
Abia Government says it is seeking the infrastructure financing support of Stanbic IBTC towards the realisation of major projects in the state, including the proposed Medical City and Obuaku Seaport. According to the state government, while land has been acquired…
NMDPRA tackles petroleum products marketers over price fixing
Industry regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has restated that the country’s petroleum products market remains fully deregulated, stressing that fuel prices are now largely determined by prevailing market forces. Speaking in Sokoto, the State Coordinator…
Nigeria woos Bombardier over establishment of aircraft service centre
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has led a delegation of private jet operators in Nigeria to engage with officials of Canadian aerospace company, Bombardier Inc., over plans to establish a major aircraft service centre in Nigeria. Keyamo…
Amid local supply gaps, marketers, refineries export 505, 000 tons of petrol, diesel, earn $432.35m in one month
Shipping data obtained from the Nigerian Ports Authority (NPA) has disclosed that an estimated 505,000 tonnes of Premium Motor Spirit (PMS) or petrol, and Automotive Gas Oil (AGO) or diesel worth $432.35 million was exported by marketers and local refineries to…
