German automotive giant Volkswagen is considering one of the largest workforce reductions in the industry’s history, with plans that could see up to 100,000 jobs cut worldwide as the company battles rising costs, U.S. tariffs, weaker electric vehicle margins and intensifying competition from Chinese manufacturers. Volkswagen CEO Oliver Blume confirmed in an internal memo that…
The Dangote Petroleum Refinery has begun selling petrol and other refined petroleum products in U.S. dollars, marking a major shift in Nigeria’s downstream oil market following the breakdown of the Federal Government’s naira-for-crude arrangement. Under the new pricing template, the refinery fixed the ex-depot price of petrol at $0.779 per liter, with diesel priced at…
Zamfara State has commissioned a $200 million lithium mining and processing plant in Boko Village, Zurmi Local Government Area, marking a major step in Nigeria’s drive to add value to its vast mineral resources rather than exporting raw materials. Governor Dauda Lawal, who inaugurated the facility, described the project as a milestone in the state’s…
Nigeria’s economic outlook received a boost as the naira traded at ₦1,382.33 per US dollar at the official foreign exchange market, while the country’s crude oil production climbed to its highest level in 74 months, exceeding its production quota set by the Organization of the Petroleum Exporting Countries (OPEC). According to the latest figures from…
The Nigerian Exchange (NGX) has recorded one of its strongest rallies in recent history, with investors gaining more than ₦9.3 trillion during a remarkable seven-day buying spree that has reinforced confidence in the country’s capital market. The sustained rally has been driven by strong demand for banking, industrial and energy stocks, pushing the NGX to…
Nigeria’s stock market has climbed to the top of the global rankings after overtaking South Korea to become the world’s best-performing equity market in 2026, delivering another strong trading session that added ₦962 billion to investors’ wealth. The Nigerian Exchange (NGX) extended its remarkable rally as renewed buying interest in major banking, consumer goods and…
Nigeria has received a potential boost to investor confidence after S&P Dow Jones Indices placed the country on its 2027 Country Classification Watchlist for a possible upgrade to Frontier Market status, even as the naira continued to weaken in the parallel foreign exchange market. The watchlist designation signals that international index providers are closely monitoring…
Global oil prices extended their rally on Wednesday as escalating tensions in the Middle East raised fresh concerns over crude supply, pushing Brent crude above $76 per barrel for the first time in two weeks. The latest surge follows renewed military hostilities involving the United States and Iran, along with disruptions to commercial shipping in…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has saved $3.4 billion through an aggressive contract restructuring and optimisation programme, while remitting ₦19.5 trillion to the Federation Account over the past 14 months. Group Chief Executive Officer, Bayo Ojulari, disclosed the figures during the opening of the 25th Nigeria Oil & Gas (NOG)…
The Federal Government has unveiled fresh economic measures aimed at stabilising Nigeria’s financial system and easing the cost of imports, with the Central Bank of Nigeria (CBN) set to aggressively withdraw excess market liquidity while the Nigeria Customs Service confirms lower import tariffs on vehicles. The CBN plans to raise between ₦1.35 trillion and ₦2…
