Nigeria’s economy grew by 4.43% in the second quarter of 2026, according to the National Bureau of Statistics (NBS), marking an improvement from 3.89% in Q1 and 4.23% in the same period last year. The figure gives the government another reason to point to economic recovery. But the more interesting question is whether Nigeria’s economic…
Nigeria’s formal remittance inflows reached a record $947 million in July 2026, bringing the country within just $53 million of the Central Bank of Nigeria’s $1 billion monthly target. At the same time, the naira to dollar exchange rate has remained relatively stable, with the official Nigerian Foreign Exchange Market closing around ₦1,337/$1 at the…
The Presidency has clarified that Nigeria land borders have been open since March 2024, pushing back against claims that the Federal Government still maintains a general closure on cross-border trade. The clarification came after former Vice President Atiku Abubakar said he would reopen Nigeria’s borders if elected in 2027. The Presidency said the statement was…
Nigeria’s foreign reserves have climbed to $53.11 billion, putting the country just $142 million below the level recorded in January 2009, when reserves reached $53.25 billion. The latest figure, reported by the Central Bank of Nigeria as of August 24, represents the strongest reserve position in more than 17 years. The increase is significant because…
Nigeria’s push to rely more on local petrol production is facing an unexpected problem. The Dangote Refinery says rising Nigeria petrol imports are making it harder to plan production and could force it to export excess fuel instead of selling it at home. The warning comes as imported petrol accounted for about 43% of the…
BlackRock is once again dominating the US crypto ETF market, as its Bitcoin and Ethereum funds attracted hundreds of millions of dollars from investors on August 25. The BlackRock Bitcoin ETF, iShares Bitcoin Trust (IBIT), recorded $284.4 million in net inflows, accounting for most of the $314.3 million that entered US spot Bitcoin ETFs that…
Qatar’s position as one of the world’s biggest LNG exporters has been badly hit by the ongoing US-Iran war, with the country’s shipments falling by 96% as damage to the Ras Laffan energy complex and the closure of the Strait of Hormuz disrupt supplies. Only 18 Qatari LNG cargoes have left the country in the…
The Dangote Refinery petrol supply to Nigeria’s domestic market fell sharply in July, while petrol imports increased, highlighting the delicate balance between local refining and foreign fuel supplies. New data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that domestic petrol receipts dropped from 32.5 million litres per day in June to…
Nigeria has moved closer to unlocking one of its biggest oil investments in years as the Bonga offshore project advances towards a Final Investment Decision, with NNPC and its international partners targeting between $15 billion and $21 billion in investment. The Nigerian National Petroleum Company Limited and partners Shell, Esso and Agip signed amendments to…
The Dollar to Naira exchange rate remained relatively stable on Monday, August 24, as the naira continued to trade within a narrow range in the official market while maintaining a wider gap with the parallel market. The latest confirmed official figure from the Central Bank of Nigeria showed the Naira to dollar rate at ₦1,346.49…
