Nigeria’s crude oil production fell by 37,000 barrels per day in July, according to secondary-source data cited by OPEC, dropping from 1.583 million bpd in June to 1.546 million bpd. That represents a 2.3% month-on-month decline and interrupts the recovery Nigeria had recorded earlier in the year. At first glance, 37,000 barrels might not sound…
The Nigerian Electricity Regulatory Commission (NERC) has dissolved the board of Kaduna Electricity Distribution Plc (KAEDC) after the company accumulated about ₦456.5 billion in market obligations, including ₦415.5 billion owed to Nigerian Bulk Electricity Trading and ₦41 billion owed to the Nigerian Independent System Operator. NERC has appointed an interim board and administrator for six…
Nigeria is facing renewed economic pressure as exceptionally high interest rates combine with renewed weakness in the naira, raising concerns over borrowing costs, business activity and household purchasing power. The Central Bank of Nigeria has maintained its benchmark Monetary Policy Rate at 26.5 per cent, following its July 20–21 Monetary Policy Committee meeting. The decision…
President Bola Tinubu has assured executives from Deloitte Africa that Nigeria’s economy is on a steady growth trajectory, citing recent reforms aimed at restoring macroeconomic stability, improving investor confidence and sustaining long-term development. The President said his administration remains committed to fiscal discipline, private sector-led growth and policies that will strengthen the country’s economic fundamentals….
