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…
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…
Nigeria’s economic reforms may be improving some of the country’s financial indicators, but another problem is beginning to attract attention: foreign investors are becoming more cautious about putting money into Nigeria. The concern is not simply about whether Nigeria is a good investment destination. It is increasingly about timing. With the 2027 election approaching and…
Nigeria says its subsidy reforms freed up ₦15.8 trillion between June 2023 and December 2025. But as crude oil prices climb again, the latest petrol price increase from the Dangote Refinery shows why the real test of the reforms is not simply how much government saves, but whether Nigerians can actually feel the benefit. Finance…
Katsina State has attracted more than ₦489.4 billion in investment pledges across agriculture, manufacturing, energy, technology and enterprise development, giving Governor Dikko Umar Radda’s administration a major opportunity to reposition the state as a stronger business destination in northern Nigeria. The commitments came from the state’s 2025 Economic and Investment Summit, which brought together investors,…
Nigeria is getting two pieces of economic news that appear positive on paper but could have very different meanings for households and businesses. Headline inflation fell from 15.91 per cent in June to 15.43 per cent in July, according to the National Bureau of Statistics. But food inflation moved in the opposite direction, rising to…
Nigeria is making two economic moves that look unrelated on the surface but point towards the same bigger objective: getting more value out of what the country already has. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is consulting industry stakeholders on a proposed domestic crude oil and gas swap arrangement designed to make it easier…
The Central Bank of Nigeria (CBN) has removed restrictions that previously prevented banks using its Standing Lending Facility, or discount window, from simultaneously participating in the Nigerian Foreign Exchange Market and primary auctions of government securities. The move took immediate effect following a review of conditions in the FX, money and fixed-income markets. On paper,…
