Nigeria has secured a major legal victory in the long-running dispute over the Mambilla Hydroelectric Power Project, after an International Chamber of Commerce arbitration tribunal in Paris rejected a $2.35 billion claim brought by Sunrise Power and Transmission Company. The ruling, issued on September 17, also rejected a separate $400 million claim linked to a…
The Dangote Petroleum Refinery has reduced its ex-depot prices for petrol and diesel, cutting petrol to ₦1,165 per liter and diesel to ₦1,570 per liter. The refinery said the move is aimed at improving energy affordability and access to locally refined products. The important question now is not just how much Dangote has cut its…
The naira is facing renewed pressure in the parallel market, with the dollar selling for around ₦1,420, even as the Central Bank of Nigeria insists that the foreign exchange market is becoming more stable. The latest parallel-market rate is notably higher than the official rate, which has been trading around ₦1,362–₦1,369 per dollar. Recent market…
Nigeria’s public debt has exceeded the government’s debt sustainability threshold after the Federal Government borrowed 61.2% more than originally budgeted to finance a wider-than-expected fiscal deficit in 2024, according to data from the Budget Office analyzed by BusinessDay. The report showed that total public debt rose to ₦144.67 trillion, pushing the country’s debt-to-GDP ratio to…
Fresh concerns are emerging over Nigeria’s inflation outlook after broad money supply continued to expand while global crude oil prices climbed back toward the $100 per barrel mark, increasing the likelihood of higher fuel and transport costs in the coming weeks. Recent financial data show liquidity in the Nigerian economy has continued to rise, reflecting…
