Nigeria has achieved a major milestone in its downstream petroleum sector, with domestic refineries supplying 100% of the country’s aviation fuel (Jet A-1) demand for the past 13 consecutive months, completely eliminating the need for imports. Official industry data shows that no aviation fuel imports have entered the country during the period. The shift has…
Nigeria’s foreign exchange market has recorded a major milestone after weekly turnover climbed to $4.375 billion, marking the first time in 2026 that trading activity has crossed the $4 billion mark. The surge reflects improving liquidity and stronger participation in the country’s official FX market. According to market data, the increase was driven largely by…
The Manufacturers Association of Nigeria (MAN) has raised fresh concerns over the country’s rising production costs, warning that Nigerian factories are paying up to 10 times more for electricity than manufacturers in parts of Asia, making it increasingly difficult for local industries to compete globally. Speaking on the challenges facing the manufacturing sector, industry leaders…
Global oil prices fell sharply on Monday, July 27, after the United States and Iran paused military strikes, easing fears of a prolonged conflict in the Middle East and reducing concerns over disruptions to global energy supplies. Brent crude, the international benchmark, dropped by 5.9% to around $91.08 per barrel, while West Texas Intermediate (WTI)…
Singapore has tightened its monetary policy for the second time in three months, as rising energy costs linked to ongoing tensions in the Middle East continue to raise concerns about inflation and global supply chains. On Monday, July 27, the Monetary Authority of Singapore (MAS) announced a slight increase in the rate of appreciation of…
A new wave of U.S. import tariffs officially took effect on Friday, July 24, replacing the temporary 10% global tariff that had been in place since February and marking a significant shift in the Trump administration’s trade policy. The new measures impose tariffs ranging from 10% to 12.5% on imports from 60 trading partners, covering…
Global energy markets remain on edge as escalating conflict in the Middle East and renewed disruptions to key shipping routes continue to drive oil prices higher, with Brent crude hovering around the $100-per-barrel mark after briefly surpassing the milestone this week. The latest surge has been fueled by growing concerns over the security of vital…
The United States has imposed a 12.5% tariff on most imports from Nigeria, citing concerns over the country’s enforcement against goods linked to forced labour. Nigeria is among 60 trading partners affected by the latest trade measures announced by the Trump administration. According to US officials, the new tariffs are part of a broader effort…
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…
The conflict between the United States and Iran has entered another dangerous phase, with fresh US military strikes and mounting threats to global shipping pushing crude oil prices closer to the $100-per-barrel mark and raising concerns over the global economy. US forces carried out a 12th consecutive night of airstrikes targeting Iranian military infrastructure, saying…
