Global oil prices have climbed above $85 per barrel as escalating military tensions between the United States and Iran fuel fears of prolonged disruption to energy supplies and international shipping. The latest exchange of strikes has heightened concerns over the security of the Strait of Hormuz, a critical route through which roughly a fifth of…
President Bola Tinubu has assured executives from Deloitte Africa that Nigeria’s economy is on a steady growth trajectory, citing recent reforms aimed at restoring macroeconomic stability, improving investor confidence and sustaining long-term development. The President said his administration remains committed to fiscal discipline, private sector-led growth and policies that will strengthen the country’s economic fundamentals….
Nigeria’s pension industry has reached a new milestone, with total pension assets rising to ₦31.48 trillion following recent reforms by the National Pension Commission (PenCom). The Commission also disclosed that 938,229 new contributors joined the Contributory Pension Scheme (CPS) over the past two years, bringing total membership to 11.32 million. Speaking at a State House…
Nigeria’s economy recorded mixed developments on Tuesday as the naira traded at around ₦1,382/$ at the official foreign exchange window while strengthening slightly to about ₦1,412/$ on the parallel market. The movement came amid continued volatility in the foreign exchange market and major policy shifts in the energy sector. In a move aimed at boosting…
Former Aviation Minister Hadi Sirika has defended the economic record of late President Muhammadu Buhari, insisting that the former administration left behind a “flourishing” Nigeria despite widespread criticism of its economic performance. Speaking on ARISE Television ahead of activities marking the first anniversary of Buhari’s death, Sirika rejected claims that the Buhari administration plunged the…
Nigerian entrepreneur Iyinoluwa Aboyeji has gone viral after reflecting on his journey from becoming a millionaire at 23 to co-founding Andela and Flutterwave, two of Africa’s most successful billion-dollar technology companies. Speaking on James Dumoulin’s School of Hard Knocks podcast, the 35-year-old discussed the lessons behind building globally recognized businesses from Nigeria. Aboyeji explained that…
German automotive giant Volkswagen is considering one of the largest workforce reductions in the industry’s history, with plans that could see up to 100,000 jobs cut worldwide as the company battles rising costs, U.S. tariffs, weaker electric vehicle margins and intensifying competition from Chinese manufacturers. Volkswagen CEO Oliver Blume confirmed in an internal memo that…
The Dangote Petroleum Refinery has begun selling petrol and other refined petroleum products in U.S. dollars, marking a major shift in Nigeria’s downstream oil market following the breakdown of the Federal Government’s naira-for-crude arrangement. Under the new pricing template, the refinery fixed the ex-depot price of petrol at $0.779 per liter, with diesel priced at…
Zamfara State has commissioned a $200 million lithium mining and processing plant in Boko Village, Zurmi Local Government Area, marking a major step in Nigeria’s drive to add value to its vast mineral resources rather than exporting raw materials. Governor Dauda Lawal, who inaugurated the facility, described the project as a milestone in the state’s…
Nigeria’s economic outlook received a boost as the naira traded at ₦1,382.33 per US dollar at the official foreign exchange market, while the country’s crude oil production climbed to its highest level in 74 months, exceeding its production quota set by the Organization of the Petroleum Exporting Countries (OPEC). According to the latest figures from…
