The Economic and Financial Crimes Commission has recovered $60 million from Nestoil Limited and paid the money to a consortium of creditor banks, but the bigger story is what the recovery says about Nigeria’s growing problem with large corporate debts. The payment is the first stage of a structured repayment plan agreed between Nestoil and…
The naira’s latest gain may look like another small move in the foreign exchange market, but the more important story is what the Central Bank of Nigeria is changing behind the scenes. The CBN has removed restrictions that previously prevented banks active in the foreign exchange market and government securities from accessing its Discount Window….
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 UK economy is showing signs of slowing, but calling the latest figures an outright economic slump would be misleading. Britain’s GDP grew by 0.4% in the second quarter of 2026, down from 0.6% in the first quarter. That is a slowdown, but it still means the economy expanded and the UK actually recorded the…
President Bola Tinubu has again promised that Nigeria’s state-owned refineries will return to operation, saying the government is carrying out a “structural and economic reset” to ensure the facilities must become productive and profitable. That distinction is important because Nigeria has already celebrated refinery “revivals” that did not last. Port Harcourt restarted in November 2024,…
Edo State’s domestic debt has surged by ₦59.37 billion since the end of 2024, rising from ₦113 billion to ₦172.37 billion by March 2026, according to the latest Debt Management Office data. The increase has moved Edo from 12th to sixth among Nigeria’s most indebted states. But the most revealing part of the numbers isn’t…
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,…
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…
President Bola Tinubu has signed a new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order aimed at unlocking up to $50 billion in investment in Nigeria’s deepwater oil sector, beginning with the approximately $10 billion Bonga South West project. But the bigger question is not whether the incentives will attract investors. It is…
The Federal Reserve has purchased up to $5.179 billion in short-term US Treasury bills, but the headline figure is creating more excitement in financial markets than the operation itself may warrant. The New York Fed’s operation on August 11 targeted Treasury bills maturing in roughly one to four months. It is part of the Fed’s…
