Economy - Page 5

President Bola Tinubu has inaugurated the new board of the Nigerian National Petroleum Company Limited (NNPCL) and charged them to use their wealth of experience to turn the country’s economy around. Tinubu inaugurated them in Abuja on Thursday, urging the new NNPC

Fidelity Bank Plc has issued a strong statement refuting an online publication claiming that the bank is facing bankruptcy due to a Supreme Court order requiring it to pay N225 billion in damages to a Nigerian firm. In a statement signed by

The Dangote Petroleum Refinery and Petrochemicals has revealed plans to partner with an international petrochemicals distribution company, Vinmar Group, to export Dangote polypropylene to global markets. The refinery began 25kg bag polypropylene production in March for the local market. Nigeria currently imports

South Africa’s competition authority announced Wednesday it had approved the buyout of Africa’s largest pay TV enterprise, MultiChoice, by France’s Canal+, which wants to expand its footprint on the continent. The merger, which has been in the works for nearly a year,

Oil prices slipped on Monday after Moody’s downgraded the U.S. sovereign credit rating and official data showed a slowdown in the pace of China’s industrial output and retail sales. Front-month Brent crude futures edged down 37 cents, or 0.57%, to $ 65.04

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has revealed that preparations for the launch of the African Energy Bank (AEB) have entered their final phase. AEB, a newly established financial institution created to support energy development across Africa, seeks

Nigeria’s headline inflation rate eased to 23.71% in April 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday. The statistics office said the April 2025 headline inflation figure represents a 0.52%

The Chairman of BUA Group, Abdul Samad Rabiu, has disclosed that cement manufacturers in Nigeria have agreed to freeze the price of cement for Renewed Hope Projects. He disclosed this after a meeting with President Bola Tinubu in the State House, Abuja

Oil prices sank Thursday on hopes for an Iran nuclear breakthrough after Donald Trump said a deal was “getting close” and US media reported Tehran had indicated it could be open to curbs on its atomic programme. The remarks from the US

Oando Plc has disclosed that it has recorded four operational oil spill incidents between October 2024 and the present date. The company also confirmed the completion of repair works on oil spill incidents that occurred along the Nigerian National Petroleum Corporation Exploration

Brazilian state oil company, Petrobras, is seeking a return to Nigeria’s oil sector with a renewed focus on frontier deepwater exploration as part of efforts to strengthen ties between both countries. In a statement on Wednesday, Stanley Nkwocha, Senior Special Assistant to

Lagos State recorded a 45 per cent growth in revenue to N1.3 trillion in 2024, from N895 billion recorded in 2023. This was revealed by the Commissioner for Finance, Abayomi Oluyomi, in a statement to mark the second year of the second

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has disclosed that Nigeria is set to receive telecommunications equipment and fibre optic infrastructure worth $3 billion in June 2025. Speaking during a panel session at the Nigeria Development Update (NDU) organised