Economy
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Presidency mulls restructuring of NNPC asset ownership over low oil output
By Kunle Sanni – The Presidency is considering a major restructuring of asset ownership in the Nigerian National Petroleum Company Limited (NNPC Ltd.) following concerns about the firm’s low contribution to the country’s crude oil output. According to a report by The Punch newspaper, the Special Adviser to the President on Energy, Olu Verheijen, disclosed this on Monday at the…
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‘We’re taking power very seriously,’ Tinubu tells Siemens
Reaffirms commitment to power sector reform By Kunle Sanni – President Bola Tinubu has reaffirmed his administration’s commitment to improving Nigeria’s electricity supply through the Presidential Power Initiative (PPI), assuring Siemens Energy of full government support for the timely completion of the project. Speaking at a meeting with a delegation from Siemens Energy led by Dietmar Siersdorfer, Managing Director for…
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Active electricity customers in Nigeria up by 0.6% to 11.96m in August 2025 says NERC
The Nigerian Electricity Regulatory Commission (NERC) on Monday announced that the total number of active customers across all eleven Distribution Companies (DisCos) increased from 11.89 million in July to 11.96 million in August 2025. This is contained in the Commission’s latest Metering Factsheet for July and August 2025, released via its official X (formerly Twitter) handle. “Out of these,…
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FG backs Ondo methanol plant expansion, targets 500,000 metric tons by 2026
The federal government has reaffirmed its support for Nigeria’s first methanol production facility at the Ondo-Linyi Industrial Hub in Ondo State, aiming to boost local production and industrialisation. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made the announcement on Monday during an inspection of the SuperTech methanol and ammonium bicarbonate plant in Omotosho, Okitipupa Local Government Area. Ekpo…
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FG to launch two new investment funds for Nigerian startups in 2026
By Kunle Sanni – The Federal Government has announced plans to establish two new investment funds under its Investment in Digital and Creative Enterprises (iDICE) programme, aimed at boosting Nigeria’s technology and creative sectors starting in 2026. The announcement follows a $64 million first close of a new venture fund managed by Ventures Platform, a pan-African seed-stage firm, with iDICE…
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Kaberuka calls for a new era of strong African institutions
Former President of the African Development Bank (AfDB), Dr. Donald Kaberuka has called for Africa to strengthen and integrate its financial and governance institutions to safeguard the continent’s future in a rapidly fragmenting global order. Delivering the 2025 Babacar Ndiaye Lecture on the sidelines of the World Bank Group/IMF Annual Meetings in Washington DC, Kaberuka warned that “the world is…
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Our laws now stronger, more effective to prosecute parties at fault in bank failure,says NDIC Boss
The Managing Director/Chief Executive (MD/CE), Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has stated that the Corporation now operates under stronger and more effective laws to carry out its bank liquidation mandate. Sunday made this known when he received the President/Chairman of Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Mr. Chimezie Victor Ihekweazu…
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IMF, Nigeria discuss reform agenda, 2026–2030 National Development Plan
A high-level delegation from the International Monetary Fund (IMF), led by Assistant Director of its African Department, Mr. Axel Schimmelpfennig, on Friday met with the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, in Abuja to discuss Nigeria’s ongoing economic reforms, medium-term outlook, and preparations for the 2026–2030 National Development Plan. The visit was part of the IMF’s consultative…
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Nigeria launches ‘Oríkì’ Experience to showcase culture, cuisine
The National Institute for Hospitality and Tourism (NIHOTOUR), in partnership with Novarosta, unveiled Oríkì, a world-class cultural and culinary experience aimed at promoting Nigeria’s creative heritage and positioning the country as a global destination for tourism, gastronomy, and creative economy investment. The grand event at Eagle’s Square, Abuja, drew global partners, government officials, chefs, investors, cultural ambassadors, and creative entrepreneurs…
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FG secures $396m in development credits for northern IDPs, Sokoto health infrastructure
By Kunle Sanni – The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the Federal Executive Council (FEC) has approved two major credit facilities totaling $396 million to support humanitarian and health infrastructure projects in northern Nigeria. Speaking after the FEC meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa, Abuja,…
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