Economy
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NUPRC approves TotalEnergies Exploration $510m deal with Agip, SNEPco
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed off on a sales purchase agreement (SPA) by TotalEnergies Exploration and Production Nigeria Limited to assign its entire $510m illion or 12.5 per cent contractor interest in Oil Mining Lease (OML) 118 to Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE). According to the details of the agreement, TotalEnergies…
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AMCON sells 46.06m Unity Bank shares, says reports
A block of Unity Bank shares previously held by the Asset Management Corporation of Nigeria (AMCON) exchanged hands on Thursday, , through a cross deal on the Nigerian Exchange Limited (NGX). According to a tweet from Proshare (via @TheAnalystNG), 46,063,653 Unity Bank shares were traded at N1.66 per share. WESTERNPOST gathered that over 4 billion shares, representing AMCON’s entire 34…
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Nigeria’s economic growth hinges on research commercialisation — NASENI
The National Agency for Science and Engineering Infrastructure (NASENI) has reiterated that research commercialization is central to Nigeria’s economic transformation. Executive Vice Chairman and Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, gave the assurance at the North-Central Sensitization Programme on the NASENI Research Commercialization Grant Programme (NRCGP), held on Wednesday, September 24, 2025, at the Agency’s headquarters in…
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Price for refilling 5kg cylinder of cooking gas drops by 22.32%, says NBS
The National Bureau of Statistics (NBS) on Thursday disclosed that the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 22.32 per cent on a month-on-month basis from N8,243.79 recorded in July 2025 to N6,404.02 in August 2025. The Bureau in its Liquefied Petroleum Gas (Cooking Gas) Price Watch” report noted that on…
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Bagudu calls on World Bank to back ‘Renewed Hope’ ward development programme
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has called on the World Bank to support the Renewed Hope Ward Development Programme, which seeks to boost economic activities at the nation’s grassroots. The minister spoke on Thursday in Abuja during a meeting with the bank’s new Country Director, Mr Matthew Verghis, and stated that the new initiative would help…
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China to establish Africa’s first insulin plant in Nigeria — Ambassador
China has announced plans to support the establishment of Africa’s first local insulin production facility in Nigeria, a move expected to reduce the country’s dependence on imported drugs and position it as a biotechnology hub for the continent. Chinese Ambassador to Nigeria, Yu Dunhai, revealed the initiative on Wednesday in Abuja during a reception marking the 76th anniversary of the…
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NUPRC clarifies withdrawal of approval for Totalenergies-chappal transaction
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Thursday has issued an official clarification on the divestment deal between TotalEnergies and Chappal Energies, confirming that ministerial consent originally granted for the transaction has since been withdrawn. In a statement signed by its Head of Media and Strategic Communications, Eniola Akinkuotu, the Commission said the explanation was necessary following growing media…
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BUA chairman predicts naira to hit N1,300/$ by year-end
By Kunle Sanni – Chairman of BUA Group, Abdul Samad Rabiu, has expressed optimism that the naira will appreciate further against the dollar before the end of 2025, predicting a rate of between N1,300 and N1,400 per dollar. Rabiu made the forecast on Wednesday after a meeting with President Bola Tinubu at the State House, Abuja. “I expect that the…
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In New York, Emir Sanusi seeks private capital to drive Nigeria’s economic growth
The Emir of Kano, Muhammadu Sanusi II, has urged stronger collaboration between government and the private sector as a pathway to unlocking Nigeria’s economic potential and sustaining reforms. Speaking on Wednesday at a high-level summit on the sidelines of the 80th United Nations General Assembly in New York, Sanusi stressed that Nigeria cannot rely solely on government spending to achieve…
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Naira appreciates to N1,486.80/$1 at offical market
The naira appreciated on Wednesday, closing at N1,486.80 per dollar in the official market from N1,493.2 per dollar it closed for trading on Tuesday. This happened a day after the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded the 302nd meeting in Abuja. According to data published on the CBN website on Tuesday, the latest figure…
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