Economy
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Nigeria records 80% rise in oil production as FG targets refining hub
By Kunle Sanni – Nigeria’s crude oil production has surged by 80 percent over the past two years, rising from 1 million barrels per day (bpd) in 2023 to 1.8 million bpd in 2025, according to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. Speaking on Tuesday at the West African Refined Products Pricing and Markets Development Conference…
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FG vows to revamp livestock sector for economic growth
By Kunle Sanni – The federal government has reaffirmed its commitment to overhauling Nigeria’s livestock industry as part of broader efforts to stimulate economic growth under President Bola Tinubu’s Renewed Hope Agenda. Secretary to the Government of the Federation (SGF), Senator George Akume, gave the assurance on Monday at the 2024 Blueprint Impact Series and Awards Ceremony held in Abuja.…
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FG grows oil, non-oil tax revenue by 43% to N14.27trn in H1 2025
The Federal Government said it grew its oil and non-oil tax revenue by 43 per cent to N14.27 trillion in first half (H1) of 2025 from N9.98 trillion generated in first half (H1) of 2024. Federal Government in presentation titled “Progress Report on Revenue Collections (January – June)” said the evaluation of revenue collection performance as H1 2025, indicates an…
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NMDPRA laments over West Africa countries reliance on global oil price trading activities
Despite being a significant producer of hydrocarbon resources, an important consumer of refined petroleum products and a growing refining hub, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday lamented over West Africa continues dependency on posted prices of global reference markets such as Northwest Europe (NWE), US Gulf Co ast, Mediterranean, Singapore, Arab Gulf etc for all…
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‘We’re ready to build Africa’s refining backbone’ — NNPC
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Engr. Bashir Bayo Ojulari, has reaffirmed the company’s resolve to eliminate structural bottlenecks and establish a robust, self-sufficient refining ecosystem across Africa. Ojulari made the pledge on Tuesday while delivering a keynote address titled “Building an African Refinery Hub” at the Global Community Insights Conference on…
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VIDEO: Africa may not see construction of new refineries built again, says Dangote
A billionaire entrepreneur and President of the Dangote Group, Alhaji Aliko Dangote on Tuesday has stated that unless entrenched rent-seeking behaviors in the petroleum industry are addressed with decisive political measures, Africa may never see the construction of any new large-scale refineries. Aliko Dangote revealed this in Abuja at ongoing Global Commodity Insights Conference on West African Refined Fuel Markets.…
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Senate approves Tinubu’s $21bn borrowing plan for 2025–2026 fiscal cycle
By Kunle Sanni – The Senate has approved President Bola Ahmed Tinubu’s external borrowing request amounting to over $21 billion, paving the way for the implementation of the 2025 Appropriation Act and key national development initiatives. The approved borrowing includes $21.19 billion in foreign loans, €4 billion, ¥15 billion, a $65 million grant, and ₦757 billion in domestic borrowing through…
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BREAKING: CBN’s MPC hold interest rate at 27.5% amid drop in inflation rate
The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) on Tuesday sustained interest rate or Monetary Policy Rate (MPR) at 27.50 per cent amid slowdown in Nigeria’s inflation rate. After the two-day meeting in Abuja, the members also voted to retain the asymmetric corridor at +500basis points/-100basis points. Nigeria’s inflation rate dropped to 22.22per cent as of June 2025,…
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Nigeria losing 400,000 hectares of forest annually — VP Shettima
By Kunle Sanni – Vice President Kashim Shettima has raised the alarm over Nigeria’s worsening deforestation crisis, warning that over 90 percent of the country’s original forest cover has already been lost. Speaking through his representative, Deputy Chief of Staff Ibrahim Hadejia, at the Nigeria Forest Economy Summit 2025 in Abuja, Shettima described the situation as both an environmental catastrophe…
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Nigeria-Egypt trade hits $315m as Tuggar seeks balanced partnership
Trade relations between Nigeria and Egypt recorded a 68.45% surge over the past year, with bilateral trade volumes climbing from approximately $187 million in 2023 to about $315 million in 2024. This was disclosed by the Egyptian Minister of Foreign Affairs, Badr Abdelatty, at the second Nigeria-Egypt Business Forum held in Abuja on Monday. While celebrating the growth in trade,…
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