Economy
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FG commits to revitalizing oil and gas sector amid growing investor confidence
The Federal Government of Nigeria has reaffirmed its commitment to revitalizing the nation’s oil and gas sector, highlighting renewed global investor confidence fueled by bold reforms, strategic policies, and infrastructure development under President Bola Ahmed Tinubu. This was stated by the Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Honourable Minister of State for Petroleum…
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IMF’s 3.4% growth forecast for 2025: FG committed to sound economic management, says Wale Edun
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Wednesday said it welcomed the release of the International Monetary Fund’s (IMF) findings on Nigeria, reiterating that the Federal Government remains fully committed to sound economic management that promotes macroeconomic stability, broad-based growth, and improved living standards for all Nigerians. IMF concluded its Article IV Consultation…
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Nigeria’s GDP growth forecast stood at 3.4% for 2025, says IMF
The International Monetary Fund (IMF) has announced that its Executive Board has concluded the 2025 Article IV consultation with Nigeria, projecting a 3.4 per cent expansion in the country’s real Gross Domestic Product (GDP) for 2025. The IMF’s Article IV consultation is a routine assessment of a country’s economic performance and policy framework, providing evaluations and recommendations for improvement. On…
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Nigeria to phase out diesel, launch first green ports – VP Shettima
By Kunle Sanni – Vice President Kashim Shettima has announced that Nigeria will begin phasing out diesel dependency as part of a push to cut carbon emissions and transition to integrated hybrid energy systems. Speaking at the opening of the Decarbonising Infrastructure in Nigeria (DIN) Summit in Abuja on Wednesday, Shettima said climate action is no longer a luxury but…
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Aradel Holdings, Wema Bank join NGX 30 Index
The Nigerian Exchange Limited (NGX) has replaced Conoil Plc and Julius Berger Plc with Aradel Holdings Plc and Wema Bank Plc in the NGX 30 Index. The NGX on Tuesday, announcing the result of its half year (H1) market index review disclosed new entry and exit of some companies from several indices which took effect at the open of the…
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Aviation safety tops agenda as BAGASOO marks 15th anniversary
By Kunle Sanni – The Federal Government of Nigeria has pledged continued support for aviation safety and regional collaboration as the Banjul Accord Group Aviation Safety Oversight Organisation (BAGASOO) marks its 15th anniversary with its inaugural Safety Conference in Abuja. The two-day event, which began on June 30 at the Transcorp Hilton Hotel, brought together aviation regulators, safety experts, and…
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Money supply drops to N119.01trn in May 2025, says CBN
The Central Bank of Nigeria (CBN) disclosed on Monday that Nigeria’s broad money supply declined for the second time this year, falling slightly to N119.01 trillion in May 2025. The drop represents a month-on-month contraction of N292.75 billion or 0.25per cent from the N119.30 trillion recorded in April. The first decline of 2025 was recorded in February, when the figure…
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Average price paid by consumers for petrol grows by 33.54% to N1027.76/litre, says NBS
The National Bureau of Statistics (NBS) on Monday revealed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2025 was N1027.76, indicating a 33.54per cent Month-on-Month (MoM) increase compared to the N769.62/litre recorded in May 2024. The Premium Motor Spirit (Petrol) Price Watch by NBS for May 2025 stated that comparing the average price…
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Dangote’s petrol distribution with 4,000 CNG trucks to save Nigerians N1.7trn annually
Dangote Petroleum Refinery has revealed that its N720 billion investment in its landmark nationwide petroleum products distribution initiative will save Nigerians over N1.7 trillion annually. This disclosure is contained in a statement issued by the Dangote Group, where it provided an update on the refinery’s investment in 4,000 Compressed Natural Gas (CNG) powered trucks for the scheme. Dangote refinery, in…
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Stanbic IBTC drives NGX market capitalisation with N150.8bn rights issue listing
Stanbic IBTC Holdings Plc has listed 2.945 billion additional ordinary shares on the Nigerian Exchange Limited (NGX), expanding its equity base. The listing follows the conclusion of the Holding Company’s rights issue, which was oversubscribed at 121.97 per cent. The new shares were executed at a price of N50.50 per share, based on five new shares for every twenty-two ordinary…
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