Economy
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Foreign oil giants eye return to Nigeria’s oil market, target deepwater prospects
Petrobras, Brazil’s state-controlled oil company, is actively pursuing a return to Nigeria’s oil market, focusing on frontier deepwater exploration opportunities. This marks a reversal from its previous strategy of exiting Nigerian investments in 2020. Petrobras aims to acquire frontier deepwater acreage as part of its diversification strategy. Petrobras’ re-entry into Nigeria’s oil market marks a significant shift from its previous…
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Ekiti, Osun emerge most expensive States in Southwest, NBS reveals
A report by the National Bureau of Statistics (NBS) has revealed Ekiti and Osun as the most expensive states, while Ondo is the least expansive state in the Southwestern region of Nigeria. The NBS in its rebased Consumer Price Index (CPI) report on inflation rate announced 23.71 per cent inflation rate for April 2025, a 9.99 per cent Year-on-Year (YoY…
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Nigeria joins European Bank for reconstruction, development
Nigeria has officially been admitted as a member of the European Bank for Reconstruction and Development (EBRD), marking a major step toward enhancing private sector access to international capital and supporting the country’s long-term economic reform agenda. The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led a high-level Nigerian delegation to the EBRD 2025 Annual…
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Sahara Group GMD hails Tinubu’s energy reforms, predicts sectoral growth
By Kunle Sanni The Group Managing Director of Sahara Group, Kola Adesina, has expressed strong confidence in President Bola Ahmed Tinubu’s sweeping energy reforms, describing them as courageous, transparent, and vital for long-term sustainability. Speaking in an interview for an upcoming State House TV documentary commemorating the second anniversary of the Tinubu administration, Adesina praised the removal of the fuel…
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BUA Chairman: Cement at ₦9,000 not expensive because it costs about $110 and $120 per ton
…says food prices dropping due to policy, intervention By Kunle Sanni Chairman of BUA Group, Samad Rabiu, has defended the current market price of cement in Nigeria, arguing that at ₦9,000 per bag, the commodity is still competitively priced when converted to international market rates. Speaking during a briefing at the State House after a meeting with President Bola Tinubu…
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Shettima urges EU, Africa to maximize potential for shared prosperity
Vice President Kashim Shettima has called on the European Union (EU) and African nations to evolve their relationship beyond donor aid into a mutually beneficial partnership capable of unlocking the continent’s full economic potential. Speaking in Abuja on Thursday during a meeting with a delegation led by the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, Shettima emphasized the importance…
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Inflation rate drops to 23.71% in Apriil, says NBS
The National Bureau of Statistics (NBS) on Thursday disclosed that the headline inflation rate eased to 23.71 per cent in April 2025, relative to the March 2025 headline inflation rate of 24.23per cent. NBS in its Consumer Price Index (CPI) report noted that the April 2025 Headline inflation rate showed a decrease of 0.52per cent compared to the March 2025…
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Verheijen to African leaders: Compete smartly or miss out on global energy capital
At the 2025 Africa CEO Forum, Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, delivered a clear message to African policymakers and business leaders: Africa must compete intentionally for global investment or risk being left behind. “Capital has no passport,” she said. “Sentimental appeals to ‘African capital’ are a distraction. Capital is opportunistic, not patriotic—it flows where risk-adjusted…
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Petrobras eyes return to Nigeria, targets deepwater oil investment
By Kunle Sanni Brazil’s state-owned oil giant, Petrobras, is set to re-enter Nigeria’s oil sector with a focus on frontier deepwater blocks, signaling a renewed push in Nigeria-Brazil energy relations. The move comes as Nigeria prepares for the second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM), scheduled for June 2025. Vice President Kashim Shettima disclosed Petrobras’ interest during an…
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Bagudu: Tinubu’s reforms fueling economic recovery, investor confidence
By Kunle Sanni Nigeria’s economy is on a steady path to recovery, buoyed by President Bola Ahmed Tinubu’s economic reforms, according to the Minister of Budget and Economic Planning, Abubakar Bagudu. Speaking in a special feature interview for an upcoming TV documentary marking the President’s second year in office, Bagudu said the administration’s “Renewed Hope Agenda” is driving investor confidence…
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