Economy
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Nigeria, EU, Euro Bank sign €14m grant agreement on fibre-optic infrastructure
The Federal Government, the European Union (EU) and the European Bank for Reconstruction and Development (EBRD) have signed a grant agreement to support the development of the country’s nationwide fibre-optic backbone. The signing in Abuja on Wednesday marked a significant step towards expanding affordable broadband connectivity, strengthening institutional capacity, and accelerating Nigeria’s digital transformation. Supported by the European Union and…
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Dangote Refinery’s $16bn project in Kenya gets court clearance to proceed
A Kenyan court has lifted an earlier restriction on the development of Aliko Dangote’s proposed $16 billion oil refinery in Kenya, allowing the project to proceed despite an ongoing legal dispute over land ownership and environmental concerns. The decision was delivered on Wednesday, by High Court Judge Jane Onyango during proceedings in Malindi, where residents had challenged the development of…
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DMO plans N5.75trn FGN bond offers in Q4 2026
The Debt Management Office (DMO) plans to offer N5.75 trillion in Federal Government of Nigeria (FGN) bonds in the fourth quarter of 2026, according to its provisional issuance calendar. The planned offers will be conducted across three auction dates in October, November and December, with the largest monthly amount scheduled for November and December at N2 trillion each. The proposed…
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FG unveils agriculture reform, others to engender growth
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Wednesday unveiled five fiscal reforms he said the Federal government will introduce to create a conducive business environment, engender growth and boost investments. The minister spoke at the Nigerian Investors’ Forum held on the sidelines of the World Bank/IMF annual meetings in Bangkok, Thailand, listed reforms in agriculture,…
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IMF cautions Nigeria against restoring petrol subsidy
…urges support for vulnerable households The International Monetary Fund (IMF) on Wednesday advised Nigeria against restoring broad petrol subsidy, recommending targeted support for vulnerable households to cushion the impact of rising energy costs. Director of the IMF’s fiscal affairs department, Rodrigo Valdés, who spoke during a press briefing on the fund’s fiscal monitor at the 2026 annual meetings of the…
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Developing countries pay $500bn extra in borrowing costs, Oyedele tells IMF, World Bank
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called on the International Monetary Fund (IMF) and the World Bank to make concessional loans more affordable, saying developing countries pay about $500 billion more in borrowing costs than developed economies. Oyedele, who chairs the Intergovernmental Group of Twenty-Four (G-24), made the call at the ongoing World…
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Dangote Refinery posts $22.5bn revenue, records $4.7bn profit in Q3 2026
Dangote Petroleum Refinery and Petrochemicals has recorded a remarkable turnaround in its financial performance, posting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025, as the African industrial giant consolidates its transition into a major profit-generating industrial enterprise.…
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Shell quits Nigeria’s gas distribution business
Shell Petroleum B.V. on Tuesday said it has signed an agreement to sell its full interest in the Shell Nigeria Gas Group to Vaaris Energy Limited, a Nigerian firm. Shell in a statement said the deal would transfer its domestic gas distribution business in Nigeria to Vaaris Energy. The deal, which is subject to regulatory conditions and approvals, covers Shell…
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FG launches data platform to unlock Nigeria’s creative, tourism potential
The Federal Government has unveiled the D30 Platform, a national data and investment intelligence hub designed to identify opportunities and attract investments into Nigeria’s creative and tourism economy. The platform, developed by the Federal Ministry of Art, Culture, Tourism and the Creative Economy in partnership with Cavista Holdings, will provide investors, businesses and state governments with information on creative clusters,…
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NNPC GCEO presents 2025 financial report to Tinubu at Aso Villa
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, on Monday presented the company’s 2025 Annual Financial Report to President Bola Tinubu at the State House, Abuja. The report showed that NNPC recorded ₦34.5tn in revenue, ₦7.2tn in profit after tax, representing a 33 per cent increase, and ₦5.8tn in dividends in 2025. Ojulari said…
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