Economy
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Pension assets rise by ₦10.7tn to ₦31.48tn in two years – PenCom
Nigeria’s pension assets have grown by more than ₦10.7 trillion in the last two years, rising from ₦20.79 trillion to ₦31.48 trillion, representing a 51 per cent increase, the National Pension Commission (PenCom) has said. PenCom Director-General, Omolola Oloworaran, disclosed this on Tuesday during a State House press briefing in Abuja to mark her second anniversary in office, attributing the…
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Nigeria, Hong Kong sign accord to ease cross-border trade, improve investment
Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed an agreement aimed at easing cross-border trade, improving investment flows and eliminating double taxation on income between both jurisdictions. The accord was signed virtually on Sunday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on behalf of Nigeria, and…
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Nigeria economic outlook remains positive amid oil production, says OPEC
The Organization of Petroleum Exporting Countries (OPEC) on Monday said Nigeria’s economic outlook remains positive based on oil production, infrastructure investment and stronger business activity. This was contained in its Monthly Oil Report released in its X handle. The report by OPEC stated that: “Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger…
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Dangote begins dollar fuel sales, pegs petrol at $0.78/litre
Dangote Petroleum Refinery has officially transitioned to dollar-denominated sales of refined petroleum products, fixing the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, at $0.78 per litre, in a significant policy shift expected to influence pricing across Nigeria’s deregulated downstream petroleum sector. The new pricing regime, which took effect on Monday, July 13, 2026, also sets the…
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NITDA unveils framework to measure digital economy impact
…seeks accurate metrics to drive Nigeria’s digital growth The National Information Technology Development Agency (NITDA) has convened key stakeholders to validate a new framework aimed at measuring, analysing and maximising the impact of digital technologies on Nigeria’s economy. The initiative was launched at the Stakeholder Engagement and Validation Workshop on the Indicators and Measurement Framework for the National Research Study…
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CellHub rates Tinubu’s economic reforms 8.3/10 despite poverty concerns
An intelligence and economic research firm, CellHub, has rated President Bola Tinubu’s economic reform programme 8.3 out of 10, describing it as “Strong and On Track,” while noting that many Nigerians have yet to feel the benefits of the reforms. In its latest assessment, the firm said the administration’s economic policies had strengthened key macroeconomic indicators, including foreign reserves, exchange…
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Nigeria meets 104% of OPEC quota as crude production reaches 74-month high
Nigeria’s crude oil production exceeded the Organisation of the Petroleum Exporting Countries (OPEC) quota in June, with average daily crude output rising to 1.56 million barrels per day (bpd), the highest level recorded since April 2020. This was disclosed in production data released by Eniola Akinkuotu, on Sunday, head, Media and Strategic Communications Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The…
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FAAN plans N580bn runway rehabilitation across 21 airports
The Federal Airports Authority of Nigeria (FAAN) is concluding plans for a nationwide airside rehabilitation programme estimated at over N580 billion to upgrade runways and other safety-critical infrastructure at more than 21 airports across the country. The programme, which will cover international airports and 16 domestic airports under FAAN’s management, is expected to benefit airports in Lagos, Abuja, Kano, Port…
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NCC reaffirms commitment to DIg Once policy, seeks fair pricing models for infrastructure
The Nigerian Communications Commission (NCC) has reaffirmed its commitment to promoting efficient broadband infrastructure deployment in Nigeria through collaborative implementation of the Dig Once Policy. The Commission gave the assurance at the Second Stakeholders’ Consultative Forum to Develop a Pricing Mechanism and Cost-Based Structure for Sharing Ducts Built Under the Dig Once Policy in Nigeria, held at the NCC Annex…
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Aviation agencies at loggerheads over sharing formula on airline tickets’ sales
A proposal to review the sharing formula for Nigeria’s statutory five per cent Ticket Sales Charge (TSC) has reportedly sparked a fresh dispute among aviation agencies and labour unions, with concerns over its potential impact on aviation safety and regulatory oversight. According to a report by DailyTrust, the controversy centres on a move to increase the share of the levy…
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