Economy
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Nigeria attracting fresh oil investments amid US-Iran tensions — Lokpobiri
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says rising geopolitical tensions in the Middle East have sparked renewed interest from foreign investors seeking opportunities in Nigeria’s oil and gas sector. Speaking on Thursday in Abuja at the inauguration of the President Bola Ahmed Tinubu (PBAT) Door-to-Door Movement, Lokpobiri said countries across Europe and Asia were approaching Nigeria…
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Nigeria’s $51bn reserves face risks from hot money, oil dependence, says EBC
Global brokerage firm, EBC Financial Group has said that Nigeria’s foreign reserves currently at $51 billion remain vulnerable to volatile portfolio inflows and the country’s continued dependence, warning that it may not be sustainable. Nigeria’s external reserves climbed to $51.04 billion, marking the highest level in about 17 years as stronger foreign exchange inflows and improved market conditions continued to…
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Nigerian equities appreciates by N9.4trn in four days
The Nigerian equities market has appreciated by N9.4 trillion in its fourth consecutive trading activities this week to close at N156.547 trillion from N147.103 trillion it opened for trading this week. Consequently, the Nigerian Exchange Limited All Share Index (NGX ASI) in its Month-to-Date and Year-to-Date returns settled higher at +6.3per cent and +56.8per cent, respectively. The breakdown by WESTERNPOST …
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At 46%, Nigeria emerges as one of the report’s most AI-engaged e-commerce markets, says DHL
AI could soon choose what we buy, sustainability has shifted from nice-to-have to non-negotiable, and second-hand shopping is rapidly becoming mainstream, according to new DHL eCommerce research. The E-Commerce Trends Report 2026, based on survey findings from 29,000 online shoppers and 5,800 e-commerce businesses across 29 countries, including Nigeria, highlights the biggest shifts retailers need to prepare for in the…
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CBN warns against rejecting standard ₦100 note
….Says it remains legal tender The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning individuals and businesses against rejecting it for transactions. The clarification followed reports that some members of the public, businesses and other stakeholders had refused to accept the standard ₦100 note over concerns that it had…
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NNPCL signed $20bn gas deals in last one year, says Ojulari
Group chief executive officer (GCEO), Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has revealed that the firm has signed several landmark gas sale and purchase agreements (GSPAs) since the NOG Energy Week 2025. Speaking at the 25th NOG Energy Week 2026 in Abuja on Tuesday, Ojulari said the gas deals, signed in the last one year, are worth $20…
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NRS targets N50tn tax revenue in 2026 after collections hit N28.3tn
The Nigeria Revenue Service (NRS) has set its sights on generating nearly N50 trillion in tax revenue in 2026, following a sharp increase in collections from N12.3 trillion in 2023 to N28.3 trillion in 2025. The target was disclosed in the agency’s mid-year economic snapshot, which showed that the service had already generated an estimated N21.6 trillion in the first…
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Dangote highlights local investment as key to Africa’s economic future
Africa’s foremost industrialist, Aliko Dangote, has called on Africans to invest more in the continent, saying sustainable economic transformation can only be achieved through local investments and stronger private-sector participation. Dangote made the call on Tuesday while addressing participants at the ongoing African Caucus Meeting held at the Sir Dawda Kairaba Jawara International Conference Centre in Banjul, The Gambia. He…
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Tinubu tasks Afreximbank to mobilise resources for Africa’s industrialisation
President Bola Tinubu on Tuesday urged the African Export-Import Bank (Afreximbank) to intensify efforts to mobilise Africa’s human, financial and natural resources to accelerate industrialisation and drive economic development across the continent. Speaking while receiving a delegation from Afreximbank, led by its President and Chairman of the Board, Dr George Elombi, at the State House in Abuja, Tinubu said Africa…
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Nigeria becomes sixth African country to join IEA
The Minister of state for petroleum resources (gas), Ekperipe Ekpo, has revealed that Nigeria becomes sixth African association member of the International Energy Agency (IEA). Ekpo spoke on Tuesday during the NOG Energy Week 2026 conference, held in Abuja. He said the admission makes Nigeria the IEA’s sixth African association member and the first member of the Organisation of Oil…
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