Economy
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PHOTO NEWS: Tinubu receives Mastercard CEO, delegation at State House
President Bola Ahmed Tinubu on Tuesday received the Global Chief Executive Officer of Mastercard Michael Miebach, and other members of the company’s delegation at the State House, Abuja. The visit was part of ongoing engagements between the Federal Government and major global business leaders aimed at strengthening economic cooperation and exploring opportunities for investment in Nigeria. Officials of Mastercard joined…
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Dangote Refinery rejects claim of fuel re-importation through Lome to Nigeria
Dangote Petroleum Refinery has dismissed allegations that petroleum products refined at its facility are exported to Lomé, Togo, and subsequently re-imported into Nigeria, describing the claims as unsupported by commercial realities and established trade practices. In a statement released on Tuesday, the company said it was responding to what it described as “baseless and unsubstantiated claims” despite its policy of…
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Nigeria’s youths ready for digital economy, Tinubu tells Mastercard
President Bola Tinubu has assured global investors that Nigeria’s youthful population is ready to compete in the global economy, describing the country’s young people as tech-savvy and eager to learn. Speaking on Tuesday while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the Presidential Villa in Abuja, Tinubu welcomed the company’s proposal to…
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Nigeria’s broad money supply increases to N129.21trn in May 2026, says CBN
Nigeria’s broad money supply (M3) increased to N129.21 trillion in May 2026, reflecting continued expansion in liquidity across the economy despite the Central Bank of Nigeria’s (CBN) decision to maintain a tight monetary policy stance. Broad money, or M3, comprises currency in circulation outside banks, demand deposits, savings and time deposits, as well as foreign currency deposits. Latest data from…
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Fitch warns Nigeria over $5bn swap deal with First Abu Dhabi Bank
Nigeria’s proposed $5billion total return swap financing arrangement could expose the country to additional debt-management and liquidity risks despite its potential benefits, global rating agency Fitch Ratings has warned. Fitch said that while total return swaps can provide governments with hard-currency liquidity, diversify funding sources, and lower borrowing costs, the structure could create transparency concerns, increase exposure to market shocks,…
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DMO raises N1.22trn from FGN Bond market
The Debt Management Office (DMO) on Monday announced the June 2026 auction result, allotting a total of N1.22 trillion to the investing public. The debt office reopened the JAN-2035 and APR-2037 bonds, offering a total of N1.20 trillion. The auction result obtained by westernpost showed that a total demand settled at N1.41 trillion (bid-to-offer: 1.2x), with the DMO eventually allotting…
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Agama urges collaboration among African markets
Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, on Monday called for enhanced collaboration among African markets for a stronger interconnection within the continent as well as development of new products. This is as the SEC Nigeria signed a Memorandum of Understanding with the Capital Markets Authority of Rwanda in Abuja. According to the MoU, “each Party…
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Dangote refinery supplied 87.55% of Nigeria’s petrol demand, says NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Dangote Petroleum Refinery accounted for 87.55 per cent of the premium motor spirit (PMS), also known as petrol, supplied to Nigeria’s domestic market in May 2026. The regulator disclosed the figures in its monthly performance report . According to the data, Nigeria recorded an average daily petrol supply…
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Lagos positioned as Africa’s leading geoeconomic hub — Sanwo-Olu
By Adeola Ogunrinde Lagos State Governor, Babajide Sanwo-Olu, has said Lagos is strategically positioned to serve as Africa’s leading geoeconomic hub, leveraging trade, infrastructure, finance, technology and human capital to drive prosperity across Nigeria, West Africa and the global economy. Sanwo-Olu made the assertion on Saturday at the Geo-Economic Optimization Summit Lagos 2026 hosted by the Citadel School of Government…
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Trans-Saharan highway project will drive growth in South-East, says TDF
The Democratic Front (TDF), a political support group, has said the ongoing Trans-Saharan Superhighway project will drive economic growth and expand trade opportunities across the South-East region. In a statement signed by its chairman, Mallam Danjuma Muhammad, and secretary, Chief Wale Adedayo, the group commended President Bola Tinubu for initiating the 123.6-kilometre project, which it described as a strategic investment…
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