Economy
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Report: Nigeria splits OPL 245 oilfield into four blocks under deal with Eni, Shell
Nigeria has broken up the OPL 245 oil block into four new assets to be operated by Eni and Shell, a source told Reuters, potentially settling the future of the field at the centre of one of the oil industry’s biggest historic corruption trials. The agreement clears the way for the development of OPL 245, one of Nigeria’s biggest deepwater…
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Nigeria signs $1.3bn alumina project pact with AFC
The Federal Government has signed a Memorandum of Understanding with the Africa Finance Corporation for a $1.3 billion alumina refinery project aimed at boosting value addition and increasing the mining sector’s contribution to the economy. The agreement, executed through the Solid Minerals Development Fund, also covers a comprehensive geoscience mapping exercise and the establishment of a joint strategic investment vehicle…
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IMPI credits Tinubu’s reforms for economic turnaround
The Independent Media and Policy Initiatives (IMPI) has said President Bola Tinubu has engineered a turnaround in Nigeria’s economy through what it described as tools of economic progressivism aimed at ending decades of profligacy and entrenched interests. In a policy statement signed by its Chairman, Dr Omoniyi Akinsiju, the group argued that prior to the reforms initiated in May 2023,…
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Edun hails new 4% GDP, says growth signals broad-based economic momentum
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has hailed Nigeria’s latest economic performance, describing the new four per cent GDP growth as a clear signal of broad-based economic momentum. According to fresh data released by the National Bureau of Statistics (NBS), Nigeria’s real Gross Domestic Product (GDP) grew by 4.07 per cent in the fourth…
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Appeal court rejects N38.9bn judgment against CBN in Paris Club refund dispute
The court of appeal sitting in Abuja has set aside a N38.9 billion judgement previously awarded against the Central Bank of Nigeria (CBN) in a long-running dispute over consultancy fees linked to the Paris Club refund. In a unanimous decision delivered on February 20, the appellate court overturned the earlier ruling of the federal high court, which had entered judgement…
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BREAKING: Nigeria’s GDP grows by 4.07% in Q4 2025, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 4.07per cent (year-on-year) in real terms in the fourth quarter (Q4) 2025. According to the latest GDP report by NBS, the growth rate is higher than the 3.76per cent recorded in Q4 2024. NBS noted that, “During the quarter under review, agriculture grew…
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Nigeria seeks Canadian expertise to accelerate mining development
The Minister of Solid Minerals Development, Dele Alake, has expressed Nigeria’s readiness to partner with Canada to accelerate ongoing reforms in the mining sector and attract increased foreign investment. Alake made this known on Thursday while receiving the Canadian High Commissioner to Nigeria, Pasquale Salvaggio, in his office. He said Nigeria was keen to leverage Canada’s advanced mining technology and…
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Tinubu extends ban on raw shea nut export for one year
President Bola Tinubu has approved a one-year extension of the ban on the export of raw shea nuts, reinforcing the Federal Government’s push for industrial development and local value addition. The extension takes effect from February 26, 2026, to February 25, 2027, according to a statement issued on Wednesday by presidential spokesman Bayo Onanuga. The move is part of the…
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South-South governors applaud Tinubu’s oil revenue directive
The South-South Governors Forum (SSGF) has endorsed President Bola Tinubu’s Executive Order directing the direct remittance of oil and gas revenues into the Federation Account, describing the move as a landmark decision for Nigeria’s petroleum sector. In a statement issued on Wednesday by its chairman and Bayelsa State Governor, Douye Diri, the forum said the order marks a significant step…
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Nigeria to begin exporting new crude grade in March, boosting output
Nigeria’s state oil company, NNPC, will start exporting a new light, sweet crude grade called Cawthorne from March, a spokesperson said, adding to a recent recovery in output from Africa’s top oil exporter. The launch is part of Nigeria’s broader effort to increase production, which has long been constrained by unrest and crude theft, and follows the introduction of two…
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