Currency traders attribute the recent strengthening of the naira and the stability of the forex market to factors such as an excess supply of dollars and increased enforcement actions by security agencies targeting forex speculators and hoarders. They point to several additional factors contributing to the naira's improved performance, including the Central Bank of Nigeria's …
Dangote Petroleum Refinery and Petrochemicals FZE has notified the Federal High Court Abuja of its discontinuance of its N100 billion import licence lawsuit against Nigerian National Petroleum Company Limited (NNPCL) and others. The notice of discontinuance dated July 28, 2025, was filed by the refinery’s lawyer, George Ibrahim SAN, Nairametrics reports. “TAKE NOTICE that the …
Nigeria’s recent GDP rebasing has highlighted a significant shift in its economic structure. Real estate has surpassed oil, now standing as the third-largest contributor to the Nigerian economy, replacing crude oil's historic dominance. This change reflects a broader diversification within the country's economy, with real estate now contributing a notable share alongside agriculture and the …
By Sunday Michael Ogwu Nigeria’s oil industry has experienced remarkable fluctuations over the past five years, impacted by both global events and internal challenges. From the disruptive effects of the COVID-19 pandemic in 2020 to the resurgence in 2024, the trajectory of Nigeria’s oil production offers an insightful reflection of not only domestic operational capabilities …
By Sunday Michael Ogwu Given the 575.5 million barrels produced throughout 2024, Nigeria’s oil industry could have generated an estimated $46.04 billion in revenue from crude oil sales in 2024. According to the most recent reconciled production data for the year by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Nigeria, one of the top oil …
As Nigeria struggles to attract meaningful foreign direct investment (FDI), a Nigerian academic, Dr Nasir—whose recent international study explored how artificial intelligence tools like ChatGPT impact investment decisions—says the real threat to growth may lie more in poor governance and inconsistent policy than technology gaps. In an exclusive interview with Nairametrics, Dr Nasir, a finance …
By Sunday Michael Ogwu Bitcoin has soared to a new all-time high of $121,000, posting a 24-hour gain of 1.76%, in a rally driven by surging institutional interest and mounting optimism over regulatory clarity. This historic milestone comes just ahead of Crypto Week, a key event expected to spotlight growing global interest in digital assets. …
By Sunday Michael Ogwu A storm may be brewing at Nigeria’s highest political table. What started as whispers of tension between President Bola Ahmed Tinubu and Vice President Kashim Shettima has grown into what many insiders describe as a quiet but strategic cold war. The recent fallout over the handling of the Rivers State political …
The Senate has summoned NNPCL’s Group CEO, Bayo Ojulari, to explain why the company has yet to account for N210 trillion flagged in the Auditor-General's 2017–2023 report. Senator Aliyu Wadada, Chair of the Public Accounts Committee, said the Senate is not accusing NNPCL of theft but demanding transparency in line with its oversight mandate. "We …
By Sunday Michael Ogwu Nigeria’s electricity sector may be turning a corner—at least on paper—as the Nigerian Electricity Regulatory Commission (NERC) issued a total of 243 licences, permits, and certifications over five consecutive quarters, signalling renewed private sector interest and potential for increased power generation across the country. According to World Bank statistics, 85 million …
