After more than a week of rallies, oil prices have fallen below $90 per barrel following the pause in attacks between the United States and Iran over the weekend. The attacks that have lasted for nearly two weeks have led to the collapse of an earlier 60-day ceasefire. The suspension of the latest hostilities has, …
Beyond the Stopgap measure: import surges haven’t relieved pressure on Nigeria's LPG market For Mrs Esther Akpan, who runs a small-scale restaurant in the Ilasa area of Lagos, it is not yet time to return to using cooking gas, despite the slight drop in prices in recent weeks. Mrs Akpan, who has been cooking …
Despite windfalls recorded by many oil-producing nations in recent months following the tension in the Middle East, Nigeria lost an estimated N5.1 trillion in expected oil revenue in six months. The 2026 federal budget has a target of 1.84 million barrels per day (bpd), but the data published by the Nigerian Upstream Petroleum Regulatory Commission …
Nigeria's largest airline, Air Peace and Etihad Airways, the national airline of the United Arab Emirates (UAE), have signed an interline agreement to enhance connectivity between the UAE and West Africa and Central Africa, allowing passengers to book single-ticket journeys across both airlines' networks. The partnership agreement announced on Thursday, July 23, will enable passengers to …
Energy conglomerate Sahara Group has called for a fresh approach to Africa’s energy transition, infrastructure funding, and media coverage, arguing that global solutions must adapt to the continent’s practical realities. Speaking at the third edition of Asharami Square, the Group’s flagship thought leadership platform, held under the theme “Energising Africa’s Future: Legacy, Impact and Transformation,” …
As electricity demand rises in Nigeria, the presidency has stated that the country needs to increase annual investment in the power sector to $12 billion through 2045 to achieve reliable electricity. This, it said, means the country is recording an annual power investment deficit of about $11 billion, as only $1 billion is currently being …
An Enugu Air aircraft suffered a runway excursion shortly after landing at Benin Airport on Thursday. Fortunately, all passengers and crew members on board disembarked safely without any reported injuries or casualties. A video shared on social media showed the aircraft lying on muddy ground as passengers struggled to disembark. In a statement, the airline …
Nigeria could face a major funding gap if the United States withdraws all foreign assistance, potentially losing between $740 million and $790 million annually based on historical disbursement trends. The development would end more than a decade of steady US financial support that has channelled almost $8.9 billion into the country since 2015. Data from …
Dangote Petroleum Refinery and Petrochemicals has successfully closed a landmark $2.5 billion private equity placement, marking what is believed to be Africa's largest publicly disclosed primary equity private placement by value. In a statement released on Thursday, the company said the offering, which was oversubscribed by 3.7 times relative to the initial offer size, represents …
Dangote Petroleum Refinery has reversed its recent dollar-pricing policy, resuming the sale of petrol in naira and setting a new ex-depot gantry price of ₦1,215 per litre. The decision, announced on Wednesday, provides a measure of relief to marketers and consumers by eliminating foreign exchange exposure that had complicated planning and squeezed margins for local …
