Nigeria spent ₦4.13 trillion on the importation of Premium Motor Spirit (PMS), commonly known as petrol, in the first half of 2025. This is according to data released by the National Bureau of Statistics (NBS). According to the NBS data, Nigeria spent ₦1.76 trillion on the importation of Motor Spirit Ordinary (fuel) in the first …
Dangote Refinery has finally concluded plans to start its free fuel distribution scheme on Monday, 15 September 2025. This comes one month after the August 15 date, which was earlier planned to commence the scheme. Pinnacle Daily gathered that the inability of the company to commence in August was due to logistical challenges, which affected …
Nigeria's crude oil production fell to 1.434 million barrels per day (bpd) in August 2025, down by approximately 73,000 bpd from 1.507 million bpd in July. This represents a decline of 4.84 per cent and marks the lowest production level in six months. The August production figure fell below Nigeria's allocation of 1.5 million bpd by the Organisation of Petroleum Exporting Countries (OPEC), …
The National Union of Petroleum and Natural Gas Workers (NUPENG) has accused the Dangote Group of violating the agreement between the two parties brokered by the Federal Government on Tuesday. Pinnacle Daily had reported that NUPENG and Dangote Group signed a Memorandum of Understanding (MoU) allowing newly employed drivers of the Dangote refinery’s CNG trucks to …
The Nigerian Independent System Operator (NISO) has said Wednesday’s National grid collapse was caused by a system disturbance resulting from the tripping of a Generation company. Pinnacle Daily reported that the national grid collapsed on Wednesday, resulting in a significant loss of power supply from distribution companies across the country. From about 4,500 megawatts, data …
Nigerians have experienced another round of blackout in 2025 following the significant drop in power supply from the national grid. Pinnacle Daily reports that data published on the Nigerian System Operator’s portal (niggrid.org), revealed that power available for distribution has dropped to 120 megawatts (MW) as of 01:00 pm on Wednesday. This has affected electricity …
Nigerian banks are increasingly turning to non-interest income to diversify revenue streams, enhance profitability, and mitigate risks associated with traditional interest-based models. Analysts observed that this shift is mainly driven by economic volatility, regulatory changes, and the growing adoption of digital financial services. Pinnacle Daily’s analysis of the financial statements of eight Nigerian commercial banks …
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has finally suspended its nationwide strike after signing a Memorandum of Understanding (MoU) with the management of Dangote Refinery and Petrochemicals on the contentious issue of workers’ unionisation. Pinnacle Daily reports that NUPENG embarked on a nationwide strike on Monday, 8 September, over an alleged attempt by …
The Nigerian naira has risen to a six-month high at the official foreign exchange (FX) market. According to data published on the Central Bank of Nigeria (CBN) website, the naira appreciated to ₦1,514.86 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, 04 September 2025, the last trading day last week before the public …
In its quest to invest in human capital development, Dream Rite, a non-profit organisation, has empowered over 3,000 young Nigerians through the provision of scholarship opportunities in tertiary institutions across the country and mentorship programmes aimed at helping them transform their lives and secure their future. Registered in both the United States and Nigeria, the …
