Nigeria’s plan to generate up to $200 billion in non-oil export revenue over the next five years is facing serious uncertainty as the escalating conflict between Iran and Israel disrupts global shipping routes and drives up logistics costs. Exporters and supply-chain experts warn that the crisis in the Middle East is already inflicting losses on …
In a significant shift in Nigeria’s energy consumption landscape, Automotive Gas Oil (AGO), also known as diesel, recorded an increase in consumption, while the usage of Premium Motor Spirit (PMS), commonly known as petrol, saw a notable decline in February 2026. This is according to the latest Factsheet released by the Nigeria Midstream and Downstream …
The Federal Government reduced its debt service spending sharply in early 2026. Payments dropped by 38.5 per cent year-on-year to $405.3 million in January 2026, down from $659.7 million recorded in January 2025. Data from the Central Bank of Nigeria (CBN) International Payments Report revealed the decline. Nigeria also recorded a slight drop in total …
Nigerian carriers are bleeding cash and flying at a loss as the ongoing Middle East conflict has pushed up aviation fuel prices by about 80 per cent, airline operators have disclosed. The crisis, triggered by the escalation of hostilities between US-Israeli forces and Iran since February 28, has disrupted shipping through the strategic Strait of …
The Director of the Nigeria National Single Window, Tola Fakolade, has highlighted the benefits of the new government initiative, saying it will simplify trade processes, streamline import and export documentation, and strengthen Nigeria’s competitiveness in global trade. Fakolade also assured stakeholders that the platform would not interfere with the statutory revenue collection responsibilities of agencies …
The U.S. dollar steadied against major global currencies on Tuesday after Donald Trump stated that the ongoing conflict involving Iran could end “very soon", easing some fears in global financial markets. The greenback traded at 157.73 yen and $1.1632 per euro in Asian markets. The currency remained mostly firm despite retreating slightly from the highs …
Nigeria’s push to strengthen local sugar production gained momentum as the National Sugar Development Council (NSDC) and the Bank of Industry (BOI) launched a ₦10 billion Sugar Project Acceleration Fund (SPAF) to support the development of new sugar projects across the country. The initiative targets greenfield sugar projects and aims to provide both financing and …
Nigeria’s three major cement producers, Dangote Cement, BUA Cement and Lafarge Africa, posted strong revenue and profit growth in their 2025 audited financial results. But Dangote Cement stood out by making significantly more profit per bag of cement than its competitors. The company recorded the highest gross profit margin in the industry, showing it is …
The House of Representatives Ad-hoc Committee investigating pre-shipment inspection of exports and the non-remittance of crude oil proceeds has directed key government agencies and a private sector body to submit comprehensive records related to its ongoing probe. The directive followed concerns by lawmakers over incomplete documentation submitted by the agencies, as the committee seeks to …
The Senate Committee on Banking, Insurance and Other Financial Institutions has called on the Central Bank of Nigeria (CBN) to strengthen regulatory oversight of financial technology firms in order to curb rising cases of fraud within Nigeria’s banking system. The committee also urged the apex bank to introduce stricter regulatory measures to tackle the growing …
