The Nigeria Labour Congress (NLC) has proposed the merger of the Ministries of Petroleum and Power into a single Ministry of Energy as a long-term solution to Nigeria’s persistent electricity challenges. The labour union also rejected the Federal Government’s proposed N6 trillion bailout for electricity generation and distribution companies (GenCos), describing it as ineffective and …
Nigeria has attracted over $2.6 billion in foreign direct investment (FDI) into its mining sector within the past two years, Minister of Solid Minerals Development, Dele Alake, has revealed. He credited the surge to sweeping reforms, including improved governance, digitisation of licensing processes, and a sustained crackdown on illegal mining activities. Speaking at the Powering …
The Centre for the Promotion of Private Enterprise (CPPE) has warned that rising petrol prices, driven by global oil shocks, could reverse Nigeria’s fragile progress in slowing inflation, calling for urgent government action to cushion the impact on households and businesses. In its February 2026 inflation brief issued by its Chief Executive Officer, Muda Yusuf, …
Nigerian businessman and philanthropist Tony Elumelu has announced a fresh round of 3,200 African entrepreneurs to receive funding under the Tony Elumelu Foundation (TEF) Entrepreneurship Programme, marking a major expansion of one of the continent’s largest private-sector-driven development initiatives. The announcement, made on Sunday, March 22, in his annual birthday message, coincides with the unveiling …
Ahead of the 2027 governorship election, the Lagos For Prosperity Group (LPG) has endorsed Prince Adelaja Adeoye, popularly known as Laja Adeoye, as its preferred candidate to lead Lagos State. This endorsement marks an early but significant development in the race for Alausa, positioning Adeoye as a formidable contender challenging the long-standing APC dominance in …
Dangote Refinery has again raised its ex-depot price of fuel as crude oil surges above $110 per barrel in the international market. The continuous increase in prices signals more pressure in Nigeria’s fuel market. The 650,000 barrels per day refinery announced an increase in its ex-depot price of Premium Motor Spirit (PMS), also known as …
President Bola Tinubu’s recent state visit to the United Kingdom delivered about $1.5 billion in deals and strengthened diplomatic ties, but fell short of translating into clear benefits for Nigerian businesses, according to the Alliance for Economic Research and Ethics LTDGTE. In a statement on Friday, 20 March, by its Chairman, Dele Oye, the organisation …
The recent appreciation of the naira is reshaping Nigeria’s economy, reducing costs for importers while cutting earnings for exporters, households receiving remittances, and government revenues. When President Bola Ahmed Tinubu took office in May 2023, the naira traded around ₦463/$ under a controlled system run by the Central Bank of Nigeria (CBN). In June 2023, …
The ongoing escalation of the crisis in the Middle East, specifically the conflict involving the U.S., Israel, and Iran, has pushed Brent crude prices above $100 per barrel. While this exceeds Nigeria’s budget benchmark of $64.85 per barrel, several structural and economic factors suggest the country may not fully reap the rewards of this surge. …
As the crescent moon ushered in the 2026 Eid-el-Fitr celebration on Friday, March 20, millions of Nigerian Muslims gathered at prayer grounds across the country, but behind the vibrant displays of traditional Baban riga and Iro ati Buba, a sobering reality shadowed the festivities. There is a sharp resurgence in food prices that has left …
