Nigerian motorists may face another round of petrol price hikes as international crude oil prices surge above $100 per barrel, amid deepening tensions in the Middle East. The sharp rise in global oil prices is putting renewed pressure on Nigeria’s downstream petroleum market, where petrol prices are increasingly influenced by crude acquisition costs, foreign exchange …
Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP) is positioning its planned ₦2.11 trillion initial public offering (IPO) as growth capital rather than a means of extracting cash from the business. A review of the refinery's prospectus seen by Pinnacle Daily shows that the entire net proceeds will be invested in expanding its refining …
Nigeria’s economic activity strengthened in August, but the improvement masks a fragile industrial recovery, with 11 of the 16 industrial subsectors surveyed still operating in contraction. The warning is contained in the Central Bank of Nigeria’s (CBN) August 2026 Purchasing Managers’ Index (PMI), a monthly survey that tracks whether business activity is expanding or shrinking. …
The World Bank has challenged Nigerian banks to unlock the full economic value of the ₦4.65 trillion raised in the recently concluded recapitalisation exercise, warning that the fresh capital must reach businesses that can create jobs and expand production. World Bank Country Director for Nigeria, Matthew Verghis, said the banking sector was now stronger and …
Nigeria’s trade with the rest of the world has changed significantly over the past year, with the country selling more goods to its African neighbours, finding a major new market for fertiliser in the United States, and sharply reducing its dependence on American imports. The changes, seen in Nigeria’s trade figures from the second quarter …
Nigeria plans to hold at least one oil licensing round every year, with the possibility of twice-yearly auctions, as the Federal Government steps up efforts to revive upstream activity and raise crude production to three million barrels per day by 2030. The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, …
President of Dangote Industries Limited, Aliko Dangote, on Monday said the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE is designed to give ordinary Nigerians and Africans an opportunity to own a stake in the massive industrial facility. Dangote disclosed this in Lagos while signing the IPO registration documents, describing the …
Nigeria’s economy is gaining momentum, with growth accelerating to 4.43 per cent in the second quarter of 2026 and foreign exchange reserves climbing to a 17-year high of $53.11 billion. The improvement in headline indicators, however, has yet to translate into meaningful gains for millions of Nigerians, the Alliance for Economic Research and Ethics has …
Nigeria is winning back the confidence of international investors and global rating agencies, but the government still faces a major problem at home, as much of its revenue is being swallowed by debt payments. Foreign reserves have climbed to their highest level in more than 17 years. The naira has become more stable, inflation has …
Millions of Nigerian commuters are bracing for another round of transport fare increases as Premium Motor Spirit (petrol) prices climb to as high as ₦1,400 per litre in parts of the country. The development is putting commercial transport operators under fresh pressure to raise fares, while commuters already battling soaring food, rent and other living …
