Category: Business

Nigeria’s Economy: Assessing the Impact of Policy Easing

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SAMI TUNJI examines how the modest rate cut is symbolic and that sustained growth will depend on consistent reforms, stronger fiscal alignment, and sustained expansion of the non-oil sector. For much of its history, Nigeria’s economy has relied heavily on external conditions; oil booms often provided fiscal buffers, while global downturns exposed deep vulnerabilities. The lesson has remained consistent: while external winds can help, domestic policies ultimately determine whether the country thrives or falters. Nigeria’s economy is approaching a new phase as the Central Bank cuts interest rates for the…

Petrol Price Nears N1,000/litre: Marketers Blame Depots

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Petroleum marketers have started to import fuel on their own as the commodity has approached the N1,000 per litre barrier in the nation’s major cities due to increasing supply issues and rising pump costs. Marketers claimed that new pressure on the downstream oil market was brought on by production issues and supply limitations at the Dangote Petroleum Refinery. In a phone interview with The PUNCH on Tuesday, Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, verified the incident. In an attempt to stabilise retail…

World Bank Dismisses Nigeria’s Single-Digit Inflation Goal as Unrealistic

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The Federal Government’s goal of short-term, single-digit inflation is unrealistic, according to the World Bank, which also cautions that Nigeria is still one of the few African nations experiencing high consumer price inflation. Nigeria, along with Angola, Ethiopia, Ghana, Malawi, Sudan, Zambia, São Tomé and Príncipe, and Zimbabwe, is expected to maintain double-digit inflation rates through 2025, according to the Bank’s most recent Africa’s Pulse report, which was made public on Tuesday. According to the report, Nigeria is still an anomaly because of enduring structural issues like currency depreciation, high…

Despite Dangote’s Free Delivery, Petrol Price Holds Steady at N865/litre

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Despite obtaining petrol at N820 per litre with no logistics charges, Dangote Refinery partners have refused to cut pump pricing at their filling stations. According to Sunday’s findings, Heyden, AP, MRS, and other key partners continue to offer petrol for N865 per litre. Except for a few MRS stores in Lagos, who raised their pricing to N841 a litre, other stations maintained their old rates. Long lines formed at the MRS station in Alapere as vehicles hurried to buy petrol for N841, while others on the same axis sold for…

Tinubu to Inaugurate $400m Rivers Crude Export Terminal

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The first major crude export facility constructed in Nigeria in more than 50 years, the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State, is set to be inaugurated by President Bola Tinubu on October 8. The facility is the first entirely indigenous onshore terminal constructed in Nigeria. It was created by Green Energy International Limited, the operators of the Otakikpo field in OML 11, Ikuru town, Andoni Local Government Area of Rivers State. The Forcados Terminal, the final of these facilities, was put into service in 1971.…

Abuja–Kaduna train platform opens for ticket payment – NRC

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The online ticketing system for the Abuja–Kaduna Train Service is now available for purchase, according to the Nigerian Railway Corporation. This was said in a statement released in Lagos on Tuesday by Mr. Callistus Unyimadu, the NRC’s chief public relations officer. According to Umyimadu, travellers were therefore urged to purchase their tickets in person at any of the scheduled stations or online at https://nrc.tps.ng prior to the October 1 commencement. He claims that after a study of the Temporary Speed Restriction (TSR) to improve operations, the journey time has been…

NNPC, Dangote Refinery Sign Fresh Two-Year Crude Supply Deal

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The Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (  NNPCL ) have inked a new two-year contract for the supply of crude oil. According to report, the agreement reached last month would guarantee a consistent flow of crude to the refinery in Lekki, Lagos, which processes 650,000 barrels per day. Furthermore, it was learnt that the agreement is consistent with the Federal Government’s resolve to provide the facility with more crude, particularly in naira. The was found that around 82 million barrels of crude have been allotted…

Nigeria, China trade hits $15.48bn in H1’25

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Compared to the same time in 2024 (H1’24), the amount of commerce between Nigeria and China grew by 34.7% to $15.48 billion between January and July 2025 (H1’25). This was revealed by Yan Yuqing, China’s consul general in Lagos, at a reception honouring the Mid-Autumn Festival, Nigeria’s 64th anniversary of independence, and China’s 76th anniversary of establishment. During the 2024 Forum on China-Africa Cooperation summit, Yuqing announced that Nigeria is now China’s second-largest trading partner in Africa. He credited the increase in trade to the upgrading of bilateral relations to…

Lufthansa Announces 4,000 Job Cuts as Part of 2030 Strategy

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The German airline company Lufthansa announced on Monday that it would lay off 4,000 employees, or about 4% of its staff, highlighting the downturn that is affecting the biggest economy in Europe. According to Lufthansa, the bulk of the layoffs will occur in Germany by 2030 and will primarily affect administrative rather than operational roles. The group, which has about 103,000 employees, consists of the recently purchased Italian flagship carrier ITA Airways, as well as Eurowings, Austrian, Swiss, and Brussels Airlines. With unemployment at a ten-year high, Germany is experiencing…

Dangote ‘Fumes’ as PENGASSAN Orders Refinery Shutdown

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The $20 billion Dangote Petroleum Refinery is experiencing a severe labour crisis as a result of the Petroleum and Natural Gas Senior Staff Association of Nigeria ordering its members from seven different oil and gas companies to stop supplying the enormous facility with gas and crude oil. However, the refinery criticised the decision, calling it economic, criminal, and unlawful sabotage. The 800 workers who were fired for exercising their constitutional right to join PENGASSAN, according to the union, are at the centre of the situation. The refinery allegedly brought in…