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Nigeria faces a fresh round of fuel queues and price hikes due to a breakdown in crude supply to domestic refineries. The House of Representatives Committee on Petroleum Resources (Downstream) issued the warning on Thursday after conducting oversight in Abuja. Lawmakers identified a widening gap between the crude required by the Dangote refinery and what…
A comprehensive policy review has exposed critical structural barriers undermining the growth and sustainability of micro, small and medium enterprises in Nigeria, despite the sector’s strategic importance to the national economy and employment generation. The report, titled ‘Reassessment of Nigeria’s National Policy on Micro, Small and Medium Enterprises (MSMEs), 2021–2025 and Strategic Directions for 2026–2030’,…
In recent years, Nigeria has witnessed a perplexing economic phenomenon: the rising prices of food and essential items despite a backdrop of poor consumer demand. This situation is particularly striking as it unfolds against the backdrop of the religious observance periods of Lent for Christians and Ramadan for Muslims, times traditionally marked by fasting and…
Nigeria’s food inflation rate climbed back into double-digit territory in February 2026, rising to 12.12 per cent and reversing the single-digit slowdown recorded just one month earlier, according to data released by the National Bureau of Statistics on Monday. The February figure represents a sharp month-on-month increase of 3.23 percentage points from the 8.89…
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed confidence that the country’s ongoing macroeconomic reforms have fortified the economy against potential shocks from escalating geopolitical tensions in the Middle East, particularly the evolving crisis involving the United States, Israel and Iran. Cardoso made the assertion on Wednesday while delivering a Distinguished…
Net foreign exchange inflow into the Nigerian economy fell by 18.3 per cent year on year to 61.29 billion dollars in the eleven months ended November 2025. The Central Bank of Nigeria data showed the drop from 69.61 billion dollars recorded in the corresponding period of 2024. This development stemmed from a 25.2 per…
Nigeria’s treasury grew by N2.96 trillion in the third quarter of 2025 through Company Income Tax. According to the National Bureau of Statistics (NBS), the Q3 figure represents an eight percent increase from the N2.78 trillion recorded in the second quarter of 2025. Local businesses provided N920.91 billion of this sum while foreign firms contributed…
The Dangote Petroleum Refinery has raised its petrol ex-depot price by 100 Naira, taking the rate from 774 Naira to 874 Naira per litre. Management implemented the change on Monday following a sharp rise in global crude oil prices, which surged past the $80 per barrel mark overnight. The refinery briefly suspended petrol loading at…
On Sunday morning, while the traders of Kugbo Furniture Market were at prayer, their livelihoods were reduced to charcoal. The fire, which razed fifteen shops and several homes, was not particularly sophisticated; it was fueled by the predictable cocktail of sawdust, varnish, and polyurethane foam. Yet, the real accelerant was not chemical, but administrative. The…
Nigeria’s National Assembly is rarely accused of moving too slowly when money is on the table. Yet, the decision to postpone plenary resumption from February 24th to March 5th suggests a rare outbreak of diligence. The official reason is the need for committees to conclude budget defense sessions with government agencies. The unofficial reality is…
