Business

Nigeria’s External Reserves Climb to $49.58bn, Gain $1.22bn in May ‎ ‎Nigeria’s external reserves rose by $1.22 billion in May 2026 to close the month at $49.58 billion, underscoring improving foreign exchange inflows and growing confidence in the country’s economic reforms. ‎ ‎Data from the Central Bank of...

President Bola Ahmed Tinubu has hailed the remarkable growth of Nigeria’s capital market as one of the strongest indicators of economic recovery under his administration.

Nigeria imported £1.1 billion worth of refined oil from the United Kingdom in 2025, underscoring its continued reliance on foreign petroleum products despite efforts to expand local refining capacity.

The African Development Bank (AfDB) has revealed that power outages cost Nigerian businesses about 3% of their annual sales, forcing firms to spend heavily on generators and other private alternatives.  

Dangote Cuts Diesel Price by N200 Despite Import   Dangote Refinery has cut the depot price of Automotive Gas Oil (AGO), commonly known as diesel, by N200 per litre. The move intensifies competition in Nigeria’s downstream petroleum sector and has forced a major price adjustment. The reduction took...

Oil Prices Fall as US-Iran Ceasefire Talks Advance   Fresh diplomatic moves between the United States and Iran triggered a further decline in global oil prices on Thursday, raising hopes of a possible reduction in petrol prices in Nigeria. Brent crude fell to $93 per barrel on...