The Federal Government has reiterated its firm stance against the reintroduction of fuel subsidies and the imposition of price controls, signaling a continued commitment to market-driven economic reforms.
The Nigerian equities market closed lower on 5 May 2026, shedding 1,411.37 points to settle at 241,750.15, a 0.58% decline from the previous close, as selling pressure hit large-cap stocks including Wema Bank, MTN, and Aradel.
Domestic refineries received only 28.5 million barrels of crude oil in Q1 2026, far below the 61.9 million barrels allocated, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Iran has established the Persian Gulf Strait Authority to regulate maritime traffic through the Strait of Hormuz, one of the world’s most critical oil shipping routes.
