The United States and China are in a fresh standoff over sanctions targeting Chinese oil refineries accused of processing Iranian crude, escalating tensions between the two largest economies.

The Nigerian National Petroleum Company Limited (NNPC) has signed a new agreement with two Chinese firms to accelerate the rehabilitation and restart of the Port Harcourt and Warri refineries, nearly a year after the Port Harcourt plant was shut for maintenance.

The Tax Ombud/Chief Executive of the Office of the Tax Ombud, Nigeria, Dr. John Nwabueze, has called for strategic support from the International Monetary Fund (IMF) to strengthen the country’s tax dispute resolution framework and enhance institutional capacity.

Nigeria’s dollar GDP rose by 22% to $307.5 billion in 2025, driven by stronger economic output and a firmer naira, according to a report by Quartus Economics.

Nigeria’s trade momentum strengthened in Q1 2026, as new data from the Nigeria Customs Service (NCS) showed significant growth in export volumes, revenue collections, and cargo throughput.  

Nigeria is set to benefit from rising foreign exchange inflows as global crude oil prices surged above $105 per barrel, far above the 2026 budget benchmark of $64.85.