Consumers Lament As Nigeria Exports N23bn Electricity   Power consumers, on Wednesday, kicked against the export of about N23.13bn worth of electricity from Nigeria to some neighbouring countries in 2022 despite the widespread darkness witnessed in many Nigerian communities. The latest data on the remittances by international...

Nigeria’s Intra-African Trade Drops by 12% to N842.6bn in Q1   Nigeria’s intra-African trade has continued to underperform expectations despite the commencement of the African Continental Free Trade Area (AfCFTA) as the trade value fell Year-on-Year (YoY) to N842.6 billion in the first quarter of 2023...

Nigeria’s Economic Growth Too Slow To Reduce Poverty - World Bank   The World Bank, yesterday, warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country. Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast...

OPEC Raises Nigeria’s Oil Output As Saudi Arabia Cuts Production   Members and non-members of the Organisation of Petroleum Exporting Countries, referred to as OPEC+, on Sunday, agreed to cut crude oil production volumes in order to ensure global oil market stability, but allowed Nigeria, Congo...

Simply, the Cost of Fuel Subsidy in a Layman's Language 1. Nigeria has crude oil in abundance but it is not the crude oil you use in powering your generator and other machineries. The crude oil needs to be converted to some usable products. This process converting...

IMF To Nigeria: Expect Significant Reduction In Foreign Loans   The International Monetary Fund (IMF) has warned Nigeria to expect a significant reduction in foreign loans as the global economy continues to experience new shocks and contractions. The IMF Deputy Divisional Chief, Wenjie Chen, stated this during...