The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has presented the Ministry’s 2025 budget performance and 2026 budget proposal to the Joint Committee of the Senate and House of Representatives on Petroleum Resources. A statement issued on Tuesday by the Head, Press and Public Relations Unit, Chris Ugwuegbulam said Lokpobiri made the presentation on…
Dangote Group has signed a $400 million agreement with China’s XCMG Construction Machinery Co., Ltd. to acquire advanced construction equipment, as it ramps up expansion of its petroleum refinery and wider industrial operations. The deal will support the expansion of the Dangote Petroleum Refinery and Petrochemicals from its current 650,000 barrels per day to 1.4…
Former Kaduna State governor, Nasir El-Rufai, was detained at the headquarters of the Economic and Financial Crimes Commission (EFCC) in Abuja on Monday night following hours of interrogation over an alleged N432 billion corruption scandal. El-Rufai, a prominent chieftain of the African Democratic Congress (ADC), is also expected to face criminal prosecution in connection with…
Nigeria’s banking sector emerged as the top destination for foreign capital in the third quarter of 2025, attracting $3.14 billion and accounting for 52.25 percent of total capital imported into the country. This is according to the Capital Importation Report for Q3 2025 released by the National Bureau of Statistics (NBS), which showed a significant…
By Adeyemi David The Centre for the Promotion of Private Enterprise (CPPE) has said Nigeria’s inflation decline to 15.10 percent in January points to a significant shift toward macroeconomic stabilisation, offering relief for households and renewed confidence for investors. Founder of the CPPE, Muda Yusuf, made the assertion in a statement issued Monday in Lagos…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has alerted the public to the activities of fraudulent individuals claiming to offer contracts on behalf of the Commission, warning Nigerians to be cautious to avoid falling victim to scams. In a statement signed by its Head of Corporate Communication and Media, Eniola Akinkuotu, the Commission disclosed that…
The National Bureau of Statistics (NBS) has reported that Nigeria’s telecommunications industry sustained strong performance in the second quarter of 2025, with active voice subscriptions reaching 171,730,06, representing a 0.48 percent increase from the 170,904,257 recorded in the corresponding period of 2024. The figures are contained in the NBS Telecoms Data: Active Voice and Internet,…
More trouble as the Federal Government filed criminal charges against former Kaduna State Governor, Nasir El-Rufai, over the alleged interception of the phone communications of the National Security Adviser, Nuhu Ribadu. The Court documents show that the case marked FHC/ABJ/CR/99/2026, was submitted at the Federal High Court in Abuja. The Federal Republic of Nigeria is…
….As food inflation hits single digit first time in 10 yrs … Naira hits N1,390 on black market as gap closes 2.5% …. Nigeria records strongest foreign inflows in five years on reforms By Adeyemi David Nigeria’s headline inflation rate moderated slightly to 15.10 per cent in January 2026, down from 15.15 per cent recorded…
By Adeyemi David The Federal Government has introduced a new industrial policy designed to revive dormant factories, strengthen domestic manufacturing, and reposition Nigeria as a competitive industrial hub. Minister of State for Industry, John Owan Enoh, announced the framework during an engagement with the Nigerian Guild of Editors, stressing that industrialisation is critical to the…
