By Seun Ibiyemi Africa’s foremost industrialist, Aliko Dangote, has cautioned that escalating tensions in the Middle East and the resulting volatility in global oil markets could have severe economic consequences for Nigeria and other African countries. Dangote gave the warning on Monday in Lagos after a courtesy visit and Eid-el-Fitr homage to President Bola Tinubu….
… PETROAN tasks NNPC on domestic refining to curb global shocks … Domestic refining won’t significantly lower petrol prices – CPPE By Seun Ibiyemi The Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals (DPRP), David Bird, has assured Nigerians that the refinery will continue to meet the country’s fuel demand despite the volatility in…
The escalating military confrontation involving Iran, the United States and Israel is sending shockwaves through global energy markets, with crude oil prices rising sharply and creating new economic pressures for countries like Nigeria. Over the past two weeks, international crude benchmarks have surged dramatically. Brent Crude, the global benchmark used to price much of the…
By Seun Ibiyemi The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) at its retail outlets in Abuja to N960 per litre, up from N875, following a spike in global crude oil prices triggered by escalating geopolitical tensions in the Middle East. Checks at several NNPCL filling…
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has warned that while the escalating Iran–U.S.–Israel conflict may deliver short-term revenue gains to Nigeria through higher crude oil prices, it also poses significant inflationary and macroeconomic risks that could worsen living conditions for citizens. In a policy brief titled “Implications of the…
Iran has reportedly launched attacks targeting United States military bases in Qatar, Bahrain, the United Arab Emirates (UAE) and Kuwait, escalating tensions in the Gulf region following strikes by Israel and the United States on Iranian territory. According to Al Jazeera, the development comes in the wake of coordinated attacks on Iran by Israeli forces…
