The Federal Government of Nigeria is in advanced negotiations with the World Bank to secure an additional $65 million for the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project. If approved, the new financing will raise the total project funding to $145 million. According to official documents obtained from the World Bank, the funding
The Major Energies Marketers Association of Nigeria (MEMAN) has announced plans to engage with Dangote Petroleum Refinery and relevant government agencies to better understand the logistics and implications of Dangote’s recently announced direct fuel distribution strategy, set to begin nationwide on August 15, 2025. Speaking during a webinar hosted by MEMAN on Thursday, the association’s
The House of Representatives Public Accounts Committee (PAC) has issued a stern ultimatum to 13 oil firms, demanding their appearance before the committee over allegations of not remitting approximately $456.95 million (₦731.1 billion) in revenues owed to the federal treasury. The PAC’s spokesman, Akin Rotimi, confirmed that despite repeated invitations and public notices, the companies
Nigeria’s major crude oil grades have recorded a sharp price increase amid rising geopolitical tensions in the Middle East, as fears of a full-blown conflict between Israel and Iran push global energy markets into turmoil. As of Sunday, Bonny Light crude climbed to $78.62 per barrel, while Brass River and Qua Iboe were priced at
The Bank of Industry (BOI) is set to roll out two major initiatives: a Youth Bank and an Impact Fund, aimed at advancing youth-led innovation and supporting enterprise development across Nigeria. BOI’s Managing Director, Olasupo Olusi, made this known while speaking at the maiden edition of the Innovation and Entrepreneurship Development Lecture held at Obafemi
The World Bank has revised its global economic outlook downward, projecting that worldwide growth will decelerate to 2.3% in 2025, a decline of nearly half a percentage point from earlier estimates. This slowdown is attributed to increasing trade restrictions, rising geopolitical tensions, and a general climate of uncertainty around global economic policy. According to the
The United States is recalibrating its engagement with Nigeria, transitioning from traditional aid to a model centered on private sector-led trade and investment. U.S. Ambassador to Nigeria, Richard Mills Jr., articulated this strategic shift during a recent event at the Lagos Business School, highlighting the need for a partnership that fosters mutual economic growth. “Over
The Movement for the Survival of the Ogoni People (MOSOP) has called on President Bola Ahmed Tinubu to initiate a thorough investigation into the alleged misappropriation of $300 million earmarked for compensation and infrastructure development in Ogoniland. This fund, part of an out-of-court settlement involving the Nigerian National Petroleum Corporation (NNPC), was intended to address
In a bold move to revive Nigeria’s upstream oil and gas sector, President Bola Tinubu has issued a new Executive Order aimed at reducing high operational costs, boosting investor confidence, and unlocking greater economic value from the country’s petroleum resources. The order, titled “The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025)”, introduces performance-based tax
The World Bank has raised alarms over the deepening poverty crisis in Nigeria, revealing that nearly half of the population now lives below the international poverty line, even as Africa’s largest economy continues to report GDP growth. In its May 2025 edition of the Nigeria Development Update, the World Bank estimates that approximately 46 percent
