The World Bank has raised concerns over Nigeria’s 2025 budget projections, describing the government’s assumptions of producing 2.06 million barrels of oil per day at $75 per barrel as overly optimistic. This skepticism stems from Nigeria’s current production levels, which hover around 1.6 million barrels daily, and the prevailing international oil price of approximately $60
The Mining Cadastre Office (MCO) says it has generated N10.9bn between January and April 2025. The Director-General of the MCO, Mr Stephen Nkom, disclosed this in a statement issued by the Head of Press of the organisation, Mrs Grace Okeke, on Sunday in Abuja. Nkom explained that the achievement was due to the reforms introduced
ActionAid Nigeria (AAN) has called on the media to step up advocacy for increased investment in inclusive and sustainable food systems to ensure food and nutrition security for all Nigerians. The call was made in Abuja, during a media workshop on Inclusive and Sustainable Food Systems Reporting, organised under the Inclusive Food Systems Project, funded
Gov. Babajide Sanwo-Olu of Lagos State has unveiled the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) to provide access to finance for Small and Medium Scale Enterprises (SMEs) and registered cooperative societies in the state. Sanwo-Olu unveiled the initiative at the Adeyemi Bero Auditorium, Alausa, Ikeja, on Wednesday in partnership with Bank
Nigeria’s persistent electricity challenges are costing the nation more than ₦2 billion annually, according to the United Nations Development Programme (UNDP). This revelation was made by UNDP Resident Representative, Elsie Attafuah, during the inaugural National Legislative Conference and Expo on Renewable Energy held in Lagos. Attafuah highlighted the detrimental impact of inadequate power supply on
Nigeria’s financial obligations to the International Monetary Fund (IMF) surged by over ₦2.5 trillion in 2024, effectively doubling the country’s liabilities to the global lender within a year. This escalation is attributed primarily to the depreciation of the naira and increased borrowing under President Bola Tinubu’s administration. According to the Central Bank of Nigeria’s (CBN)
In a bold step toward reshaping Nigeria’s economic landscape, the African Development Bank (AfDB) has rolled out a new five-year roadmap that will inject an average of $650 million annually into the country from 2025 to 2030. The initiative is designed to fast-track infrastructure development, empower young people and women, and support Nigeria’s push toward
As Nigeria commemorates International Workers’ Day on May 1, 2025, labour unions nationwide have renewed calls for an urgent review of the ₦70,000 minimum wage, citing the escalating cost of living and inflation that have rendered current earnings insufficient. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have expressed concerns over the
In a significant leadership overhaul at the Nigerian National Petroleum Company Limited (NNPCL), the managing directors of the Port Harcourt, Warri, and Kaduna refineries have been dismissed. This move follows the recent appointment of Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of NNPCL. He succeeds Mele Kyari, who was relieved of his
The Federal Government has clarified that there is currently no immediate plan to ban the importation of photovoltaic (PV) solar panels into Nigeria. This comes amid ongoing discussions about boosting local manufacturing capacity to meet the country’s energy needs. Abba Aliyu, Managing Director of the Rural Electrification Agency (REA), stated that while efforts are underway
