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NNPC and NUPRC payments to Federation Account accelerate; Nigeria's dollar GDP hit $307.5bn in 2025 A presidential executive order compelling government agencies to promptly remit revenues to the Federation Account has driven a significant acceleration in oil sector payments to Nigeria's treasury, with the NNPC and the Nigerian Upstream Petroleum Regulatory Commission adding over ₦322 billion and $116.9 million in fresh remittances directly attributable to the directive. The

Century-old Lagos bridge beyond repair; new structure to extend to 1.93km; Third Mainland Bridge gets ₦24.89bn The Federal Government has approved the complete demolition and reconstruction of Carter Bridge in Lagos at a cost of ₦548.98 billion, after a decade of independent structural assessments unanimously concluded that the century-old crossing could not be repaired. Works Minister Dave Umahi announced the approval Thursday after the Federal Executive Council meeting chai

Meter manipulation by large customers costs ₦9.7bn monthly; NISO issues mandatory recalibration directive Nigeria's electricity grid is losing 180 megawatts of power to organised theft along a single transmission corridor in Lagos and Ogun states, a volume equivalent to the entire daily electricity allocation of the city of Jos, the Nigerian Independent System Operator disclosed this week. NISO Managing Director Abdu Mohammed Bello revealed the scale of the losses during a st

SheVentures 2026: 0% interest, 4–6 month repayment, advisory support included First City Monument Bank has opened applications for its 2026 SheVentures Zero-Interest Loan Programme, offering women-owned businesses access to up to ₦10 million in capital at zero percent interest, one of the few such products available in Nigeria's banking market. The facility provides loans between ₦500,000 and ₦5 million under a general funding category, and between ₦5 million and ₦10 million

Dangote Cement leads ₦3.16 trillion single-session gain; ₦84 trillion of market value remains illiquid Nigeria's stock market crossed two historic thresholds simultaneously on Monday, with the All-Share Index breaching 250,000 points and market capitalisation surpassing ₦160 trillion in a single session that delivered ₦3.16 trillion in investor gains. The NGX All-Share Index climbed 2.33% to close at 250,481 points on May 11, 2026. Market capitalisation expanded from ₦157.09

NMDPRA data: Imports fell 37%; state refineries produced nothing; petrol at ₦1,271 in Lagos Nigeria's domestic refining sector operated at near-full capacity in April 2026, with the Dangote Petroleum Refinery supplying 79% of the country's petrol consumption while three government-owned refineries sat completely idle throughout the month, new data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed Wednesday. The NMDPRA's April 2026 fact sheet sho

Monthly earnings up 102.9%; gas production reaches 7,731 mmscfd; petrol availability at retail stations remains at 56% NNPC Limited posted a profit after tax of ₦276 billion for March 2026, more than doubling its February earnings, as a surge in gas production lifted financial performance to its strongest monthly showing in recent memory. The figures were disclosed in the company's March 2026 Monthly Report Summary released Monday. Revenue for the month reached ₦2.774 trillio

Stanbic IBTC shows growth at 52.4; CBN PMI registers first contraction in 16 months at 49.4 Two closely watched surveys of Nigeria's private sector economy published this week have reached opposite conclusions about business conditions in April 2026, creating an unusually divided picture of the economy entering the second quarter. The Stanbic IBTC Bank and S&P Global Purchasing Managers' Index, endorsed by the National Bureau of Statistics, showed the headline index rising to

CUSTOMS AND AfCFTA PUSH TO UNLOCK CROSS-BORDER TRADE FOR NIGERIAN SMALL BUSINESSES Guided Trade Initiative targets SME exporters; simplified documentation framework now in joint implementation The Nigeria Customs Service and the African Continental Free Trade Area Secretariat have launched a joint implementation push to expand cross-border trade access for small-scale Nigerian businesses, as Nigeria deepens its role in intra-African commerce. The collaboration is aimed at unl

NAIRA TRADES AT ₦1,355 OFFICIAL, ₦1,420 PARALLEL TODAY GAP WIDENS AS IMPORT DEMAND RISES BDC rates diverge further from official window; analysts cite debt obligations and travel dollar demand The Nigerian naira weakened at both official and parallel market windows on Friday, April 24, with the spread between the two segments widening to as much as ₦70 per dollar signalling renewed demand pressure on the currency. At the Nigerian Foreign Exchange Market, the naira traded with

AFRICA NEEDS TWO MORE DANGOTE-SIZED REFINERIES Small business owners among thousands still awaiting funds; depositors petition Tinubu, CBN for bailout Depositors of the defunct Heritage Bank have formally appealed to President Bola Tinubu and CBN Governor Olayemi Cardoso for emergency intervention after receiving only 14.2% of their uninsured deposits nearly two years after the bank's liquidation. In a petition addressed to the CBN Governor and copied to the Presidency and th

AFRICA NEEDS TWO MORE DANGOTE-SIZED REFINERIES 70% of Africa's refined fuel is imported; demand to surge 56% by 2040; $4 trillion in domestic capital sitting idle Africa will need at least two additional refineries the size of Dangote's Lagos facility to meet its own fuel demand by 2040, according to a major new infrastructure report released Thursday as Aliko Dangote pledged at the same summit to build a 650,000-barrel-per-day plant in East Africa. The Africa Finance Corpora