Nigeria’s Oil Reserves Hit 37.28 Billion Barrels, Gas Reserves Reach 210.54 TCF — NUPRC Confirms
The SUN NG

Nigeria’s Oil Reserves Hit 37.28 Billion Barrels, Gas Reserves Reach 210.54 TCF — NUPRC Confirms

The announcement, made by Commission Chief Executive, Engr. Gbenga Komolafe, offers a strategic snapshot of Nigeria’s hydrocarbon assets and highlights the nation’s progress under the Petroleum Industry Act (PIA) 2021. Nigeria’s total proven and probable (2P) oil, condensate, and gas reserves have reached 37.28 billion barrels and 210.54 trillion cubic feet (TCF) respectively, as of January 1, 2025, according to fresh data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Nigeria’s PMI Rises to 52.3 in March 2025, Signaling Third Month of Economic Expansion
 The Sun News

Nigeria’s PMI Rises to 52.3 in March 2025, Signaling Third Month of Economic Expansion

This marks the third consecutive month of economic expansion, reflecting growing business confidence and improved activity across key sectors. Nigeria’s economic recovery continues to gain traction as the Central Bank of Nigeria (CBN) reports a steady rise in the Purchasing Managers’ Index (PMI), which increased to 52.3 index points in March 2025, up from 51.4 in February. This marks the third consecutive month of economic expansion, reflecting growing business confidence and improved activity across key sectors.

Trump Declares 10% Baseline Tariff on All U.S. Imports, Launches ‘Liberation Day’ Trade Overhaul
 Channels TV

Trump Declares 10% Baseline Tariff on All U.S. Imports, Launches ‘Liberation Day’ Trade Overhaul

“This is one of the most important days in American history,” Trump declared. “We will supercharge our domestic industrial base, we will pry open foreign markets, and break down foreign trade barriers.” In a sweeping policy shift that redefines America’s global trade stance, U.S. President Donald Trump on Thursday announced a baseline 10% tariff on all U.S. imports, signaling a hard pivot from the country’s decades-long free-trade tradition. The move, dubbed “Liberation Day,” introduces sharper, country-specific reciprocal tariffs aimed at penalizing nations accused of limiting U.S. market access.

Nigeria’s Net FX Reserves Surge to $23.11 Billion—Highest in 3 Years Amid CBN Reforms
 Business Day

Nigeria’s Net FX Reserves Surge to $23.11 Billion—Highest in 3 Years Amid CBN Reforms

Governor Cardoso’s administration has introduced critical reforms, including the liberalization of the FX market and the floating of the naira, which have begun to yield tangible results in restoring trust and liquidity in the financial system. Nigeria’s Net Foreign Exchange Reserves (NFER) have soared to $23.11 billion as of December 2024, marking the highest level in over three years, according to data released by the Central Bank of Nigeria (CBN) on Tuesday. The sharp rebound is attributed to a series of bold reforms implemented under the leadership of CBN Governor Olayemi Cardoso.

Mali, Niger, Burkina Faso Impose 0.5% Import Duty on ECOWAS Goods, Deepening Rift with Regional Bloc
 The Nation Online

Mali, Niger, Burkina Faso Impose 0.5% Import Duty on ECOWAS Goods, Deepening Rift with Regional Bloc

The decision, announced on Thursday, comes amid a growing economic and political rift between the AES bloc and ECOWAS following the 2023 military coups in each of the three countries, which led to widespread condemnation and sanctions from the regional body. Tensions between the Alliance of Sahel States (AES)—comprising Mali, Niger, and Burkina Faso—and the Economic Community of West African States (ECOWAS) escalated further as the three junta-led nations announced a 0.5% import duty on all goods originating from ECOWAS member states. Humanitarian aid was the only category exempted from the new tariff.

Top Nigerian Banks Report Record ₦3.41 Trillion Profit After Tax in 2024, Up 62% Despite Economic Strain
 People's Gazette

Top Nigerian Banks Report Record ₦3.41 Trillion Profit After Tax in 2024, Up 62% Despite Economic Strain

Despite recurring complaints from customers about service quality and digital transaction failures, all banks recorded significant growth in gross earnings and earnings per share (EPS), attributing profits to a mix of equity holder returns, non-controlling interests, and expanded financial services. Six of Nigeria’s leading banks have posted a combined ₦3.41 trillion profit after tax (PAT) for the financial year ended 2024—marking a 62.38% increase from the ₦2.1 trillion recorded in 2023, despite widespread customer dissatisfaction, service complaints, and a tough economic climate.

World Bank to Approve $632 Million in New Loans for Nigeria Amid Rising Debt Concerns
 Crime Fighters NG

World Bank to Approve $632 Million in New Loans for Nigeria Amid Rising Debt Concerns

These initiatives, currently in the final approval phase, are expected to enhance public sector delivery in health and education—two areas heavily impacted by underfunding and systemic inefficiencies. The World Bank is set to approve $632 million in fresh loans for Nigeria today, Monday. The move aims to bolster critical sectors such as nutrition and basic education, even as Nigeria’s growing external debt profile raises red flags among economic analysts.

Cybercrime Crackdown: 306 Arrested Across 7 African Countries in INTERPOL's Operation Red Card
 Interpol

Cybercrime Crackdown: 306 Arrested Across 7 African Countries in INTERPOL's Operation Red Card

The coordinated effort, which ran from November 2024 to February 2025, targeted cyber-enabled scams including mobile banking fraud, investment cons, and messaging app exploitation—affecting more than 5,000 victims across borders. A major international cybercrime sweep dubbed Operation Red Card has led to the arrest of 306 suspects and the seizure of 1,842 digital devices across seven African countries, INTERPOL announced.

Soaring Costs, U.S. Tariffs Cripple Nigeria’s Car Import Market, Dealers Cry Out
 VOA News

Soaring Costs, U.S. Tariffs Cripple Nigeria’s Car Import Market, Dealers Cry Out

Adding to the strain, the United States has announced a 25% tariff on vehicle imports, set to begin in April 2025. Although the policy targets vehicles entering the U.S., Nigerian dealers are bracing for ripple effects. For veteran car importer David Tope, Nigeria’s once-lucrative vehicle import business has ground to a halt. By early 2025, he was forced to pause operations due to skyrocketing import costs, driven by persistent naira devaluation and steep customs duties.

NGX Closes Negative as Market Capitalisation Drops by ₦31 Billion
 Daily Nigerian

NGX Closes Negative as Market Capitalisation Drops by ₦31 Billion

Similarly, the NGX All-Share Index (ASI) dropped by 49.26 points, closing at 105,426.12, compared to the previous day’s 105,475.38. Trading on the Nigerian Exchange Limited (NGX) ended on a bearish note Thursday, with the market capitalisation dipping by ₦31 billion amid sustained profit-taking and cautious investor sentiment.

NNPCL Plans Public Share Offering as Nigeria Moves to Open Oil Sector Ownership
 ICIR

NNPCL Plans Public Share Offering as Nigeria Moves to Open Oil Sector Ownership

The move signals a major shift in Nigeria’s energy sector, creating opportunities for public participation, increased transparency, and improved financial returns for the government. Nearly four years after the Petroleum Industry Act (PIA) came into effect, the Nigerian National Petroleum Company Limited (NNPCL) has announced plans to list its shares on the Nigerian stock market, allowing citizens and investors to own a stake in the national oil giant.

Moniepoint Targets $20B Remittance Market with New Product, MonieWorld
 Business Day

Moniepoint Targets $20B Remittance Market with New Product, MonieWorld

The platform allows UK residents aged 18 and above with a valid mobile number to open a MonieWorld UK account and send money seamlessly to Nigeria. Moniepoint, Nigeria’s newest tech unicorn, is entering the $20 billion remittance market with the beta launch of its latest product, MonieWorld, aimed at facilitating cross-border money transfers, starting with the UK-Nigeria corridor.

U.S. Coast Guard Declares Nigerian Seaports Safe, Commends ISPS Code Compliance
 Leadership NG

U.S. Coast Guard Declares Nigerian Seaports Safe, Commends ISPS Code Compliance

According to a report by LEADERSHIP, this positive designation is a step toward lifting the Condition of Entry (CoE) previously imposed on vessels departing Nigeria for the United States, which required additional security protocols. The United States Coast Guard has officially described Nigerian seaports as safe, following significant strides made by Nigeria in implementing the International Ship and Port Facility Security (ISPS) Code across the nation’s port facilities.

Nigeria, Canada Sign Codeshare Agreement to Boost Aviation Connectivity and Efficiency
 The Cable NG

Nigeria, Canada Sign Codeshare Agreement to Boost Aviation Connectivity and Efficiency

The announcement was made on Friday by Gbenga Saka, Special Adviser on Digital Media to Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, via a post on his official X (formerly Twitter) page. The Federal Government of Nigeria and the Government of Canada have signed a codeshare agreement aimed at enhancing efficiency, connectivity, and collaboration in the aviation sector between both countries.

FAAC Disbursed N15.26 Trillion to Governments in 2024, Driven by Fiscal Reforms – NEITI
 The CableNG

FAAC Disbursed N15.26 Trillion to Governments in 2024, Driven by Fiscal Reforms – NEITI

According to NEITI’s FAAC Quarterly Review, presented by Executive Secretary Orji Ogbonnaya Orji, the increased disbursement was largely attributed to the federal government’s fiscal reform policies, particularly the removal of petrol subsidies and foreign exchange rate adjustments. The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that the Federation Accounts Allocation Committee (FAAC) disbursed N15.26 trillion to the federal, state, and local governments in 2024, marking a significant revenue surge.

Shell Completes Divestment of SPDC, Exits Onshore Oil Operations in Niger Delta
 Shell.com

Shell Completes Divestment of SPDC, Exits Onshore Oil Operations in Niger Delta

Shell has finalized the divestment of its Shell Petroleum Development Company (SPDC), transferring its 30% stake in the SPDC Joint Venture to Renaissance, as part of its long-term strategy to exit onshore oil production in Nigeria. The move aligns with Shell’s plan to streamline its Nigerian operations and focus on Deepwater and Integrated Gas investments.

Nigeria Ready for Investment as VP Shettima Prepares for Strategic Talks with Brazil.
 All Africa

Nigeria Ready for Investment as VP Shettima Prepares for Strategic Talks with Brazil.

Speaking during an update meeting with key ministers and agency heads at the Presidential Villa on Tuesday, Shettima emphasized that President Tinubu’s leadership has instilled confidence in Nigeria’s economic future. Vice President Kashim Shettima has reaffirmed Nigeria’s readiness to attract investments across multiple sectors, citing President Bola Ahmed Tinubu’s progressive policies as key drivers of the country's new economic growth trajectory.