This development signals the refinery's ongoing efforts to enhance production capabilities. The cargo is expected to arrive at the facility near Lagos next month, according to sources familiar with the transaction.
Data from Vortexa, Kpler, Precise Intelligence, and Bloomberg ship-tracking reports highlight the refinery's growing significance in addressing Africa's fuel needs and reducing dependency on imports.
Speaking during an interactive session in Abuja organized by the House of Representatives, Oyedele highlighted pressing socioeconomic issues, including 33.88% inflation, high unemployment rates, over 95 million citizens in monetary poverty, and 133 million experiencing multidimensional poverty. The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, clarified on Monday that the proposed 2024 Nigeria Tax Bill before the National Assembly is not designed to undermine any region.
Speaking during Nigeria’s trade policy review in Geneva, Manley highlighted concerns over the involvement of state-owned enterprises in market-distorting practices. Simon Manley, the UK's permanent representative to the World Trade Organization (WTO) and United Nations (UN) in Geneva, revealed that British investors are worried about harmful business practices in Nigeria.
Presidential spokesperson Bayo Onanuga announced that Tinubu's visit highlights Nigeria's growing engagement in global economic dialogues, as well as the strengthening of diplomatic ties with G20 nations. President Bola Tinubu is set to depart Abuja on Sunday for Rio de Janeiro, Brazil, to participate in the 19th G20 Leaders' Summit. His attendance comes at the invitation of Brazilian President Luiz Inacio Lula da Silva, who is currently presiding over the group.
The move is part of broader economic reforms aimed at bolstering local industries, creating jobs, and conserving foreign exchange reserves. In a strategic effort to cut down on the nation's reliance on imported vehicle spare parts, the Federal Government of Nigeria has established frameworks to kick-start local production of essential automotive components.
This announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a press briefing after the FEC meeting held on Wednesday at the Presidential Villa, Abuja. The Federal Executive Council (FEC) has approved a $2.2 billion financing program for external borrowing, which may include a Eurobond and Sukuk bond offer.
According to the NBS Consumer Price Index (CPI) and Inflation Report released on Friday in Abuja, the latest figures also reflect a year-on-year increase of 6.55% compared to October 2023, where inflation stood at 27.33%. Nigeria's headline inflation rate soared to 33.88% in October 2024, as the National Bureau of Statistics (NBS) reported.
This assurance aligns with Saudi Arabia’s ongoing efforts to foster economic cooperation with African nations, as Nigeria focuses on transformative policies to boost its economy.
This appeal comes after a recent agreement between IPMAN and Dangote Refinery for the direct lifting of petrol, highlighting the association's commitment to diversifying energy options and supporting cleaner fuel alternatives. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed readiness to support the federal government in expanding Compressed Natural Gas (CNG) infrastructure across the country.
The contract, signed with BFI Group—the main investor in the Aluminum Smelter Company of Nigeria (ALSCON)—marks a significant step in reviving the long-dormant smelter located in Akwa Ibom.
The announcement was made on Monday during the 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), which was held in Lagos. According to Mele Kyari, the chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, the importation of refined petroleum products has officially ceased.
The report highlights that the 36 states and the Federal Capital Territory (FCT) collectively hold 11% of the nation's total external debt. Lagos State tops the list with external debts amounting to $1.2 billion, followed by Kaduna State at $640.99 million. According to recent data from the Debt Management Office (DMO), Nigeria’s external debt has surged to a historic high of $42 billion as of June 2024.
The marketers claimed that allowing Dangote to dominate the market would lead to unfavorable outcomes for competition and market diversity, potentially destabilizing the sector. Three Nigerian oil marketers have voiced concerns in a Federal High Court in Abuja, arguing that Dangote Petroleum Refinery and Petrochemicals’ alleged intent to monopolize the energy sector could have severe consequences for Nigeria’s oil industry.
This major initiative, set to span several countries, aims to enhance energy accessibility for 13 West African nations. In addition to facilitating a sustainable energy supply, the project is undergoing comprehensive environmental and social impact assessments to ensure it meets international standards for safety and sustainability. The Nigerian National Petroleum Company Limited (NNPCL) has announced significant progress in the $25 billion Nigeria-Morocco gas pipeline project, now moving into the land acquisition phase.
According to data from FMDQ, the naira has depreciated 72% since the central bank reforms in June 2023, which permitted the currency to trade more freely. The Nigerian naira reached a historic low of 1,681 per dollar this week, slipping by 0.6% in the face of continued central bank intervention and record-high fixed-income yields.
With full control over MoMo PSB, MTN Nigeria aims to capitalize on the country’s growing digital finance market, enhance revenue from digital financial services, and support Nigeria’s fintech ecosystem. MTN Nigeria has acquired the final 7.17% minority share in its MoMo Payment Service Bank for N6.95 billion, solidifying its complete ownership. This strategic move aligns with MTN's broader goal of expanding its footprint in the financial services sector.
The president attributed this improvement to his administration's revenue-raising initiatives, including the removal of fuel subsidies, aimed at curbing profiteering and preventing the smuggling of national resources. In a recent evaluation of his administration's progress, President Bola Tinubu highlighted a notable reduction in Nigeria’s debt servicing burden, which has decreased from 97% to 65% over the past 17 months.
Formerly focused on high-end charter flights, Xejet’s entry into the commercial sector is expected to support growing demand and improve connectivity within Nigeria’s airspace. Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, has assured the public of enhanced capacity in domestic air travel as more airlines join scheduled services and expand their fleets.
The move aligns with a recommendation from the National Economic Council (NEC), which advised suspending the bills for further consultation and review, allowing for broader stakeholder input and adjustments to the proposed reforms. President Bola Tinubu is poised to retract the recent tax reform bills submitted to the National Assembly, responding to significant public opposition.
This support forms part of Google’s broader $5.8 million initiative for digital skills development across Sub-Saharan Africa. Matt Brittin, Google’s President for Europe, the Middle East, and Africa, announced the investment on Thursday during an event held in Abuja, organized by Nigeria’s Ministry of Communications and Digital Economy in collaboration with Google.
The event gathered Nigerian diaspora members, business leaders, investors, and executives from Nigerian banks to explore strategic improvements in remittance flows, a critical factor in Nigeria’s economic resilience and growth. The Central Bank of Nigeria (CBN), alongside the Nigeria Inter-Bank Settlement System (NIBSS), Nigerian banks, and International Money Transfer Operators (IMTOs), recently convened in Houston, Texas, for a forum titled "Optimizing Remittances to Nigeria: A Vision for the Future."
The findings, released by the NDHS in Abuja, underscore advancements in family planning awareness across the country, though disparities in fertility rates persist between urban and rural communities. The 2023–24 Nigeria Demographic and Health Survey (NDHS) indicates a significant decline in Nigeria’s fertility rate, with an average of 4.8 births per woman, compared to 6.3 in 2008.
Oyebanji highlighted that the budget aligns with global standards to advance his administration’s Shared Prosperity agenda, underscoring his commitment to sustainable development for Ekiti State. Ekiti State Governor, Biodun Oyebanji, presented a 2025 budget proposal totaling N375.8 billion to the State House of Assembly in Ado-Ekiti, with a strategic focus on enhancing food security, creating jobs, and promoting wealth generation.
