Nigerians are set to enjoy a reduction in petrol prices following a drop in global oil prices. The price of Brent crude oil has decreased to $65 per barrel from $69.90, which is expected to lead to lower costs for Premium Motor Spirit (PMS), commonly known as petrol. This development is partly attributed to the
A fire has destroyed herbal products worth millions of naira at a storage facility in Oyo Town, Oyo State. The incident occurred on Saturday morning at a facility located at Olanlokun Junction, Obabi Street, in the Old Cele area of the town. Yemi Akinyinka, the General Manager of the Oyo State Fire Service, confirmed the
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to reject a proposed $1.08 billion World Bank loan and instead prioritize investigating allegations of missing public funds. In a letter signed by its deputy director, Kolawole Oluwadare, SERAP expressed concerns over Nigeria’s rising debt profile, which has ballooned to ₦121.67
As Nigeria grapples with persistent economic challenges, citizens across the country are expressing frustration over the toll these issues are taking on their daily lives. Rising inflation, high unemployment rates, and the removal of petrol subsidies have compounded financial hardships, leaving many struggling to make ends meet. For many Nigerians, the skyrocketing cost of living
In the ever-evolving fintech space in Nigeria, one name is making waves—Dr. Mohammed Olatunji, popularly known as Dr. MO. At just 35 years old, Olatunji has made history as the youngest individual to serve as both Chairman and CEO of a bank in Nigeria, a remarkable achievement that has set him apart in the industry.
In a significant move to address Nigeria’s persistent power challenges, Huawei Nigeria Digital Power has introduced the LUNA2000-215 Series, a pioneering hybrid air and liquid cooling commercial and industrial energy storage solution. This innovative technology is designed to enhance the efficiency and reliability of businesses across Nigeria, offering a robust response to the country’s energy
Investors on the Nigerian Exchange Limited (NGX) experienced a significant drop in market activity this week, with a staggering N370 billion loss in the value of shares traded. The stock market recorded a total turnover of 1.183 billion shares valued at N28.868 billion, executed in 42,397 transactions. This represents a sharp contrast to the previous
Nigeria’s total public debt has surged to a staggering N144.67 trillion ($94.23 billion) as of December 31, 2024, representing a significant increase of 48.58% compared to the N97.34 trillion ($108.23 billion) recorded at the end of December 2023. This substantial rise is attributed to a combination of new external borrowings and the impact of naira
A member of the House of Representatives, Odianosen Okojie, has called on the newly appointed Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, and his team to place national interest at the forefront of their duties as they take over the leadership of the company. This appeal follows
Oil prices experienced a sharp decline this week, dropping to $65 per barrel, the lowest level seen since 2021. This significant fall in crude prices comes as a result of several global economic factors, including new import tariffs imposed by the United States and an unexpected increase in oil supply from OPEC+ nations. These developments
