In a dramatic turn of events, the U.S. stock market has experienced its worst week since the COVID-19 pandemic, with all three major indexes—Dow Jones, S&P 500, and Nasdaq—plummeting over 5% on Friday alone. This downturn follows President Donald Trump’s announcement of sweeping tariffs, including a 10% charge on goods from the UK and other
In a significant escalation of trade tensions between the world’s two largest economies, China has announced that it will impose a 34% tariff on all imports from the United States, effective April 10. This move is a direct response to President Donald Trump’s recent imposition of a similar 34% tariff on Chinese goods, which Beijing
The Presidential Compressed Natural Gas Initiative (PCNGI) has secured a $6 million investment for the Arete mini-Liquified Natural Gas (LNG) project, aimed at boosting the expansion of Compressed Natural Gas (CNG) infrastructure to Nigeria’s northern region. Kenechukwu Chukwu, Technical Assistant in charge of Stakeholder Management and Public Engagement for PCNGI, disclosed the development in a
A potentially disruptive crisis is unfolding in Nigeria’s oil-rich Bayelsa State as host communities have issued a stern 14-day ultimatum to NNPC Exploration & Production Limited (NEPL), threatening to completely halt oil production at Oil Mining Leases (OMLs) 86 and 88 over security contract controversies. The communities, operating under the KEFFES Host Communities Development Trust,
The persistent foreign exchange crisis in Nigeria is reshaping migration trends, as more Nigerians seek alternative destinations beyond traditional choices like the United States, United Kingdom, and Canada. With the naira’s depreciation and escalating relocation costs, countries such as Portugal, Finland, Hungary, and Sweden are emerging as preferred options due to their lower visa restrictions,
Nigeria’s net foreign exchange reserves (NFER) soared to $23.11 billion by the end of 2024, marking the highest level in over three years, the Central Bank of Nigeria (CBN) has announced. The latest figure represents a significant leap from $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021, underscoring the impact
The Federal Government has issued a stern warning to oil block owners who have failed to develop their assets, stating that their licences will be revoked if they remain dormant. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this declaration at a Cross Industry Group meeting in Florence, Italy, organised by
In a move aimed at boosting regional revenue and promoting economic integration, Niger, Mali, and Burkina Faso have jointly imposed a 0.5% import levy on goods entering their territories. This decision was reached after a high-level meeting between the three countries. The levy, which took effect immediately, applies to all imported goods, excluding essential commodities
Petrol marketers in Lagos have increased pump prices to between N925 and N935 per litre, citing rising landing costs and Dangote Refinery’s shift to non-naira sales ¹. The increase follows a N46 per litre rise in landing costs, which reached N843.28 per litre last Monday. Filling stations like TotalEnergies and MRS have adjusted their prices
MRS Oil & Gas, alongside other major petroleum marketers, has implemented a significant price increase for petrol across its retail outlets nationwide, with pump prices now reaching N930 per litre in Lagos and N960 in northern states. The new pricing structure, which took effect from March 28, represents a substantial jump of N70 from the
