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Nigeria

 Petrol Price Nears ₦1,000/Litre as Marketers Plan Imports

The price of petrol is approaching ₦1,000 per litre in major Nigerian cities, prompting petroleum marketers to initiate plans for independent importation to stabilize the market. Marketers have blamed the price surge on supply constraints and production issues at the Dangote Refinery, which led private depot owners to significantly increase their ex-depot prices. This has forced retailers, including the NNPC, to adjust pump prices upwards. The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that members of the Depot and Petroleum Products Marketers Association (DAPPMAN) are finalizing arrangements to import petrol. He stated that increased competition from these imports is expected to drive prices down in the coming weeks. Analysts warn that the soaring fuel cost threatens to trigger a fresh wave of price shocks across transportation, food, and manufacturing sectors.

Abdulmumini Auwal SA October 15, 2025

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international

China Condemns US ‘Double Standards’ Over New Tariff Threat

China has accused the United States of applying “double standards” after President Donald Trump announced plans to impose an additional 100 percent tariff on all Chinese imports starting November 1. In a statement released on Sunday, a spokesperson for China’s Ministry of Commerce described Trump’s remarks as “a typical example of double standards,” criticizing Washington’s approach to trade relations. Trump had announced on Friday that the new tariffs would be imposed in response to what he called China’s “extraordinarily aggressive” export restrictions on rare-earth minerals — materials crucial for global technology and manufacturing industries. He also hinted that his planned meeting with Chinese President Xi Jinping later this month might be canceled. Beijing said the United States has intensified economic pressure on China since September, warning that such actions have damaged mutual trust and disrupted trade negotiations between both nations. […]

Abdulmumini Auwal SA October 12, 2025

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Nigeria

LPG Retailers Not to Blame for Gas Price Hike, Says LPGAR

The Liquefied Petroleum Gas Retailers Association of Nigeria (LPGAR) has said that gas retailers are not responsible for the current increase in the price and scarcity of Liquefied Petroleum Gas (LPG), also known as cooking gas. In a statement issued on Saturday in Lagos, the Chairman of LPGAR under the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Mr. Ayobami Olarinoye, said the rising cost of LPG is caused by supply challenges, not manipulation by retailers. “The recent scarcity and price spike have brought hardship to many Nigerian homes and businesses. We understand this pain, but retailers should not be blamed,” Olarinoye said. His statement followed claims by the president of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), who accused retailers of contributing to the price surge. Olarinoye described the allegation as “unfair and misleading,” explaining that […]

Abdulmumini Auwal SA October 11, 2025

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international

Beijing Residents Dismiss Trump’s Tariff Threats

People in Beijing have reacted with calm and defiance to US President Donald Trump’s latest threat to impose steep new tariffs on Chinese imports. Speaking to AFP on Saturday, residents said they were not worried about the move and viewed it as another unpredictable gesture from the former US leader. Trump announced on Friday that the United States would impose an additional 100 percent tariff on all Chinese imports starting November 1, or earlier. He also cast doubt on a possible meeting with Chinese President Xi Jinping. The new tariffs, he said, were a response to Beijing’s export restrictions on rare-earth materials, which are crucial for high-tech industries. Chinese authorities have not yet issued an official response. The ministries of foreign affairs and commerce declined to comment when approached by AFP. “I felt nothing when I saw the news,” said […]

Abdulmumini Auwal SA October 11, 2025

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Nigeria

Presidency Rejects World Bank’s Poverty Report on Nigeria

The Nigerian Presidency has rejected a recent World Bank report estimating that 139 million Nigerians are living in poverty, calling the figure "unrealistic." In a statement, President Bola Tinubu's media adviser, Sunday Dare, argued that the World Bank's model uses a global poverty line of $2.15 per day, which, when converted, amounts to nearly ₦100,000 per month. He pointed out that this is higher than Nigeria's new minimum wage of ₦70,000, making the metric an "analytical construct" rather than a true reflection of local realities. The Presidency emphasized that the government is focused on its reform trajectory and social programs, such as expanded cash transfers and infrastructure funds, to drive inclusive growth. It stated that what matters is the direction of the economy, not a static figure based on outdated consumption data. While the World Bank commended Nigeria's bold economic […]

Abdulmumini Auwal SA October 9, 2025

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Nigeria

Obasanjo: Nigeria Needs Local, Foreign Investment to Grow

Former President Olusegun Obasanjo has stated that Nigeria urgently needs to mobilize both local and international investments to achieve progress. He made the statement on Tuesday while commissioning the newly built Sir Ahmadu Bello International Conference Centre in Bauchi. Obasanjo praised the state-of-the-art facility, describing it as a world-class project that can position Bauchi as a major hub for tourism and business. He emphasized that the conference centre is a strategic asset for attracting the investments Nigeria needs. "I will go anywhere with the governor to get investments for Bauchi State," Obasanjo declared. The project contractor revealed that the facility, which sits on 10,000 square meters and can host 3,000 people, was entirely executed by local engineers and contractors, showcasing local capacity

Abdulmumini Auwal SA October 8, 2025

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Economy

Gold Price Tops $4,000 for First Time Ever

The price of gold surged past $4,000 for the first time in history on Wednesday, as investors sought safety amid growing global economic and political uncertainty. The precious metal reached a record high of $4,039.86, marking a more than 50% increase since the start of 2025. This rally is driven by several factors, including expectations of US interest rate cuts, the ongoing US government shutdown, political turmoil in France, and fears that the recent tech stock boom may be a bubble. Analysts note that central bank purchases, particularly from China, and strong inflows into gold-backed funds have also fueled the rise. Gold is traditionally seen as a safe-haven asset during times of instability. In contrast, stock markets in Asia were more subdued, with tech shares leading losses after a disappointing earnings report from Oracle dampened enthusiasm around the AI sector.

Abdulmumini Auwal SA October 8, 2025

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new africa

Top 5 Best-Performing African Currencies in 2025

In 2025, several African currencies have shown remarkable strength against the US Dollar, driven by strong exports and sound economic policies. Here are the five best-performing African currencies this year: Tunisian Dinar (TND): Maintains the highest nominal value in Africa, supported by tight capital controls and disciplined monetary policy. Libyan Dinar (LYD): Stability is propped up by the country's heavy reliance on oil exports, which ensures a steady flow of foreign exchange. Moroccan Dirham (MAD): Benefits from a managed floating exchange rate and a diversified economy including tourism, agriculture, and manufacturing. Botswana Pula (BWP): Known for its stability, backed by prudent fiscal management and robust diamond exports. Ghanaian Cedi (GHS): The standout story of the year, the Cedi has made a dramatic turnaround due to economic reforms and investor confidence, making it one of the world's top-performing currencies. These currencies have demonstrated resilience through a […]

Abdulmumini Auwal SA October 8, 2025

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Nigeria

Nigeria’s $34bn Lithium Wealth Mined Mainly by Foreign Firms

Nigeria's vast lithium deposits, valued at over $34 billion, are primarily being exploited by foreign companies, sidelining local investors from the booming global market. Lithium is a critical mineral for electric vehicle batteries and renewable energy storage, with the global industry generating an estimated $92 billion in annual revenue. Despite significant deposits across states like Nasarawa, Kaduna, and Kogi, Chinese firms like Avatar and Ganfeng have taken the lead, establishing large processing facilities and exporting the raw mineral. Industry experts warn that Nigeria is missing out on major economic benefits. They cite a lack of local capacity, high investment risks, insecurity in mining regions, and insufficient government support as key reasons why Nigerian investors are not participating significantly. The Miners Association of Nigeria has urged the government to provide incentives for local investors and ensure foreign companies are not allowed […]

Abdulmumini Auwal SA October 6, 2025

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Ahafo

Ghana’s Inflation Drops to 11.5%, Lowest Since 2021

Ghana’s annual inflation rate continued its downward trend in August, easing to 11.5% from 12.1% in July. This marks the eighth consecutive month of decline and the lowest level since October 2021, according to the Ghana Statistical Service. Both food and non-food prices slowed during the month, though food remains the largest contributor to inflation. The West African nation — a major producer of gold, cocoa, and oil — is gradually recovering from its worst economic crisis in decades. The local cedi currency has strengthened by more than 20% against the U.S. dollar so far this year. In July, the Bank of Ghana signaled confidence in the improving outlook by slashing its key policy rate to 25%, a record cut of 300 basis points. Government officials say they remain optimistic about meeting their end-of-year inflation target of 11.9%, and possibly […]

Ahmad September 4, 2025

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