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Nigeria

Dangote Refinery absorbs 20% of crude cost surge to stabilise fuel prices

Dangote Petroleum Refinery says it is currently absorbing about 20 percent of the recent crude oil cost escalation in order to reduce the impact of rising global prices on Nigerian fuel consumers. The company explained that the conflict in the Middle East and disruptions to global refining capacity have driven Brent crude prices up by roughly 26 percent, while Nigerian crude now trades at a premium of 3 to 6 dollars above the benchmark, with freight adding about 3.50 dollars per barrel. In response, the refinery implemented a 100 naira per litre increase in its ex depot price of petrol, representing about a 12 percent adjustment, but stressed that this is lower than the full rise in crude and logistics costs because it has chosen to absorb part of the escalation. Dangote Refinery said it receives around five cargoes of […]

Abdulmumini Auwal SA March 6, 2026

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Nigeria

How manufacturing sector can grow in 2026 — experts

Experts say Nigeria’s manufacturing sector can grow in 2026 if government delivers macroeconomic stability, effective tax incentives and better access to affordable credit. They argue that easing inflation, stabilising the naira and lowering interest rates will help factories plan, invest and boost capacity.​ The Manufacturers Association of Nigeria notes that recent reforms and the new tax laws offer an opportunity to reset the real sector, but only if they are properly implemented. It says manufacturers need a predictable policy environment, faster execution of incentives and less bureaucracy to unlock new investment.​ Key recommendations include creating a Manufacturing Refinancing and Rediscounting Facility to allow banks refinance approved loans at single digit rates for up to seven years. Stakeholders also want lower benchmark interest rates over the next two quarters to make bank credit more affordable for factories.​ Experts further propose a […]

Abdulmumini Auwal SA January 13, 2026

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Nigeria

Tinubu broke education pact, abandoned Nigerian students abroad, Atiku alleges

Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of breaching Nigeria’s bilateral education agreements and abandoning more than 1,600 scholarship students overseas. He described the situation of the affected scholars as a national disgrace, alleging that many are facing hunger, eviction and severe hardship in their host countries.​ In a statement shared on his social media pages, Atiku claimed that students under the Bilateral Education Agreement scheme have gone months without receiving their stipends. He said monthly allowances were first cut by over half and then stopped altogether in 2025, leaving each student reportedly owed thousands of dollars in arrears.​ The BEA programme, launched in the 1990s, is based on education pacts with countries such as Russia, China, Morocco and Hungary. Atiku argued that failing to honour these obligations not only endangers students’ welfare but also damages […]

Abdulmumini Auwal SA January 11, 2026

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Nigeria

Nigeria’s FX reserves hit $42bn, strongest in six years

Nigeria’s external reserves have climbed to their highest level in six years, crossing the $42bn mark for the first time since September 2019. Latest figures from the Central Bank of Nigeria (CBN) show reserves stood at $42.03bn on September 19, 2025, up from $41.99bn the previous day. This represents a $40m increase in one day and a sharp rebound from earlier lows this year. The last time reserves were higher was on September 26, 2019, when they reached $42.05bn. Since then, reserves have come under pressure from weaker oil prices, high import demand, and foreign capital outflows. Unlike past temporary spikes, the current rally has shown consistency. Reserves have grown for 13 out of 14 trading days in September, gaining $610.8m (1.47%) between September 1 and 19 alone. In the second half of the month, reserves rose by nearly $583m […]

Abdulmumini Auwal SA September 23, 2025

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Ahafo

Ghana cedi named world’s best-performing currency by Bloomberg

Ghana's cedi has recently garnered international attention by being named the world's best-performing currency in April 2025, appreciating nearly 16% against the US dollar, according to Bloomberg. This significant turnaround marks a notable shift from its previous status as one of the weakest currencies globally. A Remarkable Reversal In 2022, the Ghanaian cedi faced severe depreciation, losing over 50% of its value and ranking among the world's worst-performing currencies. This decline was attributed to unsustainable debt levels, high inflation, and dwindling foreign exchange reserves. The situation prompted the Ghanaian government to seek a $3 billion bailout from the International Monetary Fund (IMF) to stabilize the economy. Economic Recovery and Currency Appreciation The cedi's recent appreciation has had a positive impact on Ghana's economy. Consumer price inflation fell to 21.2% in April, down from 22.4% in March, marking the lowest rate […]

Ahmad May 8, 2025

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