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international

US-Iran Deal May Ease Global Economic Pressure

More than three months after the conflict involving the United States, Israel and Iran began, Washington and Tehran have reached a framework agreement aimed at reducing tensions and laying the groundwork for a longer-term resolution. A key component of the agreement is the planned reopening of the Strait of Hormuz, one of the world's most important maritime trade routes. The waterway normally handles nearly 20% of global oil and liquefied natural gas shipments, making it critical to international energy markets. The disruption of traffic through the strait since late February triggered sharp increases in global energy prices and raised concerns about supply shortages. While the new agreement has been welcomed by markets, shipping activity in the region remains limited, highlighting the challenges involved in restoring normal operations. Industry experts caution that a full recovery will take time. Hundreds of vessels […]

Abubakar June 15, 2026

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Togo

Solidarité Planétaire critique la hausse du carburant

L’association Solidarité Planétaire a vivement réagi à la récente hausse des prix des produits pétroliers au Togo. Dans un communiqué publié à cet effet, l’organisation estime que cette mesure risque d’aggraver les difficultés économiques auxquelles sont déjà confrontées de nombreuses familles togolaises. Selon l’association, cette augmentation intervient dans un contexte marqué par la cherté de la vie, la montée de la précarité et les défis liés à l’emploi, notamment chez les jeunes. Elle considère que le relèvement des prix du carburant exercera une pression supplémentaire sur le budget des ménages et sur l’activité économique nationale. Désormais, le litre d’essence super sans plomb est vendu à 725 FCFA, tandis que celui du gasoil est fixé à 750 FCFA. Pour Solidarité Planétaire, cette décision pourrait avoir des répercussions directes sur plusieurs secteurs, en raison du rôle central du carburant dans le fonctionnement […]

Abubakar June 1, 2026

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Nigeria

Dangote Refinery Reduces Petrol Price to N1,250/Litre

Dangote Petroleum Refinery has reduced the gantry price of petrol by N25 to N1,250 per litre from N1,275 per litre, representing a two per cent decrease. The 650,000-barrels-per-day refinery also adjusted the price of diesel, which was reduced to N1,700 per litre. The price cuts come as traders across Nigeria's major markets have been closely monitoring the refinery's pricing decisions, which influence fuel prices nationwide. Petrol at the Dangote Refinery gantry had previously been sold at N1,275 per litre before the latest reduction. The move is expected to ease pressure on motorists and fuel marketers, who have been grappling with fluctuating petroleum product prices in recent months. The reduction marks the latest development in Nigeria's downstream petroleum sector since the removal of the fuel subsidy and the commencement of large-scale refining operations at the Dangote Refinery, Africa's largest single-train refinery. […]

Abdulmumini Auwal SA May 30, 2026

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Togo

Carburant : le Togo sous pression pétrolière

Le Togo maintient pour l’instant ses prix à la pompe malgré la flambée mondiale du pétrole provoquée par les tensions au Moyen-Orient et le blocage du détroit d’Ormuz. Alors que plusieurs pays ouest-africains ont déjà revu leurs tarifs à la hausse, Lomé continue de soutenir les consommateurs grâce à un mécanisme de subvention qui devient de plus en plus coûteux pour les finances publiques. Depuis le déclenchement du conflit entre les États-Unis, Israël et l’Iran à la fin du mois de février, le marché pétrolier international connaît une forte instabilité. Le prix du baril de Brent, qui se situait autour de 70 dollars avant la crise, a dépassé les 120 dollars en mars avant de se stabiliser au-dessus des 100 dollars ces dernières semaines. Cette hausse a poussé plusieurs États de la sous-région à ajuster les prix du carburant. Le […]

Abubakar May 26, 2026

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international

US–Iran crisis: Nigerian crude nears $120

Escalating tensions between the United States and Iran have driven Nigerian crude oil prices close to $120 per barrel, as global markets react to supply fears around the Strait of Hormuz. Data cited from the Central Bank of Nigeria show that Bonny Light, Nigeria’s flagship crude grade, recently traded around $117 per barrel, up sharply from earlier in the year. Analysts say the US–Iran war and Iran’s move to restrict traffic through the Strait of Hormuz, a key route for about 20 per cent of the world’s oil and gas shipments, have fuelled the price spike. Nigeria has benefited from higher export receipts, with some reports estimating an oil revenue windfall running into several trillions of naira compared to budget benchmarks. However, the surge in crude prices is a double‑edged sword for the country, which still imports most of its […]

Abdulmumini Auwal SA May 19, 2026

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international

India Faces Pressure From Iran War

As the conflict involving Iran enters its third month with no clear resolution in sight, Indian Prime Minister Narendra Modi has urged citizens to reduce spending and conserve resources amid growing economic pressure linked to rising global energy costs. Speaking during a public event in Hyderabad, Modi encouraged Indians to work from home when possible, limit unnecessary foreign travel, reduce fuel consumption and avoid excessive purchases of gold. The appeal has drawn comparisons to the Covid-19 period, when the government relied on nationwide public participation to manage economic and social challenges. This time, the government’s focus is on protecting India’s foreign exchange reserves and limiting pressure on the national economy as the war in the Middle East disrupts global energy markets. India remains heavily dependent on imported energy, purchasing nearly 90% of its crude oil and about half of its […]

Abubakar May 15, 2026

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Nigeria

₦1m salary useless without stable Naira – NLC

The Nigeria Labour Congress says a monthly salary of 1 million naira is meaningless for workers without a stable currency and better economic conditions. NLC President Joe Ajaero said this in an interview in Abuja, stressing that workers are more concerned about the real value of their income than the figures on paper. Ajaero explained that rising inflation and the continuous fall of the naira have sharply reduced the purchasing power of workers. He noted that many employees struggle to afford basic needs such as food, transport, healthcare and housing, regardless of how high their nominal salary appears. According to him, what matters is not just wage increases but policies that can strengthen the naira and bring down the cost of living. He argued that without price stability and a stronger currency, even a 1 million naira monthly wage will […]

Abdulmumini Auwal SA April 28, 2026

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Nigeria

Edun urges developing nations to act early against global shocks

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged developing countries to take early, proactive steps to shield their economies from global shocks, warning that poor policy choices could derail reforms and worsen inflation. Speaking at a G24 news conference on the sidelines of the IMF meetings in Washington, D.C., Edun said today’s uncertain global environment demands careful, balanced decisions, especially in vulnerable developing economies. He cautioned that raising interest rates too quickly could undermine ongoing reforms, while delayed action could allow inflation to spiral. He noted that central banks in developing countries face tough choices as they navigate energy crises, geopolitical tensions and supply chain disruptions that are driving up the cost of fuel, fertiliser and food. While oil‑exporting nations may benefit from higher prices, he stressed that both oil producers and importers are battling […]

Abdulmumini Auwal SA April 15, 2026

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Nigeria

Nigerians Ration Power, Queue For Fuel As Petrol Hits N1,500

Nigerians are facing a fresh wave of hardship as petrol prices climb to around N1,500 per litre in many parts of the country. The spike has come at a time of poor electricity supply, forcing households and businesses to ration power and battle long queues at filling stations. Over the past three weeks, the pump price of petrol has risen by more than N500 in some locations. In major cities, motorists report paying between N1,300 and N1,500 per litre, with some independent marketers selling even higher. The higher prices are linked to rising global crude oil costs, pressure on the naira, and Nigeria’s continued dependence on imported refined products. Labour unions, economists, and business groups warn that the situation is fuelling inflation, closing businesses, and worsening poverty. Many residents now limit generator use to a few hours at night or […]

Abdulmumini Auwal SA March 29, 2026

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international

$150 oil could trigger global recession

The head of BlackRock has warned that a sharp rise in oil prices could push the global economy into recession, as geopolitical tensions continue to unsettle markets. Larry Fink said that if oil prices climb to around $150 per barrel and remain elevated, the impact on the global economy would be severe. According to him, prolonged high energy costs could lead to a “steep recession,” especially if instability linked to Iran persists. He outlined two possible scenarios: a de-escalation that could bring oil prices back down, or a prolonged period of elevated prices above $100 per barrel. In the latter case, the consequences for growth, inflation and global demand would be significant. Rising energy costs are already affecting financial markets, with investors reacting to uncertainty in the Middle East. Fink emphasized that higher oil prices act like an economic burden, […]

Abubakar March 25, 2026

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