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Nigeria

Crude Oil Imports Hit Record High as Dangote Refinery Reshapes Nigeria’s Trade Flow

Nigeria’s crude oil imports surged by 26.5% in the first half of 2025, reaching 5,665,602 metric tons, compared to 4,478,413 metric tons in the same period of 2024, according to fresh data from the Nigerian Ports Authority (NPA). The rise has been largely attributed to the 650,000 barrels per day Dangote Petroleum Refinery, which has been sourcing crude oil from countries including the United States, Brazil, Angola, and Equatorial Guinea. Financial Vanguard’s quarterly analysis shows a mixed trend: Q1 2025: Imports dropped to 2,400,553 MT, down 30% from Q1 2024 (3,037,209 MT). Q2 2025: Imports spiked to 3,265,099 MT, a 126% increase compared to Q2 2024 (1,441,204 MT). The Dangote Refinery, which began refining diesel and aviation fuel in January 2024, has since become a key player in both domestic and global energy trade, exporting petroleum products while importing crude […]

Abdulmumini Auwal SA September 22, 2025

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Nigeria

Nigeria Respected Again, Economy Stable — Tinubu

President Bola Tinubu has declared that Nigeria’s economy is stabilising under his administration, insisting that the country is now “respected again” after years of neglect, corruption, and revenue leakages. The President made the remarks on Tuesday at the State House, Abuja, while receiving the Soun of Ogbomosho, Oba Ghandi Afolabi Laoye, Orumoge III, alongside ministers and senior government officials. Tinubu said his government’s tough but necessary decisions since May 2023 had ended the “bleeding” of public funds and restored discipline to the economy. “Thank you for recognising the bold steps we took from Day One. We know it was painful at first, but reforms are already making the economy stronger,” Tinubu said. He explained that years of fake financial records, smuggling, and corruption in the currency market had weakened the country, but recent reforms were reversing the trend. Highlighting progress, […]

Abdulmumini Auwal SA September 3, 2025

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Nigeria

Nigeria’s Oil Output Hits 1.7m Barrels Daily – NUPRC

Nigeria’s oil production has risen to its highest level in six months, averaging 1.71 million barrels per day (bpd) in July 2025, according to new data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Commission announced the figures on Thursday via its official X account, revealing that the total production included 1.507 million bpd of crude oil and 204,864 bpd of condensates. This represents an increase from 1.69 million bpd recorded in June 2025 and a significant improvement compared to 1.56 million bpd in July 2024 — a 9.9% year-on-year growth. NUPRC attributed the steady rise to enhanced security measures and improved operational efficiency across the upstream sector. “Even though Nigeria’s oil production has hit a six-month high with over 1.7 million barrels being produced daily, we at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are still exploring ways […]

Abdulmumini Auwal SA August 28, 2025

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Economy

Cooking Gas Price Surge Squeezes Nigerians for Fifth Consecutive Month

For the fifth straight month, Nigerians are facing relentless increases in cooking gas prices, straining household budgets and forcing many to make difficult choices about how — and how often — they cook. “I used to refill my 12.5kg cylinder for about ₦15,000 last year. Now, it’s over ₦21,000,” lamented Blessing Johnson, a 38-year-old tailor and mother of three in Warri, Delta State. “Sometimes I stretch it for two months by cooking less often, or I switch to kerosene. But kerosene is also expensive. It’s like we’re being squeezed from every side.” According to the National Bureau of Statistics (NBS), the average cost of refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG) rose by 1.92% in June 2025, from ₦8,167.43 in May to ₦8,323.95. While the month-to-month increase appears modest, the year-on-year figure tells a harsher story: prices have […]

Abdulmumini Auwal SA August 12, 2025

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Finance

CBN Holds Rates at 27.5% for Third Straight Meeting as Inflation Cools

CBN Maintains Hawkish Stance as Inflation Shows Mixed Signals The Central Bank of Nigeria (CBN) kept its key policy rate unchanged at 27.5% for the third consecutive meeting, adopting a cautious approach as inflation shows tentative signs of cooling. Key Decisions:✔ MPR held at 27.5% (unanimous 12-0 MPC vote)✔ CRR maintained at 50% for banks, 16% for merchant banks✔ Liquidity ratio steady at 30%✔ Asymmetric corridor unchanged at +500/-100bps "This pause sustains our disinflation momentum while containing price pressures," said CBN Governor Olayemi Cardoso. Inflation Breakdown: The Good and Bad News 📉 Headline Inflation:• June: 22.22% (down from 22.97% in May)• Driver: Cheaper energy (cooking gas, diesel, charcoal) 📈 Underlying Pressures:• Monthly inflation rose to 1.68% (from 1.53%)• Core inflation jumped to 22.76% (services, housing costs)• Food inflation remains stubbornly high Why the CBN Is Walking a Tightrope 🔍 The Delicate Balance:✅ Progress: 3-month disinflation trend validates tight policy⚠️ Risks: Rising month-on-month and core inflation🎯 Long-game: CBN targets single-digit inflation eventually "Energy price moderation helped, but services and housing […]

Ahmad July 23, 2025

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Finance

SERAP Sues NNPC Over Missing ₦500bn Oil Money: “Account for 2024 Shortfall Now!

Transparency watchdog SERAP has filed a high-stakes lawsuit against NNPC Limited, demanding accountability for ₦500 billion in missing oil revenues from late 2024. The move follows explosive World Bank reports showing NNPC remitted only ₦600bn of ₦1.1tn earned October-December 2024. ⚖️ Lawsuit Breakdown In *Suit No: FHC/L/MSC/553/2025* (Lagos Federal High Court), SERAP seeks: Court Order: Force NNPC to disclose whereabouts of unremitted ₦500bn Corruption Probe: Invite anti-graft agencies to investigate/recover funds Prosecutions: Identify and punish responsible officials Immediate Remittance: Return funds to Federation Account NNPC’s Controversial Defense: "FOI Act doesn’t apply to us" – Afe Babalola & Co (NNPC’s lawyers) SERAP’s Counterargument: "Supreme Court already ruled FOI Act covers ALL public records – including NNPC’s." 💰 Why This Matters SERAP argues this missing money: 📉 Worsens Nigeria’s debt crisis and deficit spending 🚫 Denies states/local governments critical allocations 🏥 Deprives citizens of essential services amid cost-of-living crisis ⚖️ Violates Constitution (Sections 13 & 15) and UN Anti-Corruption […]

Ahmad June 2, 2025

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Locations

Amaechi Backs Tinubu’s Policies But Slams Leaders: “Gains Go to Private Pockets, Not Nigerians!”

Former Minister Rotimi Amaechi delivered a sharp message at his 60th birthday in Abuja. He revealed he would have pursued similar policies to President Bola Tinubu if he led Nigeria. But he issued a major warning: ordinary Nigerians aren’t feeling the benefits. Amaechi’s Core Critique: Where’s the Public Good?Amaechi didn’t mince words: "The failure is that the gains of those policies are in their private pockets." He claims the intended results of reforms like subsidy removal enrich private individuals, not the masses. His question hit hard: *"We paid 4-5 trillion Naira in subsidies – where is that money now? If it went into the economy, people wouldn’t be complaining."* The Root Problem: Sharing vs. BuildingThe ex-Rivers Governor pinpointed a deeper issue in Nigerian politics. "Our politicians lack capitalist ideas," he stated. "Elites only fight about sharing resources, not creating them." He argued this "sharing mentality" blocks real progress that could help […]

Ahmad June 1, 2025

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Finance

Dangote Refinery Slashes Petrol Prices by ₦15/Litre: New Rates Hit ₦875 in Lagos, Boost ‘Nigeria First’ Push

Dangote Refinery Cuts Petrol Prices by ₦15/Litre: Regional Rates and Strategic Impact In a bold move to ease economic pressures and align with the federal government’s ‘Nigeria First’ policy, Dangote Refinery has announced a ₦15 per litre reduction on petrol prices nationwide. The new pricing, effective immediately, marks the refinery’s third price cut in 2025 and underscores its commitment to affordable, locally produced energy. New Petrol Prices: Region-by-Region Breakdown Lagos: ₦875/litre (down from ₦890) South West: ₦885/litre North West & North Central: ₦895/litre South East, South South, & North East: ₦905/litre The adjusted rates apply across Dangote’s partner networks, including MRS, Ardova (AP), Heyden, Optima Energy, Techno Oil, and Hyde. Driving the ‘Nigeria First’ Agenda Dangote Refinery called on all fuel marketers to join its partner network, emphasizing collective support for: Local Production: Reducing reliance on imported petroleum products. Economic Sovereignty: Prioritizing homegrown solutions to stabilize prices. […]

Ahmad May 23, 2025

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Nigeria

Nigeria’s Inflation Hits 36.8% – Highest in 28 Years: Experts Warn of Deepening Economic Crisis

Nigeria's inflation rate has surged to 36.8%—the highest level since 1997—according to data released today by the National Bureau of Statistics (NBS). The alarming spike, up from 33.2% in March 2025, reflects worsening economic conditions, with food inflation reaching a staggering 42.1%. The Central Bank of Nigeria (CBN) has called an emergency monetary policy meeting next week, while President Bola Tinubu meets with state governors to address the crisis. Key Drivers of Inflation Surge 1. Food Price Crisis Staple food prices (rice, beans, garri) have doubled in the past year. Farmers' herders clashes in the North and flooding in key agricultural states (Benue, Kano) continue to disrupt food supply. 2. Energy & Transportation Costs Diesel prices now at ₦1,800 per liter, forcing businesses to cut operations. Petrol scarcity persists despite NNPC’s assurances, with black market rates hitting ₦1,200/liter. 3. Naira Depreciation The Naira trades at ₦1,850/$1 in the parallel market despite CBN interventions. Dollar shortages cripple manufacturers […]

Ahmad April 11, 2025

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