Nigeria’s largest privately owned refinery, the Dangote Petroleum Refinery, has reassured Nigerians that it will prioritise domestic supply to prevent fuel scarcity in the country despite the ongoing crisis in the Middle East and the resulting volatility in the global oil market. In a statement on Thursday, the refinery said it remains committed to serving…
The Central Bank of Nigeria (CBN) has announced that the country’s gold reserves have risen to $3.5billion, following the addition of locally sourced and refined gold to its external reserves.The disclosure was made on Wednesday, March 4, 2026, in a statement by the apex bank, which saidthe increase was achieved through the National Gold Purchase…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria’s net foreign exchange reserves rose sharply by 772 percent in two years, climbing from $3.99 billion at the end of 2023 to $34.80 billion as of December 2025. The CBN Governor had, during the post-Monetary Policy Committee (MPC) press briefing…
The Iranian Revolutionary Guards have said that the Strait of Hormuz has been closed, maintaining that it will fire on any ship trying to pass through the area. It was Iran’s most explicit warning since telling ships it was closing the export route at the weekend, a move that threatens to choke a fifth of…
The Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS),commonly known as petrol, to ₦875 per litre, marking a fresh adjustment in Nigeria’s downstream oilsector.The new price represents an increase of ₦101 from the previous rate of ₦774 per litre, according toofficials familiar with the development. A senior refinery official confirmed…
President Bola Ahmed Tinubu has approved an extension of the ban on the export of raw shea nuts foranother year, in a policy move aimed at strengthening Nigeria’s domestic processing capacity andboosting value addition in the agricultural sector. According to a statement issued by the presidency on February 25, 2026, the ban will now run…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that the apex bank is engaging both local and international stakeholders as part of efforts to develop a comprehensiveregulatory framework for digital assets in Nigeria. Cardoso made this known on February 24, 2026, during a press briefing following the 304th MonetaryPolicy Committee…
President Donald Trump has announced an increase in the United States’ global tariff rate from 10% to15%, escalating his administration’s trade policy response following a Supreme Court ruling thatinvalidated his earlier tariff regime. The move comes in direct reaction to a decision by the Supreme Court of the United States, which foundthat Trump had exceeded…
President Bola Ahmed Tinubu has signed a landmark Executive Order directing that all oil and gasrevenues owed to the Federal Government be remitted directly into the Federation Account AllocationCommittee, a major fiscal reform aimed at strengthening public finances and boosting transparency inthe petroleum sector.The executive order, gazetted and signed on February 13, 2026, was announced…
China has announced that it will eliminate tariffs on imports from 53 African countries with which itmaintains diplomatic relations, beginning May 1, 2026, in a sweeping expansion of its preferential tradepolicy with the continent.Under the new arrangement, duty-free treatment will apply to goods imported into China from thoseAfrican nations, a significant broadening of an existing…
