Nigeria has been ranked the 12th poorest Country Globally by Gross Domestic Product (GDP) per capita, with a GDP per capita of $807. This ranking is based on a recent report by the International Monetary Fund (IMF) published by Visual Capitalist. Despite being one of Africa’s largest economies by total GDP, Nigeria’s low per capita…
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N945 per litre in Abuja and N915 per litre in Lagos. This represents a N35 increase in Abuja and a N45 hike in Lagos from the previous prices of N910 and N870 per litre, respectively. The price adjustment, which took…
Controversial Cryptocurrency Platform Crypto Bridge Exchange (CBEX) has resurfaced after disappearing with millions in investors’ funds, sparking fresh outrage. The platform has reactivated users’ dashboards, displaying their previous balances, but with a catch: investors are now being asked to pay a “reactivation fee” ranging from $100 to $200 to access their funds or continue trading….
Nigeria has relinquished its long-held position as Africa’s largest importer of refined petroleum products following the ramp-up of operations at the Dangote Petrochemical Refinery, a new report has stated. South Africa has now overtaken Nigeria as the continent’s largest fuel importer, according to new data from energy consultancy CITAC, signalling a seismic shift in Africa’s…
Fuel retailers in communities hosting the Port Harcourt refinery have kicked against plans to shut down the facility for a 30-day maintenance exercise. The shutdown, ordered by the refinery coordinator, Bayo Adenrele, has sparked concerns that it may lead to fuel scarcity and increased prices in Nigeria. The Retailers, through their group, the Host Community…
The Dangote Petroleum Refinery has announced a price reduction for Premium Motor Spirit (PMS), also known as petrol, across Nigeria. The new prices range from N875 to N905 per liter, depending on the location, marking a N15 reduction per liter nationwide. New Petrol Prices by Region: Lagos: N875 South-West: N885 North-East: N905 North-West & Central:…
The Chinese Ambassador to Nigeria, Yu Dunhai, yesterday, harped on enhanced collaboration between China and Nigeria in unlocking the latter’s solid minerals sector’s potential through the establishment of electric vehicle factories in the country. During a courtesy visit to the Minister of Solid Minerals Development, Dr Dele Alake, in his office at the weekend, the…
Nigeria is gaining renewed global attention as a hotspot for oil and gas investment, following strategic reforms in its upstream sector that are beginning to yield tangible results. Speaking at the 2025 Africa Energies Summit in London, Engr. Gbenga Komolafe, Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the reforms…
The Standards Organisation of Nigeria (SON) has destroyed substandard imported tyres, electrical cables, steel doors, and spark plugs which failed to meet the minimum safety and quality standards required in Nigeria. In a statement made available to Vanguard, the agency noted that the destruction of the substandard products aligns with the agency’s core mandate outlined…
The bank also advised the government to boost the livelihoods of all Nigerians through more productive work, which it said is key to reversing high poverty levels. The World Bank stated this in its latest April 2025 Poverty and Equity Brief for Nigeria, which was obtained on Monday. The bank had, earlier last month, in…
