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News
NESG faults financing, energy costs for industrial decline
8+ hour, 16+ min ago (420+ words) The Nigerian Economic Summit Group has raised concerns over the decline of Nigeria’s manufacturing sector, blaming high energy costs, import competition, inadequate financing and weak industrial coordination for the country’s poor productive capacity. The NESG, in a statement issued on…...
Nigeria hits 1.68mbpd, sustains OPEC quota for four months
5+ hour, 28+ min ago (503+ words) File: Crude oil illustration Nigeria’s crude oil and condensate production rose to 1,677,777 barrels per day in August 2026, representing a 0.4 per cent increase from the 1.67 million barrels per day recorded in July. The increase, though modest, marked another month of improved oil…...
Dangote refinery begins N2.15tn share offer today
8+ hour, 27+ min ago (634+ words) Dangote Petroleum Refinery & Petrochemicals FZE has announced the commencement of its Initial Public Offering, marking a milestone in Nigeria’s economic development and the evolution of Africa’s capital markets. The offer will be formally launched at a ceremony on the trading…...
2027 budget: FG gives MDAs September 18 deadline
7+ hour, 5+ min ago (1554+ words) File: Director-General of the Budget Office of the Federation, Tanimu Yakubu The Federal Government plans to submit the 2027 budget proposal to the National Assembly in September, in an attempt to advance the budget cycle amid persistent implementation challenges and overlapping…...
Banks shut 476 branches in three years – CBN
7+ hour, 1+ min ago (829+ words) Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, reducing their physical footprint by 8.8 per cent in three years, according to data from the Central Bank of Nigeria. Figures contained in the CBN’s 2025 Statistical Bulletin…...
The Dangote Refinery IPO
7+ hour, 54+ min ago (1278+ words) THE Dangote Petroleum Refinery and Petrochemicals initial public offering is a test of whether Nigeria can convert one of its most consequential industrial investments into a broader instrument of wealth creation. This will also show how deep its capital market…...
Dangote Refinery offer to boost FX earnings — CIS, ASHON
7+ hour, 14+ min ago (380+ words) The Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria have welcomed the initial public offering of Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise, describing it as a landmark development for Nigeria’s capital market. The…...
Coca-Cola says 70,000 Nigerian youths gain skills, jobs
7+ hour, 37+ min ago (416+ words) The Coca-Cola System in Nigeria says more than 70,000 young Nigerians have benefited from its empowerment programmes through training in life skills, entrepreneurship and access to internship opportunities. The company, in statements made available to The PUNCH on Sunday, said its…...
Petrol subsidy return may cost Nigeria N19tn annually – CPPE
8+ hour, 28+ min ago (539+ words) The Centre for the Promotion of Private Enterprise has warned that a return to universal petrol subsidy could cost the government about N19.16tn annually. The think tank said such a huge expenditure would impose an enormous opportunity cost on Nigeria’s already…...
States miss jobs, revenue from $700bn mineral wealth
8+ hour, 18+ min ago (1191+ words) Dele Alake, Minister for Solid Minerals Development Nigeria’s 36 states and the Federal Capital Territory are sitting on vast deposits of solid minerals estimated at more than $700bn, yet most states have done little to turn the resources within their territories into…...