NigerianEconomy

Nigeria Faces Soaring Inflation Rates as Transport Costs Skyrocket

7 days ago

Nigeria has reached a new economic milestone that is far from celebratory, as inflation rates surged to their highest level in 28 years. This alarming trend, driven primarily by escalating transport costs, poses significant challenges for the already struggling economy.

Dangote's Nigerian Oil Plant Secures US Crude for First Time in Three Months

1 month ago

In a significant development for Nigeria's oil market, the Dangote Oil Refinery has made its first purchase of U.S. crude oil in three months, signaling a potential shift in import strategies and highlighting the dynamism of the global oil trade. This procurement marks a pivotal moment for Nigeria, a country richly endowed with natural resources yet often reliant on foreign oil to meet its domestic refining needs.

Massive $1 Billion Investment by Nigeria's Leading Flour Miller to Transform Economy

2 months ago

Nigeria's largest flour milling company, Flour Mills of Nigeria, is set to inject a staggering $1 billion into various segments of its operations, marking a significant move to enhance local food production and bolster the nation's economy. This ambitious investment comes in the wake of President Bola Tinubu's government pushing for self-sufficiency in food production and generating employment opportunities across the nation.