NigerianEconomy

Nigeria Appoints Former Shell Executive to Lead National Oil Corporation

1 day ago

In a landmark decision reflecting ongoing reforms in Nigeria’s oil sector, the country has appointed a former CEO of Shell's Nigerian subsidiary to spearhead the state oil company. The move is seen as part of broader efforts to revitalize the industry and attract foreign investment, as Nigeria grapples with dwindling production rates and increasing competition from other oil-producing nations.

Nigeria's Inflation Rate Approaches 29-Year High Ahead of Major Data Overhaul

3 months ago

Nigeria is grappling with a staggering inflation rate that is inching toward a 29-year high. In a turbulent economic landscape, many Nigerians are feeling the pinch as the rising cost of living dramatically impacts their purchasing power. This development comes just as the country prepares for a significant revision of its inflation statistics, raising questions about the accuracy and interpretation of economic data moving forward.

Nigeria Faces Soaring Inflation Rates as Transport Costs Skyrocket

4 months 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

4 months 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

6 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.