Economy

  Global crude oil prices climbed sharply on Thursday, July 23, 2026, with Brent crude approaching the $100 per barrel mark as renewed fighting between the United States and Iran intensified concerns over potential supply disruptions across the Middle East. Checks showed that Brent crude was trading at $98.47 per barrel, up 4.68%, while West […]

  Nigeria’s broad money supply (M3) increased to ₦133.25 trillion in June 2026, up from ₦129.21 trillion in May, despite the Central Bank of Nigeria (CBN) maintaining its benchmark Monetary Policy Rate (MPR) at 26.5% in a continued effort to curb inflation and preserve macroeconomic stability. The increase was disclosed in the CBN’s latest money

  Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further increased his investment in the financial holding company after a related entity acquired 706.13 million ordinary shares valued at approximately ₦77.6 billion in a single transaction on the Nigerian Exchange (NGX). The acquisition was disclosed in a regulatory filing submitted to the

  The Central Bank of Nigeria (CBN) is facing renewed calls to begin easing its tight monetary policy after economists, financial analysts, and business leaders argued that persistently high interest rates are weighing on private sector growth, restricting access to credit, and slowing job creation despite signs that inflation is beginning to moderate. The renewed

  Nigeria’s external reserves rose to $52.02 billion as of July 20, 2026, reaching their highest level since January 2009 and exceeding the Central Bank of Nigeria (CBN)’s projected reserve level for the end of the year. Checks on the CBN’s database showed that the country’s reserves last stood at a comparable level of $52.01

  A total of 31 companies have emerged successful bidders for 37 oil and gas blocks under Nigeria’s 2025 Licensing Round, following the conclusion of a competitive bidding process conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Commission announced the successful bidders in a statement issued on Tuesday after the commercial bid conference

  The National Pension Commission (PenCom) has announced plans to increase Nigeria’s statutory pension contribution rates as part of the ongoing review of the Pension Reform Act (PRA) 2014. The disclosure was made by PenCom Director-General, Ms. Omolola Oloworaran, during the 2026 Pension Consultative Forum for States, the Federal Capital Territory (FCT), and Licensed Pension

  Oil marketers have alleged that major fuel importers, including AA Rano and Matrix, are selling imported Premium Motor Spirit (PMS) at around ₦1,350 per litre, a price they argue is significantly higher than the rates offered by Dangote Petroleum Refinery. The allegation was confirmed by the National Publicity Secretary of the Independent Petroleum Marketers

  The Federal Government has announced plans to adopt a new framework for assessing Nigeria’s economic performance, shifting its focus from traditional headline economic growth figures to indicators that better reflect improvements in citizens’ living standards. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the initiative at the BusinessDay CEO Forum

  First HoldCo Plc has become Nigeria’s most capitalized banking stock, overtaking Zenith Bank after a sustained rally in its share price pushed its market capitalization to approximately ₦4.80 trillion. Market data tracked by Nairametrics on Monday showed First HoldCo edging past Zenith Bank, which closed with a market capitalization of about ₦4.79 trillion, while