Category: Business

By Clement John Global oil prices declined sharply, with Nigeria’s Bonny Light crude falling to $89 per barrel, after Iran announced the reopening of the Strait of Hormuz for maritime operations. The 10 per cent drop comes after weeks of price spikes that saw crude trade above $100 per barrel amid tensions linked to the Middle East conflict, which disrupted... Read more

By Vincent Imeh, Port Harcourt Nigeria has forfeited an estimated $226.7 billion in revenue following the 33-year suspension of crude oil production in Ogoniland, where operations across 96 oil wells have remained shut since 1993. Pipeline Infrastructure Nigeria Limited (PINL) disclosed the figures during its monthly stakeholders’ meeting in Port Harcourt, Rivers State, describing the prolonged shutdown as a major... Read more

Nigeria recorded a modest increase in crude oil production in March 2026, with average daily output rising by 4.2 per cent to 1.546 million barrels per day (mbpd), up from 1.483 mbpd in February, latest figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have shown. According to the Commission’s oil production status report released on Wednesday, crude oil output,... Read more

Nigeria’s inflation rate recorded a fresh uptick in March 2026, rising to 15.38 per cent from 15.06 per cent in February, the latest Consumer Price Index (CPI) report released on Wednesday by the National Bureau of Statistics (NBS) has shown. The new figures point to renewed pressure on consumer prices, with the month-on-month inflation rate accelerating significantly to 4.18 per... Read more

The ECOWAS Bank for Investment and Development (EBID) has approved a total of $266.7 million alongside XOF30 billion to finance key infrastructure and development projects in Nigeria, Ghana, Senegal, The Gambia, and Côte d’Ivoire.The funding approvals were granted during the bank’s 95th Board of Directors meeting, reaffirming EBID’s commitment to promoting sustainable, inclusive, and resilient development across the sub-region.A major... Read more