Economy

President Bola Ahmed Tinubu has reportedly directed the Economic and Financial Crimes Commission (EFCC) to unfreeze the bank account of the Osun State Government, a move expected to ease financial constraints and enable the state to continue its administrative and developmental activities.According to reports, the directive followed concerns over the impact of the account restriction on the…

The Coordinating Minister of the Economy and Minister of Finance, Taiwo Oyedele, has explained why many Nigerians continue to experience economic hardship despite the Federal Government’s ongoing reforms, stating that while key economic indicators have improved, the benefits have not yet reached every household.According to Oyedele, the reforms introduced by President Bola Ahmed Tinubu’s…

The International Monetary Fund (IMF) has raised fresh concerns over Nigeria’s deepening cost-of-living crisis, warning that soaring transport expenses are significantly driving food inflation and worsening economic hardship across the country.Speaking during a media briefing at the IMF/World Bank Spring Meetings in Washington, the Director of the IMF’s African Department, Abebe Selassie…

Africa’s richest industrialist, Aliko Dangote, has unveiled plans to sell a 10 per cent stake in the massive Dangote Petroleum Refinery and Petrochemicals FZE through a landmark Pan-African Initial Public Offering (IPO) scheduled for 2026.Dangote disclosed the development at an event organised by the Atlantic Council in Washington, D.C., noting that the share sale is aimed at attracting…

Developing countries are set to gain a stronger voice in global debt discussions following the launch of a new borrower-led initiative unveiled on Wednesday during the 2026 IMF-World Bank Spring Meetings in Washington, D.C.The new mechanism, known as the Borrowers’ Platform, is designed to bridge long-standing gaps in the international financial system by allowing debtor nations to share…

Global oil markets are facing increasing pressure as a significant share of available supply is being redirected դեպի Asian economies, intensifying shortages in other regions already affected by the Middle East conflict.According to energy analyst Carsten Fritsch of Commerzbank, countries in Asia—particularly China, Japan, and South Korea—are currently absorbing much of the available oil…

Eight key members of the OPEC+ alliance have raised serious concerns over the growing damage to energy infrastructure in the Middle East, warning that repairs will be both costly and time-consuming amid the ongoing conflict involving Iran.In a joint statement issued after a virtual meeting, the countries stressed that restoring damaged oil facilities to full operational capacity would not be…

Nigeria’s Minister of Finance, Wale Edun, has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for boosting the country’s daily crude oil production to 1.84 million barrels.Edun gave the commendation during a meeting with the Commission’s Chief Executive, Oritsemeyiwa Eyesan, at the Ministry of Finance headquarters in Abuja. He described the development as encouraging…

Nigeria has reaffirmed its commitment to fully implement the Memoranda of Understanding (MoUs) signed with Türkiye, as part of efforts to deepen bilateral relations and deliver tangible benefits to citizens of both nations.The Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, gave the assurance during a courtesy visit by the Turkish Ambassador to Nigeria, Mehmet Poroy, in Abuja.