News as it breaks
Leading oil sector unions, PENGASSAN and NUPENG, have jointly condemned an alleged plan by the Federal Government to sell off a portion of its stakes in Joint Venture (JV) oil assets managed by the Nigerian National Petroleum Company Limited (NNPCL) and international oil companies. The unions warned that the move,…
Nigeria’s economy continued its recovery trajectory in the second quarter of 2025, recording a 4.23% year-on-year growth in Gross Domestic Product (GDP), according to new data released by the National Bureau of Statistics (NBS). This marks a significant improvement from the 3.48% GDP growth recorded in Q2 2024, indicating stronger…
The Presidency has assured Nigerians that the country’s inflation rate is on track to hit single digits, signaling what he described as improving economic conditions and relief in food prices. Speaking in a television interview on Tuesday, the Special Adviser to the Presidency on Economic Matters, Tope Fasua said the…
Nigeria’s headline inflation rate dropped to 20.12% in August 2025, marking a significant decline from the 21.88% recorded in July 2025, according to the latest data released by the National Bureau of Statistics (NBS). The report, published on Sunday, reflects a 1.76 percentage point decrease in the country’s inflation rate…
The Court of Appeal sitting in Abuja has overturned a previous ruling by the Federal High Court in Port Harcourt, granting First Bank of Nigeria (FBN) a significant legal victory in its ongoing $225.8 million debt dispute with General Hydrocarbons Limited (GHL) over crude oil cargo aboard the FPSO Tamaru…
Barely 48 hours after suspending its nationwide strike, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has accused the Dangote Refinery and Petrochemicals of violating the terms of a recent agreement brokered by the Federal Government and the Department of State Services (DSS). In a strongly worded statement…
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has revealed that Nigeria is leveraging lessons from costly global oil and gas divestment cases to protect its upstream sector. The regulatory body has secured over $400 million in decommissioning liabilities and implemented stricter regulations governing…
Nigeria’s power sector suffered a setback on Wednesday following the total collapse of the national electricity grid, leaving several parts of the country in darkness. The grid, which has long been plagued by instability, dropped precipitously from a generation capacity of 4,500 megawatts (MW) to a mere 120 MW, according…
The ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE/CEREEC) has marked 15 years of transformative work in advancing sustainable energy across West Africa. The milestone event, held in Praia, Cabo Verde, brought together regional leaders, technical experts, lawmakers, and development partners to assess progress and map future strategies. Under…
Backbone Infrastructure Nigeria Limited (BINL) has announced a transformative plan to build and operate a 500,000-barrels-per-day (bpd) oil refinery in the Sunshine Industrial Park and Free Trade Zone in Ilaje Local Government Area of Ondo State. The $15 billion project is part of a public-private partnership with the Ondo State…
