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Nigeria: Fuel Prices Surge Despite Record Reserves as Oil Rally Bites Consumers

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Abuja/Lagos — Nigeria is facing a sharp rise in fuel costs even as external reserves climb to a 13-year high, highlighting a growing disconnect between macroeconomic gains and everyday living conditions. Petrol and Diesel Prices Climb Petrol prices have surged to around ₦1,275 per litre and rising, following multiple upward adjustments by the within a

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Global Trade Disrupted as Strait of Hormuz Traffic Collapses

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Dubai — Global trade faces severe disruption as shipping through the Strait of Hormuz, one of the world’s most vital energy corridors, has collapsed. Data from the United Nations Conference on Trade and Development (UNCTAD) show vessel traffic through the strait has plunged from around 130 ships per day to single digits in early March

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Strait of Hormuz Shutdown Triggers African Rush for Dangote Crude

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As Iranian retaliation chokes the world’s most critical oil corridor, Nigeria’s Dangote Refinery emerges as the continent’s most consequential alternative supplier — but supply headroom is narrowing fast. LAGOS — When Iranian forces enforced a blockade across the Strait of Hormuz in retaliation for Operation Epic Fury — the coordinated US-Israeli strikes on Iranian strategic

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Dangote Refinery Assures Fuel Supply Stability Amid Global Oil Market Volatility

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Lagos — The Dangote Petroleum Refinery says it will continue to meet Nigeria’s fuel demand despite growing disruptions in global energy markets, assuring consumers of stable domestic supply. Speaking during a media chat, Managing Director and Chief Executive Officer David Bird said the refinery’s local production capacity is helping shield Nigeria from supply shocks affecting

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OPEC members Slash Oil Output as Global Supply Tightens

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Riyadh — Several leading oil-producing countries in the Middle East have reportedly implemented significant production cuts, a move that could further tighten global crude supply and heighten volatility in international energy markets. According to a report by Bloomberg News, Saudi Arabia has reduced its oil output by between 2 million and 2.5 million barrels per

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Stable but Watchful: Naira Tracks Dollar, Pound in Narrow Corridor

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Abuja/Lagos The Naira is expected to trade within a narrow range on Tuesday, March 3, 2026, as the second trading day of the month begins, with analysts projecting continued relative stability against the US Dollar and the British Pound. Market data from the Nigerian Foreign Exchange Market (NFEM) on Monday showed only mild fluctuations, a

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Transcorp Hotels Rewards Shareholders as Profit Surges 138% in 2025

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Abuja Transcorp Hotels Plc has reported ₦97 billion in revenue for the 2025 financial year, representing a 38 per cent increase compared to the previous year, as the hospitality group declared a final dividend of ₦1.30 per share for shareholders. Speaking at the company’s 12th Annual General Meeting (AGM) in Abuja on Thursday, Chairman Awele

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Free High-Speed Wi-Fi Goes Live at Lagos, Abuja Airports

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Travellers using Nigeria’s two busiest international airports can now enjoy free high-speed internet, following the launch of complimentary Wi-Fi services at Lagos and Abuja terminals. The initiative was unveiled by the Federal Airports Authority of Nigeria (FAAN) in collaboration with MTN Nigeria at the Murtala Muhammed International Airport and the Nnamdi Azikiwe International Airport. For

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Abuja Hosts 2026 G-24 Technical Session on Development Finance and Debt Sustainability

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Abuja is hosting delegates for the 2026 Technical Session of the Intergovernmental Group of Twenty-Four (G-24), bringing together senior policymakers, central bank officials, and development finance experts to deliberate on development finance, debt sustainability, and growth strategies for emerging market and developing economies. The G-24 — formally known as the Intergovernmental Group of Twenty-Four —

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Nigeria’s External Reserves Hit $48.5bn, Highest in 13 Years as Naira Stabilises

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Abuja, February 20, 2026 — Nigeria’s external reserves have climbed to $48.5 billion as of mid-February 2026, according to data from the Central Bank of Nigeria (CBN), marking the highest level since May 2013. The figure represents a significant rise from $45.5 billion recorded at the end of 2025, reflecting improved foreign exchange inflows driven

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