A majority of Nigerians favour a reduction in borrowing costs ahead of the next policy meeting of the Central Bank of Nigeria (CBN), underscoring pressure on households and businesses grappling with expensive credit. In its latest consumer expectations survey, the apex bank said 65 per cent of respondents indicated a desire for interest rates to decline, while 50.1 per cent explicitly backed a cut in borrowing costs — reinforcing market attention on the direction of the Monetary Policy Rate (MPR) when policymakers meet later this month. The findings come amid moderating inflation and a steadier currency environment. Data from the…
Author: Abdoulaye Kay
The naira strengthened to N1,390 per dollar in the parallel market on Monday, further narrowing the spread between the unofficial and official foreign exchange windows. Data from street traders indicated the currency appreciated by N30 — about 2.16 per cent — from N1,420 quoted on Friday, underscoring sustained pressure on the dollar in the informal segment. The latest movement trimmed the exchange-rate differential to about N35, down from N92 recorded last Wednesday, pointing to continued convergence between the two markets. ALSO READ CBN inflation expectations index dips as energy, FX pressures dominate outlook By Friday, the gap had already eased…
Senator Aliyu Wamakko has donated food items and household utilities to 1,787 Internally Displaced Persons (IDPs) in Sokoto State ahead of the Ramadan fasting period. The donation, announced on Saturday, is targeted at residents of nine identified IDP camps within the Sokoto metropolis. Represented by his Director of Administration, Al-Mustapha Abubakar, the former Sokoto governor said the intervention was intended to cushion hardship and complement government support for displaced communities. “We have committed to ensuring that the living conditions of IDPs are adequately taken care of. We will continue to identify with them by providing for their needs to ease…
The African Union has elected a new Bureau of its Assembly of Heads of State and Government, setting water security and sanitation as central priorities for 2026. The announcement was made on Sunday on the margins of the 39th Ordinary Session of the Assembly in Addis Ababa, Ethiopia. The summit, held February 14–15 under the theme “Assuring sustainable water availability and safe sanitation systems to achieve the goals of Agenda 2063,” focused on solidarity, financial independence and shaping global policy influence. The newly elected Bureau comprises:Chair — Burundi;First Vice-Chair — Ghana;Second Vice-Chair — Tanzania;Third Vice-Chair — North Africa region (pending);Rapporteur…
Following the successful hosting of the 9th All Africa Music Awards (AFRIMA) in Lagos, preparations for the symbolic 10th edition have gathered momentum, with the International Committee of AFRIMA — in partnership with the African Union Commission — taking its engagement campaign across key African cities. The outreach train stopped in Dar es Salaam, Tanzania, last month for a similar Media and Stakeholders’ Parley, where artistes, including award winners Juma Jux and Folex, alongside industry executives and government officials, met to assess the awards’ impact and promote stronger continental collaboration. The focus now shifts to Abidjan, Côte d’Ivoire, where the…
Abubakar Usman from Maiyama Local Government Area of Kebbi State on Saturday emerged overall winner at the Argungu International Fishing Festival, landing the biggest catch of 59kg. Usman went home with two brand new vehicles from Toyota, donated by the Sokoto State Government, alongside a N1 million cash prize. Abdullahi Garba from Argungu Local Government Area finished second with a 40kg catch, earning a Toyota saloon car donated by WACOTT Rice Mills Limited and N1 million. Third place went jointly to Danlansu Dankani of Jega and another contestant, each presenting fish weighing 34kg. They received N1 million and a motorcycle…
Dangote Industries Limited has unveiled an export-driven growth strategy at the Gateway International Trade Fair in Abeokuta, outlining plans to expand industrial capacity, strengthen value chains and position Nigeria as a competitive hub for agricultural and industrial exports under its Vision 2030 agenda. The plan drew commendation from the Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA), which praised the conglomerate’s long-term investments and Vision 2030 industrial agenda. Details of the strategy were highlighted by the Group Executive Director, Commercial Operations, Fatima Aliko-Dangote, during Dangote Special Day at the 15th Gateway International Trade Fair in Abeokuta, where business…
The Federal High Court in Abuja has granted a request by activist Emorioloye Owolemi seeking an inquiry into the academic qualifications of Interior Minister Olubunmi Tunji-Ojo. Justice Binta Nyako granted the permission while ruling on an ex parte application filed by the activist. Owolemi approached the court seeking an order to inquire into the Secondary School Certificate allegedly issued to the minister by the West African Examinations Council (WAEC), arguing that discrepancies existed in the academic claims. In a related development, Justice Joyce Abdulmalik of the same court on Friday refused a similar request by the activist to investigate the…
Billionaire investor Femi Otedola has projected that the naira could strengthen to below N1,000 per dollar before the end of the year, linking the outlook to the Dangote Petroleum Refinery reaching full operational capacity. In a post on X on Thursday, Otedola described the refinery’s ramp-up as a potential turning point for Nigeria’s foreign exchange dynamics, arguing that domestic fuel production could significantly ease dollar demand. Congratulating Aliko Dangote on what he called a transformational milestone, Otedola said the refinery’s ability to supply up to 75 million litres of Premium Motor Spirit (PMS) daily would cut reliance on imported fuel.…
The Dangote Petroleum Refinery says it has reached a major operational milestone, announcing that its Crude Distillation Unit (CDU) and Motor Spirit (MS) production block are now running at full nameplate capacity of 650,000 barrels per day (bpd), a feat it claims is a global first for such integrated processing units. The development follows scheduled maintenance on both units and the commencement of a 72-hour intensive performance testing programme conducted in collaboration with technology licensor UOP. The tests are aimed at validating operational efficiency and confirming compliance with international performance parameters. According to a statement by the Head, Media Relations…