Motorists in parts of Nigeria’s capital have encountered closed pumps and empty forecourts at several MRS filling stations after a week-long disruption in petrol supply, highlighting the immediate effects of recent changes in the country’s downstream petroleum market. Field observations by LMSINT MEDIA indicate that multiple MRS retail outlets across Abuja and surrounding areas have […]
Nigeria’s import duty waiver policy has come under renewed scrutiny after the Nigeria Customs Service (NCS) disclosed that import duty exemption certificates approved by the Federal Government reached an estimated N34 trillion in 2025—a figure that has sparked concerns over fiscal sustainability, transparency, and public accountability. The disclosure has prompted economists and financial experts to […]
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Fuel prices in Morocco are likely to increase again following the recent adjustment earlier this month, according to insiders in the fuel retail sector and labor union representatives. The ongoing conflict in the Middle East continues to create instability in global oil markets, placing renewed pressure on fuel costs and weakening household purchasing power across […]
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Following a sharp increase in global crude oil prices triggered by the ongoing conflict in the Middle East, Africa’s richest businessman, Aliko Dangote, has commenced the export of refined petroleum products from the Dangote mega-refinery to several African nations experiencing fuel supply pressure. The development comes as many countries struggle with disruptions in international oil […]
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The Central Bank of Nigeria (CBN) has received the prestigious Central Bank of the Year recognition from Central Banking Magazine, following a series of wide-ranging economic reforms that helped restore macroeconomic balance and renewed investor trust in Nigeria’s financial system. This international recognition highlights what the publication described as a return to orthodox monetary policy, […]
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LAGOS — Concerns are growing among Nigerians that the cost of Premium Motor Spirit (PMS), commonly known as petrol, as well as Automotive Gas Oil (diesel), may continue to increase following a fresh surge in global crude oil prices, which climbed above $100 per barrel on Thursday. Earlier in the week, many citizens had anticipated […]
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In a recent announcement, the management of Dangote Petroleum Refinery revealed that its latest reduction in fuel prices aims to alleviate the economic pressures on Nigerian consumers. This strategic adjustment highlights the refinery’s commitment to maintaining an affordable, transparent, and market-aligned pricing system. The company stated in an official release on Wednesday that, “This decision […]
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The Minister of Industry, Trade and Investment, Jumoke Oduwole, has stated that traders operating within the Lagos International Trade Fair Complex corridor contribute billions of naira to Nigeria’s Gross Domestic Product (GDP). She described the corridor as one of the most active and economically significant commercial hubs in West Africa, noting that the volume of […]
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The Federal Government has officially launched a $500 million development initiative supported by the World Bank known as the Sustainable Power and Irrigation for Nigeria (SPIN) Project. The programme is designed to expand agricultural productivity while improving electricity generation through enhanced irrigation systems and better management of national water resources. The inauguration ceremony took place […]
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China’s outbound shipment figures for the first two months of the year have shown a surprising rise, even with ongoing trade tensions and tariffs imposed by the United States. Official data revealed that exports soared far beyond economists’ forecasts, indicating that foreign demand remains robust and that the nation may once again surpass the record‑high […]
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The Nigerian Export Promotion Council (NEPC) has called on Nigerian agro-exporters to strategically explore the European Union’s vast market of over 400 million consumers. NEPC emphasized that non-oil exports currently constitute only 10% of Nigeria’s total trade with the EU, even though the total trade volume reached $21.87 billion in 2024. This insight was shared […]
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Nigerians are facing mounting economic pressure as the cost of fuel continues its upward trajectory. The retail price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to about N1,400 per litre, while Automotive Gas Oil (diesel) has climbed to N1,750 per litre. This latest increase follows a decision by the Dangote Refinery […]
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U.S. President Donald Trump has pledged decisive action to safeguard maritime trade in the strategically vital Strait of Hormuz. During remarks delivered at the National Prayer Breakfast, held at the Washington Hilton in Washington, D.C., he signaled a strong commitment to protecting international shipping routes. In a message shared Tuesday on his social media platform, […]
