Nigeria to fully repay IMF loan by 2029 –

Nigeria is on track to fully repay its International Monetary Fund Rapid Financing Instrument loan by 2029, according to findings by The PUNCH. The latest repayment schedule published by the Fund on its website showed that the country had secured approval for an emergency financial support of 2,454.50 million Special Drawing Rights, which translates to about $3.32bn at the prevailing exchange rate of SDR1 to $1.35404 as of May 1, 2025. The RFI loan, disbursed in full on April 30, 2020, was granted to assist Nigeria in addressing urgent balance of payments needs …..(Read More)

Trump’s 14% tariff not affecting urea export – Dangote –

President of the Dangote Group, Aliko Dangote, said on Thursday he was “comfortable” with the effect of United States President Donald Trump’s tariffs on his company’s urea exports. He expressed confidence because rival exporter Algeria had been hit with even higher duties, potentially giving his products a competitive edge in the American market. The business mogul also revealed that the Dangote Group, a major player in cement production, is expected to grow its valuation to over $30bn next year, up from the projected $25bn for 2025. Recall that last month, Trump imposed a 14 per cent tariff on imports from Nigeria, Africa’s largest oil exporter, as part of widespread trade measures……(Read More)

Petrol landing cost now N870, higher than Dangote’s price –

The landing cost of Premium Motor Spirit (petrol) has now averaged N870 per litre, reports by the Major Energies Marketers Association of Nigeria have shown. This is even as the price offered by the Dangote Petroleum Refinery threatened the margins of fuel importers and marketers alike. According to MEMAN, the landing cost of petrol was N872 per litre on April 28 and N868 as of April 29. On April 23, the landing cost averaged N859 per litre, indicating that the cost of importing petrol has now risen above Dangote refinery’s announced ex-depot price of petrol of N835 per litre….(Read More)

After N2trn losses in 2 years, MTN returns to profitability –

MTN Nigeria has invested NN202.4billion on network infrastructure and made a profit after tax of N133.7bn in the first quarter of 2025. This is just as the company has finally returned to profitability after incurring losses between 2022 and 2024 owing largely to naira depreciation. Its foreign exchange-related losses following the unification of the exchange market were estimated at over N2 trillion. After the losses, the telecom giant appears to be bouncing back as the Q1 results indicated. The company said in the results that it invested 202.4bn in Q1 2025, a 159% increase year-on-year…..(Read More)

AfDB commits $650m annually to drive Nigeria’s transformation –

 The African Development Bank Group has approved a new five-year Country Strategy Paper for Nigeria, committing about $650m annually between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity. The Bank disclosed this in a statement published on its website on Thursday, saying that $2.95bn would be provided over the first four years of the plan, to be complemented by an estimated $3.21bn in co-financing from development partners. The statement read, “The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650m annually to drive economic……(Read More)

US to end shipping loophole for Chinese goods Friday –

The United States is set to end tariff exemptions on Friday for goods shipped from China worth less than $800, a move which could have significant ramifications on consumers’ purchasing habits. US President Donald Trump’s decision to ban the so-called “de minimis” exemption from May 2 could affect some 4 million shipments every day, according to the White House. The move announced last month means that goods shipped commercially will soon be subject to new tariffs of 145 percent — the current level of levies imposed on goods coming from China. Items sent through the US Postal Service will be hit with duties of 120 percent of their value, or a $100, which will increase to $200 next month……(Read More)