Raising economic growth with MPC decisions –

The Monetary Policy Committee’s decision to retain the benchmark interest rate at 27.5 per cent, as expected, has triggered various reactions, FELIX OLOYEDE reports The Monetary Policy Committee tightening measures have constituted significant levers pulling inflation down. By retaining the benchmark interest rate at 27.5 per cent, leaving other parameters unchanged and instituting tough liquidity control measures, the MPC says it has worked to curb demand and anchor inflation expectations. Domestic and global investors were all waiting for the Central Bank of Nigeria-led Monetary Policy Committee decisions at its 300th meeting concluded on Tuesday in Abuja…..(Read More)

Dangote slashes petrol price again amid import glut –

The Dangote Petroleum Refinery has announced a fresh reduction in the pump prices of Premium Motor Spirit (petrol) across the country, as the competition in the downstream oil sector heightens. The plant announced that the new rates now range from N875 to N905 per litre, depending on location. The new price regime, which marks a N15 reduction per litre across all regions and partner retail outlets, was posted on the official social media handle of Dangote refinery on Thursday. It applies to all major fuel marketers in partnership with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy…….(Read More)

NCDMB Opens Africa Energy Bank To Fund Local Companies In Oil and Gas –

The Nigerian Content Development and Monitoring Board (NCDMB) says it has partnered with other stakeholders in the sector to form Africa Energy Bank in order to create more funding availability for local companies in the energy sector. Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, who disclosed this during the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025 holding at the Nigerian Content Tower in Yenagoa, Bayelsa State capital, said the bank will be open for business at the end of the second quarter of 2025 with its headquarters in Abuja, explaining that it will help boost local companies’ participation….(Read More)

FG to raise N300bn via bond auction –

The Federal Government, through the Debt Management Office, has announced plans to raise N300bn from the bond market via auction on May 26. According to the offer circular released by the DMO on Thursday, the issuance comprises an N100bn reopening of the 19.30 per cent FGN April 2029 bond (five-year tenor) and an N200bn reopening of the 19.89 per cent FGN May 2033 bond (nine-year tenor). The bonds are offered in units of N1,000 each, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter…(Read More)

Nigeria gets first regional maritime bank –

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that President Bola Ahmed Tinubu has given approval for Nigeria’s hosting of the long-awaited Regional Maritime Development Bank (RMDB) and appointed a Nigerian, Mr Adeniran Aderogba, as the bank’s first president and chief executive officer.  A statement by Dr Bolaji Akinola, Media and Communications Adviser to the Minister of Marine and Blue Economy, stated that the approval marks the historic takeoff of a project that has been in the works since 2009, when member states of the Maritime Organisation of West and Central Africa (MOWCA) first approved the establishment of the bank..…(Read More)

US business activity improves in May; inflation poised to accelerate sharply –

US business activity picked up in May amid a truce in the trade war between Washington and China, but President Donald Trump’s sweeping tariffs on imported goods raised prices for companies and consumers. The survey from S&P Global on Thursday (May 22) hinted at an acceleration in inflation in the coming months and a labour market slowdown, a reminder that stagflation remained a risk for the economy despite steps by the Trump administration to de-escalate trade tensions with Beijing……(Read More)