Business & Economy - Page 6

The President of the Dangote Group, Aliko Dangote, has announced plans for a massive $14.3 billion expansion of the Dangote Petroleum Refinery, targeting a production capacity of 1.4 million barrels per day (bpd) by early 2029. ​The announcement was made during an

Former Nigerian President Chief Olusegun Obasanjo on Monday advocated an increase in the 13 per cent derivation allocation to oil-producing states, emphasizing that the current framework no longer reflects the environmental burden and economic reality of the Niger Delta region. ​Obasanjo made

By Nana Musa The International Monetary Fund (IMF) has urged Nigeria to strengthen targeted cash transfers to vulnerable households amid rising food and energy prices. The Division Chief, Research Department IMF, Deniz Igan, made the call during a News Conference on the

The World Bank Group says it is helping to mobilise up to 5.79 billion dollars in private financing for Nigeria in fiscal year 2026 to support infrastructure development, agriculture and small businesses. The financing is expected to boost productivity, create jobs and

Nigeria and the African Development Bank (AfDB) have agreed to review the bank’s project portfolio. The AfDB and Nigeria maintain an active portfolio valued at 5.1 billion dollars across 52 public and private operations, representing the Bank’s largest country portfolio in Africa

Managing Director, International Monetary Fund (IMF), Kristalina Georgieva, says Artificial Intelligence (AI) could affect about 40 per cent of jobs globally, urging governments to prepare workers for the changing labour market. Georgieva ​‌‍‍‍‍‍‍⁠⁠‍​‍​​​‍​⁠‌​said this during a panel session on “Small Scale AI:

The Nigerian stock market rebounded on Friday after seven consecutive sessions of losses, adding N209 billion to investors’ wealth as market capitalisation rose by 0.13 per cent. Market capitalisation increased to N161.260 trillion from N161.051 trillion in the previous session, representing a

Revenue allocated across Nigeria’s 36 states grew by 93 percent in real terms between 2023 and 2025, but the share of state expenditure directed toward education fell significantly over the same period. ​The findings were detailed in the October 2026 edition of

Nigeria’s economy is poised for a steady acceleration over the coming years, with gross domestic product expected to expand by 4.3 percent in 2026 before climbing to an average of 4.4 percent through 2028, according to the World Bank’s latest Nigeria Development

The Central Bank of Nigeria (CBN) has significantly expanded Nigeria’s financial footprints across Asia following a series of high-level strategic engagements led by CBN Governor Mr. Olayemi Cardoso. ​Held on October 8, 2026, in Singapore, the engagements focused on institutional cooperation, capital