Author: Ogochukwu Ndubuisi

World Bank Raises China 2025 Growth Forecast to 4.8% The World Bank has raised its 2025 growth forecast for China as part of an overall boost in projections for East Asia and the Pacific, after a summer that saw U.S. tariff-led uncertainty rock the global economy. The World Bank now projects China’s economy to expand by 4.8%, compared with 4% predicted in April. The new forecast is closer to China’s official target of around 5% growth in gross domestic product in 2025. The economists did not provide a specific reason for the change in forecast from April, but noted that…

OPEC+ to Raise Output by 137,000 bpd in November The eight members of the Organisation of Petroleum Exporting Countries and allies (OPEC+) group, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase oil production further by 137,000 barrels per day (bpd) in November, according to an OPEC statement on Sunday. The output rise reflects a partial and gradual return of the 1.65 million bpd additional voluntary cuts announced in April 2023. The group cited a steady global economic outlook and healthy market fundamentals, supported by low oil inventories. The countries also reaffirmed their commitment…

Court Freezes Mars Aviation Account over Link to Alleged NNPCL Fraud The Federal High Court in Abuja has ordered a temporary freezing of Mars Aviation Ltd’s account domiciled in Fidelity Bank Plc over alleged link with Nigerian National Petroleum Company Limited (NNPCL)’s fraud. Justice Musa Liman gave the order following an ex-parte motion moved by the Economic and Financial Crimes Commission (EFCC)’s lawyer, Geraldine Ofulue, to the effect. Ofulue had told the court that the account was currently being investigated in a case of criminal misappropriation and money laundering. She prayed the court to make the order freezing the account…

Euro Tumbles Amid France Political Crisis, Investors Lose Faith in Europe’s Stability France’s latest government collapse has reignited turmoil across European markets, sending the euro lower and testing investor confidence in the bloc’s ability to maintain political and fiscal cohesion. This is the warning from the CEO of one of the world’s largest independent financial advisory organisations following the resignation of Prime Minister Sébastien Lecornu — less than a month after his appointment. It has jolted markets and intensified concerns that the eurozone’s second-largest economy is becoming ungovernable. French stocks fell sharply, with the CAC 40 down around 2% as…

Bitcoin, Ethereum Spike Amidst U.S. Govt. Shutdown Top cryptocurrencies led by Bitcoin, Ethereum among other surges sharply amidst U.S government political deadlock. The rally in the cryptos market was fueled by sentiment, surging demand for save haven asset in the alternative markets after dollar failed the test. To most investors, dollar has lost its allure as safe haven asset, while investors look elsewhere with interest in cryptocurrency and gold. This triggered sustained price uptick seen, lifting global cryptocurrencies market capitalisation to $4.2 trillion, up by 62 basis in the last 24 hours. Bitcoin is currently trading around $124,000 and Ethereum…

Tinubu Inherited Comatose Economy-Envoy Nigeria’s Acting Ambassador to the United States, Samson Itegboje, has told Nigerians in the United States that President Bola Tinubu inherited a “comatose economy.” Itegboje, who spoke at an award dinner at Nigeria House in New York to celebrate Nigeria’s 65th independence anniversary, however, said Tinubu had not been lamenting over this. “The president inherited a comatose economy, he inherited banditry.”He inherited kidnapping, terrorism, herders and farmers clashes and all sorts of vices. “He did not go into lamentation. He rolled up the sleeves and he went to work. ”The first thing he did was to…

Lagos 2027: Why I Want to Succeed Sanwo-Olu –Jandor Dr Abdul-Azeez Adediran (Jandor), Lead Visioner of the Lagos4Lagos Movement, says his ambition to become the next governor of the state is in a bid to further promote inclusive governance and development in the state. Adediran, 2023 PDP Governorship Candidate, disclosed this in an interview with the News men. According to him, his aspiration is not merely about ambition, but about articulating a shared vision for the future of Lagos. “It is about stewardship, about building a Lagos where opportunity, innovation, and prosperity are accessible to all,” Adediran said. He added…

FCCPC Approves UAC’s Acquisition of Chivita|Hollandia The Federal Competition and Consumer Protection Commission (FCCPC) has approved the acquisition of Chivita|Hollandia (CHI Ltd.) by UAC of Nigeria Plc. UAC confirmed the development on Saturday in a corporate disclosure to the Nigerian Exchange Ltd., stating that the transaction was completed following FCCPC’s regulatory approval. The approval follows the July 30, 2025, announcement by UAC and CHI Ltd. that both parties had reached an agreement for the sale of the food and beverage firm. CHI Ltd., known for its Chivita and Hollandia brands, is a major player in Nigeria’s food and drinks industry.…

Nigeria’s Rig Count Soars to 69 as Upstream Sector Gains Momentum — NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant rise in the country’s rig count, increasing from just eight in 2021 to 69. The commission said this in a statement by its Head, Media and Strategic Communication, Eniola Akinkuotu. Akinkuotu highlighted some of NUPRC’s high impact achievements, four years since its establishment, adding that the growth is a clear testament to the renewed vigour and investor confidence in Nigeria’s upstream petroleum sector. He said that in spite of the challenges it inherited from the pre-Petroleum…

IMTOs, Offshore Investors’ FX Inflows Boost Naira Value – Update Boosted by fresh US dollar inflows from international money transfer operators, the naira appreciated week on week, supported by significant US dollar volume that passed through the supply side in the currency market. The exchange rate’s positive movement against the greenback recorded last week was largely supported by a softer U.S. dollar—following weaker-than-expected U.S. economic data. The official spot rate was shaped by robust liquidity inflows from offshore investors and International Money Transfer Operators (IMTOs), investment firms – Cordros Capital Limited, and AIICO Capital confirmed. The foreign exchange market experienced…