Author: Ogochukwu Ndubuisi

IEA Members to Accelerate Strategic Oil Reserves Release International Energy Agency (IEA) member countries will accelerate the release of strategic oil reserves as the Strait of Hormuz crisis continues to weigh on energy markets. IEA Executive Director Fatih Birol said in a written statement following a meeting of IEA member governments on Wednesday that members agreed to accelerate oil stock releases announced under the collective action launched in March, with a view to completing them as soon as possible. Birol said members also supported prioritising the release of diesel stocks, where possible, amid continued tightness in diesel markets. He said…

Nigeria, Africa Lose $74.5bn Yearly to Unfair Credit Ratings – UN The United Nations says inaccurate and context-poor sovereign credit ratings are estimated to cost African countries about 74.5 billion dollars annually through excessive borrowing costs and lost financing. The UN Office of the Special Adviser on Africa made the disclosure shortly before Wednesday’s formal launch of the Africa Credit Rating Agency in Port Louis, Mauritius. The new agency, known as AfCRA, is expected to provide independent, Africa-focused assessments of sovereigns, sub-sovereigns, companies and institutions. The UN described the current situation as a major development penalty on a continent…

2027: Why Tinubu’s Economic Reforms Require Continuity A new political advocacy group, Tinubu Must Stay (TMS), says reforms by President Bola Tinubu over the past three years require continuity and further implementation to deliver their intended long-term outcomes.  The National Convener of the movement, Mr Ibrahim Uba, made this known at a news conference in Lagos on Wednesday.  Uba argued that difficult economic decisions,  including foreign exchange reforms and the removal of the fuel subsidy, remained structural necessities.  He urged Nigerians and residents of Lagos State to disregard the opposition’s chants of Tinubu must go and give the current…

Equities investors lost more than N110 billion as the Nigerian Exchange (NGX) All-Share Index

World Bank Upgrades Nigeria’s Economic Outlook  The World Bank has upgraded Nigeria’s economic outlook, citing improving macroeconomic management and reforms as growth strengthens across much of sub-Saharan Africa. The Bank said Nigeria was among nearly three-quarters of African economies whose growth forecasts had been revised upward in its latest Africa Economic Update. It listed Nigeria alongside Angola, Ethiopia and Zambia among countries showing stronger economic performance. “These gains reflect years of reforms and improved economic management,” Andrew Dabalen, World Bank Chief Economist for Africa, said. The Bank, however, warned that stronger headline growth must translate into jobs and improved living…

AU to Inaugurate Continent’s 1st Credit Rating Agency The African Union (AU) will inaugurate the continent’s first credit rating agency on Wednesday, aiming to offer an alternative to the “big three” global ratings agencies as debt burdens weigh on many African economies.  The Africa Credit Rating Agency will be inaugurated in Port Louis, the capital of Mauritius, where it will be based.  The project has been nearly a decade in the making, with African leaders endorsing its creation in 2018. “AfCRA complements existing global credit rating agencies by offering a perspective rooted in African ⁠data, expertise and realities,” the…

FG Offers 40 Oil Blocks as 2026 Licensing Round Opens   The Federal Government has inaugurated the 2026 oil and gas licensing round, offering 40 blocks across land, shallow water, and deepwater terrains to local and foreign investors.  Mrs Oritsemeyiwa Eyesan, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the round in Abuja at the commission’s fifth anniversary. Eyesan said it had the approval of President Bola Tinubu, who is also Minister of Petroleum Resources. She said the bidding process would require investors to disclose their beneficial owners, while the commission would publish the full evaluation results. “The…

The naira posted a slight gain against the US dollar in the foreign exchange market on Tuesday, amid a lack of international payment pressure on FX liquidity at the official window.

The Central Bank of Nigeria (CBN) conducted an open market operation, allocating about N3.31 trillion

PenCom Advances Pension Administration With New Reforms The National Pension Commission (PenCom) says it is taking pension administration in Nigeria the “extra mile” through reforms aimed at improving service delivery and expanding pension coverage. The Director-General of PenCom, Ms Omolola Oloworaran, said this at the 2026 Customer Service Week in Abuja on Tuesday. Oloworaran, represented by the Head of the Surveillance Department, Mr Abdulrahman Saleem, said that the theme, “Extra Mile,” reflected the commission’s commitment to service excellence. She said that the theme also resonated with PenCom’s vision of ensuring that every Nigerian worker enjoys a secure and dignified retirement. …