Author: Ogooluwa Aremu
Ogooluwa Aremu is a business journalist at MarketForces Africa covering Nigeria's energy sector, macroeconomic policy, African continental affairs, cryptocurrency markets, and foreign exchange developments.His reporting spans Nigeria's oil and gas regulatory landscape, including coverage of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria International Energy Summit, and the downstream deregulation reforms reshaping Nigeria's petroleum sector. He also reports general market, Nigeria's fiscal reforms, World Bank and IMF engagements with Nigeria, and President Tinubu's economic policy initiatives.Ogooluwa covers Africa-wide developments through MarketForces Africa's Inside Africa desk, reporting on the African Union summits, continental economic policy, and cross-border developments affecting investment and trade across Sub-Saharan Africa.His cryptocurrency and forex market coverage tracks major digital assets, including Bitcoin, Ethereum, and Ripple, alongside. Nigeria's interbank FX market movements. He has covered major stories, including the African Union's 39th Ordinary Session in Addis Ababa, Nigeria's N6 trillion fuel import savings from deregulation, and the World Bank's assessment of Nigeria's economic reform programme. Ogooluwa Aremu is based in Lagos, Nigeria.
South African Rand Slips as Fed Keeps Rates, Oil Rises The South African rand slipped against the US dollar, the euro, and the British pound on Thursday as oil prices spiked, while the US Federal Reserve kept rates unchanged. The rand is at R16.89 to the US dollar, R19.69 to the euro, and R22.74 to the pound, with its movement largely influenced by investor caution following the US Fed’s hawkish pause, which has rippled across emerging-market currencies, First National Bank (FNB) said in a morning brief. In a report, Fitch said between 27 February and 24 April, the largest depreciations…
NBS Says Petrol Increased to N1,288.54 Per Litre in March The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol witnessed an increase from N1,051.47 in February to N1,288.54 in March. The NBS said this in its Premium Motor Spirit (Petrol) Price Watch for March, released in Abuja on Tuesday. It said that the March price of N1,288.54 represented a 22.55 per cent increase over the price of N1,051.47 recorded in February. The report said that the average retail price of petrol also increased on a year-on-year basis from N1,261.65 recorded in March 2025…
U.S. President Donald Trump is not satisfied with Iran’s latest peace proposal, which seeks to reopen the Strait of Hormuz and end the U.S. naval blockade of Iran’s ports, U.S. media reported, citing several White House officials.
2027: NNPP Fixes May 26 for Primaries for All Elective Positions New Nigeria People’s Party (NNPP) has fixed May 26 for its primaries for all elective positions ahead of the 2027 general elections. The elective positions include the House of Assembly, the governorship, the National Assembly and the presidency. The NNPP National Publicity Secretary, Ladipo Johnson, in a statement on Monday in Abuja, said that the party would adopt the consensus mode of election in all wards across the country. Johnson said that the date had already been communicated to the Independent National Electoral Commission (INEC). He also disclosed that…
Emefiele Asks Court to Foreclose Prosecution if it Fails to Produce Witnesses A former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has urged an Abuja High Court to foreclose the prosecution in his ongoing trial if the EFCC fails to produce its witnesses on Tuesday. Emefiele’s counsel, Matthew Burkaa SAN, made the application for the foreclosure of the prosecution after the prosecution counsel, Rotimi Oyedepo SAN, told the court that he was not sure of bringing his two witnesses on Tuesday. Oyedepo informed the court that the prosecution is yet to obtain the subpoena from the court,…
AfCFTA: Nigeria Targets Value-Added Exports, Deeper Intra-African Trade The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has reaffirmed Nigeria’s commitment to leveraging the African Continental Free Trade Area (AfCFTA) to expand value-added exports and deepen intra-African trade. The minister made this known at the AfCFTA P3 Sub-national Engagement for the North-West geopolitical zone in Kano, on Monday. Oduwole said Nigeria’s participation in the Agreement was both strategic and imperative, noting that the country had recorded measurable progress since ratifying AfCFTA in 2020. She highlighted key milestones, including the inauguration of the AfCFTA Central Coordination Committee, gazetting of tariff…
The euro (EURUSD) climbed to $1.17 on Monday as the US dollar rally slowed amid a new proposal from Iran that could end the Middle East war, while markets awaited economic data releases.
XRP Price About to Wake Up As Institutions Move Treasury Debt Via XRPL, Varntix Onboards Thousands Fresh momentum is building around XRP as institutions start moving real capital onto the XRP Ledger. More than $333 million in U.S. Treasury debt has already been tokenised, showing a shift from speculation to real-world use. While XRP is focused on long-term institutional adoption, Varntix is getting attention in a different way by onboarding thousands of users and turning idle crypto into regular income. In a market where future potential isn’t always enough, Varntix is positioning itself as a simple way to earn more…
The African Development Bank (AfDB) says Africa can mobilise up to 1.43 trillion dollars annually from domestic resources with the right policy and institutional reforms.
The Federation Account Allocation Committee (FAAC), has shared N2.036 trillion among the Federal Government, states and the Local Government Councils (LGCs).