The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with an Indian company, Rashmi Metaliks Group in Kolkata, for an investment of one billion dollars over a three-year period.

The International Monetary Fund (IMF) expects global economic growth to be slightly weaker than previously forecast, warning that rising geopolitical tensions and energy disruptions are weighing on activity.

The International Monetary Fund (IMF) on Tuesday said rising oil prices will provide some relief to Nigeria. The IMF, however, said that the relief would not be enough to shield the country from the broader impact of a global economic shock.

The Nigerian local currency, the naira, gained against the US dollar at the official foreign exchange market amid a surge in FX liquidity.

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for immediate reinstatement of petrol import licences to encourage multiple supply sources, deepen competition and stabilise pump prices.