Nigeria's crude oil production decreased to 1.46 million barrels per day (bpd) in February, according to the latest monthly market report from the Organization of Petroleum Exporting Countries (OPEC). The figures, based on direct communication with Nigerian authorities, represent a 4.8% decline from January's output of 1.53 million bpd, marking the first month-on-month decrease of the year. Interestingly, secondary sources cited by OPEC painted a different picture, reporting Nigeria's February production at 1.56 million bpd—a 2.2% increase from January's 1.52 million bpd. OPEC collects production data through both direct communication with member countries and secondary sources such as energy intelligence…

Nigeria's petrol imports reached a record high of N15.42 trillion in 2024, marking a 105.3 percent increase from the N7.51 trillion recorded in 2023, according to the National Bureau of Statistics (NBS) Foreign Trade Statistics Report. The surge in imports occurred despite growing domestic refining capacity, with Belgium accounting for over N3.69 trillion of the imported products. Quarterly data shows imports valued at N2.63 trillion in Q1, N3.22 trillion in Q2, N3.32 trillion in Q3, and N3.3 trillion in Q4. This sharp increase came when expectations were high for reduced reliance on foreign fuel following significant investments in local refining.…

The Catholic Bishops’ Conference of Nigeria (CBCN) has expressed concern that President Bola Tinubu’s economic reforms have led to soaring inflation and pushed millions of Nigerians into poverty. Speaking at the opening of the 2025 First Plenary Meeting of the CBCN in Abuja, Archbishop Lucius Iwejuru Ugorji, President of the Conference, highlighted the severe hardships Nigerians are facing due to rising costs of essential goods, fuel, and transportation. “While the administration’s economic policies are designed for long-term stability, they have caused skyrocketing inflation, weakened Nigerians’ purchasing power, and plunged millions into poverty,” Ugorji stated. Citing World Bank data, he noted…

Anambra State Governor, Charles Soludo, has revealed that his administration opted out of a $438 million World Bank loan arrangement shared among 35 states in Nigeria, citing unfavorable terms and conditions. Soludo made this disclosure over the weekend during a tour of the ongoing construction of the new Government House in Awka North Local Government Area, accompanied by leaders of the late Ifeanyi Ubah political groups and some Nollywood actors and actresses. The governor stated that upon assuming office, he reviewed the loan terms and concluded that they were detrimental to the interests of Anambra State. “When I came in…