Business

Senegal has revoked offshore oil exploration rights previously granted to Atlas Oranto Petroleum, the privately held oil and gas company founded by Nigerian billionaire Arthur Eze, signaling a tougher regulatory approach toward inactive petroleum licenses. According to Business Insider, the move aligns with Senegal’s broader effort to tighten oversight of its energy sector and fast-track the commercial development of its hydrocarbon resources. The decision followed Atlas Oranto’s failure to meet key financial and operational conditions tied to the license. Authorities withdrew the Cayar Offshore Shallow exploration permit after determining that the company did not submit the required bank guarantees and conducted only minimal exploration activities since the block was awarded in 2008...

When President Bola Ahmed Tinubu assented to four major tax reform bills on June 26, 2025, the decision was met with widespread public backlash. Many Nigerians feared the new laws would deepen the financial strain on individuals and businesses already struggling under tough economic conditions. The Nigeria Labour Congress (NLC) strongly criticised the reforms, arguing that labour unions were not consulted during the drafting process and that no proper briefing followed their passage and presidential assent. According to the NLC, implementing the reforms without transparency and stakeholder engagement could worsen hardship, hurt small businesses, and slow economic activity. Concerns intensified in December 2025 when Rep. Abdussamad Dasuki, who represents the Kebbe/Tambuwal Federal Con...

The Federal Government has unveiled plans to raise up to ₦900 billion from the domestic debt market through its January 2026 bond auction, effectively doubling the ₦450 billion target set for the same period last year. Details contained in offer documents released by the Debt Management Office (DMO) show that the January 2026 auction will involve the reopening of three Federal Government of Nigeria (FGN) bonds with a total offer size of ₦900 billion. This represents a 100 per cent year-on-year increase compared to the January 2025 issuance. The strategy reflects mounting fiscal pressure and increasing refinancing demands, as the government turns more aggressively to the local bond market to meet its funding needs. By comparison, the January 2025 bond auction indicated a more cauti...

The National Youth Service Corps has issued a travel and safety advisory to prospective corps members of the 2026 Batch A Stream I, urging them to prioritise their safety while travelling to their orientation camps. According to a post on NYSC NDHQ’s X handle on Tuesday, NYSC advised, “corps members must undertake their journeys only during the daytime, warning against night travel due to increased security and road safety risks.” According to the advisory, “prospective corps members are encouraged to use registered transport companies and approved motor parks to reduce exposure to unsafe travel conditions.” The NYSC also urged travellers to share their live location with family members or trusted contacts throughout their journey, noting that this could be helpful in emergencies....

Nigeria’s crude oil production, including condensate, dropped by 8.3 per cent year-on-year to an average of 1.544 million barrels per day in December 2025, according to figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a decline from the 1.684 million barrels per day recorded in December 2024, underscoring ongoing difficulties in the nation’s oil and gas sector. Although the NUPRC did not directly outline the reasons for the drop in its report issued on January 19, 2026, industry analysts attributed the fall to factors such as weak investment, ageing production facilities, security challenges and declining investor confidence. On a month-on-month basis, output also dipped slightly, falling from 1.599 million barrels per day in Novem...

The International Monetary Fund (IMF) has revised Nigeria’s economic growth projection for 2026 upward to 4.4 per cent, attributing the improvement to stronger macroeconomic conditions and continued reform efforts. The updated forecast was published in the IMF’s January 2026 World Economic Outlook Update, titled “Global Economy: Steady amid Divergent Forces.” According to the report, Nigeria’s economy is expected to grow steadily from 4.1 per cent in 2024 to 4.2 per cent in 2025, before accelerating to 4.4 per cent in 2026. This represents a 0.2 percentage point increase from the Fund’s October 2025 projection. The IMF noted that Nigeria’s improved outlook mirrors broader growth expectations across sub-Saharan Africa, where economic expansion is projected at 4.6 per cent in both 2026...

Nigeria’s crude oil imports from the United States rose to more than 42 million barrels in the first 10 months of 2025, marking a sharp year-on-year increase driven largely by rising refinery demand.  Data from the US Energy Information Administration showed that between January and October 2025, Nigeria imported 42.13 million barrels of crude oil from the US, compared with 15.79 million barrels during the same period in 2024. This represents an increase of about 167 percent.  The surge has been linked mainly to increased crude requirements by the Dangote Petroleum Refinery. In contrast, Nigeria’s crude imports from the US in 2024 were relatively unstable, failing to exceed four million barrels for most of the year and dropping sharply to 1.04 million barrels in June.&n...

The Federal Government has rejected allegations that it intends to establish a federal gold refinery in Lagos, describing the claims as inaccurate and misleading. This response follows a warning by the Northern Elders Forum (NEF), which argued that siting a gold refinery in Lagos would breach the federal character principle. In a statement issued on Sunday, Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, clarified that the minister never claimed the Federal Government owned or planned to set up a gold refinery in Lagos or any part of the country. According to Tomori, the refinery referenced is a fully private investment by Kian Smith, stressing that the ministry has no power to determine where private investors locate their busin...

The Federal Government has been cautioned that the prevalence of multiple taxation is negatively affecting businesses—particularly in the private sector—while placing an increasing financial burden on consumers. Stakeholders have therefore called on the government to urgently harmonise taxes, especially those impacting private enterprises. It was noted that federal, state and local authorities often impose levies on the same goods and services, driving up production and operating costs that are ultimately passed on to consumers. These concerns were raised by the Founder and Chief Executive Officer of Pomegranate Nigeria Limited (PNL), a third-party logistics firm, Mr. Wole Elusakin, during the company’s management budget session and retreat held in Abeokuta on Friday. Elusakin war...

Nigeria’s banking sector is in the midst of one of its most transformative periods in decades. In March 2024, the Central Bank of Nigeria (CBN) announced a new minimum capital requirement for banks, prompting them to raise additional capital by 31 March 2026. The goal? Create larger, more resilient banks that can support big projects, strengthen the financial system, and help drive Nigeria toward a $1 trillion economy. It is important for everyday customers, investors, and businesses to understand that the new capital requirement is at different levels: International, National, and Regional. Banks That Have Secured International Licences An international banking licence allows banks to operate beyond Nigeria’s borders and engage in cross-border transactions. To qualify, banks...