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1 week ago | 
bloomberg.com | Ruth Olurounbi
Nigerian President Bola Tinubu visits victims of the attack in Benue, Nigeria, on June 18. (Bloomberg) -- Nigerian President Bola Tinubu ordered security agencies to hunt down the perpetrators of a massacre in a key food-producing region that’s highlighted growing insecurity in the West African nation.
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1 week ago | 
bloomberg.com | Ruth Olurounbi
Pipelines at the Dangote Industries oil refinery in the Ibeju Lekki district of Lagos, Nigeria. (Bloomberg) -- Gasoline retailers in Nigeria accused Aliko Dangote, Africa’s richest person, of seeking to monopolize the sales of petroleum products in the West African nation with his mega refinery.
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1 week ago | 
bloomberg.com | Ruth Olurounbi
Gasoline storage tanks at the Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district of Lagos, Nigeria. (Bloomberg) -- Nigerian billionaire Aliko Dangote’s 650,000-barrel-a-day plant said on Sunday it will now offer a credit facility to some dealers in an effort to boost supply in Africa’s most populous country.
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3 weeks ago | 
bloomberg.com | Ruth Olurounbi
Damaged buildings following floods in Mokwa, Niger State, on June 1. (Bloomberg) -- Flooding in Nigeria that submerged a town in a crucial agricultural region has displaced thousands of people, damaged farmland and claimed nearly 200 lives, the nation’s emergency agency said Tuesday. Meteorologists predict that the flooding will spread in coming months, heightening food insecurity in Africa’s most populous nation.
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4 weeks ago | 
bloomberg.com | Ruth Olurounbi
(Bloomberg) -- Nigeria’s President Bola Tinubu signed an executive order aimed at drawing investment in the oil sector by lowering project costs, while protecting government revenue as the West African nation looks to grow output. The new directive caps available tax credits at 20% of a company’s annual tax liability, and introduces a performance-based tax incentive for upstream operators, the president said in a statement late Thursday. Implementation guidelines are pending.
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1 month ago | 
bloomberg.com | Ruth Olurounbi
Nigeria’s President Bola Tinubu(Bloomberg) -- Nigeria’s ruling All Progressives Congress party has endorsed President Bola Tinubu as its candidate for the 2027 election, after top opposition leaders agreed to unite ahead of the ballot. Former Vice President Atiku Abubakar of the main opposition Peoples Democratic Party, the Labour Party’s Peter Obi and former minister Nasir El-Rufai of the Social Democratic Party agreed to join forces under the African Democratic Congress in the next election.
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1 month ago | 
bloomberg.com | Nduka Orjinmo |Ruth Olurounbi
Olayemi Cardoso(Bloomberg) -- The Central Bank of Nigeria left interest rates unchanged as it awaits more data to determine the inflation outlook and for the turbulence spawned by US President Donald Trump’s trade war to settle. The monetary policy committee held the benchmark rate at 27.5%, Governor Olayemi Cardoso told reporters in Abuja, the capital, on Tuesday. All seven economists in a Bloomberg survey predicted it would leave borrowing costs unchanged for a second consecutive meeting.
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1 month ago | 
bloomberg.com | Ruth Olurounbi
Lagos, Nigeria. (Bloomberg) -- Nigeria has paid off $3.4 billion borrowed from the International Monetary Fund during the Covid-19 pandemic, exiting the list of countries that are in debt to the Washington-based lender. Finance Minister Wale Edun confirmed via text message on Thursday that the loan had been repaid on the agreed terms. The IMF granted Nigeria emergency assistance in April 2020 as the pandemic shuttered businesses around the world and countries closed their borders.
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1 month ago | 
financialpost.com | Ruth Olurounbi
Advertisement 1Nigeria plans to sell $186 million of green bonds in two offerings before the end of the year as it seeks to fund an ambitious economic-transformation plan, Environment Minister Balarabe Abbas Lawal said. Article content(Bloomberg) — Nigeria plans to sell $186 million of green bonds in two offerings before the end of the year as it seeks to fund an ambitious economic-transformation plan, Environment Minister Balarabe Abbas Lawal said.
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1 month ago | 
bloomberg.com | Ruth Olurounbi
Nigeria has issued at least two previous green bonds as it seeks to increase forest cover. (Bloomberg) -- Nigeria plans to sell $186 million of green bonds in two offerings before the end of the year as it seeks to fund an ambitious economic-transformation plan, Environment Minister Balarabe Abbas Lawal said. A 50 billion-naira ($31 million) bond will be sold in two weeks and an additional 250 billion-naira one in October, Lawal told reporters in the capital, Abuja, on Wednesday.
