By Ayomide Otitoju Nigeria is accelerating plans to construct a $25 billion undersea gas pipeline that will supply natural gas to Europe, Vice President Kashim Shettima disclosed on Monday during a meeting with executives of Vitol Group at the Presidential Villa in Abuja. The Nigeria-Morocco Gas Pipeline project is designed to channel gas through the…
By Ayomide Otitoju Shell has loaded the maiden crude oil cargo from Nigeria’s newly completed onshore Otakikpo terminal, marking the start of exports from the $400 million facility developed by marginal field operator Green Energy International, according to a report by Argus on Monday. The Otakikpo terminal, situated in the OML 11 block southeast of…
By Ayomide Otitoju The Presidency has begun the process of settling ₦2 trillion out of the ₦4 trillion in legacy debts owed to electricity generation companies (GenCos) for power supplied to the national grid. This was disclosed by a representative of the Special Adviser to the President on Energy, Olu Verheijen, during a Nigerian Electricity…
By Ayomide Otitoju Unity Bank Plc has reinforced its commitment to financial inclusion and the expansion of electronic payments through a strategic partnership with AfriGo, Nigeria’s national domestic card scheme. The alliance aims to promote wider adoption of locally issued cards and enhance access to secure digital transactions within Nigeria’s retail banking sector. The announcement…
By Ayomide Otitoju Global credit ratings agency Moody’s Investors Service has upgraded Nigeria’s sovereign credit rating to “B3” from “Caa1”, citing notable improvements in the country’s external and fiscal positions. The announcement was made on Friday, according to a report by Reuters. Moody’s also revised Nigeria’s outlook from “positive” to “stable”, reflecting expectations that while…
By Ayomide otitoju Nigeria’s private sector sustained growth into the midway point of the second quarter of 2025, although signs of a slowdown emerged as inflationary pressures persisted, according to the latest Stanbic IBTC Bank Purchasing Managers’ Index™ (PMI®) report. The headline PMI fell to 52.7 in May from 54.2 in April, remaining above the…
Asia’s manufacturing sector experienced a slowdown in May as weak demand from China and the ongoing impact of U.S. tariffs—particularly on automobiles—continued to weigh on export-driven economies, according to new data released Monday. A survey conducted by S&P Global and obtained by Reuters showed that Japan and South Korea—two of the region’s largest economies—remained in…
By Ayomide Otitoju Global credit rating agency Fitch Ratings has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, reflecting the bank’s improved capital strength and robust profitability. The upgrade, announced on May 29, 2025, is driven by Fidelity Bank’s recent capital raise…
By Ayomide Otitoju In a landmark achievement for financial inclusion in Nigeria, FirstBank has announced the disbursement of N1 billion in a single day through its innovative Firstmonie Agent Credit Scheme. The digital lending initiative, launched in 2020, is designed to empower Firstmonie Point-of-Sale (POS) agents—many of whom operate in underserved and rural communities—by providing…
