Business
IMF Denigrates Nigeria’s Economic Growth
Published
2 years agoon
By
Editor
The International Monetary Fund has downgraded Nigeria’s economic growth by 0.3 percentage points to 2.9 per cent for 2023 as a result of lower production in oil and gas.
The IMF disclosed this in its new World Economic Outlook (for October) themed, ‘Navigating Global Divergences,’ released on Tuesday.
Earlier in July, the lending institution predicted that Nigeria’s economy would grow by 3.2 per cent in 2023, adding that the growth would be impacted by security issues in the oil sector.
READ ALSO: IMF Retains Nigeria’s Economic Growth Forecast At 3.2%
Commenting on its new prediction for the country, the IMF said, “Growth in Nigeria is projected to decline from 3.3 per cent in 2022 to 2.9 per cent in 2023 and 3.1 per cent in 2024, with negative effects of high inflation on consumption taking hold.
“The forecast for 2023 is revised downward by 0.3 percentage point, reflecting weaker oil and gas production than expected, partially as a result of maintenance work.”
According to the National Bureau of Statistics, Nigeria’s GDP grew by 2.51 per cent in the second quarter of 2023.
Growth in the sub-Saharan African region is expected to decline to 3.3 per cent in 2023 due to worsening weather shocks, the global slowdown, and domestic supply issues, the IMF noted.
READ ALSO: IMF Rates eNaira Performance Low
It, however, stated that this growth will begin to rise by 2024 to 4.0 per cent in 2024, which is still below the region’s historical average of 4.8 per cent.
Overall, global economic growth is projected to slow from 3.5 per cent in 2022 to 3.0 per cent in 2023 and 2.9 per cent in 2024, well below the historical (2000–19) average of 3.8 per cent, the IMF declared.
It added, “Advanced economies are expected to slow from 2.6 per cent in 2022 to 1.5 per cent in 2023 and 1.4 per cent in 2024 as policy tightening starts to bite. Emerging market and developing economies are projected to have a modest decline in growth from 4.1 per cent in 2022 to 4.0 per cent in both 2023 and 2024.”
Inflation, which has been on a global rise, is expected to fall from 8.7 per cent in 2022 to 6.9 per cent in 2023 and 5.8 per cent in 2024, the IMF noted.
‘There’s army of Jezebel daughters now in Nollywood’ – Charles Inojie
You may like
2024: Top 10 African Countries With The Highest Debt To IMF
Africa Gains Third Seat On IMF Board
VIDEO: Reject IMF, World Bank Offers – Falana Cautions FG
Bayelsa Guber: Why Court Disqualified APC Candidate, Sylva
IMF Retains Nigeria’s Economic Growth Forecast At 3.2%
Why We’re Happy With IMF Growth Forecast For Nigeria – Emefiele
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels
The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
- Sports Commission Boss Commends Team Edo Athletes For Continental Triumph
- Enabulele Confident Of Team Edo’s Success At 2025 NYG
- PHOTOS: Brazil Welcomes Tinubu With Full Military Honours In Brasília
- Tinubu Signs Direct Flight, Other Agreements With Brazil
- Four Die, Three Injured In Delta Crash
- PDP Zones 2027 Presidential Ticket To South
- NAFDAC Warns Of Fake Postinor-2 In Circulation
- Brazil Names Squad Without Neymar, Vinicius For World Cup Qualifiers [FULL LIST]
- OPINION: Death Of World’s Nicest Judge
- OPINION: ‘ADC Is A Mere Distraction’
Trending
- Metro4 days ago
Customs Seize N905m Rolls Royce, Other Contrabands In Ogun
- News4 days ago
BREAKING: FG, State, Local Governments Share N2.001trn July Revenue
- Headline5 days ago
JUST IN: Uganda Reaches Agreement With US To Take Migrants
- News5 days ago
JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates
- News5 days ago
Buhari Was Angel In Human Flesh – Bisi Akande
- Metro4 days ago
Village Youths Capture Bandit During Midnight Attack In Benue
- Metro4 days ago
Lagos Skit Maker Hacked To Death By Suspected Cultists
- Metro3 days ago
Edo Govt Demolishes Building Owned by Suspected Cultist
- News4 days ago
Benue Bans Nursery Graduations, Customised Textbooks In Schools
- News5 days ago
179 ASPs Disqualified As Police Promote 952 Officers