Business

World Bank Expresses Concern Over Nigeria’s Data, Statistics Quality

Published

1 year ago

March 26, 2025

The World Bank has expressed concern over Nigeria’s poor statistical performance, noting that the country lags behind its aspirational peers such as Mexico, Colombia, South Africa and Brazil.

According to a statement by the Director, Information and Public Relations, Mrs Julie Osagie-Jacobs, this was noted during a courtesy visit to the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, by a delegation from the World Bank led by Country Director, Ndiame Diop, and Practice Manager for West and Central Africa, Mr Johan Mistiaen, on Wednesday.

In his presentation titled “Next Level Statistics to Support Nigeria’s Reform and Growth Agenda,” Mistiaen stated that Nigeria’s statistical system was not on par with those of its developmental counterparts.

He advised that an annual investment of between $10m and $15m in the country’s statistical infrastructure would significantly improve performance and align Nigeria with its peers.

The statement read in part, “Earlier, Mr. Johan Mistiaen in his presentation on the next level statistics to support Nigeria’s reform and growth agenda, observed that the country’s statistical performance was not at par with its aspirational peers as Mexico, Colombia, South Africa and Brazil.

“He suggested that investing about $10-15m annually into the country’s statistical system can raise performance to that of its aspirational peers.”

Responding, Bagudu assured that the Federal Government would continue to guarantee the independence of the National Bureau of Statistics.

He commended the Bureau for consistently releasing credible and methodical data that have been relied upon by reputable international organisations.

The minister stressed that there would be no government interference in the operations of the NBS.

He also thanked the World Bank for its continued financial and technical support to the agency, which he described as crucial to its institutional strengthening.

On his part, the Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran, noted that improved investment in statistics would support national growth and development.

He lauded the Federal Government for increasing the agency’s budgetary allocation to its highest level in the last ten years.

He, however, maintained that with sustained funding and stronger partnerships with development agencies, the NBS could deliver even greater results.

Business

Dangote Refinery Reduces Diesel Price As Hope Rises For Fuel Cut

Published

2 weeks ago

May 28, 2026

Editor

Dangote Refinery has reduced the gantry price of automotive gas oil, known as diesel.

The mega refinery slashed the diesel price to N1,600 per liter, up from N1,800.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the Dangote diesel price cut to DAILY POST on Thursday.

This means that the 650,000-barrel-per-day refinery cut diesel prices by N200 or 11.76 percent.

The development would push the retail diesel price, which stood around N1,800 and N2,000 per liter, downward nationwide.

The diesel price drop signals hope in premium motor spirit price reduction.

DAILY POST reports that fuel prices stood between N1,350 per liter and N1,365 in the majority of filling stations in Abuja and the surrounding area.

The volatility in domestic petrol product prices is linked to global energy price uncertainty due to the crisis in the Middle East since February 28th, 2026.

The conflict between Iran, the United States and Israel has caused a major shock in global energy prices.

Checks showed that Brent and West Texas Intermediate crude oil prices stood at $95 and $90 per barrel as of Thursday morning.

Business

Again, Dangote Refinery Hikes Fuel Price

Published

1 month ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 month ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”