Business
Nigeria’s Bonny Light Crude Holds Steady After Price Slide
Nigeria’s benchmark crude, Bonny Light, has shown signs of stabilization following a three-week decline in global oil prices. The crude last traded at around $65.77 per barrel, down slightly from September highs but reflecting a narrowing trading range in recent weeks.
The broader market remains under pressure from an oversupply, driven by increased production from both OPEC and non-OPEC producers, while demand growth has slowed. Nigeria’s own production rose modestly to 1.40 million barrels per day in October, still below budget targets. Analysts expect the global surplus to continue into 2026, with supply exceeding demand by over two million barrels per day, putting downward pressure on prices.
Other factors affecting the market include shifts in major buyers’ stockpiling, particularly in China, and geopolitical developments such as sanctions on Russia, which could influence global crude flows. These dynamics have led to contango pricing, where current oil prices are lower than future contract prices. Brent crude settled near $62 per barrel, while West Texas Intermediate traded close to $59, signaling continued caution in the market.
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BREAKING: Court restrains INEC from recognising Mark-led ADC congresses
A Federal High Court in Abuja Wednesday stopped the Independent National Electoral Commission (INEC) from recognising or taking part in any state congresses organised by committees set up by the caretaker leadership of the African Democratic Congress (ADC). In the ruling, which was delivered in Abuja by Justice Joyce Abdulmalik, the court made it clear…
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JAMB extends sale of 2026 Direct Entry to 8th May
The Joint Admissions and Matriculation Board has extended the deadline for the sale of its 2026 Direct Entry (DE) application forms to May 8, giving prospective candidates additional time to complete their registration. The extension, which moves the earlier closing date forward, is part of efforts to ensure that no eligible applicant is excluded from…
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African CEO Leadership Forum 2026, summit concept note
The African CEO Leadership Forum stands as one of the continent’s most influential annual gatherings, bringing together chief executives, boardroom leaders, policymakers, heads of state, and global partners shaping Africa’s economic and governance future. More than a conference, it serves as a high-level platform for strategic alignment, bold thinking, and actionable leadership. Founded on the…