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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Abure-Led Labour Party Faction Moves to Appeal Court Ruling
The faction of the Labour Party led by Julius Abure has announced plans to appeal a Federal High Court judgment that recognised a caretaker committee headed by Senator Nenadi Usman. The group described the ruling as contradictory to previous decisions of the Supreme Court, which it said clearly established that courts lack the power to…
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Atiku Warns Senate Delays Could Jeopardise 2027 Elections
Former Vice President Atiku Abubakar has accused the Nigerian Senate of stalling efforts to amend the Electoral Act, warning that continued delays could undermine the credibility of the 2027 general elections. In a public statement, Atiku argued that weaknesses in the existing Electoral Act contributed significantly to challenges witnessed during the 2023 elections, making it…
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Nigeria’s Economic Risks Overstated, Tuggar Tells Foreign Investors
Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has urged global investors to reassess their perception of Nigeria’s risk profile, describing prevailing security concerns as exaggerated. Speaking during engagements on the sidelines of the World Economic Forum in Davos, Tuggar said insecurity in Nigeria was limited to isolated areas and did not reflect the broader national…