Meta has introduced new monetisation tools on WhatsApp to help creators, businesses, and organisations broaden their reach and earn income through the app’s Updates tab. In a statement on Monday, the tech company unveiled three major features: Channel Subscriptions, Promoted Channels, and Adverts in Status. These additions are part of WhatsApp’s broader strategy to support commercial use of the platform without disrupting users' private messaging. “For years, we've been exploring ways to support business activity on WhatsApp without interrupting personal conversations. We believe the Updates tab is the ideal space for this,” Meta noted. With Channel Subscriptions, users can now pay a monthly fee to access exclusive content from preferred channels, including media outlets, creators, and sports teams. Promoted Channels will allow WhatsApp to suggest channels to users based on their interests, giving creators and businesses a paid option to increase visibility and attract followers. Adverts in Status will enable businesses to display targeted ads within the status section—similar to Instagram Stories—allowing users to discover and connect with brands directly. Meta emphasized that the new features preserve user privacy, maintaining end-to-end encryption for all personal chats, calls, and group conversations. “To deliver relevant ads in status or recommended channels, we’ll use limited data such as your location, language, followed channels, and engagement with ads,” the company explained. “For users who link WhatsApp to Meta’s Accounts Centre, we may also use ad preferences and data from their other Meta platforms—but we will never sell or share phone numbers with advertisers.” Meta added that the features will be introduced gradually in the coming months. Channel admins and businesses can already access more details via official WhatsApp Business channels.

The naira appreciated to ₦1,585 per dollar in the parallel market yesterday, up from ₦1,590 per dollar last weekend. Similarly, it strengthened in the Nigerian Foreign Exchange Market (NFEM), trading at ₦1,543 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved by ₦11, moving from ₦1,554 per dollar last Friday to ₦1,543 per dollar. As a result, the gap between the parallel market and NFEM rates narrowed to ₦26 per dollar, down from ₦36 last weekend.

Nigeria’s inflation rate declined to 22.97 per cent in May 2025, according to the National Bureau of Statistics (NBS). This marks a 0.74 percentage point drop from the 23.71 per cent recorded in April 2025. Year-on-year, headline inflation decreased by 10.98 percentage points from 33.95 per cent in May 2024. The figures were revealed in the NBS Consumer Price Index report for May 2025, released on Monday. The report read, “In May 2025, the Headline inflation rate eased to 22.97 per cent relative to the April 2025 headline inflation rate of 23.71 per cent. “Looking at the movement, the May 2025 Headline inflation rate decreased 0.74 per cent compared to the April 2025 Headline inflation rate.” It shows that the decline in the inflation rate was largely driven by a slowdown in the rate of increase in the average prices of goods and services. According to the report, on a month-on-month basis, the headline inflation rate stood at 1.53 per cent in May 2025, lower than the 1.86 per cent recorded in April. This indicates that while prices continued to rise, they did so at a slower pace compared to the previous month. Food inflation remained a major driver of overall inflation. The food inflation rate stood at 21.14 per cent year-on-year in May, a sharp drop from 40.66 per cent recorded in the same month last year. The NBS attributed the sharp annual drop to the change in the base year, following the CPI rebasing. On a month-on-month basis, however, food inflation rose to 2.19 per cent in May from 2.06 per cent in April, driven by increases in the prices of yam, cassava, maize flour, sweet potatoes, fresh pepper, and ogbono. Urban inflation stood at 23.14 per cent year-on-year, lower than 36.34 per cent in May 2024. Urban inflation rose slightly to 1.40 per cent in May, up from 1.18 per cent in April. In contrast, rural inflation declined to 22.70 per cent year-on-year, down from 31.82 per cent recorded in May 2024. On a monthly basis, rural inflation slowed to 1.83 per cent from 3.56 per cent in April. Core inflation, which excludes volatile items like agricultural produce and energy, dropped to 22.28 per cent in May, compared to 27.04 per cent in the same month last year. Month-on-month, core inflation also eased to 1.10 per cent from 1.34 per cent in April. The breakdown of contributions to headline inflation revealed that food and non-alcoholic beverages remained the largest driver, accounting for 9.20 percentage points. Other significant contributors were restaurants and accommodation services (2.97 per cent), transport (2.45 per cent), housing, water, electricity, gas and other fuels (1.93 per cent), and education (1.42 per cent). On a month-on-month basis, Bayelsa State recorded the highest surge in headline inflation at 9.11 per cent, followed by Bauchi (4.85 per cent) and Borno (4.42 per cent). Conversely, Kaduna, Jigawa and Edo saw the steepest monthly declines with -6.75 per cent, -4.40 per cent, and -2.94 per cent, respectively. In terms of food inflation, Borno posted the highest year-on-year rate at 64.36 per cent, followed by Bayelsa (39.85 per cent) and Taraba (38.58 per cent). Katsina (6.90 per cent), Rivers (9.18 per cent), and Kwara (11.31 per cent) recorded the lowest increases. Month-on-month, Bayelsa led with a food inflation rate of 12.68 per cent, trailed by Cross River (11.15 per cent) and Anambra (9.10 per cent). Declines were recorded in Katsina (-5.42 per cent), Jigawa (-4.02 per cent), and Kaduna (-3.27 per cent). Despite the statistical improvements reflected in the CPI rebasing, rising monthly costs of food and essential goods continue to strain household budgets nationwide.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has opposed the Dangote Refinery’s plan to distribute its petroleum products directly to outlets across the country. Over the weekend, Dangote Refinery revealed its intention to expand nationwide fuel distribution. Joining other concerned stakeholders, PETROAN warned against the dangers of a monopolized market. Speaking on behalf of independent fuel station owners nationwide, PETROAN President Billy Gillis-Harry noted that many members are already feeling the strain. He said, “We’re not against Dangote’s success. But no single company should control refining, supply, distribution, and retail all at once. “It’s a monopoly in the making, and it puts thousands of independent operators at risk.” PETROAN has raised concerns that over 10,000 licensed retail outlets depend on sourcing fuel from the open market, a system that could collapse if Dangote gains exclusive control as the sole distributor. Alongside other industry stakeholders, PETROAN is advocating for open access to loading depots and marine terminals, enforcement of anti-monopoly provisions in the Petroleum Industry Act (PIA), equitable pricing structures that enable independent marketers to compete, and support for third-party logistics rather than relying solely on refinery-owned transport fleets. They argue that these steps are crucial to preserving a diverse fuel supply system in Nigeria and avoiding the replacement of a flawed subsidy regime with a privately controlled monopoly.

Dangote Refinery has announced the commencement of direct distribution of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) to major consumers, including manufacturers, telecom companies, the aviation sector, and other large-scale users. In a statement posted on its official X account on Sunday, the 650,000 barrels-per-day facility revealed that the initiative will take effect from August 15, 2025. As a result, Dangote Refinery will bypass traditional petroleum product marketers, taking over direct supply to bulk consumers. The refinery also stated that logistics costs would be waived, a move aimed at strengthening the distribution network. “Dangote Petroleum Refinery is pleased to announce the commencement of a significant national initiative designed to transform Nigeria’s fuel distribution landscape. Effective 15th of August 2025, the refinery will begin the distribution of premium motor spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecom firms, aviation, and other large users across the country, with free logistics to boost the distribution network. “To ensure smooth take-off of this scheme, Dangote Refinery has invested in the procurement of 4,000 brand-new compressed natural gas (CNG)-powered tankers. This phase of the program will continue over an extended timeframe. The refinery is also investing in compressed natural gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution. “This strategic program is part of our broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability, and supporting Nigeria’s economic development. It affirms our dedication to improving the availability and affordability of fuel in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians,” the statement said. It added, “Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support. “Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and fostered economic growth. Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery. “In addition, the refinery will offer a credit facility to those purchasing a minimum of 500,000 liters—allowing them to obtain an additional 500,000 liters on credit for two weeks, under bank guarantee. “This pioneering effort marks a major milestone in our vision to revolutionize Nigeria’s energy sector. Dangote Refinery is dedicated to ensuring that no place is left behind. Our goal is to provide equitable access to affordable fuel for all Nigerians, regardless of location, making energy more accessible and sustainable for everyone, wherever they may be. “It is expected to revitalize previously inactive petrol stations, thereby driving job creation, stimulating small and medium-sized enterprises (SMEs), increasing government revenue, improving fuel access in rural and underserved communities, and strengthening investor confidence in Nigeria’s downstream petroleum sector. “This initiative is in line with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, reflecting our shared commitment to economic progress, stability, and inclusive development. “We sincerely thank the Federal Government for its continued support, especially through the Naira-for-Crude scheme, which has helped stabilize fuel supply amid global price volatility. It marks a major revolution in the midstream and downstream sectors and stands as a key example of President Bola Tinubu’s bold and reformative economic policies.” Prior to this initiative by Dangote Refinery, filling station partners such as MRS, Optima, AP Ardova, and others lifted PMS and diesel from the refinery to end users.

The World Bank has earmarked $40 million to bolster financial protection for Nigeria’s poor and vulnerable under a new health programme backed by a loan facility. According to findings, the initiative is part of a broader \$500 million credit from the International Development Association (IDA), alongside a \$70.01 million grant from the Global Financing Facility. The project, approved by the World Bank on September 26, 2024, is titled Human Capital Opportunities for Prosperity and Equality – Health Programme-for-Results (HOPE-Health-PforR) and is scheduled to run until June 30, 2029. The \$40 million is specifically tied to Disbursement Linked Indicator 3 (DLI 3), which is aimed at enhancing financial protection for impoverished Nigerians through health insurance schemes and similar safety nets. The funding is performance-based, meaning the Federal Government will receive the disbursement only if certain targets are met and verified — with subsequent release to eligible states. This allocation falls under Result Area 2 of the programme, which focuses on increasing the use of essential health services. In total, \$272.5 million has been committed to this area, comprising \$239 million in IDA credit and \$33.5 million in grants. The World Bank noted that DLI 3 is designed to be scalable and time-sensitive, with disbursements contingent on meeting timelines and implementation milestones. The broader goal of the HOPE-Health programme is to improve access to quality healthcare while strengthening Nigeria’s health system, especially for women, children, and underserved communities. The programme also seeks to promote equity in service delivery by enhancing maternal and child health, expanding digital health infrastructure, and driving institutional reforms at federal and state levels. In addition to financial protection, the project includes support for deploying public health fellows across all 774 Local Government Areas, scaling digital health platforms, and implementing maternal health innovations in climate-affected and underserved regions. A component of the programme funded through Investment Project Financing will provide technical assistance to institutions such as the National Primary Health Care Development Agency and the National Health Insurance Authority to boost their capacity. The programme adopts a Sector-Wide Approach, aligning efforts by development partners and national stakeholders under a single implementation framework. With out-of-pocket expenses still dominating Nigeria’s healthcare financing, the \$40 million intervention is seen as crucial in easing the financial burden on the most vulnerable. However, actual disbursement hinges on the achievement of enrolment targets and measurable progress in shielding low-income Nigerians from devastating healthcare costs. According to the World Bank’s Africa’s Pulse report released in April 2025, poverty in Nigeria and other resource-rich but fragile countries is expected to rise by 3.6 percentage points between 2022 and 2027.

Efforts by the Federal Government to boost crude oil production beyond two million barrels per day encountered another obstacle in May. Nigeria’s average daily oil output dropped slightly last month, slipping from 1.68 million barrels per day in April to 1.65 million in May. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed crude oil production declined from 1.48 million barrels per day in April to 1.45 million in May. This dip follows a brief rebound, where production rose from 1.40 million in March to 1.48 million in April—an encouraging sign toward the country’s 2.1 million barrels per day goal. However, May’s decline has undercut those earlier gains, raising fresh doubts about Nigeria’s ability to meet its ambitious targets. The NUPRC revealed that the lowest and highest daily production figures (crude and condensates combined) in May were 1.61 million and 1.81 million barrels per day, respectively. The average daily output stood at 1.657 million barrels per day—made up of 1.452 million barrels of crude and 204,493 barrels of condensate. Crude oil production in May represented 97% of Nigeria’s OPEC quota of 1.5 million barrels per day. When President Bola Tinubu appointed the new board of the Nigerian National Petroleum Company Limited (NNPC), led by Chairman Ahmadu Kida and Group CEO Bayo Ojulari, he tasked them with raising oil output to 2 million barrels per day by 2027 and 3 million by 2030. The government also set ambitious gas production goals: 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. Additionally, President Tinubu mandated that the NNPC increase its crude oil refining share to 200,000 barrels per day by 2027, and 500,000 by 2030. At the board’s inauguration in May, NNPC GCEO Ojulari said the team had already begun engaging with stakeholders, reviewing operations, and enhancing business processes. He noted that work was underway to optimise performance, including efforts to revive the nation’s refineries through turnaround maintenance. The PUNCH

Nigeria’s petrol import bill dropped sharply in the first quarter of 2025, falling to N1.76 trillion from N3.81 trillion in the same period of 2024, a year-on-year decline of over N2 trillion or 54 per cent, according to the latest foreign trade report by the National Bureau of Statistics (NBS). Compared to the fourth quarter of 2024, which recorded N3.3 trillion in petrol imports, the Q1 2025 figure represents a 47 per cent decrease. This significant reduction has been largely credited to increased domestic refining, particularly from the Dangote Petroleum Refinery, which is steadily ramping up production and displacing foreign suppliers. Historically, Nigeria’s petrol imports had been on a steady rise—jumping from N732 billion in Q1 2020 to N1.29 trillion in Q1 2021, and further to N2.69 trillion in Q1 2022. After a slight dip to N2.03 trillion in Q1 2023, imports peaked at N3.81 trillion in Q1 2024. The sharp reversal in 2025 to N1.76 trillion signals a possible structural shift toward self-sufficiency in refined fuel supply. Despite these gains, Nigeria continues to rely on regional trade to meet demand. Petrol remained the country’s most imported product from ECOWAS nations in Q1 2025, accounting for N89.18 billion—44.51 per cent of total imports from the bloc. It also made up 41.86 per cent of Nigeria’s total imports from West Africa and 11.63 per cent of imports from the African continent. Other key petroleum imports from ECOWAS during the period included gas oil (N23.15 billion) and petroleum bitumen (N20.58 billion), underscoring the continued importance of the sector in Nigeria’s trade profile. Nationwide, petrol ranked among the top five most imported commodities, alongside gas oil, crude petroleum oils, cane sugar for refining, and durum wheat. The NBS report read, “The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).” The downward trend in petrol imports aligns with the rising output of the Dangote Petroleum Refinery, which is currently operating at approximately 85 per cent of its 650,000 barrels per day capacity. Since commencing operations, the refinery has introduced greater competition into the downstream sector, contributing to a drop in petrol retail prices in Lagos to as low as N860 per litre in early 2025. Nonetheless, the facility encountered initial operational hurdles. In March, Dangote Refinery temporarily halted sales in naira due to challenges in accessing foreign exchange. Although the refinery purchases crude oil in U.S. dollars, it was receiving payments in the local currency. The Federal Government has since intervened to address the naira-for-crude exchange issue, enabling the refinery to resume operations and further reduce the country’s dependence on imported petrol.

Aliko Dangote has stepped down as Chairman of the Board of Dangote Sugar Refinery Plc, marking the end of his 20-year tenure leading the company. According to a statement released on Wednesday by the company’s secretary, Temitope Hassan, his retirement will take effect on June 16, 2025. Dangote, who assumed leadership in 2005, is widely acknowledged for transforming Dangote Sugar into a dominant force in Nigeria’s sugar sector, driving key expansion initiatives and enhancing corporate governance. “In line with the principles of good corporate governance and succession planning, Dangote Sugar Refinery Plc hereby announces the retirement of our esteemed Chairman of the Board of Directors of the Company, Alhaji Aliko Dangote (GCON), effective June 16, 2025,” the statement read. The statement noted that under his leadership, the company implemented key Backward Integration Projects in Adamawa, Taraba and Nasarawa States to improve local sugar production and reduce import dependence. The Board has appointed Independent Non-Executive Director, Arnold Ekpe, as the new chairman. “Following a rigorous selection and transition process, the Board is pleased to announce the appointment of Mr. Arnold Ekpe, Independent Non-Executive Director as the new Chairman of Dangote Sugar Refinery Plc. effective 16th June 2025,” the statement added. Ekpe is a seasoned banker and former group CEO of Ecobank, with extensive boardroom and leadership experience across sectors. “We welcome Mr. Ekpe to his new role and look forward to the next chapter in our Company’s journey under his leadership. We also express our deep appreciation to Alhaji Aliko Dangote for his years of exemplary service and unwavering commitment to excellence,” the statement concluded.

The naira continued its upward trend against the dollar at the official market on Wednesday. According to data from the Central Bank of Nigeria (CBN), the naira appreciated slightly to N1,539.72 per dollar on Wednesday, up from N1,540.04 recorded on Tuesday — a marginal gain of N0.32. In contrast, the parallel market saw no movement, with the exchange rate holding steady at N1,607 per dollar, the same as the previous day. CBN Governor Olayemi Cardoso attributed the relative stability of the naira to recent reforms introduced by the apex bank.