Business
Nigeria receives multiple funding offers from investors, lenders — Minister
Nigeria has received multiple funding offers from investors and institutional lenders, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Speaking in an interview with Bloomberg TV, Mr Oyedele said the current market environment presents an opportunity for the country to refinance some of its existing debt while mobilising additional resources for development.
“We think that the timing is good for us to be able to maybe even refinance some of our expensive past debts, but also to raise more funding for our development at this critical time,” he said.
Responding to questions on whether Nigeria would pursue a Eurobond issuance or other commercial financing options, the minister said any decision would depend on prevailing market conditions, the amount of funding required and the speed at which the government intends to access the funds.
He noted that the country currently has several financing options available.
“We have a lot of offers, there is a lot of interest in Nigeria by investors, which is good for us,” Mr Oyedele said.
He added that Nigeria is also engaging with institutional lenders, including the African Finance Corporation (AFC), the African Development Bank (AfDB) and Afreximbank, alongside financing arrangements involving other countries.
“We have many options,” he noted.
ALSO READ: Nigeria eyes debt refinancing, fresh funding — Oyedele
Mr Oyedele explained that the government would carefully evaluate the cost, risks and suitability of available funding sources before deciding on the most appropriate financing strategy.
According to him, the objective is to ensure efficient use of resources while supporting the country’s development priorities.
“The goal is to get the best results from every dollar or every naira that we spend,” he said.
Personnel of the Amotekun security outfit have freed eight individuals who were held captive by suspected kidnappers in Ondo State after a coordinated rescue mission.
Several of those rescued were reportedly abducted from the Ilado area of Akure North Local Government Area.
Among the survivors is Fagbonmire Durojaiye, a cleric and educator affiliated with the Redeemed Christian Church of God (RCCG), where he serves in a pastoral role.
Reports indicate that the abductors initially demanded ₦30 million as payment for the captives’ freedom before the victims were eventually recovered.
The post Amotekun Frees Pastor, Seven Others from Kidnappers appeared first on Business Today NG.
The average retail price paid by Nigerians for Premium Motor Spirit (PMS), popularly known as petrol, rose to ₦1,596.25 per litre in May 2026, reflecting the continued pressure of high fuel costs on households and businesses across the country.
The National Bureau of Statistics (NBS) disclosed this in its Petrol Price Watch report released on Wednesday, showing that the average pump price increased by 55.31 per cent when compared with ₦1,027.76 recorded in May 2025.
The latest figure also represents a 4.13 per cent increase from the average price of ₦1,532.93 per litre recorded in April 2026.
The data indicate that fuel prices have continued their upward trajectory despite fluctuations recorded in some months over the past year.
A review of the monthly trend showed that the national average stood at ₦1,037.66 per litre in June 2025, then declined to ₦1,024.99 in July and ₦988.25 in August. The average price fell further to ₦970.59 in September 2025, then rose to ₦1,052.31 in October and ₦1,061.35 in November.
In December 2025, the average price eased slightly to ₦1,048.63 per litre and stood at ₦1,034.76 in January 2026. It increased marginally to ₦1,051.47 in February, then surged to ₦1,288.54 in March and ₦1,532.93 in April. The upward trend continued in May, reaching ₦1,596.25 per litre.
Edo records highest price
Across the states, Edo recorded the highest average retail price of petrol at ₦1,722.91 per litre in May.
Bauchi followed, with an average price of ₦1,715.47 per litre, while Benue residents paid ₦1,698.57 per litre.
On the other hand, Adamawa recorded the lowest average price at ₦1,469.83 per litre. Katsina followed closely with ₦1,470.63 per litre, while Sokoto posted an average of ₦1,489.33 per litre.
The figures underscore the wide variations in petrol prices across the country, reflecting differences in transportation costs, supply logistics and market conditions.
South-south leads geopolitical zones
At the zonal level, the South-South recorded the highest average petrol price at ₦1,623.84 per litre.
The North-east followed with ₦1,622.76, while the South-East posted an average of ₦1,593.91.
ALSO READ: Dangote Refinery explains N100 petrol price increase amid crude price surge
The North-central zone recorded ₦1,589.92, marginally higher than the South-West’s ₦1,588.96. The North-West had the lowest zonal average at ₦1,564.11 per litre.
The latest report highlights the persistent rise in fuel prices since the deregulation of the downstream petroleum sector, with petrol now selling at levels significantly higher than those recorded a year ago.
For many households and businesses, the increase continues to translate into higher transportation and operating costs, adding to broader concerns over the cost of living in Africa’s largest economy.
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