Development Impact

NDPHC revives 450MW Abia power plant after three-year shutdown:The Niger Delta Power Holding Company has announced the restoration of the 450-megawatt Alaoji Open Cycle Power Plant in Abia State after 36 months of shutdown caused by gas supply disruptions, metering disputes and mounting debts.

DisCos metered 241,590 customers in two months – NERC:The Nigerian Electricity Regulatory Commission on Thursday said that electricity distribution companies (DisCos) metered a total of 241,590 customers between January and February.

FG to dredge Lekki deep seaport channel:The Federal Government said it has concluded plans to carry out a maintenance dredging of the $1.5bn Lekki Deep Seaport channels.

Lagos plans end to electricity band classification:The Lagos State Government says it is planning to phase out the classification of electricity customers into different bands as introduced by the Nigerian Electricity Regulatory Commission in 2024.

$5bn NLNG Train 7 Hits 92% Completion, Nears Pre-commissioning as Local Capacity Grows:The $5 billion Nigeria Liquefied Natural Gas (NLNG) Train 7 project has reached 92 per cent completion and is now advancing into systems completion and pre-commissioning, marking a major milestone for Nigeria’s gas expansion drive and local content development.

FG Signs over N690bn Contracts for Road Construction in South-west, North-west:The federal government has signed contracts worth over N690 billion for the construction and rehabilitation of major roads in the South-west and North-west, stressing that it is intensifying efforts to modernise the country’s transport infrastructure under President Bola Tinubu.

Manufacturers switch to gas amid rising diesel prices:Manufacturers are increasingly embracing natural gas as rising diesel prices continue to pressure production costs and profitability across Nigeria’s industrial sector. This was disclosed during a business and investment forum organised recently by Shell Nigeria Gas in Port Harcourt, Rivers State, where stakeholders across the energy and manufacturing sectors explored opportunities to reduce operating costs and improve productivity through gas adoption.

Of Telecoms Tariff and Quality Service Delivery:From the inception of the 50 per cent hike in telecoms tariff, which took effect in January 2025, telecoms operators have been investing heavily in telecoms infrastructure in order to boost and sustain quality service delivery across networks, but such investments have come under serious threat by vandals who willfully destroy and steal telecoms infrastructure

MPC Holds at 26.50%, Choosing Caution Over Comfort in Nigeria’s Stabilisation Cycle:The Monetary Policy Committee of the Central Bank of Nigeria voted unanimously at its 305th meeting on 19 and 20 May 2026 to retain the Monetary Policy Rate at 26.50%, leaving every other policy parameter unchanged.

Nigeria’s external reserves rebound to $49.49 billion in May — Cardoso:Nigeria’s gross external reserves rose to $49.49 billion as of May 15, 2026, marking a rebound from $48.35 billion recorded at the end of March 2026.

Nigeria’s tax revenue hits N7.44 trillion, misses target despite new laws: Nigeria’s tax revenue rose to N7.44 trillion in the first quarter of 2026, but still fell short of its budget target by N2.24 trillion amid sweeping reforms introduced under the country’s new tax laws.

Nigeria’s trade surplus rises 220% to $480m:Nigeria recorded a $480 million trade surplus in January 2026, driven by a 4.46 percent increase in export receipts to a record $4.68 billion, largely fueled by petroleum products.

FGN bond subscriptions drop 45% despite higher yields:Investor appetite for Federal Government bonds weakened in May 2026 as total subscriptions dropped by 45.6 per cent month-on-month, despite rising yields at the auction.

FAAC receives 100% PSC revenue as NNPC implements Executive Order 9:The Federation Account Allocation Committee (FAAC) has started receiving the full proceeds from Nigeria’s Production Sharing Contract (PSC) oil revenues following the implementation of President Bola Ahmed Tinubu’s Executive Order 9 of 2026.