Business
RMRDC Debuts Quarterly Statistical Bulletin Series
The Raw Materials Research and Development Council (RMRDC) has officially launched its Quarterly Statistical Bulletin Series, an initiative aimed at redefining the trajectory of Nigeria’s industrial landscape, providing a cornerstone of data-driven policy formulations, and a vital tool for industrial transformation in Nigeria.
The Director-General of RMRDC, Prof. Nnanyelugo Ike-Muonso, said during the launch of the publication, weekend, in Abuja, that the council’s mission has always been clear: to harness Nigeria’s abundant raw materials for sustainable industrial development.
He observed that the council had intensified efforts to provide evidence-based data and insights to stakeholders, investors, and policymakers, enabling them to identify opportunities, address challenges, and shape effective policies for economic growth.
“The Quarterly Statistical Bulletin Series is a publication that provides data quarterly on the analysis of Nigeria’s foreign trade (HS Code 01 – 97), which is captured at customs entry points throughout the country by the Nigeria Customs Service and uploaded into the Nigeria Integrated Customs Information System (NICIS2).
The quantity and value of imports and exports of these raw materials and products categorized by their respective Double-Digit HS-Code are analyzed to derive key indicators of interest.
The publication addresses the country’s raw materials imports substitution/deletion, local utilization rates, and other key components of the economy such as employment, industry, exchange rate, etc,” the DG stated Prof. Nnanyelugo emphasized that the Quarterly Statistical Bulletin is more than a publication; he said it is a transformative tool for national development.
Stressing also that it shall provide comprehensive and meticulously analyzed data on Nigeria’s foreign trade, raw materials processing, and utilization rates and said it is critical for identifying trends, making informed decisions, and shaping the future of our industries.
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
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