President Bola Tinubu and the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, have rallied stakeholders as the African Export-Import Bank Annual Meeting takes off in Abuja, Nigeria.

The meeting will hold from Wednesday, 25th, to Friday, 28th June, 2025.

Tinubu, represented by his special economic adviser, Tope Fasua, highlighted the significance of Afreximbank to the economic prosperity of the African continent.

On his part, the apex bank governor, Cardoso, lauded the strides of Afreximbank.

“From an initial capital base of $750 million—a relatively small amount by international standards—the bank has expanded its capital assets to over $40 billion as of the end of last year,” he stated.

The AAM 2025 has in attendance an avalanche of chief executives of banks in Africa, senior officials of government, captains of industry and participants across the continent.

The event with the theme “Building the Future on Decades of Resilience” reflects Afreximbank’s objective to unlock economic prosperity for Africa.

The spokesperson of the bank, Vincent Musumba, on Tuesday announced that the bank’s assets rose to $40 billion from $4 billion under the leadership of outgoing President, Prof. Benedict Oramah.

The escalated prices of premium motor spirit in the Nigerian retail market are expected to cool off following the easing of global crude oil prices.

The Independent Petroleum Marketers Association of Nigeria gave this assurance to DAILY POST in an interview on Wednesday.

With the ceasefire agreement by Israel and Iran as advanced by the United States of America President Donald Trump, global oil prices have eased after twelve days of boom when they rose to around $79 and $76 per barrel for Brent and West Texas Intermediate crude futures.

However, as of Wednesday morning, Brent and WTI futures had dropped to $68.14 and $65.38 per barrel.

DAILY POST reports that Dangote Refinery, petroleum products depot owners, Nigerian National Petroleum Company Limited, and petroleum products marketers alike, significantly increased their prices, respectively, in the last twelve days.

Dangote Refinery increased its petrol ex-depot price to N880 per litre from N825 per litre.

Consequently, Dangote Refinery retail partner, MRS filling station hiked the retail price to between N925 and N945 per litre in Lagos and Abuja from N875 and N895.

NNPC, NIPCO, Ranoil, AA Rano, Empire Energy, Eterna, and other filling stations increased their prices to between N945 and N975 per litre in their Abuja outlets.

Meanwhile, with a drop in global oil prices, the domestic crude oil price is expected to fall.

Reacting, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said that the price of petrol will inadvertently drop with the easing of crude oil prices.

“As the global oil prices go down, the domestic price of petrol would also go down.

“This is because the cost of production would reduce. The same with the exchange rate at the foreign exchange market. The price of petrol would inadevertly drop”, he told DAILY POST.
Ukadike noted petrol price fluctuations are the key features of a deregulated oil downstream sector.

He urged the Nigerian government to create an energy bank where petroleum sector stakeholders can access credits to serve as buffers amid disruptions.

Traders at Ariaria International Market, Aba, Abia State, have established a 24-man ethics and quality control taskforce to prevent the influx of fake, substandard and expired products into the market.

The Chairman, Ariaria International Market, Mr. Michael Aniorji who made this known in his office on Monday, said it was to protect customers and consumers from substandard and deceptive practices.

Aniorji said that the taskforce will incorporate officials of the National Agency for Food, Drug Administration and Control, NAFDAC, and Standard Organization of Nigeria, SON.

He promised that “if any customer returns a product he bought after discovering it is of low quality or not in good order, the seller can no longer say that he cannot replace it because the buyer has paid for it.”

“Any trader who does that would be made to pay through their nose”, he said.

The market Chairman said the taskforce will scrutinize all food items and drugs being brought into the market to ensure that the fake and expired products do not find their ways into the market .

“Those selling palm oil and vegetable oil are also part of the team to check deceitful trading practices in those areas.

“Our promise and decision was that any trader found selling fake products or who is into deceitful trading practices will forfeit his or her shop and would be eased out of the market”, he warned.

Aniorji, who also said that traders in the market have accepted the proposal to remodel the market, expressed the reservation that the traders have only seen one contractor, whom he said is yet to present papers confirming his engagement to them.

He said the contractor is yet to start work because he has not been introduced officially to the traders’ union.