General News
What the Recent Oil Disruption Means for Nigeria

By Lukman Otunuga, senior,Research Analyst,FXTM
The unprecedented Oil disruption in Saudi Arabia in September shocked the markets and triggered multiple financial reactions for investors across the globe.
Oil prices exploded 20 percent higher on Monday September 16 after attacks on Saudi Oil fields caused disruptions of 5.7 million barrels per day, roughly five percent of global Oil supplies. Oil later gave back gains after Saudi Arabia pledged that Oil production would be up and running by the end of September.
However, there are doubts that the damage – which is thought to run into the hundreds of millions of Dollars – will be fixed so quickly.
Dynamic influencing Oil market swing back and forth
The uncertainty is also disrupting Oil prices, which spike intermittently before calming on data like the US Energy Information Administration’s (EIA) report about a 2.4 million barrel build in Crude oil inventories on September 25.
On top of that, geopolitical tensions in the Middle East add more concerns for the short-term future of Oil markets.
Going forward, Oil prices are expected to be more sensitive to negative supply shocks, at least in the short term. If the serious tensions between Iran and the US escalate, Oil prices may be supported with a degree of upside potential.
OPEC continues with its quest to stabilize markets
Another factor to consider is OPEC’s reaction and possible change of mind over its supply cut policy. As recently as September 12, OPEC persuaded Nigeria to join supply cuts to prevent a global glut from drastically undercutting prices and Oil revenues for Oil-producing countries. The supply-side circumstances have changed considerably since then.
Recent reports have revealed that OPEC’s oil output fell to an eight-year low in September, pumping 28.9 million barrels per day (bpd) which was down 750,000 bpd from August’s revised figure and lowest monthly total since 2011.
Should Saudi Arabia experience more attacks or take longer than expected to restore normal Oil production from the damaged facilities, OPEC may need to reconsider supply cuts and increase production so its members can meet global supply demand.
At the time of writing, Nigeria’s Light Sweet Crude Oil Kwa Ibo and Bonny Light are trading at their normal level of $3 above the Brent Crude benchmark because Saudi Arabia has pledged to be back to normal light Crude oil production levels by the end of September. In the meantime, Saudi Arabia has restored output to 11.3 million barrels per day but is relying on sales of heavy Crude oil. Should Saudi Arabia disappoint the market’s expectations, light sweet Crude oil prices may change in Nigeria’s favour.
Overall, given how Oil sales account for roughly 70 percent of government revenues and 90 percent of Nigeria’s foreign exchange earnings, if the recent disruption results in a net rise in Oil prices, it could offer short-term support to the nation.
Impact on Nigeria’s economic growth
As an emerging market energy exporter, the prospects of rising Oil prices should feed back into Nigeria’s economic growth. Higher Oil prices would boost the nation’s foreign exchange reserves, promote foreign exchange stability and boost government spending in economic infrastructure which in turn would be positive for growth.
On the other hand, Nigeria’s fiscal and monetary policy makers must always be on the lookout for inflationary pressures. In August, inflation in Nigeria fell to 11.02 percent, a 43-month low. But higher Oil prices may squeeze company and consumer transportation budgets, re-igniting inflation.
Higher Oil price could hit consumer spending
The flip side of higher Oil prices is the risk of rising inflation. This would likely drag on consumer spending and complicate central bank efforts to ease monetary policy, which may end up pressuring economic growth.
On a larger scale, the threat of a global recession lurks around the corner. Rising Oil prices could also threaten global growth with higher running costs.
While Nigeria and energy producers would welcome higher Oil prices, everyone will lose if unaffordable costs tip the global economy into recession.
Diversification remains the cure to Nigeria’s oil dependence
In September, the Central Bank of Nigeria (CBN) left interest rates unchanged at 13.5 percent. Movements in the Oil markets have a direct impact on CBN’s rate decisions, so I am closely watching developments in this area. Especially when considering how the CBN Governor wants inflation to slow to 9% or less before he considers cutting interest rates further.
Long term, for Nigeria to reduce exposure to Oil volatility, the quest for diversification needs to build momentum. Nigeria could source growth from non-Oil sectors like Agriculture and Services.
In conclusion, until diversification reduces Nigeria’s dependence on Oil revenues, the economy remains vulnerable to Oil price volatility and an uneven demand-supply equation.
General News
NIS Warns Nigerians against Fraudulent Passport Payment Platforms

Nigeria Immigration Service (NIS) has warned Nigerians against patronising fraudulent platforms for passport payments, while dismissing claims of third-party involvement in its application process.

This was disclosed in a statement by NIS on Monday. It described it as false and misleading, suggesting that a religious organisation was linked to its payment system.
The NIS maintained that its passport application process remained secure, transparent and fully government-approved and was accessible only through its official portal: http://passport.immigration.gov.ng.
It stressed that the portal was the sole authorised platform for all passport-related payments and processing for Nigerians both within the country and in the diaspora.
“The service has not authorised any religious body, private organisation or individual to act as an intermediary or receive payments on its behalf.
“The claims that a religious organisation appears in our payment process are entirely false and do not reflect the structure, integrity or processes of the NIS,” the NIS said.
The statement added that a simple verification of the NIS official portal would confirm the authenticity and transparency of its system.
It cautioned that any third-party links or platforms claiming to process passport payments for the NIS were fraudulent and should be avoided.
The statement disclosed that the NIS had commenced an investigation into the source of the allegations, noting that preliminary findings suggested the involvement of individuals attempting to mislead the public or damage the service’s reputation.
It assured that appropriate sanctions would be applied against those found culpable and reiterated that NIS operates strictly in line with government financial regulations and works only with licensed and accredited payment service providers clearly indicated on its official platform.
NIS warned that payments made outside the approved channels were at the payer’s risk, adding that it would not be responsible for any loss or inconvenience arising from such transactions.
It urged Nigerians to exercise caution, use only its official portal, and avoid unauthorised agents, websites and third-party platforms.
“The service does not recognise or provide any alternative payment options for passport applications or related services,” it said.
NIS assured the public of its commitment to safeguarding trust by strengthening its systems and monitoring processes to prevent fraud, misuse and misrepresentation.
“For further enquiries or assistance, we advise the public to contact NIS via its verified communication channels, including its social media handles on X (Twitter), Instagram and Facebook (@nigimmigration).
“Other contact centre numbers are 09121900655, 09121556359, and 09121477092, available 24/7, and WhatsApp lines 0916087800 and 09117717772,” it said.
General News
Why 9 African Countries Are Looking to Nigeria for Data Protection Lessons

Nigeria Data Protection Commission (NDPC) has hosted delegates from nine African countries for a cross-regional peer exchange visit aimed at strengthening collaboration on data protection, privacy, and digital governance across the continent.

NDPC
The peer exchange programme was organised by the NDPC in partnership with the World Bank and Smart Africa as part of ongoing efforts to deepen institutional capacity and harmonise data protection frameworks in Africa.
Speaking during the opening session, National Commissioner and Chief Executive Officer of NDPC, Dr Vincent Olatunji, commended the World Bank and Smart Africa for their sustained commitment to advancing data protection and privacy across the continent.
Olatunji said the exchange was timely, particularly as African countries continue to accelerate digital transformation and expand cross-border data flows requiring stronger governance frameworks.
He noted that the programme provides Data Protection Authorities (DPAs) across Africa with an opportunity to share experiences, learn from one another, and develop coordinated regulatory approaches.
According to him, collaboration among African countries is critical to ensuring that data controllers and processors comply with their obligations while protecting the rights of data subjects.
“The peer exchange offers us an opportunity to collectively examine our progress, identify common challenges, and strengthen institutional cooperation around data governance on the continent,” he said.
Drawing lessons from Europe’s experience with harmonised privacy laws, Olatunji highlighted the benefits of aligning data protection regulations across Africa to improve trust, facilitate digital trade, and strengthen cybersecurity resilience.
He urged participating countries to work towards developing practical and enforceable regulations that respond to the realities of Africa’s digital economy.
The NDPC boss also advised data protection regulators to collaborate closely with government institutions and the private sector in their respective countries to ensure effective implementation of privacy laws and digital governance frameworks.
He stressed the need for greater public awareness on data rights, noting that educating citizens remains essential to building a culture of accountability and privacy protection.
Countries participating in the peer exchange include Burundi, Ethiopia, The Gambia, Kenya, Liberia, Malawi, Sierra Leone, Somalia, and Zambia.
Also participating are representatives from regional organisations, including the Economic Community of West African States (ECOWAS), the Economic and Monetary Community of Central Africa (CEMAC), and the Intergovernmental Authority on Development (IGAD).
The initiative builds on NDPC’s previous regional engagements in 2025, when the commission hosted Data Protection Authorities from Botswana, Eswatini, Mozambique, Sierra Leone, Tanzania, and The Gambia for a Data Governance Study Trip organised in partnership with the African Union and the European Union.
According to NDPC, the latest engagement reinforces the importance of cross-border collaboration in strengthening Africa’s data governance ecosystem amid rising concerns around cybersecurity, digital trust, and privacy compliance.
The commission said the programme also aligns with President Bola Tinubu’s broader vision of expanding Nigeria’s cooperation with other nations in the digital age while positioning the country as a leading voice in Africa’s evolving digital policy landscape.
General News
Konga Launches Tech Month Campaign with Exclusive Offers

Nigeria’s leading composite e-commerce platform, Konga, has officially announced the launch of its highly anticipated Konga Tech Month. Konga Tech Month is a month-long campaign dedicated to delivering exceptional value across the technology category.

Konga Tech Month Campaign
It runs from May 1 to May 31, 2026, and presents one of the most compelling opportunities for consumers, SMEs and corporates to acquire premium technology products at jaw-dropping discounts of up to 50% across a wide range of products.
Tech Month is designed to meet the growing demand for genuine, reliable, high-performance technology solutions in Nigeria’s rapidly evolving digital economy. Through strategic collaborations with global technology leaders such as Samsung, LG, ASUS, HP, and Starlink, Konga is reinforcing its commitment to technological democratization as the global economy increasingly pivots toward a digital-first future.
From smartphones and laptops to televisions, refrigerators, and cutting-edge accessories, the campaign delivers a comprehensive suite of technology solutions tailored to both personal and professional needs. Whether consumers are upgrading their home entertainment systems or equipping their workspaces for enhanced productivity, Konga Tech Month provides a one-stop destination for quality, affordability, and convenience.
A key highlight of this year’s campaign is the prominent participation of Starlink as a focal partner. In a significant development for Nigeria’s connectivity landscape, Starlink has designated Konga as its authorized support centre, enabling customers to access in-person assistance at select Konga retail stores nationwide.
This means that beyond enjoying exclusive discounts on Starlink kits during special campaign phases, customers can now receive expert guidance on purchase decisions, installation, and troubleshooting, bridging the gap between advanced global technology and local accessibility. This initiative reinforces Konga’s commitment to delivering not just products, but end-to-end customer experience and support.
Konga Tech Month is further enhanced by a range of value-driven incentives designed to improve convenience and drive customer satisfaction. Shoppers who purchase from the official stores of Samsung and LG on Konga will enjoy free delivery, reinforcing the platform’s promise of affordability without hidden costs.
In addition, Konga’s same-day delivery service, KongaNow, ensures that customers can receive their orders within hours, eliminating the delays typically associated with e-commerce transactions. This capability is particularly beneficial for urgent purchases, enabling users to access essential tech products exactly when they need them.
To maximise the benefits of the campaign, customers are encouraged to download the Konga mobile app, available on both the Google Play Store and Apple App Store. App users gain access to exclusive app-only deals, including free shipping on select offers, as well as early notifications on flash sales and limited-time promotions.
Beyond the immediate consumer benefits, Konga Tech Month plays a strategic role in advancing digital adoption across Nigeria. As businesses and individuals increasingly rely on technology for communication, education, and productivity, access to affordable and reliable devices becomes essential.
By partnering directly with original equipment manufacturers (OEMs), Konga ensures that customers receive 100% authentic products, eliminating concerns around quality and reliability. This direct sourcing model not only strengthens consumer trust but also supports long-term brand loyalty.
Furthermore, the campaign aligns with broader economic goals by facilitating access to tools that drive efficiency, innovation, and competitiveness in various sectors. From small businesses seeking to digitise operations to students investing in learning tools, Tech Month provides practical solutions that empower users to thrive in a technology-driven world.
To fully capitalise on the opportunities presented by Konga Tech Month, customers are advised to stay actively engaged with the platform. Following Konga’s official social media channels and enabling notifications ensures real-time access to flash sales and exclusive discount phases.
As the campaign unfolds throughout May, shoppers can expect continuous updates, surprise deals, and enhanced offerings designed to deliver maximum value.
Konga Tech Month is more than a promotional event; it is a strategic initiative that underscores Konga’s leadership in Nigeria’s e-commerce and technology retail space. By combining competitive pricing, global brand partnerships, seamless logistics, and customer-centric innovations, Konga continues to redefine how Nigerians access and experience technology.
As the digital economy expands, initiatives like Tech Month serve as critical enablers, ensuring that consumers are not only connected but also equipped with the tools needed to succeed.
For shoppers across the country, the message is clear: this May, the smartest way to upgrade your digital life is through Konga Tech Month.
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