MPC meeting, electricity subsidy… business stories to track this week

Here are the seven top business stories you need to track this week — July 21 to July 25.

CBN TO HOLD MPC MEETING JULY 21

The Central Bank of Nigeria (CBN) says it will hold its monetary policy committee (MPC) meeting this week.

The CBN said the meeting will be held on July 21 and July 22 at its headquarters in Abuja.

At the last meeting, the committee retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 27.5 percent for the second time.

NIGERIA’S INFLATION RATE DROPS TO 22.22%

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate has dropped to 22.22 percent in June 2025, down from 22.97 percent in May.

The NBS announced the increase in its consumer price index (CPI) on Wednesday.

The statistics body said the food inflation rate in June 2025 was 21.97 percent on a year-on-year basis.

FG TO INCREASE POWER GENERATION TO 8,500MW

The federal government has set a target to increase electricity generation from the current output of about 5,500 megawatts (MW) to 8,500 MW within the next 12 to 18 months.

Ayodeji Gbeleyi, the director-general (DG) of the Bureau of Public Enterprises (BPE), disclosed the plan on Wednesday in Abuja, during a retreat for top management members of the newly established Nigerian Independent System Operator (NISO).

Gbeleyi said the planned ramp-up is part of broader efforts to stabilise and expand Nigeria’s power infrastructure.

ELECTRICITY SUBSIDY GULPED N1.94TRN IN 2024

The Nigerian Electricity Regulatory Commission (NERC) says the federal government incurred a subsidy obligation of N1.94 trillion in 2024.

In its annual report for 2024, released on June 14, the NERC said the figure accounts for 62.59 percent of the total Nigerian Bulk Electricity Trading (NBET) Plc invoice during the year.

The commission said the N1.94 trillion subsidy obligation was largely due to the federal government’s policy to freeze “allowed tariffs” paid by customers.

DANGOTE REFINERY SUSPENDS PETROL DISCOUNT SCHEME OVER ALLEGED VIOLATIONS BY PARTNERS

The Dangote Petroleum Refinery (DPR) says it has suspended the strategic partner discounted pricing scheme, which offered price incentives, following complaints that some partners were selling their authority to collect (ATC) rights.

In a letter signed by Fatima Dangote, the group executive director, commercial operations, seen by TheCable, the refinery said some partners were reselling their ATC rights to marketers outside the scheme, allowing them to lift products below the prevailing ex-gantry price.

Despite multiple engagements with its strategic partners, the refinery said it is “evident that it has become an area of grave concern to the refinery as it affects its (sic) sustainability of our gantry operations”.

NIGERIA MEETS OPEC’s OUTPUT QUOTA OF 1.5M BPD

The Organization of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production increased to 1.505 million barrels per day (bpd) in June.

The OPEC spoke on Nigeria’s drilling performance in its latest monthly market report, released on Tuesday.

The oil cartel said the production figures were obtained through direct communication with Nigerian authorities.

DANGOTE TO BUILD BIGGEST SEAPORT IN NIGERIA

Aliko Dangote, president of the Dangote Group, says he plans to build the “biggest, deepest seaport in Nigeria”.

In an interview with Bloomberg, Dangote said he has applied to begin work at the proposed Atlantic seaport in Olokola, Ogun state.

Dangote said the plan advanced after he sent in the paperwork for permission last month.