News and analysis of global and local business trends, markets, and industry developments.
Abuja, Nigeria — The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has achieved a major milestone, negotiating wage increases of up to 300 percent for workers in the oil and gas industry. This development was announced by Comrade Festus Osifo, PENGASSAN President, during his address at the 2025 PENGASSAN Women Annual Convention…
Lagos, Nigeria — Africa’s largest oil refinery, the Dangote Refinery, is now fully capable of meeting the fuel needs of Nigeria and the wider West African region, according to its founder and industrialist, Aliko Dangote. He made the declaration during a high-level visit by ECOWAS Commission President, Dr. Omar Alieu Touray, to the world-class facility…
Abuja, Nigeria — The International Monetary Fund (IMF) and financial analysts have raised alarms over Nigeria’s mounting public debt levels as the federal government advances plans to secure nearly $26 billion in new loans to support its 2025–2026 fiscal agenda. The warning follows President Bola Tinubu’s recent $21.5 billion loan request to the National Assembly…
Abidjan, Ivory Coast — Schneider Electric has been honored with the prestigious Gender Leader Award at the 2025 Africa CEO Forum, in recognition of its outstanding commitment to promoting gender diversity and inclusion across the African continent. The award, presented during the forum held in Abidjan, reflects the company’s consistent efforts to embed equity…
Anambra, Nigeria — Federal lawmaker, Afam Ogene, has decried the alleged imposition of N700,000 against traders affected by the closure of the Onitsha drug market by the National Agency for Food and Drug Administration and Control (NAFDAC). Ogene, who is the member representing Ogbaru Federal Constituency in Anambra under the Labour Party said in a…
Nigeria — Dangote Refinery has slashed the pump price of premium motor spirit (PMS), also known as petrol, by N15 per litre. According to a statement released yesterday, the company said that as a result of the reduction, Nigerians can now purchase the product at N875 per litre in Lagos instead of N890— N885 per…
Abuja, Nigeria— The World Bank has raised concerns over the Nigerian National Petroleum Company Limited’s (NNPCL) partial remittance of revenue gains following the removal of the Premium Motor Spirit (PMS) subsidy. This observation was detailed in the World Bank’s latest Nigeria Development Update (NDU), released in May 2025. The report indicates that despite the official…
Lagos, Nigeria — A Nigerian digital bank, Palmpay, has announced that it processed 15 million daily transactions in the first quarter of 2025. The disclosure was made during a media roundtable held in Lagos to review the company’s first-quarter performance on Thursday. According to the fintech firm, PalmPay now has 35 million registered users, with…
Abuja, Nigeria — The Senator Representing Borno South, Ali Ndume has applauded the President Bola Tinubu-led administration for banning the importation of foreign goods which have local equivalents. He said the ban, along side the provision of requisite incentives to local producers, will go a long way in creating jobs, boosting local capacity and production…
Yola, Nigeria — In a striking display of demand for public sector employment, the Adamawa State Civil Service Commission has reported over 20,000 applications for just 4,000 job openings within the first 24 hours of launching its recruitment portal. The announcement was made by the Permanent Secretary of the Commission, Mr. Abubakar Maiha, who credited…
Nigeria — In a new development, Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new price is set at N835 per litre, down from N865 per litre, marking a 3.5 per cent decrease. This price adjustment follows the recent decline in…
Oyo, Nigeria — Nigerians have taken to social media to express frustration over the recent crash of a high-yield investment platform, CBEX, which netizens have widely described as “MMM Pro Max.” It was reported that a group of angry individuals stormed the CBEX office in the Oke-Ado area of Ibadan, Oyo State, on Monday evening,…
ITALY – Italian fashion house Prada announced Thursday that it had reached a deal with US group Capri Holdings to buy Versace for 1.25 billion euros ($1.39 billion). The acquisition will create a luxury group with revenues of over six billion euros that could better compete with industry giants such as the French conglomerates LVMH…
United States — The United States Trade Representative on Monday, criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters. This came shortly after President Donald Trump introduced tariffs on goods entering the US, with Nigeria facing a 14 per cent duty. The USTR highlighted the…
Nigeria – In the first-quarter (Q1) period ended March 31, 2025, 10 stockbroking firms were responsible for 65.79 per cent of the value of stocks traded on the Nigerian Exchange Limited (NGX). Equities transactions by these stockbroking firms, which included Chapel Hill Denham Securities Limited, Cardinalstone Securities Limited, APT Securities and Funds, and other seven…
Nigeria – Dangote Industries Ltd. has reaffirmed its commitment to making Nigeria self-sufficient in key sectors such as cement production, agriculture, mining, and petroleum refining. Dr. Abayomi Shittu, Regional Sales Director (Southeast) of Dangote Cement, made the pledge during an interview with the News Agency of Nigeria (NAN) on Sunday at the ongoing 36th Enugu…
Abuja, Nigeria — The recent announcement of the newly constituted board of the Nigerian National Petroleum Company Limited (NNPCL) by President Bola Ahmed Tinubu has drawn sharp criticism from the Women in Energy Network (WIEN) over glaring gender imbalance. In a statement issued on Friday, WIEN President Eyono Fatai-Williams praised the president’s reorganisation of the…
Nigeria – The leaders and people of the Host Communities of Nigeria Producing Oil and Gas (HOSTCOM) have urged President Bola Tinubu to contest the 2027 presidential election. They said his reelection would enable him to continue his reforms aimed at Nigeria’s economic recovery, stability, and growth. The President of HOSTCOM, Chief Benjamin Style Tamaranabi,…
Nigeria – The Securities and Exchange Commission, SEC, has warned that promoters and operators of any Ponzi Scheme in the country risk a penalty of not less than N20 million or imprisonment to a term of 10 years or both, upon conviction as prescribed by the provisions of the newly signed Investments and Securities Act…
Abuja, Nigeria — Nigeria is losing an estimated $10 billion annually due to its inability to tap into the lucrative global honey market, a challenge largely attributed to an underdeveloped beekeeping industry. This concern was raised by Gideon Dagundoro, President of the Grassroots Beekeepers Association of Nigeria, in an interview where he urged the federal…
Nigeria – Dangote Petroleum Refinery has temporarily stopped selling petroleum products in naira. This decision was communicated to petroleum marketers through an official notice on Wednesday afternoon. According to the refinery, the suspension aims to align sales revenue with crude oil purchase obligations, which are currently in U.S. dollars. The company explained that the value…
Ogun, Nigeria — The President of the Dangote Group, Aliko Dangote, has accused former Governor of Ogun State, Senator Ibikunle Amosun, of demolishing his cement plant twice during his administration. Dangote made the allegation during his meeting with the state governor, Prince Dapo Abiodun on Monday, March 17, 2025. A statement by the Ogun State…
EU – The European Union (EU) has announced a set of countermeasures against the United States, targeting American products such as boats, bourbon, and Harley-Davidson motorbikes in response to new tariffs on steel and aluminum imports. European Commission President Ursula von der Leyen criticized the 25% tariffs imposed by President Donald Trump on steel, aluminum,…
NIGERIA – The harsh economic environment led to the closure of about 30 percent of Micro and Small Medium Enterprises (MSMEs) in Nigeria, amounting to about 7.2 million of the country’s estimated 24 million MSMEs, between 2023 and 2024, the Nigerian Economic Summit Group (NESG) has stated. Chief Economist and Director of Research at NESG,…
LAGOS – The National Agency for Food and Drug Administration and Control (NAFDAC) has destroyed a massive consignment of expired, falsified, unregistered, and banned medicines seized from the Idumota Open Drug Market in Lagos. In a statement released on Sunday, the agency confirmed that the confiscated drugs, valued at approximately ₦100 billion, were intercepted during…
Onitsha, Nigeria — The Federal Government has introduced a specialized workforce development initiative aimed at strengthening Nigeria’s industrial sector, particularly in metallurgy and steel production. Speaking at the inauguration of a Boot Camp Training Programme at the Metallurgical Training Institute (MTI), Onitsha, Dr. Chris Isokpunwu, Permanent Secretary of the Federal Ministry of Steel Development, underscored…
Anambra, Nigeria — The National Agency for Food and Drug Administration and Control, NAFDAC, has finally announced the reopening of the Onitsha Drug Market and other adjoining markets after nearly one month of closure. The South-East Zonal Director of the agency, Mr Martins Iluyomade, revealed this on Thursday after a meeting between officials of the agency,…
CBN, Nigeria – In a significant overhaul, the Central Bank of Nigeria (CBN) has appointed 16 new directors to lead key departments, effective March 3, 2025. This strategic move aims to enhance oversight and operational efficiency within the apex bank. The newly appointed directors and their respective departments are as follows: Banking Supervision: Akinwunmi Olubukola…
CHINA – Alibaba shares surged more than seven percent in Hong Kong trade on Thursday after the Chinese tech giant launched an artificial intelligence model it says can compete with DeepSeek, this year’s surprise tech star. Investors have been riding high on China’s AI capabilities since January, when DeepSeek unveiled a state-of-the-art chatbot seemingly at…
United States – Meta CEO Mark Zuckerberg has dismissed approximately 20 employees for leaking internal company information to the media. The decision follows a series of breaches where confidential discussions, including comments from Zuckerberg and other senior executives, were made public. A Meta spokesperson confirmed the terminations, emphasizing that leaking internal data is a violation…
FG Sets New Cement Price, Orders Dangote, BUA, Others to Adjust Immediately NIGERIA – The Federal Government has directed cement manufacturers to reduce the price of a bag of cement to ₦7,000 with immediate effect. This directive was issued by David Umahi, the Minister of Works, during a meeting with MTN and RCC Company…
