News and analysis of global and local business trends, markets, and industry developments.
The Nigeria Customs Service, Ogun I Area Command, Idiroko, announced that it had seized contraband with a duty paid value of N770,666,237 between April and June. The Controller of the command, Comptroller James Ojo, revealed this information during a briefing in Abeokuta on Monday. The command also generated N92,369,227 in revenue during the same period,…
The Federal Government has announced a 150-day duty-free import window for certain food commodities, suspending duties, tariffs, and taxes on imports through land and sea borders. In a statement on Monday, the Minister of Agriculture and Food Security, Abubakar Kyari, revealed that duties, tariffs, and taxes on imported maize, husked brown rice, wheat, and cowpeas…
The Group Managing Director of Techno Oil Limited, Nkechi Obi, has called on the Federal Government to restore the 40 percent import duties policies on the importation of Liquefied Petroleum Gas, LPG, and Compressed Natural Gas, CNG, cylinders. Obi made the call recently during a panel session at the 2024 Nigeria Oil and Gas (NOG)…
Nigeria has been plunged into darkness once again as the national grid experienced a system collapse on Saturday, leading to a nationwide power outage. Emeka Ezeh, the Head of Corporate Communications at Enugu Electricity Distribution Company, confirmed the incident in a notice issued on Saturday, stating that the collapse occurred around 15:09 hours. As a…
Long lines for Premium Motor Spirit (PMS), commonly known as petrol or fuel, reemerged in the Federal Capital Territory (FCT), Abuja, and parts of Niger and Nasarawa States on Friday and Saturday. This resurgence follows the closure of numerous filling stations operated by independent marketers. Motorists flocked to the few stations still dispensing petrol, primarily…
The Nigeria Customs Service and the Nigerian National Petroleum Company Limited have partnered to tackle fuel smuggling in the country. The Comptroller-General of Customs, Adewale said this in a statement after the Group Chief Executive Officer of NNPCL, Mele Kyari led the company’s delegate to the headquarters of NSC on Friday. Adeniyi emphasised on his…
Nigeria’s electricity generation has experienced a decline, with the latest data from the Transmission Company of Nigeria’s National Control Centre indicating a peak generation of 4,723.30 megawatts on July 4, 2024. This represents a drop from the peak of 4,800 megawatts that was recorded on May 3, 2024. The lowest electricity generation during this period…
The Nigeria Civil Aviation Authority (NCAA) has suspended the operations of ten private jet operators over their failure to initiate the recertification process as mandated by the Nigeria Civil Aviation Regulations 2023 Part 18.3.4. These operators were found to be in violation of the rules that prohibit Permit for Non Commercial Flights (PNCF) holders from…
President of the Dangote Industries Limited, Mr Aliko Dangote, says Nigeria has all it takes to turn its economy around within months. He stated this on Thursday while briefing State House reporters after President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC). The PECC, tasked with strategising a way out of the current economic…
AEB is a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments. This development is expected to reshape Nigeria’s oil and gas ecosystem and position the country as a key player in Africa’s energy landscape. The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, announced this in…
President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) tasked with strategising a way out of the current economic situation in the country. The Council has a mix of government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Mr Aliko Dangote; Chairman of the United Bank…
Aliko Dangote, Chairman of the Dangote Group, has criticized the Central Bank of Nigeria (CBN) for raising the interest rate to nearly 30 percent. Speaking at the Banquet Hall of the State House in Abuja during the opening session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN) on Tuesday, July 2,…
The Lagos State Government, through the state Employment Trust Fund, LSETF, has disbursed the sum of N10 billion as grants to over 500,000 businesses in Small and Medium Enterprises, and SMEs in the state. Acting Executive Secretary, Lagos State Employment Trust Fund LSETF, Mrs Feyisara Alayande, stated this on Monday, during a media briefing at…
Amidst economic challenges in Nigeria, supermarket owners under the Retail Council of Nigeria (RCN) and the National Association of Supermarket Operators of Nigeria (NASON) have reported a 50 percent drop in retail sales volume over the past year. Mr. Haresh Keswani, a trustee of RCN/NASON and Group Managing Director of SPAR Nigeria, revealed this information…
The Nigeria Deposit Insurance Corporation, NDIC, has disclosed that account name discrepancies in Bank Verification Number, BVN, linked alternate accounts of some defunct Heritage Bank customers is delaying the payment of their insured deposits. The Managing Director of NDIC, Bello Hassan, said this to the News Agency of Nigeria on Sunday in Abuja. According to…
A total of 2,659 members of the National Youth Service Corps (NYSC) from across Nigeria have advanced to the final phase of the NNPC Foundation Business Pitching Exercise. Scheduled from July 2nd to 10th, 2024, this event is a crucial component of the NNPC Foundation’s Financial Literacy Program, which engaged over 284,000 corps members in…
In a bid to ensure food security, the Defence Headquarters has deployed troops across the nation to protect farmers during this year’s harvest season. Major-General Edward Buba, Director of Defence Media Operations, announced this during a briefing on military operations for the second quarter of 2024 in Abuja. General Buba reaffirmed the Defence Headquarters’ commitment…
Dr. Kabiru Minjibir, President of the Medical and Health Workers Union of Nigeria (MHWUN), has advocated for the inclusion of more labor leaders in leadership positions across the country. During a meeting with Comrade Onuh Edoka, Special Assistant to the Governor of Kogi State on Labor Matters, Dr. Minjibir encouraged health workers in Kogi State…
The Federal Executive Council (FEC) has opted to defer deliberations on the memorandum concerning the National Minimum Wage that was presented for discussion. This decision was disclosed by the Minister of Information and National Orientation, Alhaji Mohammed Idris, during a briefing with State House correspondents. According to Alhaji Mohammed Idris, the purpose behind stepping down…
Baba Othman Ngelzarma, National President of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), has called on the federal government to establish a Ministry of Livestock. He believes this move would generate additional revenue and boost the country’s Gross Domestic Product (GDP). Ngelzarma made this appeal during the election of the new leadership for…
The National Biotechnology Development Agency (NABDA) has urged Nigerians to verify information about Genetically Modified Organisms (GMOs) from credible sources before spreading false reports. In a statement by Dr. Rose Gidado, Director of the Agriculture Biotechnology Department at NABDA, it was emphasized that information about GMOs can be confirmed through reputable organizations such as the…
The Nigerian Communications Commission (NCC) has announced that all SIM cards used in Nigeria are now produced locally, marking a significant milestone in the commission’s efforts to promote local content and indigenous participation in the telecommunications industry. Babagana Digima, Head of New Media and Information Security at NCC, credited this achievement to the work of…
The International Labour Organization (ILO) has released a new resource and evidence-based report on labour migration in Nigeria. This announcement was made by Dr. Vanessa Phala, Director of the ILO Country Office for Nigeria, Ghana, and Liberia, and Liaison Office for ECOWAS, during a news conference in Abuja. The event was organized by the ILO,…
The Minister of Information and National Orientation, Muhammed Idris, has emphasized that the accelerated development of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project will significantly enhance the economic prospects of Northern Nigeria. During a site visit to the River Kaduna segment of the AKK Gas Pipeline Project on Friday, Mr. Idris was accompanied by the Minister…
The federal government has awarded a N14 billion contract to Buildwell for the reconstruction of the outer Mariner shoreline, aimed at reinforcing the rail line. Speaking in Lagos, the Minister of Works, Senator Dave Umahi, emphasized that infrastructure, whether it serves Lagos State or the federal government, benefits all Nigerians. He noted, “Over the past…
Pandemonium at Niger Street market in Onitsha, on Tuesday, following a clash between operatives of the Operation Clean and Healthy Anambra State Brigade and some traders using umbrellas as shelter after the Anambra state government demolished their shops. The operatives of the OCHA brigade had invaded the Ndende land located along Niger Street in Onitsha…
Nigeria LNG Limited has reaffirmed its commitment to economic development through the Train 7 project on Bonny Island, aligning with President Bola Tinubu’s 8-point agenda that includes poverty eradication, infrastructure improvement, economic growth, and increased access to capital. During a session of the Senate and House of Representatives’ Joint Committee on Gas, NLNG’s General Manager…
Following a court order, MultiChoice has revised its subscription rates for DStv and GOtv services in Nigeria. This move comes after the Competition and Consumer Protection Tribunal in Abuja mandated the company to halt its planned price increases. MultiChoice had initially intended to challenge the tribunal’s ruling, citing a significant decline in its Nigerian subscriber…
The Chairman of the Mile 12 International Market in Lagos, Shehu Usman Jubrin, says the recent high cost of tomato, pepper, and other perishable items is a result of widespread insecurity in the country and other factors. The prices of the perishables have tripled, raising concerns among Nigerians. In a chat with Channels…
The Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ) in Kano State has announced the immediate lifting of its ban on covering activities of the Kano State Government. Chairman of the Chapter, Aminu Ahmed Garko, explained in a statement that the 14-day boycott was initially implemented to protest the government’s treatment of journalists and…
The National Bureau of Statistics (NBS) has revealed that Bauchi, Kogi, and Oyo are the three most expensive states in Nigeria based on year-on-year inflation rates, according to the latest May Consumer Price Index and Inflation report. In May 2024, Bauchi recorded the highest All-Items inflation rate at 42.30 percent, followed by Kogi with 39.38…
