News and analysis of global and local business trends, markets, and industry developments.
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…
Nigeria — MTN Nigeria has reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings. The loss, disclosed in the company’s audited financial statements released on Thursday, represents a 192 per cent increase from the…
Nigeria — The Federal Competition and Consumer Protection Commission has directed MultiChoice Nigeria, the operator of DStv and GOtv, to maintain its current subscription prices pending the conclusion of an ongoing investigation into the company’s proposed tariff adjustment. The consumer watchdog on Thursday, disclosed this in a statement signed by its Director of Corporate Affairs,…
Lagos –Lagos State Governor, Mr. Babajide Sanwo-Olu, has announced that his administration is actively working on policies and initiatives to position Lagos as Africa’s leading hub for digital gaming, fintech solutions, and AI-driven creative enterprises. Speaking at the Africa Gaming Expo (AGE) 2025 at Eko Hotels and Suites, Victoria Island, Lagos, the governor reaffirmed his…
Lagos, Nigeria — Dangote Petroleum Refinery and Petrochemicals has implemented another price reduction on petrol, marking the second adjustment within a month. In a statement released Wednesday in Lagos, the company’s Head of Media Communications, Anthony Echiejina, announced a ₦65 per litre cut, lowering the ex-depot price from ₦890 to ₦825 per litre. This follows…
Abuja, Nigeria — The Nigerian government is set to acquire six new World Bank loans amounting to $2.23 billion in 2025, reinforcing its commitment to economic development and social welfare. This move will bring the country’s total approved World Bank loans to $9.25 billion over three years, with funding channeled into critical sectors such as…
Abuja, Nigeria — The Federal Government has intensified efforts to rejuvenate Nigeria’s steel sector through the Nigerian Metallurgical Industry Bill 2023, aimed at strengthening regulatory oversight and fostering sustainable growth. The Ministry of Steel Development convened a stakeholder meeting to deliberate on the Bill, which is expected to provide a structured legal and regulatory framework…
Lagos, Nigeria — The Exponential Conference 2025, a premier gathering of global ministry and marketplace leaders, is set to inspire transformative leadership with its dynamic lineup of speakers. The organizers confirmed the participation of former Vice President Prof. Yemi Osinbajo, alongside other distinguished figures, in the highly anticipated event scheduled to take place in Lagos…
Nigeria — Over 1,000 stakeholders at the Africa Raw Materials Summit 2025, an event aimed at transforming the continent’s raw materials sector is set to be host in Nigeria. The country is also eyeing the creation of about 3 million jobs annually from the transformation of the raw materials industry. The three-day summit, scheduled for…
Abuja, Nigeria — The Dangote Petroleum Refinery has assured Nigerians of an adequate fuel supply, emphasizing its ability to meet both local and international demand. This assurance was given by the President of the Dangote Group, Alhaji Aliko Dangote, during a facility tour of the $20 billion refinery in Lekki, Lagos State, alongside Zambia’s Minister…
Lagos, Nigeria — Stakeholders in Nigeria’s Free Trade Zones have voiced concerns over aspects of the 2024 Tax Bill, particularly proposals that could alter key fiscal incentives for the Special Economic Zones (SEZs). These concerns were highlighted in a communiqué issued at the 3rd Special Economic Zones Annual Meeting, organized by the Nigeria Economic Zones…
Ibadan, Nigeria — Minister of Education, Dr. Marufu Alausa, has emphasized that skill acquisition is now more critical than ever in driving economic growth and social development, urging greater investment in technical and vocational training. Speaking at the closing ceremony of the Technical Teachers and Instructors Training Workshop in Ibadan, the minister stressed the importance…
Abuja, Nigeria — The Federal Government of Nigeria has called on China to ease trade restrictions and strengthen economic collaboration to drive industrialization and diversification. This appeal was made by Ambassador Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, during a meeting with the Chinese Ambassador to Nigeria, Yu Dunhai, in Abuja. Highlighting over five…
Abuja, Nigeria — The House of Representatives Committee on Public Accounts has opened an investigation into outstanding debts owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and several oil firms. The probe was initiated following concerns raised by the Office of the Auditor General for the Federation, highlighting unresolved financial…
Kano, Nigeria — The Singer Market Development Association (SIMDA) has appealed to the Federal Government to provide enhanced support for farmers, particularly through the provision of improved seeds, to strengthen food security in Nigeria. The appeal was made by SIMDA Chairman, Junaidu Zakari Mohammed, during a media briefing in Kano, where he emphasized the critical…
Abuja, Nigeria — The Nigerian National Petroleum Company (NNPC) Ltd dismisses allegations in a viral video questioning the quality of its fuel. In a statement issued today by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, the company described the claims as baseless, emphasizing that its fuel is produced to meet the highest industry standards. Soneye…
Lagos, Nigeria — MTN Nigeria has significantly raised its Pulse call bundle rates, following regulatory approval for industry-wide tariff adjustments. The telecom giant announced the increase in a message to Pulse subscribers, confirming a sharp rise in call charges from N7.8 per minute (13 kobo per second) to N13.8 per minute (23 kobo per second)…
Abuja, Nigeria — The Federal Government, in collaboration with the UK Foreign, Commonwealth and Development Office (FCDO), is intensifying efforts to enhance rice production through the System of Rice Intensification (SRI), aiming to increase yields, cut greenhouse gas emissions, and boost smallholder farmer incomes. Key agricultural stakeholders gathered at a Propcom+ knowledge-sharing event to assess…
Kano, Nigeria — The Kano/Jigawa Area Command of the Nigeria Customs Service (NCS) has engaged stakeholders in discussions regarding the implementation of the 4% Free On Board (FOB) levy. The dialogue, led by Area Comptroller Dalhatu Abubakar, focused on the levy’s reintroduction following its temporary suspension due to the termination of the NCS contract with…
Abuja, Nigeria — The Nigeria Labour Congress (NLC) has called for an immediate reversal of the recent 50% increase in telecommunication tariffs, warning of a potential nationwide shutdown if their demand is not met. In a communiqué issued after its Central Working Committee meeting in Lokoja on Tuesday, the NLC, through its President Joe Ajaero…
Abuja, Nigeria—The Senate Committee on the Capital Market has urged the Minister of Finance, Mr. Wale Edun, to approve a special allocation of N10 billion to enhance literacy and investor confidence in Nigeria’s capital market. The appeal was made during an[ez-toc] interactive session with the Minister of Finance and the Director-General of the Securities and…
Lagos, Nigeria — Dangote Petroleum Refinery & Petrochemicals has further reduced the price of diesel, lowering it from ₦1,075 to ₦1,020 per litre in a move aimed at easing costs for businesses and consumers. Since commencing diesel production in January 2024, the refinery has consistently lowered prices, bringing them down from an initial ₦1,700 per…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has scrapped the three free monthly interbank ATM withdrawals, introducing new charges for customers using other banks’ ATMs. This policy shift, set to take effect from March 1, 2025, was outlined in a circular issued by the CBN on February 10, 2025, and directed to all…
Abuja, Nigeria — The Nigerian Export Promotion Council (NEPC) has reported a 20.7% surge in the country’s export value, reaching $5.45 billion in 2024, with trade volume hitting 7.2 metric tons. NEPC Executive Director, Dr. Nonye Ayeni, disclosed this during the presentation of the council’s 2025 roadmap, hosted by the Ministry of Industry, Trade, and…
Rabat, Morocco — The Yobe State Government has entered into a strategic collaboration with the Moroccan government to advance agricultural development and enhance local governance. The initiative was formalized during a visit by a Yobe State delegation to Rabat, Morocco, led by the Secretary to the State Government, Baba Malam Wali. Facilitated through the United…
