News and analysis of global and local business trends, markets, and industry developments.
Abuja, Nigeria — President Bola Ahmed Tinubu is set to travel to Dar es Salaam, Tanzania, on Sunday, January 26, 2025, to participate in the Africa Heads of State Energy Summit taking place from January 27 to 28, 2025. The summit, organized by the Tanzanian government in partnership with the African Development Bank Group and…
Lagos, Nigeria — The Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has committed to addressing the widespread buying and selling of Naira notes, a practice he describes as a significant threat to Nigeria’s financial ecosystem. Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, themed…
Abuja, Nigeria — The Trade Union Congress of Nigeria (TUC) has called on the federal government to increase the tax exemption threshold from the current ₦800,000 per annum, as proposed in the Tax Reforms bill, to ₦2,500,000 per annum. In a statement released by the President of TUC, Comrade Festus Osifo, the Union emphasized that…
Abuja, Nigeria — The National Association of Telecoms Subscribers (NATCOMS) has firmly opposed the Nigerian Communications Commission’s (NCC) decision to approve a 50% tariff hike for telecom operators. The approval was announced on Monday following requests by the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and the Association of Telecommunications Companies of Nigeria (ATCON)…
Abuja, Nigeria — The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate climbed to 34.80% in December 2024, up from 34.60% in November. According to a report released by the NBS on Wednesday, the 0.20% rise was largely driven by increased demand for goods and services during the festive season. On a…
Abuja, Nigeria — The Nigerian Communications Commission (NCC) has issued a directive to telecommunications operators to deactivate the USSD codes of nine financial institutions over unpaid debts. The commission, in a statement released Tuesday by its Director of Public Affairs, Reuben Muoka, instructed that the disconnection must take effect by January 27, 2025, if the…
MTN, Nigeria – The Nigerian stock market recorded a robust performance in yesterday’s session, driven by a sustained surge in MTNN (+10.0%), which propelled the benchmark All Share Index (ASI) to climb 1.3 per cent, closing at 105,530.74 points. This bullish sentiment pushed year-to-date (YTD) returns to +2.5 per cent, as market capitalisation soared by…
Abuja, Nigeria — Former presidential aide, Dr. Doyin Okupe, has tendered a public apology to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over previous criticisms of his leadership in the oil and gas sector. The apology coincides with recent developments in the petroleum industry, including the resumption…
Lagos, Nigeria–The National Tomato Growers, Processors, and Marketers Association of Nigeria is seeking the intervention of the Federal Government to reduce post-harvest losses of the produce. In an interview with the News Agency of Nigeria in Lagos on Monday, the Chairman of NATPAN, Kaduna state chapter, Mr Rabiu Zuntu made this call. Zuntu added that…
CBN – The Naira yesterday depreciated to N1,665 per dollar in the parallel market from N1,660 per dollar last weekend. But the Naira appreciated to N1,534.56 per dollar in the official foreign exchange market. https://youtu.be/N-LGDjN2qOg?si=nf_xX51KR3u0ANlt Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market…
Nigeria – Guaranty Trust Holding Company Plc (GTCO) has announced the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the basis of allotment of the Offer by the Securities and…
Lagos, Nigeria — The Nigerian Exchange (NGX) has officially delisted the entire issued share capital of Flour Mills of Nigeria Plc from its Daily Official List, effective December 30, 2024. This was confirmed in the NGX weekly market report, which explained that the delisting followed the approval of an application by Flour Mills for the…
Lagos, Nigeria — The number of Point of Sale (PoS) terminals deployed across Nigeria has surged to 3.04 million, marking significant growth in the country’s electronic payment system. This data was disclosed by the Nigeria Inter-Bank Settlement System (NIBSS) in its latest report on electronic payment trends. According to the report, the deployment of PoS…
Abuja, Nigeria — The naira recorded its second consecutive marginal gain against the dollar on Friday, reflecting easing pressure in Nigeria’s foreign exchange (FX) market. Data from the Central Bank of Nigeria (CBN) showed that the dollar traded at N1,537 in the official FX market, slightly lower than N1,538 recorded on Thursday, the first trading…
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote. In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries. …
By Damilola Adeleke Shell The Shell Petroleum Development Company of Nigeria Limited (SPDC) is a global oil and gas company that is the pioneer and leader of the petroleum industry in Nigeria. SPDC is the operator of the NNPC/SPDC/Total Energies/NAOC Joint Venture and supplies onshore and shallow water oil and gas to domestic and…
By Damilola Adeleke Nominees: Brand of the Year Indomie Talk of a dogged and consistent brand with an intentional approach to rule the market and Indomie will readily come to mind. Though it’s often argued that its early entry into the market is the major advantage it has over competitions, the story of Indomie…
The Nigerian Naira is anticipated to depreciate to N1,804 per dollar fair value at the official market in 2025, as stated in a recent report by Afrinvest titled ‘Beyond The Rhetorics: Transforming Reforms to Tangibles’. The report attributes this projection to the potential challenges the Central Bank of Nigeria might face in meeting foreign exchange…
President of Dangote Industries Limited, Aliko Dangote, has praised President Bola Ahmed Tinubu for implementing the crude-for-naira swap deal, a policy that has positively impacted Nigeria’s economy by stabilizing the naira and reducing petroleum product prices. In line with this development, Dangote announced a price reduction for Premium Motor Spirit (PMS) from N970 to N899.50…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), in collaboration with its partners, plans to establish a refinery with an initial capacity of 50,000 barrels per day (bpd). According to PETROAN President Billy Gillis-Harry, the agreement and Memorandum of Understanding (MoU) to commence the refinery’s construction will be signed in the coming weeks….
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have directed banks to clear an outstanding debt of N250 billion owed to telecom operators for Unstructured Supplementary Service Data (USSD) services. The regulators have set stringent deadlines for compliance, amid a notable decline in the usage of USSD for financial transactions. USSD…
Medical services in the Federal Capital Territory (FCT) may come to a halt as the Association of Resident Doctors (ARD) threatens a strike over unpaid six-month salary arrears. Speaking at a press briefing held at Wuse District Hospital, Abuja, on Monday, ARD President, Dr. George Ebong, issued a 14-day ultimatum to the FCT Minister, Nyesom…
A joint security task force has arrested a private miner and sealed off two mining sites in Kure, Amba community, Kokona Local Government Area of Nasarawa State. The State Commissioner for Environment and Natural Resources, Mr. Yakubu Kwanta, disclosed this during a raid on the illegal mining site in the area. According to Mr. Kwanta,…
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre, down from N1,020. This adjustment, according to Dr. Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), reflects the…
Dangote Petroleum Refinery says it has reduced the price of its petrol to N899.50K per litre to provide relief for Nigerians ahead of the Christmas and New Year holiday season. In a statement, the company’s spokesman Anthony Chiejina said the price reduction is designed to ease transport costs during the festive period. The refinery…
Nigeria’s exports to member countries of the Economic Community of West African States (ECOWAS) totaled N1.54 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The report revealed that imports from the ECOWAS region amounted to N82 billion, resulting in a significant trade surplus. Ivory Coast emerged as Nigeria’s…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to launch another oil licensing round in 2025, leveraging the “Drill or Drop” clause from the Petroleum Industry Act (PIA) 2021, which mandates oil operators to commence production within three years or relinquish their licenses. This initiative aims to boost oil production, enhance resource management,…
The Presidential Livestock Reform Implementation Committee has convened discussions with stakeholders in Bauchi State to address longstanding challenges in the country’s livestock sector. The 25-member committee, co-chaired by Professor Attahiru Jega, aims to find sustainable solutions to farmer-herder conflicts, seasonal migrations, and inefficiencies in livestock production and processing. Speaking at the session held at the…
Kogi State Governor Ahmed Usman Ododo has engaged in discussions with China’s Consular General in Lagos, Yan Yuqing, to attract Chinese investment aimed at driving the state’s economic growth and industrialization. The meeting, held as part of the governor’s efforts to position Kogi as an industrial hub, focused on fostering partnerships in agriculture, manufacturing, infrastructure,…
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against enabling the illegal sale of mint naira notes to currency hawkers, imposing a penalty of N150 million for each offending branch involved in such activities. In a circular issued by Solaja Mohammed J. Olayemi, Acting Director of Currency Operations, on December 13,…
..as Kate emerges winner of 2024 edition FoodBay TV, a part of Maxima Media Group, organizers of StreetFoodz Naija season 5, has hinted about its plans to take the docu-series to other African countries including Ghana and Kenya in future. CEO of Maxima Media Group, Femi Ogundoro, made this known while speaking…
