News and analysis of global and local business trends, markets, and industry developments.
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…
Cape Town, South Africa — Nigeria and Venezuela have announced plans to collaborate on investment opportunities in the mining sector, reinforcing their commitment to economic diversification and sustainable resource development. The agreement was reached following high-level discussions between a Venezuelan delegation led by Deputy Minister of Mining, Alejandro Martinez, and Nigeria’s Minister of Solid Minerals…
Bori, Rivers State — A crucial meeting aimed at discussing the potential resumption of oil exploration in Ogoniland ended in disarray on Saturday, sparking tension and frustration among attendees. The gathering, held at the Peace and Freedom Centre in Bori, Khana Local Government Area, was organized following President Bola Tinubu’s directive for Ogoni leaders to…
Cape Town, South Africa — Nigeria is set to launch a strategic roadmap aimed at developing a critical minerals value chain, paving the way for local solar power production and reducing reliance on imports. The initiative, funded by the Global Council for Critical Minerals under the Solid Minerals Development Ministry, seeks to optimize the extraction…
Lagos, Nigeria — Dangote Petroleum Refinery has reached a major milestone, successfully exporting two cargoes of jet fuel to Saudi Aramco, the world’s largest oil producer and a leading global oil and gas entity. Saudi Aramco, the official national oil company of Saudi Arabia, is a state-owned corporation and a dominant force in the petroleum…
Ado-Ekiti, Nigeria — The Federal Government has unveiled plans to set up a Pilot Soil Assessment Laboratory in Ekiti State to enhance agricultural productivity and support farmers. This was disclosed by the Ekiti State Commissioner for Agriculture and Food Security, Mr. Ebenezer Boluwade, in a statement issued in Ado-Ekiti. He noted that the facility would…
Abuja, Nigeria — The naira continued its upward trend in the parallel market as the Central Bank of Nigeria (CBN) extended foreign exchange sales to Bureau de Change (BDC) operators. From closing at N1,620 per dollar last week, the naira appreciated to N1,610/$ on Monday. The CBN had earlier set January 31, 2025, as the…
Abuja, Nigeria — The Nigeria Labour Congress (NLC) has suspended its planned nationwide protest against the recent 50% increase in telecommunications tariffs. The decision followed a meeting with government officials at the Office of the Secretary to the Government of the Federation on Monday night. A statement issued by the office’s Director of Information and…
Lagos, Nigeria — Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025. In a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Industries Limited (DIL), the price adjustment was described…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has reaffirmed its commitment to empowering young Nigerians by closing financial access gaps, fostering innovation, and promoting their active involvement in economic policy development. CBN Governor, Olayemi Cardoso, made this pledge during a youth engagement workshop themed “The Youths are Here”, held in Abuja on Friday….
Abuja, Nigeria— President Bola Ahmed Tinubu has confirmed the appointment of Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA). The appointment, announced by Presidential Spokesman Bayo Onanuga, took effect on January 23, 2025, for an initial tenure of four years. Aliyu, who has been serving as Acting Managing Director…
Abuja, Nigeria — The Police Service Commission (PSC) has directed the immediate retirement of senior police officers who have served for more than 35 years or have exceeded 60 years of age. This directive was made during the Commission’s first extraordinary meeting of 2025, chaired by DIG Hashimu Argungu (retd). The meeting had notable attendees,…
Kogi State, Nigeria — The Nigerian National Petroleum Company Limited (NNPCL) and its partners have officially launched the construction of five mini-Liquefied Natural Gas (LNG) plants in Ajaokuta, Kogi State. The groundbreaking ceremony marked the commencement of work on NNPC Prime LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete. These projects are part…
Abuja, Nigeria — The Nigerian Communications Commission (NCC) has linked the decline in telecom revenue for 2024 to the inability to auction 5G spectrum licenses. This disclosure was made by Yakubu Gontor, NCC’s Director of Financial Services, and Aminu Maida, the Commission’s Chief Executive Officer and Executive Vice Chairman, during the 2025 budget defence session…
Abuja, Nigeria — The naira maintained its upward momentum on the parallel market while depreciating on the official exchange platform amid ongoing forex reforms by the Central Bank of Nigeria (CBN). By the close of trading on Tuesday, the naira appreciated by N10, closing at N1,640 per dollar on the parallel market, compared to N1,650…
Solid Minerals to Transform Nigeria’s Mining Industry —Minister Abuja, Nigeria— The Minister of Solid Minerals Development, Dr. Dele Alake, has assured Nigerians that the newly established Nigeria Solid Minerals Corporation will serve as a catalyst for sustainable growth and revolutionize the nation’s mining sector. During a meeting with British Deputy High Commissioner Jonny Baxter,…
Nigeria – The Nigerian stock market closed last week on a positive note, driven by high demand for MTN Nigeria shares following the Nigeria Communications Commission, NCC’s approval of a 50.0% tariff hike for telecommunication services and also Transcorp Power, which recorded impressive earnings in its 2024 financial results. Analysts noted that the market…
Sokoto, Nigeria — The Sokoto State Government has commenced the payment of the new national minimum wage of N70,000 to workers across the state, fulfilling a key campaign promise by Governor Ahmed Aliyu. The implementation, which begins today, Monday, January 27, extends to state civil servants, local government employees, and Local Government Education Authority (LGEA)…
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…
