Business

Ahead of Dangote Refinery’s commencement of Premium Motor Spirit, known as petrol, supply in the Nigerian market, marketers and energy experts in Nigeria’s oil and gas industry have ruled out expectations that it will lead to a price crash. This comes as the Chairman of the Lagos-based Refinery, Aliko Dangote recently shifted the date to […]

Aarti steel Nigeria Limited has closed shop, down and out. Aarti Steel having been into roofing sheet market for so many years with considerable market foot prints is finally saying good bye to Nigeria. The Ota in Ogun state based steel plant has not been operating smoothly for almost a year with intermittent production which […]

The FBN Holdings has further consolidated its top-tier ranking with strong performance in the 2023 financial year and the first quarter of 2024, Q1’24, reporting significant growth in gross earnings and pre-tax profit The group recorded N1.6 trillion in gross earnings, about 95.7 percent above the 2022 figure while the profit before tax rose 126.86 […]

The Federal Government’s deficit spending rose by 8.0 percent, year-on-year (YoY) to N1.07 trillion in January 2024 from N980 billion in January 2023. The deficit spending in January was also 18.6 per cent higher than the amount provided for in the 2024 approved budget. The Central Bank of Nigeria, CBN, disclosed this in its monthly Economic Report […]

The Nigeria Extractive Industries Transparency Initiative, NEITI, has solicited the support of stakeholders to deepen the ongoing reforms in Nigeria’s oil and gas industry and the solid minerals sector. The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji who made the appeal at the stakeholders validation workshop on the 2023 annual progress report in Nigeria’s extractive […]

The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG), commonly known as cooking gas rose by 70.12 per cent, Year-on-Year, YoY to N7,418.45 in May 2024 from N4,360.69 in May 2023. The National Bureau of Statistics (NBS) disclosed this in its Liquified Petroleum Gas (Cooking Gas) Price Watch for May 2024. […]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the extension of the deadline for the registration and submission of pre-qualification documents for the 2024 oil block licensing round. NUPRC chief executive, Gbenga Komolafe announced the extension in a statement. Komolafe said the registration and submission of pre-qualification documents, initially scheduled to close on June […]

Securities and Exchange Commission (SEC), has commended the Board and Management of NASD Plc on a series of innovations embarked upon by the Exchange to enhance its competitiveness and overall development of the Nigerian capital market. The Chairman, NASD, Mr Kayode Falowo, led  a courtesy visit to the new Director General of the Commission, Dr Emomotimi […]

African shipping stakeholders have accused their foreign counterparts of using fellow Africans to ensure that the continent’s shipping capacity does not grow. The stakeholders explained that these foreign shipping lines who are afraid of competition from their African counterparts and as such do everything within their power to ensure that the shipping sector does not grow […]

NIGERIA currently ranks 88th position out of 141 countries in the World Bank Logistics Performance Index, LPI, indicating a minimal improvement in the global logistics ranking of 91st in 2022. The LPI is an interactive benchmarking tool created to help countries identify the challenges and opportunities they face in trade logistics and what they can do to […]