Business

The Federal Government of Nigeria has commenced the sale of crude oil and refined petroleum products in naira, signaling a pivotal shift in the country’s energy market and economic policies. The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on October 6, …

Africa’s richest man, Aliko Dangote, has expressed regret over missing the opportunity to purchase Arsenal Football Club for $2 billion when he had the chance to overtake. During an interview with Bloomberg’s Francine Lacqua, the Nigerian billionaire revealed that while he was once interested in buying the English football club, …

Aliko Dangote, founder of the Dangote Petroleum Refinery, has called on the federal government to immediately remove the petrol subsidy, arguing that it has become unsustainable for Nigeria. Speaking in an interview with Bloomberg TV on September 24, Dangote stated that continuing the subsidy burdens the government and distorts market …

The Nigerian National Petroleum Company Limited (NNPC) has made it clear that there is no guarantee of lower petrol prices, even with the domestic refining of products at the Dangote Refinery, which just embarked on production.   This announcement came in response to growing expectations from Nigerians hoping for relief from …

The Central Bank of Nigeria (CBN) has implemented a new directive aimed at increasing the availability of foreign exchange (FX) in the market, approving the sale of dollars to bureau de change (BDC) operators at a rate of N1,580 per dollar.   In a circular signed by W.J. Kanya, the acting …

Aliko Dangote, the billionaire businessman and owner of the Dangote Refinery, has announced the rollout of the refinery’s first batch of Premium Motor Spirit (PMS), commonly known as petrol, from its 650,000 barrels per day facility. During a press conference held in Lagos on September 3, 2024, Dangote reassured Nigerians …

Famous Nigerian businessman Aliko Dangote has declared that his refinery, which can process 650,000 barrels per day, is prepared to launch its first petroleum product into the market. However, the final pricing of the product will be determined by the Federal Executive Council (FEC) under the leadership of President Bola …

Stanbic IBTC Pension Managers has officially launched the third season of its popular FUZE Talent Show, with a grand prize of N50 million up for grabs.   The initiative, which focuses on promoting creativity and innovation among young talents aged 18 to 35, offers participants a unique platform to showcase their …

The Nigerian Electricity Regulatory Commission (NERC) has issued permits to several key organizations, including Golden Penny Power Limited and MTN Communications Nigeria Limited, for the generation of mini-grid electricity.    The permits, granted in the first quarter of 2024, authorize these entities to generate power primarily for their own consumption, …

Ongoing fuel scarcity across Nigeria continues to devastate the livelihoods of citizens, especially taxi drivers and other daily wage earners who rely on fuel to make a living. As queues for Premium Motor Spirit (PMS) stretch across Abuja, Gombe, Yobe, and several northern states, the Federal Government has issued a …

The Minister of Aviation and Aerospace Development, Festus Keyamo, has appealed to aviation unions to shelve their planned protest in consideration of passengers who rely on the aviation sector for their livelihoods. Read Also: Aviation Workers Threaten Strike Over Revenue Cuts In a statement released on Friday, August 16, Keyamo assured …

Presidents Bola Tinubu of Nigeria and Teodoro Mbasogo of Equatorial Guinea inked a major deal pertaining to the Gulf of Guinea Pipeline Project on Wednesday in Malabo. According to Ajuri Ngelale, a spokesman for President Tinubu, the partnership intends to strengthen legislative and regulatory procedures for gas development, with potential …

The Nigerian National Petroleum Company (NNPC) Limited has said that it has completed the mechanical phase of the turnaround maintenance at the Port Harcourt refinery in Rivers State. This was announced by the spokesperson of NNPC, Femi Soneye, on Thursday 21st December. According to Soneye, the national oil company has …

The Naira appreciated to N1,225 per dollar in the parallel market yesterday from N1,240 per dollar on Monday. Similarly, in the official Nigerian Foreign Exchange Market (NAFEM), the Naira appreciated to N844.85 per dollar. According to FMDQ data, NAFEM’s indicative exchange rate dipped to N844.85 per dollar from N888.35 on …

Popular retail giant, ShopRite Mall, has announced its decision to cease operations at its Ade Bayero branch in Kano State, Northwest Nigeria in January. The management of the mall made this announcement in a circular which was obtained by Nairametrics. According to the Circular, the current financial situation of the …