In order to restore the Apapa and Tincan Island Ports in Lagos, the Nigerian Ports Authority obtained a $700 million loan from Citibank and provided funding for the United Kingdom Export Finance. This was revealed in a statement released on Wednesday by Mohammed Bello-Koko, the Managing Director of the NPA. […]

The Association of Bureau De Change Operators of Nigeria (ABCON) said the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$. This was confirmed by the President of ABCON, Aminu Gwadebe, while featuring on a Channels Television programme, Business Incorporated, where […]

Filling Stations Slash Petrol Pump Price As Naira Appreciates to 7-Month High Against US Dollar Some filling stations have decided to adjust their petrol pump prices downwards amid the appreciation of the naira against the US dollar. This development could potentially lead to reduced transportation costs and alleviate inflationary pressures […]

Heineken Lokpobiri, Nigeria’s minister of state for petroleum resources has claimed that the prolonged negotiation around the sale of ExxonMobil assets to Seplat has cost the country about 480,000 barrels per day (bpd) worth about $3.4 billion. The minister’s comments come amid ongoing discussions between the two companies, which have […]

UBA shareholders will receive a final dividend of N78.7 billion for FY 2023, representing N2.30 per ordinary share held. Combined with an interim dividend of N0.50 per share paid for H1 2023, UBA paid a total dividend of N2.80 per share, amounting to N95.8 billion. The total dividend of N95.8 […]

Africa’s biggest economy is spending N600 billion every month on petrol subsidies, Rainoil Limited CEO has said. Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos. He pointed out that with Nigeria’s daily fuel usage at 40 million litres and the […]

The International Monetary Fund (IMF) on Tuesday, raised Nigeria’s Gross Domestic Product (GDP) from 2.9 percent in 2023 to 3.3 percent in 2024, saying that there is improved recovery of the country’s oil sector, better security situation, and improved agriculture. The Fund disclosed this at a press conference on the […]

Stakeholders in the aviation sector have raised concerns that Air Peace and other local carriers looking to enter the Lagos-London route may not be able to compete with legacy carriers in price and would need to learn from failed attempts of others. They also said that the government would have to support […]

The rise in the prices of garri, millet, and yam, dried fish sardines and ‘akpu uncooked fermented’ pushed food inflation to a record high of 40.01 percent in March. This was revealed in the latest Consumer Price Index report by the National Bureau of Statistics (NBS). Others are mudfish dried, palm oil, […]

In a welcomed turn for manufacturers grappling with rising operational costs, Dangote Refinery has revealed that diesel will be sold to marketers at N1000 per litre, thereby providing a much-needed respite to businesses in the country. The announcement comes amidst concerns over the continuous surge in fuel prices, which have […]