The Premium Beadmakers Association of Nigeria (PBAN) blames rising bread prices on a volatile exchange rate and Nigeria’s dependence on imported ingredients. PBAN President Emmanuel Onuorah pointed out that most baking materials are imported and priced in dollars. A weaker Naira against the dollar significantly increases production costs for bakeries. […]

Chemical and Allied Products (CAP) Plc, a paint and coating company in Nigeria, has reported its highest profit in at least 13 years, data compiled by BusinessDay shows. The company’s latest financial statement showed that its after-tax profit increased to N2.5 billion last year from N2.37 billion in 2022. This […]

Lagos, the most populous city in Africa has been ranked 5th among 20 wealthiest cities in the continent with 4,200 millionaires, Africa Wealth Report 2024, by Henley & Partners, shows. The industrial hub of Nigeria dropped from the fourth spot it was in 2023 with 5,400 millionaires, leading to 1,200 people now out […]

Aminu Gwadabe, president, Association of Bureaux De Change Operators of Nigeria has said BDC operators now sell US dollars at N1,020/$ while they buy at N980/$. Gwadabe who featured as a guest on Channels’ Business Incorporated program on Tuesday said that the appreciation of the naira happened faster than expected, commending the central […]

The Nigerian Civil Aviation Authority (NCAA) has cracked down on private jet operators violating their permits by suspending the Permit for Non-Commercial Flights (PNCF) of three operators for conducting commercial flights. This enforcement comes after warnings were issued in March 2024. In a statement, the Acting Director General, Capt. Chris […]

The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across […]

Having opened at N1,130 to the dollar on Monday morning, the value of the naira gained strength midday as traders anticipate another round of dollar sales to Bureau de Change (BDC) operators this week. By noon on Monday, the naira was selling at N1,000 to the dollar at the parallel […]

The naira sustained gains against the US currency at the official foreign exchange (FX) market, despite a drop in dollar supply by market players on Monday. The summary of the FX transactions published by the FMDQ Securities Exchange revealed that the naira appreciated by 0.56 percent as the dollar was quoted at […]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said Nigeria’s crude oil reserves increased from 36.96 billion barrels (bb) on January 1, 2023, to 37.50 bb on January 1, 2024. Selling point news reports that the NUPRC Chief Executive Officer (CEO), Gbenga Komolafe, stated this while speaking with reporters in […]

The Federal Government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared on Monday that indigenous refineries can now buy crude oil in naira or dollars. It also declared that the total crude oil and condensate reserves in Nigeria […]