The Naira yesterday depreciated to N1,655 per dollar in the parallel market from N1,645 per dollar traded on Wednesday. Similarly, the Naira yesterday depreciated to N1,649.76 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,649.76 per […]

The Dangote Refinery is set to begin polypropylene production by the end of October 2024, effectively curbing Nigeria’s imports of the product which is a crucial raw material in various industries, including packaging, textiles, and automotive parts. Chairman of Dangote Group, Aliko Dangote, announced that as the refinery edges closer to full […]

Nigeria recorded a trade surplus of N6.95 trillion in the second quarter of 2024, reflecting the country’s strong export performance amidst a slight decline in overall merchandise trade. This surplus marks a 6.60% increase from the previous quarter, which recorded a surplus of N6.52 trillion. Nigeria’s total merchandise trade in […]

Presidency on Tuesday blamed the current state of the nation’s refineries, including Port Harcourt, Warri and Kaduna refineries on the opposition by labour to federal government plans to sell them to Aliko Dangote and Femi Otedola. Bayo Onanuga, the special adviser to the president on information and strategy, revealed this, […]

Oil marketers are concerned about the delay in announcing the price of Premium Motor Spirit, popularly called petrol, being produced by the Dangote Petroleum Refinery, as they noted that the landing cost of imported PMS is now about N1,120/litre. Dealers stated that a high PMS price from the Dangote refinery […]

President Bola Tinubu said Nigeria can’t achieve meaningful development if Nigerians want everything to be free. The president made these remarks in China on Friday during a meeting with Nigerians living in the country. “The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,” […]

The federal government in the second quarter of 2024 generated a total of N1.56 trillion from Value Added Tax. This is a 9.11 percent increase from the N1.43 trillion in Q1 2024. According to the National Bureau of Statistics report, local payments recorded were N792.58 billion, foreign VAT payments were […]

Nigeria’s Company Income Tax (CIT) surged by 150.83% to N2.47 trillion in Q2 of 2024, from N984.61 billion in Q1 2024, the National Bureau of Statistics has reported. On a year-on-year basis, the CIT went up by 59.52% from N1.55 trillion in Q2 2023. On a quarter-on-quarter basis, the NBS […]

As staff of suspended Dana Air remain out of job, the Nigeria Civil Aviation Authority (NCAA) on Saturday, announced that NG Eagle, Dana Air’s new partner, will handle ticket refunds and flight bookings for passengers affected by the airline’s suspension. Recalled that the NCAA, months ago suspended Dana Air following […]