Petroleum Products Retailers and marketers have explained why petrol imports have persisted despite the Dangote Refinery and other local refineries’ production capacity. The President, Petroleum Products Retail Outlet Owners Association and the Chairman, Major Marketers Association of Nigeria, Billy Gillis-Harry and Tunji Oyebanji in an exclusive interview with DAILY POST […]

Despite improved domestic refining capacity in Nigeria, major oil marketers have continued to import refined petroleum products, as they imported 6.38 billion litres of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) in five months. But independent marketers and retailers, through their various associations, kicked against the development, as […]

Nigeria’s oil production surged in February, exceeding its OPEC quota of 1.5 million barrels per day by 70,000 bpd, and contributing to the cartel’s increased output in February, a Reuters survey has found. The survey, released on Wednesday, revealed that Nigeria recorded the second-largest production increase among members of the […]

The Nigerian Economic Summit Group (NESG) has stated that the harsh economic environment in the country has led to the closure of about 30 per cent of Nigeria’s Micro and Small Medium Enterprises. Dr. Segun Omisakin, Chief Economist and Director of Research at NESG, made the disclosure yesterday during the […]

The Naira yesterday appreciated to N1,512 per dollar in the parallel market from N1,515 per dollar on Tuesday. However, the Naira depreciated to N1,505 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira […]

See what your states contributed to the VAT pool and what they received in January 2025. My South Southern states really tried sha. What states contributed to the VAT pool and what they received in January 2025 1. LAGOS Contributed: N305.52bn Received: N62.59bn (20.49%) 2. RIVERS Contributed: N90.21bn Received: N11.01bn […]

President of Dangote Industries Limited, Alhaji Aliko Dangote, has said he is currently resting after delivering his refinery project. The 650,000-barrel refinery and petrochemicals project worth over $20bn has come to disrupt the oil and gas market in Africa and the world even as the refinery now exports refined products […]

The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments, nine months after it relieved the previous directors from the services of the bank as well as those who retired over a year ago. The CBN in an internal advertisement published in September 2024 sought to […]

THE price of Nigeria’s Bonny Light crude oil fell by 10.6 per cent to $73.53 per barrel from $84.02 per barrel on January 15th, fuelling fears over achievement of the Federal Government’s budget 2025 revenue target. The Budget 2025 is based on a crude oil price benchmark of $75 per […]

The House of Representatives has directed Multichoice, owner of Pay TV options, DStv and GOtv, to halt the implementation of the hike in its subscription rate given the prevailing economic realities. The entertainment company recently announced an upward review of its subscription rate, stating that from March 1, customers on […]