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 […]

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 […]