Nigeria Advances Indigenous Floating LNG Project with Heads of Terms Agreement
In a significant move towards strengthening its energy sector and reducing carbon emissions, the Nigerian National Petroleum Company Limited (NNPCL)…
Category: Business
Dangote Cement Repurchases N41.2 Billion Worth of Shares in Share Buyback Program
Dangote Cement Plc has bought back approximately N41.2 billion worth of its shares from open transactions at the stock market.…
Nigeria Needs Over 400,000 Data Protection Officers to Ensure Compliance with Data Protection Act
The Nigeria Data Protection Bureau (NDPB) has stated that Nigeria will require more than 400,000 Data Protection Officers (DPOs) to…
MANEG Collaborates with Key Stakeholders to Empower Non-Oil Exporters under AfCFTA
The Manufacturers Association of Nigeria Export Promotion Group (MANEG) has announced its collaboration with key stakeholders from the public and…
ASEA and ECA Sign Memorandum of Understanding to Drive Financial Market Development in Africa
The African Securities Exchange Association (ASEA) and the United Nations Economic Commission for Africa (ECA) have signed a significant Memorandum…
Nigeria Customs Service to Review Automobile Levy Amidst Import Challenges
The acting Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, announced that the service would seek a review of…
End of Downstream Monopoly: First Batch of Privately Imported Petrol Arrives in Nigeria
The first batch of petrol, consisting of 27 million litres, has been imported by an independent marketer, ending the longstanding…
Federal High Court Orders Ecobank Nigeria to Pay Honeywell Flour Mills N72.2bn in Damages
The Federal High Court in Lagos has issued a ruling ordering Ecobank Nigeria to pay Honeywell Flour Mills the sum…
Fluctuating Fuel Prices Expected as Nigeria Deregulates Downstream Petroleum Sector
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that Nigerians should anticipate fluctuations in the price of Premium…
Nigerian Ports Authority Records Strong Revenue Growth in H1 2023
The Nigerian Ports Authority (NPA) reported robust performance in the first half of 2023, with 1,852 vessels completing operations, leading…
Nigerian Point of Sale Operators Protest Against Increased Service Charges
Point of Sale (PoS) operators in Nigeria are protesting the implementation of increased service charges, which took effect on Monday.…
OPEC Petroleum Export Revenues Soar to a Nearly Decade High Amidst Geopolitical Tensions
Petroleum export revenues from the Organization of the Petroleum Exporting Countries (OPEC) reached their highest level in almost a decade…
Nigeria’s LNG Exports Dip Due to Flooding, Emerges as Seventh Global Exporter
The International Gas Union (IGU) reported that Nigeria’s Liquefied Natural Gas (LNG) export declined by 1.8 million metric tonnes (MT)…
Nigeria’s Non-Oil Exports Experience Slight Dip in H1 2023
The Nigerian non-oil export sector recorded a marginal decrease in export value, amounting to $2.54 billion, representing a 0.09% dip…
Nigeria’s Inflation Hits 17-Year High Amid Ongoing Rise
Nigeria’s headline inflation rate has reached a 17-year high, rising for the sixth consecutive time to 22.79% in June 2023,…
Access Bank and Standard Chartered Bank Finalize Agreement for African Subsidiaries’ Acquisition
Access Bank Plc and Standard Chartered Bank have reached an agreement for Access Bank to acquire Standard Chartered’s shareholding in…
Geregu Power Makes N8.78bn Advance Payment to Italian Firm for Turbine Overhaul
Geregu Power Plc, a power generating company in Nigeria, revealed that it has made advance payments totaling N8.783 billion to…
Manufacturers Association of Nigeria Raises Concerns Over Exclusion from Smart Meter Supply
The Manufacturers Association of Nigeria (MAN) has voiced its apprehensions over the impending displacement of local meter manufacturers and assemblers…
Access Bank to Acquire Standard Chartered’s Sub-Saharan Subsidiaries
Access Bank Plc has recently entered into an agreement to purchase the sub-Saharan subsidiaries of Standard Chartered Bank. As part…
Nigeria’s Crude Oil Earnings Rise to N1.68tn in June as Output Increases
Nigeria’s crude oil earnings reached over N1.68tn in June 2023 due to an increase in the country’s oil output, according…
Declining Foreign Investments Pose Challenges for Nigeria’s Manufacturing Sector
Foreign investments in Nigeria’s manufacturing sector witnessed a significant drop of 35% from $392.5 million in Q4 2022 to $256…
Dangote Cement Expands Production Capacity in Itori, Ogun State, and Across Africa
Dangote Cement has announced its plans to expand production capacity through the construction of a new integrated cement plant in…
Central Bank of Nigeria Introduces Naira Payout Option for Diaspora Remittances
The Central Bank of Nigeria (CBN) has announced the inclusion of the Naira as a payout option for recipients of…
Inflows into Nigeria’s Investors and Exporters Window Rise to $2.55bn
Data obtained from the FMDQ revealed that the total inflows into Nigeria’s Investors and Exporters Window (I&E Window) reached $2.55…
Nigeria’s Oil Production Set to Increase with Addition of 192,000 Barrels per Day
The Nigerian National Petroleum Company Limited (NNPCL) and its joint venture partners have announced plans to boost Nigeria’s oil production…
New Gas Pricing Template and Clearing Power Sector Debts: Boosting Nigeria’s Decade of Gas
A new gas pricing template for the power sector and gas-based industries in Nigeria is awaiting approval from President Bola…
Flour Mill of Nigeria Leverages Strong Credit Rating to Secure Capital Market Funding
Flour Mill of Nigeria Plc, a prominent consumer conglomerate in Nigeria, has reaffirmed its commitment to utilizing its impressive credit…
Nigeria’s Low VAT Performance Raises Concerns and Calls for Policy Changes
The Nigerian Federal Government expressed alarm over the country’s underperforming Value Added Tax (VAT) compared to other nations in the…
Nigeria to Seek Increased OPEC Oil Quota in November, Says NNPCL
The Nigerian National Petroleum Company Limited (NNPCL) has stated that the Federal Government of Nigeria plans to renegotiate the country’s…
Nigeria’s Dominance in Africa’s Gas Market: A Promising Future
Nigeria’s gas reserves have positioned the country as a dominant player in Africa’s gas market, accounting for 33 percent of…