Lagos generated N300m from Land Use charge in four months – Commissioner
The Lagos State Government has announced that it earned N300 million in revenue from the Land Use Charge in the initial four months of 2024. This amount is a significant…
Fuel Scarcity: 9,000 oil marketers face license loss, IPMAN appeals for extension
As Nigerians grapple with fuel scarcity, over 9,000 oil marketers are at risk of losing their operating licenses. The Independent Petroleum Marketers Association of Nigeria (IPMAN) is urging the Nigerian…
Naira rebound leads to drop in rice prices across Nigeria
The recent strengthening of the naira against the dollar has brought relief to consumers, with the price of a 50-kilogram bag of rice decreasing significantly. In major cities like Lagos,…
Dangote diesel supply to displace European imports
BusinessDay’s investigation reveals that the Dangote oil refinery’s diesel supply is set to replace the importation of the product from European refiners, which amounts to about 2.5 billion litres annually.…
Paddy prices begin to decline
Over the past three years, the cost of paddy ranged from N9,000 to N20,000 per 100kg bag, influenced by factors such as variety and quality. However, prices surged to between…
Tinubu applauds Dangote Group for diesel price reduction
President Bola Tinubu has praised Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (diesel), which could have a significant impact on the cost of various…
Dangote says diesel price reduction to cut Nigeria’s inflation
Aliko Dangote, the chairman of Dangote Group, has revealed that his refinery’s initiative to sell diesel at discounted prices is poised to alleviate Nigeria’s inflation challenges. He shared this insight…
Petrol: Oil marketers propose N550/litre price to Dangote
As the Nigerian National Petroleum Company, NNPC Limited, works to alleviate petrol scarcity in Lagos and its surroundings, Dangote Refinery and oil marketers are actively finalizing decisions on pricing and…
Nigeria’s raw material imports surge by 25%
In 2023, imports of raw materials into Nigeria witnessed a substantial increase of 25%, totaling N3 trillion, as per data from the National Bureau of Statistics’ Foreign Trade Statistics. Major…
FG to issue foreign currency denominated bonds in June
The Federal Government has announced intentions to launch domestic bonds denominated in foreign currency in the second quarter of this year, specifically in June. The Minister of Finance and Coordinating…
Dangote refinery to reduce dependency on imported petrol by May
There are signs that Nigeria’s reliance on imported petrol will decrease significantly as the $20 billion Dangote Refinery plans to commence supplying petrol to the domestic market starting from May…
Dangote refinery’s diesel supply lowers pump prices
The pump price of Automotive Gas Oil (diesel) in Nigeria has witnessed a significant drop from around N1,700/litre to approximately N1,350/litre in various locations across the country. This decrease follows…
Reduced crude oil exports by Nigeria, Iraq cause plunge in OPEC output
A recent survey by Reuters revealed a significant drop in oil output by the Organization of Petroleum Exporting Countries (OPEC) in March, largely attributed to reduced crude oil exports by…
Tension in Lagos as fuel stations shut down over scarcity
Several parts of Lagos experienced palpable tension on Monday as a number of fuel stations were shut down due to supply disruptions. Areas such as Ikotun, Akonwonjo Egbeda, Igando, and…
APWEN urges government action on water challenges
The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on the government to address water challenges in the country to bolster the resilience of cities. In…
CBN clarifies fertiliser donation as not new intervention
The Central Bank of Nigeria (CBN) clarified that the recent donation of 2.15 million bags of fertilisers to farmers is not a new intervention but a way to utilize existing…
PH refinery: Marketers eye fuel price reduction, ready to load
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) are anticipating a slight decrease in the pump price of Premium Motor Spirit…
Food processors invest N23.8bn in Nigeria to cut import bill
Despite facing challenges of slow economic growth and high business costs, Nigeria has secured N23.8 billion in investments from food processors. One notable investment is the N20 billion tomato processing…
Nigerians experience relief as prices of sugar, Indomie, others drop
The recent reduction in food prices, particularly for items like noodles, sugar, rice, beans, and others, comes as a welcome relief to many Nigerians, especially those in the low to…
Toilet Paper, Soap Among Nigeria’s Top Import from UK in 2023
Here’s a breakdown of the top 5 imported goods from the United Kingdom to Nigeria in the last six months of 2023, as per the 2023 UK-Nigeria trade and investments…
Bitcoin Tops $57 000 as Large Players Enter Market
Bitcoin reached a two-year high on Tuesday, driven by indications of significant investments from major players in the cryptocurrency market. Meanwhile, its counterpart, ether, surpassed $3,200 for the first time…
Price of Foreign Rice Surges to N88,000, Experts Traces Cause
The cost of a 50kg bag of foreign rice has skyrocketed to over N88,000 in major stores across Nigeria, marking a significant 22.2% increase from the earlier price of N72,000…
People Can No Longer Afford Beer- CEO
Hans Essaadi, the Chief Executive Officer of Nigerian Breweries Plc, voiced concerns about the deteriorating economic conditions in Nigeria, stating that citizens are finding it increasingly difficult to afford beer.…
Ministry of Power, Aso Villa, Others Faces Power Outage Over Debt
The Abuja Electricity Distribution Company (AEDC) has revealed that a total of 86 ministries, agencies, and departments of the government collectively owe the company a staggering sum of N47 billion.…
House Committee Urges Urgent Reconstruction of Nigerian Ports
The House of Representatives Committee on Ports and Harbours, led by Chairman Nnolim Nnaji, has called upon the Federal Government to take immediate action in reconstructing key ports across the…
Oil Marketers Ready to Lower Fuel Prices
Independent oil marketers in Nigeria have expressed their willingness to sell premium motor spirit (PMS), commonly known as fuel, at rates lower than those offered at Nigerian National Petroleum Company…
FMBN Set for N500 Billion Recapitalization
The Federal Mortgage Bank of Nigeria (FMBN) anticipates a promising future as the federal government pledges legislative amendments to relevant housing industry laws, aiming to bolster FMBN’s capitalization to N500…
Nigeria’s Oil Output Increases to 1.43m Barrels in 2024
Nigeria’s oil production experienced a notable increase in January 2024, rising to 1.43 million barrels per day (bpd) from 1.34 million bpd recorded in December 2023, marking a 6.9% increase.…
Femi Otedola Set to Recieve $17m from Geregu Power Plant
Nigerian billionaire Femi Otedola is set to receive a substantial final dividend exceeding $17 million from his significant 78.64-percent ownership stake in the rapidly growing power-generating company, Geregu Power Plc.…
OpenAi Founding Member Leaves Microsoft
Andrej Karpathy, a prominent artificial intelligence researcher and founding member of OpenAI, announced his departure from the Microsoft-backed company on Monday, according to a post on the social media platform…