business
In a move aimed at enhancing the availability and distribution of petroleum products in Nigeria, Dangote Petroleum Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have signed a historic agreement. The deal, which is valued at millions of naira, will see Dangote supply IPMAN members with 240 million liters of petrol monthly. This […]
Bitcoin has reached an all-time high, surpassing $90,000 for the first time ever, and it’s largely thanks to Donald Trump’s support. As the president-elect, Trump’s pledge to bolster the economy has injected confidence into the market, causing a surge in investments, particularly in cryptocurrencies like Bitcoin. This isn’t the first time Trump’s influence has impacted […]
The Nigerian National Petroleum Company Limited (NNPCL) has announced the cessation of N24 trillion fuel imports, opting instead to source petroleum products from the newly operational Dangote Refinery. Key Highlights: – NNPCL ends fuel importation after 66 years – Dangote Refinery to supply 650,000 barrels per day – Local refining capacity increases to 1.1 […]
The value of unsold goods in Nigeria has skyrocketed by 357.6% to N1.24 trillion, according to recent data. This significant increase raises concerns about the country’s economic stability and the challenges faced by manufacturers and retailers. Key Statistics: – Unsold goods value rose from N269.12 billion in 2022 to N1.24 trillion in 2023. – The […]
Dubai-based carrier Emirates has entered into codeshare agreements with seven airlines, including Nigeria’s Air Peace, to enhance connectivity and provide seamless travel experiences for passengers. The codeshare partnerships, which took effect immediately, enable Emirates to expand its network reach while offering customers more travel options and increased flexibility. Key Highlights: 1. Emirates has signed codeshare […]
Alhaji Umar Ajiya, the Nigerian National Petroleum Company Limited’s (NNPCL) financial officer, revealed that no one had received fuel subsidies in the previous nine months. Ajiya stated that the NNPCL is handling the Premium Motor Spirit (PMS) importation gaps between the corporation and the federation during a news conference in Abuja. “NNPC Ltd. has not […]
Between January and July 2024, Nigeria lost an average of 437,000 barrels of crude oil daily, worth about $10bn due to theft, vandalism, and other criminal activities, the House of Representatives declared on Thursday. As a result, the House of Representatives Special Committee on Oil Theft and Losses commenced investigations into the illegal lifting of […]
Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price […]
Nigeria’s currency, the Naira, experienced a slight appreciation in the parallel market, reaching ₦1,475 per dollar compared to ₦1,480 per United States dollar it traded the previous day. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,476.95 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM […]
The Central Bank of Nigeria sold $575m in May, its highest dollar sales in a single month in 2024, according to data obtained from FMDQ Securities Exchange . This amount exceeds the combined total of $151m in April and $189m in March. Despite this increase, the CBN’s sales only accounted for 6.6 per cent of […]
