The management of Dangote Refinery has attributed recent increases in fuel prices across parts of Nigeria to charges imposed by transport unions on truck drivers. The company explained that these extra costs, which are outside the refinery’s control, have created distortions in the petroleum distribution chain, making petrol more expensive by the time it reaches filling stations and consumers. According to the refinery, the practice of unions imposing compulsory charges on truck operators has not only raised logistics costs but also undermined efforts to stabilize the supply of refined products in the local market. This revelation comes just weeks after…
Author: Temitope Nlewemchi
Stanbic IBTC Bank has joined forces with the Chinese General Chamber of Commerce-Nigeria to organize a major badminton competition, bringing together sports enthusiasts, business leaders, and the Chinese community in Nigeria. The collaboration is designed not only to promote physical fitness and cultural exchange but also to strengthen bilateral relations between Nigeria and China through the unifying power of sports. The tournament, which is scheduled to hold in Lagos, has already generated significant attention from stakeholders in both the sporting and business communities. According to the organizers, the event aims to foster friendship, mutual respect, and collaboration while encouraging healthy…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigeria Customs Service (NCS) to fully comply with the Federal Government’s suspension of the controversial 4% Free on Board (FOB) import levy. The business group made the appeal following reports that despite the government’s announcement, some importers continue to face bottlenecks and demands linked to the levy at various entry points. The FOB levy, introduced earlier this year, was widely criticised by the Organised Private Sector (OPS) as an additional burden on businesses already grappling with rising operational costs, foreign exchange volatility, and multiple taxes. Following intense pressure…
Nigeria’s foreign exchange reserves have surged to $42 billion, marking their highest level in six years, a development that analysts and policymakers describe as a turning point in the country’s economic trajectory. The rise, which reflects a combination of improved crude oil earnings, increased foreign exchange inflows, and strategic reforms by the Central Bank of Nigeria (CBN), is seen as a major boost to the nation’s financial stability and its ability to defend the naira against volatility. The new reserve figure is significant, considering that just over a year ago, Nigeria’s reserves had dipped below $34 billion amid global oil…
Nigeria’s 36 states and the Federal Capital Territory recorded a combined domestic debt stock of N4.59 trillion at the end of the second quarter of 2026, representing an increase of about N67.57 billion from the previous quarter. The rise was driven largely by a sharp increase in Delta State’s domestic debt, according to data from the Debt Management Office. Combined domestic debt for the states and the FCT rose from N4.524 trillion at the end of March 2026 to N4.591 trillion as of June 30, 2026. This represents a quarter-on-quarter increase of approximately 1.49 per cent. The data shows that…
Nigeria’s manufacturing sector has continued to face mounting challenges as credit to manufacturers dropped sharply by N7.72 trillion between January and September 2025, resulting in fragile growth across key industrial segments. Despite government efforts to stimulate local production and ease credit conditions, rising interest rates, exchange rate volatility, and persistent inflation have combined to strain the financial health of manufacturers nationwide. According to data obtained from the Central Bank of Nigeria (CBN) and insights from the Manufacturers Association of Nigeria (MAN), credit to the manufacturing sector fell from N14.62 trillion in December 2024 to N6.9 trillion by the third quarter…
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have announced a new strategic collaboration aimed at improving compliance and enforcement of third-party motor insurance across Nigeria. The partnership, which was formally unveiled in Abuja, seeks to curb the rising cases of uninsured vehicles on Nigerian roads, enhance road safety, and promote financial protection for motorists and accident victims. Speaking during the official launch of the initiative, the Commissioner for Insurance, Mr. Olusegun Omosehin, said the move marks a significant milestone in the country’s effort to integrate technology and regulatory enforcement in the motor insurance ecosystem. He…
The Australian government has announced a fresh set of visa reforms affecting international students, skilled workers, tourists and participants in the Working Holiday Maker programme as part of a broader effort to reduce net overseas migration. The changes are expected to reshape how temporary migrants enter, remain in and transition between visa categories in Australia, while also giving greater priority to workers whose skills align with critical labour shortages. Australia is targeting net overseas migration of about 245,000 in the current financial year, with plans to reduce the figure further to 225,000 in the 2027–28 financial year. Implementation of some…
The Federal Government is seeking an additional $1.5 billion in financing from the World Bank through three proposed credit facilities targeted at climate resilience, early childhood development and social protection programmes across Nigeria. The proposed financing consists of three separate $500 million facilities being prepared under the World Bank’s International Development Association, bringing the combined amount under consideration to $1.5 billion. The facilities are currently at different stages of preparation and have not yet received final approval. The earliest of the three is expected to go before the World Bank’s board on October 29, 2026, while the remaining two are…
Investor appetite for Nigerian short-term securities remained exceptionally strong in September, as subscriptions to the Central Bank of Nigeria’s Open Market Operations auctions climbed to N20.58 trillion, significantly exceeding the N3.9 trillion initially offered by the apex bank. The CBN eventually allotted N12.823 trillion worth of OMO bills during the period, reflecting both the depth of liquidity in the financial system and investors’ continued demand for naira-denominated fixed-income instruments. The N20.58 trillion submitted by investors represents more than five times the N3.9 trillion offered by the CBN, pointing to intense competition for the available securities. Although the initial offer stood…
Zenith Bank Plc has announced its financial results for the first half (H1) of 2025, recording a remarkable surge in gross earnings to ₦2.5 trillion. The performance reaffirms the bank’s position as one of Nigeria’s most resilient and profitable financial institutions, despite a challenging macroeconomic environment and tightening global financial conditions. The new figures represent a significant leap compared to the ₦1.4 trillion gross earnings reported in the corresponding period of 2024, underscoring the bank’s strong revenue-generating capacity across its core banking operations. The growth was largely driven by higher interest income, robust trading gains, and improved customer transaction volumes,…
The Manufacturers Association of Nigeria (MAN) has raised fresh concerns over the Federal Government’s proposed tax stamp policy, warning that the move could increase production costs, hurt local manufacturers, and ultimately shift the financial burden onto consumers. The association stressed that at a time when Nigerians are grappling with inflation, high energy costs, and dwindling purchasing power, implementing such a policy may worsen economic hardship. The Federal Government, through its revenue agencies, has been exploring new fiscal strategies to boost tax collection and curb illicit trade, including the introduction of excise stamps across various sectors. However, manufacturers argue that the…
The Nigerian Exchange (NGX) extended its bearish run as investors lost N265 billion in market value, deepening concerns over persistent sell-offs and weak market sentiment. The downturn, which has affected several key sectors, reflects growing investor caution amid economic uncertainties and global financial pressures. The latest decline saw the NGX All-Share Index drop further, erasing gains recorded earlier in the year. Analysts attribute the losses to profit-taking by investors, concerns over inflation, and fluctuations in foreign exchange rates. The banking, consumer goods, and industrial sectors were among the hardest hit, with major stocks recording price declines. Market watchers suggest that…
The Economic Community of West African States (ECOWAS) has taken a major step toward addressing poverty and inequality across the region with the launch of its new Social Protection Framework and an accompanying operational plan. The initiative, which comes at a time when West Africa is grappling with multiple socio-economic challenges, aims to strengthen social safety nets, expand coverage for vulnerable populations, and improve the resilience of households in the face of economic shocks. Announced at a high-level gathering of policymakers, development partners, and civil society actors, the framework underscores ECOWAS’ commitment to inclusive growth and human capital development. For…
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its current monetary stance by lowering policy rates in order to boost access to credit for small and medium-sized enterprises (SMEs). The call comes amid concerns that Nigeria’s tight monetary policies, though aimed at stabilizing the naira and curbing inflation, are inadvertently stifling private sector growth and making it increasingly difficult for businesses to thrive. Speaking against the backdrop of recent economic data, CPPE argued that while the monetary tightening measures adopted by the apex bank may have yielded some positive…
Nigeria’s aviation sector has once again come under the spotlight as industry stakeholders strongly voiced their opposition to the revival of a government-owned national airline, insisting instead on the adoption of a flag carrier model. Their arguments, grounded in both past experiences and global trends, point to the risks of repeating mistakes that have historically burdened taxpayers while failing to deliver sustainable gains for the aviation industry. At a recent industry forum, aviation experts, union leaders, and representatives of airline operators criticized the federal government’s lingering inclination toward re-establishing a state-owned carrier, recalling the troubled history of Nigeria Airways, which…
Nigeria’s e-commerce market is on track to exceed $16 billion by 2030, according to new projections by the Lagos Business School (LBS). The forecast underscores the rapid growth of the digital economy in Africa’s largest market, buoyed by increased internet penetration, mobile adoption, a youthful population, and rising confidence in online transactions. The report highlighted that the surge in e-commerce is being driven by structural changes in consumer behavior, as more Nigerians embrace online shopping for convenience, affordability, and variety. With over 220 million people and an expanding middle class, Nigeria is regarded as one of the most attractive e-commerce…
Stanbic IBTC Holdings Plc has announced an impressive profit after tax of N173.4 billion for the first half of 2025, a performance that underscores the bank’s resilience in Nigeria’s evolving financial landscape. The results, filed with the Nigerian Exchange (NGX), highlighted the Group’s ability to leverage its diversified operations, even amid macroeconomic pressures. The bank attributed this strong financial showing to a significant boost in interest income, which benefited from the Central Bank of Nigeria’s (CBN) tight monetary stance. With the policy rate remaining elevated, yields on loans and investment securities surged, creating opportunities for banks to earn more from…
Nigeria’s economy may be on the brink of a monetary policy shift as the country records another decline in inflation, sparking optimism among businesses, investors, and households that the Central Bank of Nigeria (CBN) could ease its tight monetary stance in the coming months. The latest figures from the National Bureau of Statistics (NBS) show that headline inflation dropped for the fifth consecutive month, a development that economists believe could create the conditions for a reduction in interest rates, which currently stand at record highs. The inflation slowdown comes after months of relentless pressure on the economy caused by a…
Billionaire businessman Femi Otedola has described the Dangote Refinery as a transformative development for Nigeria’s oil sector and overall economy, declaring that the project has ushered in a new era of change. Speaking in response to the controversy between the refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Otedola stressed that the 650,000 barrels-per-day facility is already altering the dynamics of petroleum supply, reducing Nigeria’s reliance on imports, and boosting confidence in the country’s energy self-sufficiency. Otedola, who has long been a key player in Nigeria’s energy and finance sectors, said the refinery should be seen…