Fuel marketers in Nigeria have expressed deep concerns over the potential market disruptions that could arise from Dangote Refinery’s reported plan to bypass the traditional distribution structure and supply fuel directly to select retailers and end users. The move, they warn, could destabilize existing distribution chains, create unfair market advantages, and put thousands of independent operators at risk. The Dangote Refinery, which began operations earlier this year, has quickly become a major player in the country’s downstream petroleum sector. Its capacity to refine up to 650,000 barrels per day positions it as a pivotal supplier capable of transforming Nigeria’s fuel…
Author: Temitope N.
The Nigerian naira ended the month of July 2025 on a slightly weaker note, closing at ₦1,533.55 per dollar at the official market, reflecting a 0.25% decline from the previous month. The marginal depreciation underscores persistent pressures on Nigeria’s foreign exchange market despite various monetary interventions by the Central Bank of Nigeria (CBN). According to data from the FMDQ Securities Exchange, the naira opened July at ₦1,529.78/$ and recorded slight fluctuations throughout the month, primarily driven by limited dollar liquidity, strong demand from importers, and external sector imbalances. The closing rate represents a ₦3.77 loss month-on-month and signals a continued…
The Nigerian Exchange Limited (NGX) wrapped up July on a bullish note, recording a remarkable gain of ₦12.62 trillion in market capitalization, as investors showed renewed confidence in the equity market amid policy reforms and strong corporate earnings. The surge in value marked one of the most robust performances by the Exchange in recent months, driven by sustained interest in blue-chip stocks and increasing participation from both domestic and foreign investors. At the close of trading on the final day of July, the NGX’s market capitalization climbed to ₦59.24 trillion from ₦46.62 trillion recorded at the beginning of the month.…
Caverton Offshore Support Group Plc has posted a ₦2.09 billion profit before tax for the first half of 2025, marking a solid rebound in performance after periods of sectoral volatility. The result reflects improving operational demand, cost discipline, and strategic diversification across aviation and logistics services. During a presentation in Lagos, Caverton’s management team highlighted strong momentum across its service lines, particularly in helicopter operations, aviation training, and offshore logistics support. Rising oil and gas sector activities, particularly in offshore energy hubs, drove demand for reliable aerial transport, boosting revenue from charter flights, crew transfers, and platform logistics. The firm…
The Nigerian Aviation Handling Company (NAHCO) has announced a remarkable financial performance in the first half of 2025, recording a net profit of ₦8.88 billion, up significantly from its performance in the same period last year. This impressive result reflects robust demand for ground-handling services across airports and underscores the firm’s improving operational efficiency in Nigeria’s aviation sector. At a management briefing in Lagos, NAHCO’s Chief Executive Officer highlighted the company’s strategic response to growing passenger and cargo volumes, stating that improved revenue from airport operations, cargo logistics, and training services contributed to the strong bottom‑line result. Despite persistent headwinds…
Nigeria celebrated a historic milestone as egusi seeds were officially launched into space, becoming the nation’s first indigenous agricultural product to be carried beyond Earth, in a high-altitude scientific mission aimed at advancing food research under microgravity conditions. The mission, conducted by a Nigerian university in partnership with an international space research institute, included a small payload capsule laden with carefully sealed egusi seeds. Lifted aboard a suborbital rocket, the seeds traveled to the edge of space, exposing them to microgravity, cosmic radiation, and other extreme conditions before being retrieved and returned to Nigeria for analysis. Scientists and stakeholders hailed…
Industry leaders, shipping agents, and importers are urging the Federal Government to significantly expand port automation as a means to dramatically reduce cargo delays and boost overall logistics efficiency. The current delays remain a major bottleneck, hindering trade competitiveness, driving up costs, and limiting port throughput capacity. At a high-level roundtable held in Lagos, representatives from various sectors—including freight forwarding firms, shipping lines, and trade associations—highlighted inefficiencies in manual processing, extended clearance times, and inconsistent handling procedures as key drivers of port congestion. They called for comprehensive automation across documentation, terminal operations, and customs workflows to streamline cargo movement. Stakeholders…
The Ogun State chapter of the Manufacturers Association of Nigeria (MAN) has called on local manufacturers to actively seek alternative means of financing to sustain their operations in the face of escalating production costs, tight liquidity, and dwindling consumer demand. Speaking at the association’s Annual General Meeting in Abeokuta, the Chairman of MAN in Ogun, George Onafowokan, said that manufacturers in the state are under immense pressure due to a mix of macroeconomic headwinds, including forex scarcity, inflation, and high interest rates from commercial lenders. He emphasized that the current economic situation demands a shift in how industrialists approach financing,…
Corporate and content stakeholders have been called upon to forge strategic partnerships in order to tap into a burgeoning $250 billion market ecosystem, driven by the convergence of creative talent, commercial branding, and Nigeria’s creative economy. During a high-profile industry dialogue in Lagos, government officials, business leaders, and creative industry advocates emphasized that brands and content creators must work in concert to unlock the immense consumer, cultural, and economic potential. This call to action follows recent national assessments indicating that Nigeria’s creative economy—encompassing film, music, fashion, digital content, gaming, and other cultural industries—has the potential to generate over $250 billion in…
Nigeria’s lagoon systems, especially those around Lagos, are increasingly gaining notoriety for being among the most polluted water bodies globally, as unmanaged waste disposal and environmental neglect take their toll. In coastal cities like Lagos, lagoons once used for fishing, transport, and recreation are now overflowing with solid waste, plastic debris, oil spills, and industrial effluents. These water bodies are no longer safe for human activity or aquatic life, say environmentalists and local community leaders who have called attention to the rapid decline in water quality over the years. Open dumping of municipal waste has become a chronic problem. Refuse…
United Africa Company (UAC) has confirmed the acquisition of the Chivita and Hollandia beverage brands from the Coca‑Cola Group, marking a pivotal expansion of its portfolio into fruit juice and dairy variants. The move, representing a significant shift in Nigeria’s consumer goods landscape, reinforces UAC’s ambition to deepen local value chains and expand its foothold in the fast-moving consumer goods (FMCG) sector. UAC’s Managing Director described the acquisition as transformative: by bringing Chivita and Hollandia under its umbrella, the company now controls a broader range of beverage offerings—from fruit juices and smoothies to probiotic dairy drinks—enabling a more holistic market…
The African Development Bank (AfDB) has pledged a $1.2 million grant to bolster the stability and resilience of Nigeria’s national electricity grid—a critical step toward reducing outages, improving distribution efficiency, and supporting long-term grid reliability. The grant, announced by AfDB officials and Nigeria’s Power Ministry, is earmarked for targeted interventions in grid monitoring, operational coordination, and technical upgrades at key substations across high-demand regions. It is part of a broader strategy to support system operators and transmission entities as they implement reforms intended to modernize transmission capabilities and reduce systemic disruptions. According to Energy Ministry representatives, the grant will fund…
Shell has announced a sharp decline in profit for its latest financial period, attributing the downturn to a slowdown in global oil and gas prices that eroded margins across its energy operations.The energy company revealed that net income for the half-year contracted year‑on‑year, with upstream revenue—generated from exploration and production—hardest hit by lower crude and natural gas rates. Despite robust production volumes, the average revenue per barrel dipped significantly due to depressed benchmark prices. Downstream operations, including refining, petrochemicals, and lubricants, also reported margin compression. Refinery crack spreads narrowed as demand softened in key markets, and surging operating costs—from energy…
The Tourist Company of Nigeria PLC (TCN) has unveiled the reasoning behind its recent overhaul of the board of directors, arguing the move is a necessary step in its broader plan to reboot operational performance, restore stakeholder confidence, and unlock fresh growth opportunities in Nigeria’s hospitality sector. Company leadership addressed shareholders and industry stakeholders during a special briefing in Lagos, asserting that the new board—composed of individuals with expertise across finance, hospitality management, real estate development, and strategic turnaround—was intentionally assembled to bring both relevant experience and a disciplined governance approach. The board appointments, they emphasised, reflect clear alignment with…
In a strategic move to modernize regulatory compliance in Nigeria’s financial sector, fintech platform Pastel has formed a partnership with FintechNGR, a leading non-profit fintech advocacy group. The collaboration aims to harness artificial intelligence (AI) tools to streamline anti-money laundering (AML), customer onboarding, and regulatory reporting processes across participating fintech companies. The joint effort reflects growing recognition that manual compliance systems are costly, error-prone, and often lag behind fast-evolving digital finance ecosystems. Under the agreement, Pastel will deploy its AI-powered compliance engine across FintechNGR’s member network, offering automation of customer risk profiling, transaction monitoring alerts, and real-time sanction screenings. According…
Parthian Partners has successfully arranged a ₦800 million financing facility aimed at supporting the tin extraction and processing industry in Nigeria. The deal marks a significant boost for the nation’s mineral sector, promising to improve production capacity, strengthen value chains, and pave the way for export-driven growth. The agreement involves funding that will be extended to a consortium of tin producers operating in key mining states, including Plateau, Kogi, and Nasarawa. According to Parthian Partners, this support is tailored to help firms upgrade mining equipment, scale processing capabilities, and meet international quality standards needed for export markets. Representatives from Parthian…
BUA Foods Plc on Monday announced an outstanding set of half-year results for the first half of 2025, reporting a 101 percent increase in profit after tax, alongside gross earnings that surged to ₦276.1 billion. The company’s performance spotlighted robust growth across agri-processing, foodstuffs, and sugar refining operations, signaling strong momentum in domestic value chain expansion. This extraordinary outcome—doubling profit compared to the same period in 2024—was attributed to several converging factors. Management pointed to improved operational efficiency, strategic pricing leveraged on growing demand for staples like sugar, edible oils, and flour, and the full integration of its new manufacturing…
The Federal Government has announced that economic reforms and debt restructuring efforts have led to a 42 percent reduction in the debt stock of Nigeria’s North West region, marking a significant milestone in the drive to restore fiscal stability and enhance public service delivery. According to federal officials, the debt reduction comes on the back of a coordinated program initiated late last year, involving recalibrated budget allocations, debt renegotiations with local creditors, and implementation of cost-saving reforms at state government levels. The measures included freezing non-essential capital expenditure, consolidating external obligations, and discontinuing duplicative subsidy arrangements that had ballooned state…
The Federal Government of Nigeria has attracted an impressive $791.49 million in investments aimed at boosting the country’s Compressed Natural Gas (CNG) industry within just two months. This influx of capital reflects a significant level of investor confidence in Nigeria’s alternative fuel programme and its transition toward cleaner, more affordable energy sources. The CNG investment drive is spearheaded by the Presidential Compressed Natural Gas Initiative (PCNGi), which was launched to support a shift from petrol to natural gas usage, especially in the transportation sector. While the initiative had earlier reported raising about $491 million over the past year, updated figures…
Air Peace, Nigeria’s largest airline, has convened a high‑level leadership retreat in response to its recent acquisition of a coveted London Heathrow airport slot. The gathering, which brought together the airline’s senior management, operational heads, and industry partners in Lagos, served as a strategic forum to chart the next phase of Air Peace’s international expansion and service enhancement roadmap. Securing the Heathrow slot marks a milestone for Air Peace, enabling the airline to initiate direct flights between Lagos and London—one of the most competitive and regulated global aviation routes. During the retreat, executives reviewed timelines for operational deployment, compliance requirements…