The pump price of Premium Motor Spirit (PMS), commonly known as petrol, may decline further as global crude oil prices continue to trend downward. Industry analysts suggest that if the current decline in crude prices persists, the cost of refined petroleum products, including PMS, could see additional reductions in the coming weeks. Recent market data indicates that crude oil prices have dipped due to a combination of factors, including increased global supply, reduced demand in key economies, and geopolitical developments. Since petrol prices are largely influenced by the cost of crude, a sustained drop in oil prices could translate into…
Author: Temitope N.
Shell has stated that Nigeria is facing intense competition for foreign investments, as global energy firms increasingly weigh their options across various emerging markets. Speaking at an industry forum, Shell executives emphasized that while Nigeria remains a key player in the oil and gas sector, policy uncertainties, infrastructure challenges, and security concerns are affecting investor confidence. According to Shell, countries with more stable regulatory environments and attractive fiscal policies are drawing significant capital away from traditional investment hubs like Nigeria. The energy giant highlighted the need for improved business conditions, including streamlined approval processes, security enhancements, and competitive tax structures,…
Optima Energy has entered into a strategic partnership with Dangote Refinery to enhance fuel distribution across Nigeria and beyond. The collaboration aims to ensure efficient supply chain management, improve fuel availability, and stabilize the petroleum market as the refinery ramps up production. According to industry sources, Optima Energy will leverage its logistics network and storage infrastructure to facilitate the seamless distribution of refined products from the Dangote Refinery to key markets. This partnership is expected to bridge supply gaps, reduce dependency on fuel imports, and support Nigeria’s energy security goals. Dangote Refinery, Africa’s largest single-train refinery, has been positioned as…
The Nigerian Ports Authority (NPA) has pledged to address the persistent challenges of poor port infrastructure, which have long hampered efficiency and increased costs for businesses operating in the maritime sector. Speaking at a stakeholders’ forum, NPA’s Managing Director, Mohammed Bello-Koko, reaffirmed the agency’s commitment to modernizing port facilities and improving operational efficiency. Key areas of focus include rehabilitating aging port infrastructure, upgrading cargo handling equipment, and enhancing digitalization to streamline operations. Bello-Koko acknowledged that congestion, inadequate road networks, and outdated facilities have slowed down cargo clearance, affecting Nigeria’s competitiveness in global trade. To tackle these issues, the NPA plans…
The Women in Management, Business, and Public Service (WIMBIZ) organization has highlighted the lack of mentorship as a key factor contributing to career stagnation among women in Nigeria. Speaking at a recent forum, WIMBIZ leaders emphasized that many women struggle to advance in their careers due to limited access to guidance, networking opportunities, and professional development support. According to WIMBIZ, while Nigerian women have made significant strides in business and leadership, systemic challenges such as workplace bias, limited sponsorship, and cultural expectations continue to hinder their progress. Without strong mentorship structures, women often find it difficult to navigate corporate hierarchies,…
The African Development Bank (AfDB) has announced plans to provide a $230 million trade finance package to Access Bank, aimed at boosting trade activities and supporting small and medium-sized enterprises (SMEs) in Nigeria. The funding is expected to enhance Access Bank’s capacity to provide trade finance solutions, particularly for businesses engaged in import and export operations. According to AfDB, the package will help bridge Nigeria’s trade financing gap by providing much-needed liquidity to businesses facing difficulties in accessing credit. It will also facilitate cross-border trade and strengthen economic resilience in the country’s private sector. Access Bank has welcomed the initiative,…
Truck Transit Parks (TTP) is set to deploy artificial intelligence (AI) solutions to address operational delays and inefficiencies in Nigeria’s port and logistics sector. The initiative aims to enhance traffic management, optimize truck scheduling, and reduce congestion at key transport hubs, particularly in Lagos. According to TTP, the AI system will analyze real-time data to predict traffic patterns, automate truck call-up processes, and improve coordination between stakeholders. By leveraging machine learning, the technology is expected to streamline port operations, minimize waiting times, and enhance overall efficiency in cargo movement. Port operators and truck drivers have welcomed the development, noting that…
The National Inland Waterways Authority (NIWA) Police has arraigned two individuals in Lokoja for alleged negligence, which reportedly led to safety breaches along the waterways. The suspects, whose identities were not disclosed, were brought before a magistrate court following an investigation into an incident that endangered lives and disrupted water transport operations. According to NIWA officials, the accused failed to comply with established safety regulations, contributing to an avoidable mishap. While details of the specific violations were not fully disclosed, sources indicate that the case may be related to unauthorized operations or failure to adhere to water transport safety protocols.…
Port operators and stakeholders have raised concerns over the Nigerian Ports Authority’s (NPA) recent directive requiring a mandatory port pass for access to port facilities. The policy, which aims to enhance security and regulate movement within ports, has been met with criticism from logistics companies, clearing agents, and truck drivers who argue that it could lead to unnecessary delays and increased operational costs. According to industry players, the new requirement may slow down cargo movement, further complicating an already congested port system. Some have also questioned the transparency of the implementation process, expressing fears that it could create opportunities for…
A recent Mastercard study has revealed that 83% of Nigerian women are actively engaged in entrepreneurship, highlighting the country’s strong female-driven business culture. The report underscores Nigeria as one of the leading nations in women-led enterprises, with many women turning to business as a means of financial empowerment and economic stability. According to the study, key factors driving female entrepreneurship in Nigeria include limited formal employment opportunities, a desire for financial independence, and the need to support their families. The rise of digital platforms and mobile banking has also played a significant role in enabling women to start and scale…