Petrol has emerged as Nigeria’s leading import commodity, with the nation importing an estimated 613.6 million litres of Premium Motor Spirit (PMS) within a single year, according to recent trade and customs data. The staggering volume highlights the country’s continued dependence on imported refined petroleum products despite having one of Africa’s largest crude oil reserves and a growing number of domestic refineries. The data, which covers a 12-month period ending in mid-2025, revealed that petrol imports accounted for a significant share of Nigeria’s total import bill, outpacing other essential commodities such as wheat, machinery, and pharmaceuticals. The surge in petrol…
Author: Temitope N.
Transcorp Hotels Plc, one of Nigeria’s leading hospitality brands and a subsidiary of Transnational Corporation Plc, has reported an impressive profit of N22.4 billion for the third quarter (Q3) of 2025, marking a significant increase compared to the same period last year. The company attributed the robust performance to higher occupancy rates, improved cost efficiency, and strategic expansion initiatives that boosted revenue streams across its operations. According to the company’s unaudited financial statements released to the Nigerian Exchange Limited (NGX), revenue for the period rose substantially, driven by stronger performance in its flagship property, Transcorp Hilton Abuja, as well as…
Nigeria’s key revenue collection and allocation agencies have unveiled a coordinated initiative aimed at improving revenue recovery, enhancing transparency, and strengthening fiscal discipline across all tiers of government. The new initiative, announced in Abuja, is expected to boost non-oil revenue generation and ensure more effective distribution of national income to federal, state, and local governments. The move, spearheaded by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) in collaboration with the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and the Office of the Accountant General of the Federation (OAGF), is part of ongoing efforts to plug leakages in…
The Central Bank of Nigeria (CBN) has announced a notable rebound in the value of the naira, attributing the currency’s rally to declining foreign exchange (FX) speculation and improved market stability. The bank confirmed that Nigeria’s external reserves have now surged to $43 billion, their highest level in more than two years, driven by strong oil earnings and renewed investor confidence. In its latest financial update, the apex bank said that recent policy measures to curb speculative trading in the FX market have begun yielding tangible results. These include stricter monitoring of market participants, improved transparency in FX transactions, and…
The Petroleum Training Institute (PTI) has urged African countries not to succumb to global pressure to abandon their crude oil reserves, warning that the continent risks jeopardising its economic stability and development prospects if it hastily transitions away from fossil fuels. Speaking during a recent regional energy conference, the PTI management emphasised that Africa’s estimated 125 billion barrels of crude oil reserves remain a crucial asset for driving industrialisation, energy security, and sustainable growth across the continent. The institute noted that while the global community is increasingly shifting towards renewable energy sources, Africa must pursue a balanced energy transition that…
The Nigerian Exchange Limited (NGX) began the week on a strong note, with investors recording significant gains as market capitalisation rose by N611 billion at the close of trading. The bullish momentum marked a positive start for equities, buoyed by renewed investor confidence and robust performances across key sectors. Data from the exchange revealed that the market capitalisation increased from N93.86 trillion recorded in the previous session to N94.47 trillion, reflecting a 0.65 per cent appreciation. Similarly, the All-Share Index (ASI) rose by 1,075.52 points to close at 166,804.31 points, signaling improved market sentiment among investors. Market analysts attributed the…
Bank customers across Nigeria have expressed strong support for the Central Bank of Nigeria’s (CBN) newly proposed policy mandating commercial banks to refund failed Automated Teller Machine (ATM) transactions within 48 hours. The directive comes as a response to growing public frustration over delayed reversals, missing funds, and unresolved electronic transactions that have long plagued the banking sector. According to the CBN’s draft guidelines released in October 2025, when a customer uses their own bank’s ATM and a transaction fails—referred to as an “on-us” transaction—the reversal must be processed instantly or within 24 hours if manual intervention is required. For…
The Corporate Affairs Commission (CAC) has announced plans to revolutionise Nigeria’s business registration process by reducing the time required to register a company to just 10 minutes. This bold move aligns with the Federal Government’s broader agenda to improve the ease of doing business, enhance digital efficiency, and attract more local and foreign investors to the country. The Registrar-General of the CAC, Hussaini Ishaq Magaji, disclosed the plan during a press briefing in Abuja, explaining that the commission has already made significant strides in automating its operations. He stated that the 10-minute registration target would be achieved through the deployment…
The Forum of Retired Oil and Gas Workers of Nigeria has applauded the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its transformative policies and the steady rise in oil production under the leadership of its Chief Executive, Gbenga Komolafe. The group commended the commission for restoring confidence in the upstream petroleum sector through effective regulatory oversight, operational transparency, and investor-friendly initiatives. In a statement released after its quarterly meeting in Abuja, the forum described Komolafe’s leadership as “visionary and reform-driven,” noting that his efforts have helped reposition Nigeria’s oil and gas industry for sustainable growth. The retired professionals highlighted several…
The Nigerian Bottling Company (NBC) has announced the expansion of its beverage portfolio with the introduction of a new brand, reaffirming its commitment to meeting the diverse tastes and preferences of Nigerian consumers. The move marks another milestone in the company’s strategy to strengthen its position in the competitive fast-moving consumer goods (FMCG) sector and drive innovation within the beverage industry. At a launch event held in Lagos, NBC’s Managing Director, Matthieu Seguin, stated that the new product is part of the company’s long-term plan to diversify its offerings, expand market reach, and cater to changing consumer lifestyles. He explained…
In a bold step to address the growing challenge of child malnutrition in Nigeria, the Nigerian Exchange Group (NGX), the Lagos State Government, and the Human Edge Initiative (HEI) have joined forces to implement a coordinated strategy aimed at improving child nutrition and promoting public health awareness across the state.The partnership, announced in Lagos, is focused on strengthening nutrition education, supporting food security initiatives, and providing resources to vulnerable children and families. The collaboration comes as Nigeria continues to battle rising food prices and inflationary pressures that have worsened the nutritional status of millions of children, particularly in low-income communities.…
Nigeria’s equities market closed on a strong note as financial stocks spearheaded a N1.27 trillion rally on the Nigerian Exchange (NGX), reflecting renewed investor confidence and improved sentiment toward the banking and insurance sectors. The significant market upswing, analysts say, is largely driven by robust third-quarter earnings, improved liquidity in the foreign exchange market, and expectations of a stable monetary policy outlook. At the close of trading, the market capitalisation rose to approximately N59.34 trillion from N58.07 trillion in the previous session, representing a 2.19% increase. The NGX All-Share Index (ASI) also advanced by 2.19% to settle at 104,569.87 points,…
The Federation Account Allocation Committee (FAAC) has disbursed a total of N94.6 billion from the Ecological Funds to states and local governments across Nigeria, marking a significant step toward addressing environmental degradation and supporting disaster management efforts nationwide. The allocation, according to government officials, is part of the federal government’s ongoing commitment to strengthen environmental resilience and mitigate the effects of flooding, erosion, desertification, and other ecological challenges affecting communities across the country. The Ecological Fund, which is derived from a percentage of the Federation Account, is designed to provide rapid intervention for environmental emergencies and to support long-term ecological…
The Dangote Petroleum Refinery has announced that more than 310 million litres of Premium Motor Spirit (PMS), commonly known as petrol, are now available and ready for loading as part of the facility’s phased distribution rollout. The company disclosed that this development marks a significant step toward achieving Nigeria’s goal of domestic self-sufficiency in refined petroleum products and reducing reliance on imports. In a statement issued by the Dangote Group, the refinery’s management revealed that the product, which meets international quality standards, has passed all regulatory tests conducted by relevant government agencies, including the Nigerian Midstream and Downstream Petroleum Regulatory…
The Nigerian Senate has summoned the Nigerian Civil Aviation Authority (NCAA) and several domestic airlines to appear before it over alleged safety breaches and regulatory lapses within the country’s aviation sector. The decision follows growing public concern about recurring incidents involving technical faults, emergency landings, and near-miss situations that have raised questions about the enforcement of aviation safety standards. Chairman of the Senate Committee on Aviation, Senator Buhari Abdulfatai, announced the summons after a motion was adopted during plenary on Tuesday. The motion, sponsored by several lawmakers, highlighted what they described as “a disturbing trend of negligence and poor maintenance…
Lagos State Governor Babajide Sanwo-Olu has reaffirmed his administration’s commitment to transforming the state’s transportation landscape, stating that the $410 million Omi Eko project will redefine water transportation in Nigeria’s commercial hub. The governor, speaking during a recent inspection of the project, said the initiative is a bold step toward providing safe, reliable, and sustainable transport alternatives for residents of Lagos. According to Sanwo-Olu, the Omi Eko project — which translates to “Lagos Water” — is designed to modernise the city’s waterways and ease congestion on its overstretched road networks. Funded through a partnership involving the Lagos State Government, international…
Retailers across Nigeria have confirmed a significant decline in the price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, with the commodity now selling for about ₦1,400 per kilogram in many parts of the country. The development marks a welcome relief for households and businesses that have endured weeks of sharp price increases driven by supply disruptions and logistics challenges. The decline in price follows improved supply conditions across major distribution hubs, as dealers begin to receive increased deliveries from both local producers and importers. Many gas retailers said the market is beginning to stabilise after a period…
Elder statesman and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola (SAN), has raised serious concerns over Nigeria’s rapidly increasing debt profile, warning that the trend is eroding investor confidence and discouraging foreign investment inflows into the country.Speaking during an economic forum in Ado-Ekiti, Babalola lamented that Nigeria’s current fiscal trajectory poses a significant threat to its economic sovereignty and future development prospects. He explained that the growing debt burden, coupled with weak revenue generation, has created an unsustainable financial environment that deters potential investors from committing capital to Nigeria. According to Babalola, Nigeria’s debt has ballooned to…
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has reaffirmed his administration’s determination to sustain the momentum of ongoing economic and financial sector reforms, declaring that the apex bank will not succumb to “reform fatigue” despite the challenges confronting the economy.Cardoso made the declaration during an interactive session with financial sector leaders and policymakers in Abuja, where he reiterated the CBN’s commitment to restoring confidence, stabilising the naira, and fostering sustainable economic growth. He explained that the current reforms were essential for repositioning the economy on a path of productivity, efficiency, and global competitiveness. According to…
The Dangote Petroleum Refinery has clarified that its recent decision to scale down crude oil inflows is a deliberate, strategic response to ongoing fluctuations in global crude prices and domestic market dynamics. The management emphasized that the measure is aimed at ensuring operational efficiency and sustainability amid the current volatility in the oil market. According to industry sources, the refinery’s temporary reduction in crude intake is not a sign of production setback but rather a calculated adjustment to align processing volumes with evolving market conditions. This comes as global oil prices have witnessed oscillations in recent weeks, influenced by factors…