The Dangote Petroleum Refinery has ramped up its crude oil processing capacity to 610,000 barrels per day (bpd), bringing the facility closer to its full operational potential and signaling a major step toward energy self-sufficiency in Nigeria. Industry officials and analysts have described the development as a significant boost to the nation’s refining capabilities, reducing dependence on imported petroleum products and strengthening foreign exchange reserves. According to executives at the Dangote Group, the refinery’s expansion in output is the result of sustained investment in state-of-the-art technology and a phased commissioning process that began earlier in the year. The facility, located…
Author: Temitope Nlewemchi
The Federal Airports Authority of Nigeria (FAAN) has rolled out a new initiative aimed at improving accessibility and travel comfort for passengers with disabilities, the elderly, and other individuals with mobility challenges across airports in the country. The move is part of FAAN’s broader commitment to enhancing customer service and aligning Nigeria’s aviation sector with global best practices. According to FAAN management, the wheelchair support programme will be available at major airports nationwide, providing dedicated assistance for passengers who require mobility support from the terminal entrance to the aircraft and vice versa. The service is designed to ensure that individuals…
The Sea Empowerment and Research Centre (SEREC) has strongly rejected the proposed increase in licence fees for maritime agents, warning that such a policy could harm Nigeria’s already fragile shipping and export industry. According to the organization, the planned hike, if implemented without adequate stakeholder consultation, would further burden operators struggling with high operational costs, infrastructure gaps, and volatile foreign exchange rates. SEREC noted that maritime agents and exporters are already paying numerous levies and facing multiple regulatory charges, which make Nigerian ports among the most expensive in West Africa. The group cautioned that any additional financial obligations would push…
Schneider Electric has announced the launch of its next-generation intelligent machines designed to strengthen industrial operations, boost efficiency, and advance the adoption of automation technologies across multiple sectors. The global energy management and automation company said the new solutions are aimed at transforming production processes, ensuring reliability, and promoting sustainability in industries navigating an increasingly competitive and resource-conscious environment. The unveiling marks a significant step in Schneider Electric’s continued push to integrate digital intelligence into industrial systems. The company noted that the smarter machines, equipped with cutting-edge automation and monitoring capabilities, are designed to improve productivity while reducing downtime and…
The Nigerian equities market continued its upward momentum on Wednesday, recording another session of impressive gains as investor sentiment remained bullish across major sectors. Market capitalisation surged by N203 billion at the close of trading, reflecting growing investor appetite for blue-chip stocks and optimism over improved macroeconomic fundamentals. According to trading data from the Nigerian Exchange Limited (NGX), the market capitalisation increased from N56.03 trillion on Tuesday to N56.23 trillion, driven by renewed interest in key sectors such as banking, consumer goods, industrials, and energy. The All-Share Index (ASI), a benchmark indicator of market performance, also rose by 0.36 percent…
The Nigerian naira began the new trading week on a weaker footing, exchanging at ₦1,533 per United States dollar at the official foreign exchange window. The development underscores persistent volatility in the foreign exchange market despite ongoing reforms aimed at stabilising the currency and boosting investor confidence. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday showed that the naira lost further ground against the greenback, compared to last week’s close of ₦1,520/$. The depreciation was attributed to sustained demand pressure from importers, dwindling dollar supply, and market uncertainties affecting investor sentiment. Market analysts noted that while the…
The Nigerian Exchange (NGX) closed the week on a positive note, buoyed by increased investor confidence and strong demand for equities across key sectors. Market data showed that the bourse recorded a N425 billion gain in market capitalization, reflecting improved sentiment following a spate of corporate earnings releases and continued policy reforms aimed at strengthening the economy. During the week, the All-Share Index (ASI) rose significantly as blue-chip stocks and banking equities attracted notable interest from both local and foreign investors. Market capitalization climbed to over N57 trillion from the previous week’s figure, representing one of the strongest weekly gains…
Nigeria has solidified its position as Singapore’s leading trade partner in West Africa, as bilateral trade between the two countries surged by 85 percent to $7.47 billion in the first half of 2025. The development underscores Nigeria’s growing relevance in global trade networks, as well as Singapore’s deepening economic engagement with Africa’s largest economy. According to recent trade data, the sharp rise in trade volumes reflects stronger demand for Nigeria’s crude oil, liquefied natural gas (LNG), and agricultural products, alongside increased imports of Singaporean refined petroleum, electronics, and manufactured goods into Nigeria. The figures mark one of the highest year-on-year…
The Nigerian Civil Aviation Authority (NCAA) has officially unveiled its first SERVICOM charter, aimed at significantly improving service delivery across the country’s aviation industry. The move aligns with the federal government’s broader agenda of enhancing efficiency, accountability, and customer satisfaction in public institutions. By adopting the SERVICOM framework, the NCAA is committing to higher operational standards, better responsiveness to stakeholders, and greater transparency in its dealings with the aviation community and the general public. During the launch ceremony held in Lagos, NCAA Director-General Captain Chris Najomo emphasized that the charter was designed to institutionalize a customer-centric culture within the authority…
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has reiterated its commitment to advancing the growth of women-led businesses in Nigeria through renewed initiatives designed to support female entrepreneurs. The bank, in a statement, said the move aligns with its broader financial inclusion drive and its long-standing goal of creating equal opportunities in business. According to the bank, female entrepreneurs play a vital role in shaping Nigeria’s economy but often face barriers such as limited access to finance, mentorship, and networks. Stanbic IBTC noted that these challenges contribute to a significant funding gap that prevents many women-owned businesses from…
Lafarge Africa Plc has reported a remarkable 70 percent increase in revenue, reaching ₦269 billion for the second quarter of 2025, underscoring its strong market performance and operational resilience despite persistent economic headwinds. The cement giant attributed the growth to robust demand, improved pricing strategies, and operational efficiency gains across its production and distribution network. The company disclosed the figures in its unaudited financial results released to the Nigerian Exchange Group (NGX), noting that the revenue surge reflected both higher sales volumes and stronger pricing in key markets. This performance places Lafarge Africa among the cement industry leaders navigating Nigeria’s…
The International Monetary Fund (IMF) has called on governments worldwide, including Nigeria, to improve fiscal transparency and strengthen governance structures as a means of reducing borrowing costs and sustaining investor confidence. According to the global financial institution, countries with higher levels of transparency and accountability tend to enjoy lower debt-servicing costs and greater access to financing, even during periods of global economic volatility. In a recent policy briefing, the IMF stressed that lack of clarity in public financial management often leads to increased risk perception among investors, thereby driving up interest rates on government bonds and other debt instruments. The…
The National Pension Commission (PenCom) has issued a strong warning to Pension Fund Administrators (PFAs), directing them to avoid investing workers’ retirement savings in banks’ Additional Tier-1 (AT1) capital instruments. The caution follows heightened concerns over the risk profile of such assets, which have come under global scrutiny after recent financial sector shocks. According to industry sources, PenCom’s advisory stems from its mandate to safeguard the N20 trillion pension assets under management in Nigeria’s Contributory Pension Scheme (CPS). The regulator emphasised that PFAs must exercise extreme caution in evaluating investment opportunities, particularly those that may expose pension contributions to unnecessary…
The Federal Government of Nigeria has successfully raised N136 billion through the issuance of medium-term bonds as part of its domestic borrowing strategy to finance the 2025 budget and support ongoing infrastructure development projects. The Debt Management Office (DMO), which oversees the issuance and management of the country’s debt instruments, confirmed that the latest bond auction attracted strong participation from both local and foreign investors, underscoring confidence in the Nigerian capital market despite global economic uncertainties. According to market reports, the bonds were issued across multiple tenors, with investors showing high demand for maturities in the five, ten, and twenty-year…
President Bola Ahmed Tinubu has commissioned a 40,000 cubic meter Liquefied Petroleum Gas (LPG) vessel built for the West Africa Gas Limited (WAGL), a joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and Sahara Group, in Ulsan, South Korea. The new carrier, which represents one of the most significant investments in Nigeria’s gas infrastructure, is expected to bolster the country’s energy transition plan and deepen its LPG penetration across Africa. The state-of-the-art carrier, named Akintoye 1, was built by Hyundai Heavy Industries, one of the world’s leading shipbuilders, and is part of a larger initiative to increase Nigeria’s…
The Federal Government has announced a strategic collaboration with PalmPay, a leading fintech platform, to train one million Nigerian youths in digital safety. The initiative is aimed at equipping young people with the knowledge and tools to navigate the digital economy securely while curbing rising cases of cybercrime and fraud in the country’s financial sector. Speaking at the launch of the programme in Abuja, Minister of Youth Development, Ayodele Olawande, said the partnership underscores the Federal Government’s commitment to empowering young Nigerians with critical skills for the digital era. He noted that while technology has opened new doors of opportunity…
Schneider Electric has introduced a suite of new energy management and power solutions aimed at boosting the efficiency and growth potential of small and medium-sized enterprises (SMEs) across Africa. The initiative reflects the company’s ongoing commitment to addressing the continent’s persistent energy access challenges while empowering local businesses to become more competitive in an increasingly technology-driven global economy. Announcing the new solutions at a regional event, Schneider Electric executives emphasized that inadequate and unreliable electricity supply remains one of the biggest hurdles for African entrepreneurs. Many small businesses spend a significant portion of their operating costs on alternative energy sources…
The Nigeria Customs Service (NCS) has issued a 14-day deadline for the owners of 905 overtime cargoes currently abandoned at various seaports across the country to clear their consignments or risk outright seizure. The directive, which comes amid concerns over congestion at ports and loss of potential government revenue, is aimed at decongesting terminals and improving efficiency in cargo clearance. The Service, in a notice signed by Comptroller General of Customs, Adewale Adeniyi, explained that the affected containers and cargoes have overstayed the statutory period allowed for clearance and therefore qualify as overtime cargo under extant laws. He stressed that…
The Nigerian Communications Commission (NCC) has announced the disconnection of unregistered and improperly registered Subscriber Identification Module (SIM) cards from the nation’s telecoms networks, in a move aimed at bolstering national security, improving service integrity, and safeguarding citizens against criminal exploitation of mobile lines. The decision, which follows several warnings and deadlines issued by the regulator, is part of ongoing efforts to ensure full compliance with SIM registration guidelines and the mandatory linkage of National Identification Numbers (NIN) to mobile lines. The NCC emphasized that the action is in line with government policy to secure Nigeria’s digital space and to…
The National Pension Commission (PenCom) has blacklisted seven mortgage banks in Nigeria for breaching regulatory guidelines on housing loan schemes tied to the Contributory Pension Scheme (CPS). The move, which industry experts describe as a bold step toward strengthening transparency and protecting pension contributors, underscores PenCom’s resolve to ensure that the housing component of the pension framework is managed in line with laid-down standards. PenCom confirmed that the affected institutions were found guilty of various infractions, ranging from improper documentation to mismanagement of contributors’ Retirement Savings Accounts (RSAs) linked to housing loan withdrawals. The regulator explained that while the Contributory…