The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to broaden the scope of the 4% Free on Board (FOB) levy exemptions to cover a wider range of agricultural products and exporters. The Chamber said such an expansion would not only enhance the competitiveness of Nigeria’s agricultural sector in the global market but also strengthen the country’s non-oil revenue base and support food security. In a statement issued on Tuesday by its Director-General, Dr. Chinyere Almona, the LCCI emphasised that the existing exemptions under the levy were too limited, leaving many genuine agricultural exporters struggling…
Author: Temitope N.
The Nigerian Exchange (NGX) sustained its bullish momentum on Tuesday, adding a remarkable ₦479 billion to market capitalisation, as investor confidence continued to soar on the back of ongoing economic and policy reforms by the Federal Government and the Central Bank of Nigeria (CBN). The renewed optimism across sectors reflects growing confidence in the government’s macroeconomic stabilisation efforts, which have been applauded by both local and foreign investors. Market capitalisation rose from ₦92.87 trillion to ₦93.35 trillion at the close of trading, representing a 0.52 percent gain. Similarly, the All-Share Index (ASI) advanced by 848.7 points to close at 165,492.08…
Civil Society Organisations (CSOs) across Nigeria have called on telecommunication companies (telcos) to comply fully with the regulatory framework established by the Federal Competition and Consumer Protection Commission (FCCPC) governing digital lending operations. The groups expressed deep concern over the increasing number of data privacy violations and unethical collaborations between some lending platforms and telcos, warning that non-compliance threatens consumer rights and national data integrity. The call comes amid growing scrutiny of the activities of digital money lenders and their partnerships with mobile operators, which facilitate access to sensitive user information without proper authorization. The CSOs, which include the Centre…
The Senate of the Federal Republic of Nigeria has rolled out a series of decisive moves to tighten the oversight of public procurement across federal Ministries, Departments and Agencies (MDAs), underscoring the imperative of transparency, value for money and inclusive contracting. At the heart of the drive are two linked priorities: ensuring compliance with existing procurement laws and reforming those laws to open up opportunities for indigenous contractors. In a press statement, Olajide Ipinshagba, Chairman of the Senate Committee on Public Procurement, asserted that procurement scrutiny by the Senate is not ceremonial but fundamental to protecting the citizen-ry’s resources. He…
The Federal Government has appealed to the United Nations (UN) and other international partners for assistance in accessing a proposed $10 billion humanitarian funding aimed at addressing Nigeria’s growing humanitarian and food security challenges. The appeal was made by the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, during a high-level meeting with UN officials and development partners in Abuja. Edu explained that the Federal Government is intensifying efforts to mobilise global support and funding to tackle the multiple crises affecting millions of Nigerians, including displacement caused by insecurity, flooding, poverty, and rising food prices. She stated that…
Nigerian Breweries Plc, the country’s leading beverage manufacturer, has announced a total revenue of N1.04 trillion for the first nine months of 2025, marking a significant improvement in sales performance despite persistent inflationary pressures, foreign exchange volatility, and rising production costs.The company disclosed this in its unaudited financial statement for the nine-month period ended September 30, 2025, where it reported steady growth in revenue driven by strong consumer demand and the resilience of its premium and mainstream brands. According to the statement, the brewer achieved a notable recovery in volume sales, supported by improved distribution networks, strategic price adjustments, and…
The Federal Government has officially launched the procurement process for port modernisation projects outside Lagos, in a strategic effort to enhance efficiency, decongest the Lagos ports, and expand maritime infrastructure across Nigeria. The Minister of Marine and Blue Economy, Adegboyega Oyetola, made the disclosure during a stakeholders’ meeting in Abuja, emphasizing that the initiative forms a vital part of President Bola Ahmed Tinubu’s agenda to unlock the nation’s maritime potential and diversify revenue sources. Oyetola explained that the move aims to create a more balanced and competitive port system across the country, reducing the heavy reliance on Lagos ports, which…
A fresh controversy has emerged in Nigeria’s downstream petroleum sector as independent fuel marketers have accused the Dangote Petroleum Refinery of failing to supply petroleum products despite receiving full payments for orders placed weeks ago. The marketers, under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed frustration over what they described as “delayed or unfulfilled supply commitments,” claiming that the situation is already causing financial strain and operational setbacks for several depots and retail outlets across the country. According to reports from industry insiders, several marketers had made advance payments running into billions of naira to…
The Dangote Petroleum Refinery, Africa’s largest integrated refining complex, is set to list 10 percent of its equity on the Nigerian Exchange (NGX) in what analysts describe as one of the most anticipated listings in Nigeria’s capital market history. The move, according to industry insiders, is part of the company’s strategy to deepen transparency, raise additional capital, and allow Nigerians to own a stake in the multibillion-dollar refinery. The decision to list comes as the refinery, owned by Dangote Industries Limited (DIL), continues to play a crucial role in reshaping Nigeria’s energy landscape by reducing dependence on imported petroleum products.…
Renowned entrepreneur and Chairman of Heirs Holdings, Tony O. Elumelu, has reaffirmed his belief that the private sector remains the most powerful engine for driving sustainable economic growth and development across Africa. Speaking at a recent high-level economic forum in Lagos, Elumelu emphasized that empowering entrepreneurs and strengthening private sector institutions are essential for creating jobs, boosting productivity, and reducing poverty on the continent. Elumelu, who is also the founder of the Tony Elumelu Foundation (TEF), stated that the government alone cannot achieve broad-based economic transformation without the strategic involvement of the private sector. He urged policymakers to create a…
Shell Petroleum Development Company (SPDC) has emphasized the importance of strong partnerships between International Oil Companies (IOCs) and indigenous energy firms to accelerate Nigeria’s gas production and achieve the nation’s energy transition goals. The company stressed that increased collaboration would enhance investment, technology transfer, and sustainable development in the country’s gas sector. Speaking at the recent Nigeria International Energy Summit (NIES) in Abuja, Shell’s Managing Director, Osagie Okunbor, said that Nigeria has one of the largest natural gas reserves in the world but continues to lag in production and utilization due to underinvestment, infrastructure deficits, and regulatory bottlenecks. He noted…
The Nigerian stock market continued its bullish run on Monday, as investors recorded a remarkable gain of N1.45 trillion following sustained buying interest in major blue-chip stocks and renewed investor confidence in the economy. The positive sentiment pushed the overall market capitalization of the Nigerian Exchange (NGX) to N95.2 trillion at the close of trading, up from N93.75 trillion recorded in the previous session. Data from the NGX showed that the All-Share Index (ASI) advanced by 1.54 percent to close at 167,842.52 points, compared to 165,286.09 points posted on Friday. The rally was largely driven by price appreciation in the…
Lafarge Africa Plc has announced a remarkable 144 percent rise in its profit after tax for the third quarter of 2025, reaching N75 billion compared to N30.7 billion recorded in the same period last year. The cement manufacturing giant attributed the impressive performance to increased production efficiency, cost management strategies, and higher sales volume driven by rising demand in the construction sector. According to the company’s unaudited financial statement released to the Nigerian Exchange (NGX), Lafarge recorded a strong revenue growth of 58 percent, with turnover climbing to N450 billion from N284.7 billion in the previous year’s third quarter. This…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a staggering N380 billion revenue loss for September 2025, attributed to declining crude production, oil theft, and infrastructure sabotage that continue to plague Nigeria’s oil and gas sector. The development marks one of the largest single-month revenue shortfalls in recent years, raising concerns over the impact on government finances and budgetary stability. According to industry sources and data from the Federation Account Allocation Committee (FAAC), the loss was largely due to reduced crude oil output, which dropped below the 1.4 million barrels per day (bpd) mark during the month. This…
The Transmission Company of Nigeria (TCN) has announced that it will carry out scheduled maintenance operations on its transmission infrastructure in Enugu State as part of ongoing efforts to improve electricity supply reliability and network efficiency across the South-East region.According to a statement released by the company’s General Manager of Public Affairs, Ndidi Mbah, the planned maintenance exercise is designed to strengthen grid stability, reduce power interruptions, and enhance overall transmission performance. The operation will involve upgrading critical transmission equipment, replacing outdated components, and cleaning high-voltage lines to ensure uninterrupted power flow. TCN stated that the maintenance will affect some…
The World Bank has announced a landmark $100 billion initiative aimed at stimulating job creation and accelerating economic growth across developing nations, with Africa positioned as one of the major beneficiaries. The ambitious plan seeks to address the persistent challenges of unemployment, inequality, and sluggish economic recovery following global disruptions such as the COVID-19 pandemic, inflationary pressures, and rising debt burdens. According to a statement from the World Bank headquarters in Washington, the new funding drive will be channeled into supporting small and medium-sized enterprises (SMEs), digital transformation, renewable energy projects, and infrastructure development in low- and middle-income countries. The…
The Federal Government has announced plans to restore power generation at the Aluminium Smelter Company of Nigeria (ALSCON), with a target of generating 540 megawatts (MW) to strengthen the national grid and revive industrial operations in the region. The move is part of broader efforts to accelerate Nigeria’s industrial revitalisation and improve energy access across the country. The Minister of Power, Chief Adebayo Adelabu, disclosed this during an inspection visit to the ALSCON facility in Ikot Abasi, Akwa Ibom State. He said the government’s initiative to restore power generation at the plant aligns with President Bola Tinubu’s Renewed Hope Agenda,…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced a major management reshuffle as part of its ongoing efforts to strengthen institutional efficiency, improve service delivery, and align the agency with international maritime standards.The restructuring, which affects several key directorates and departments, is aimed at repositioning NIMASA to better fulfil its statutory responsibilities of regulating maritime safety, security, and shipping development in Nigeria’s territorial waters. The move comes amid renewed calls for transparency, accountability, and strategic reforms in the nation’s maritime sector. In a statement issued by NIMASA’s Director of Public Affairs, Osagie Edward, the agency confirmed that the…
Nigeria’s oil tax revenue plunged by 53% in the first half of 2025, according to the latest report released by the Federation Account Allocation Committee (FAAC). The steep decline underscores the ongoing challenges facing the country’s petroleum sector despite rising global oil prices and efforts to stabilise domestic production. The FAAC report revealed that oil-related taxes, including Petroleum Profit Tax (PPT) and royalties, fell drastically from over N3.2 trillion recorded in the same period of 2024 to about N1.5 trillion in 2025. This represents a significant shortfall that has impacted the monthly allocations shared among the three tiers of government.…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit of N216 billion for the 2024 financial year, achieved on a turnover of N4.26 trillion. The performance reflects the company’s strengthened financial and operational efficiency under the leadership of its Chief Executive Officer (GCEO), Bashir Bayo Ojulari. The announcement marks another milestone in the company’s ongoing transformation into a fully commercial and profit-oriented entity, following its incorporation under the Petroleum Industry Act (PIA) of 2021. The profit demonstrates the success of reforms aimed at improving transparency, reducing operational costs, and boosting productivity across the oil and gas value…