The Nigerian Exchange recorded a slight increase in market capitalisation of about ₦3 billion despite cautious trading activities by investors, reflecting a mixed sentiment in the equities market as participants weighed macroeconomic uncertainties against selective bargain-hunting opportunities. Reports by Punch and other Nigerian news outlets indicate that trading during the session was subdued, with investors largely adopting a wait-and-see approach amid ongoing economic reforms and expectations around monetary policy direction. Market data showed that the marginal gain was driven by price movements in a few mid- and large-cap stocks, particularly in the banking and consumer goods sectors, even as overall…
Author: Temitope Nlewemchi
Dangote Petroleum Refinery has announced a new ex-depot petrol price of ₦739 per litre, marking another adjustment in the domestic fuel market as stakeholders continue to navigate the realities of deregulation, exchange rate pressures, and rising operational costs. Reports by Punch and other Nigerian news outlets indicate that the price review reflects prevailing market conditions and ongoing changes in Nigeria’s downstream petroleum sector. According to industry sources, the new price applies to petrol supplied directly from the Dangote Refinery and is expected to influence pump prices across the country, depending on logistics, distribution margins, and retailer pricing strategies. The adjustment…
The Nigeria Customs Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority have stepped up coordinated efforts to tighten export controls in a bid to curb the diversion and smuggling of petroleum products across Nigeria’s borders. Reports by Punch and other Nigerian news outlets indicate that the move is part of broader measures to protect domestic fuel supply, enforce regulatory compliance, and reduce revenue losses linked to illegal exports. According to officials familiar with the development, the two agencies have strengthened monitoring at border points, export terminals, and depots, while enhancing intelligence sharing to track suspicious fuel movements. The…
The National Information Technology Development Agency has linked Kano State’s economic growth prospects to the development of digital skills, stressing that technology-driven capacity building is critical to unlocking productivity, innovation, and job creation in the state. Reports by Punch and other Nigerian news outlets indicate that the agency made this position known during engagements with stakeholders in Kano as part of efforts to deepen digital inclusion and accelerate regional economic development. According to NITDA officials, equipping youths, entrepreneurs, and public sector workers with relevant digital competencies is essential for Kano to compete effectively in the evolving digital economy. The agency…
The Nigerian Exchange (NGX) closed a remarkable week with investors recording a total gain of N1.54 trillion, reflecting renewed optimism in the equities market amid positive corporate earnings, sectoral performances, and improved market sentiment. Reports by Punch and other Nigerian news outlets indicate that market activity was buoyed by strong participation in banking, consumer goods, and energy stocks, driving overall market capitalisation higher. According to market analysts, the week’s impressive gains were influenced by a combination of robust corporate earnings announcements, foreign investor inflows, and expectations of favourable policy developments. These factors collectively strengthened investor confidence, prompting higher trading volumes…
Crude oil exports from the United States to Nigeria have recorded a dramatic surge of about 153 per cent, reflecting shifting trade patterns in the global energy market and Nigeria’s evolving crude supply dynamics. Recent reports by Nigerian news outlets indicate that the sharp increase is linked to refinery feedstock requirements, changing market economics, and Nigeria’s ongoing efforts to stabilise domestic fuel supply amid production and logistical challenges. Industry data shows that Nigeria imported significantly higher volumes of US crude in recent months compared to the same period last year, marking an unusual reversal for a country traditionally known as…
No fewer than 187,765 electricity customers across Nigeria were metered within a two-month period, reflecting ongoing efforts by power sector operators and regulators to improve billing transparency and reduce estimated charges in the electricity market. Recent reports by Punch News and other Nigerian news outlets indicate that the metering progress was recorded between September and October, under various metering schemes coordinated by the Nigerian Electricity Regulatory Commission (NERC). According to the regulator, the increase in the number of metered customers was driven largely by the Meter Asset Provider scheme and other targeted initiatives designed to close Nigeria’s longstanding metering gap.…
The Federal Executive Council (FEC) has approved a portfolio of Public-Private Partnership (PPP) projects valued at N6.43 trillion, signalling a renewed push by the Federal Government to close Nigeria’s infrastructure deficit through private sector participation. Reports by Punch and other Nigerian news outlets indicate that the approvals cut across key sectors including transport, energy, housing, and social infrastructure, with the aim of stimulating economic growth, improving service delivery, and reducing fiscal pressure on government finances. According to details from the council’s meeting, the approved projects are structured to attract private capital while allowing the government to leverage expertise from private…
The Central Bank of Nigeria has directed all Point-of-Sale terminal providers to connect their operating systems to the Nigeria Inter-Bank Settlement System and the Unified Payment Services Limited as part of efforts to strengthen transaction transparency, improve payment system efficiency, and curb fraud within the digital payments ecosystem. The directive, reported by Punch and other Nigerian news outlets, forms part of the apex bank’s broader reforms aimed at deepening financial system oversight and enhancing the integrity of electronic payment channels. According to the reports, the CBN issued the directive to ensure that all PoS transactions are routed through recognised national…
Nigeria’s aviation sector recorded a significant slowdown in growth, with expansion dropping to 2.88 per cent as soaring airfares and escalating operating costs dampened passenger traffic and constrained airline operations. Reports by Punch and other Nigerian news outlets indicate that the decline reflects mounting pressures on the industry, driven by high fuel prices, foreign exchange volatility, and broader economic challenges affecting both airlines and travellers. Industry data show that the sector’s growth rate fell sharply compared with previous periods when aviation activity rebounded strongly following the easing of global travel restrictions. Analysts attributed the slowdown largely to the sharp rise…
MTN Nigeria has called for far-reaching policy reforms and increased investment to accelerate the growth of Africa’s creative economy, describing the sector as a major driver of jobs, innovation, and inclusive economic development across the continent. Reports by Punch and other Nigerian news outlets indicate that the telecoms giant made the call during a recent industry engagement focused on the future of Africa’s creative and digital industries. According to MTN Nigeria, the creative sector—which includes music, film, fashion, gaming, publishing, and digital content—has demonstrated significant growth potential but remains constrained by weak policy frameworks, limited access to funding, and inadequate…
The Transmission Company of Nigeria has commenced the rehabilitation of two critical transmission lines as part of ongoing efforts to strengthen the national power grid, improve electricity supply reliability, and reduce system disturbances across the country. Reports by Punch and other Nigerian news outlets indicate that the intervention targets ageing transmission infrastructure that has become prone to frequent faults, outages, and capacity limitations. According to industry sources, the rehabilitation works are aimed at restoring the optimal performance of the affected transmission lines, which play a strategic role in evacuating power from generation plants to major load centres. The lines are…
The Federal Government does not have the authority to access or seize funds in Nigerians’ bank accounts without obtaining a court order under the newly enacted tax laws, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. Reports by Punch and other Nigerian news outlets indicate that the clarification was made in response to growing public concerns and misinformation surrounding the scope of the recent tax reforms. Oyedele explained that the new tax laws are designed to improve efficiency in tax administration, enhance compliance, and expand the revenue base, rather than grant unchecked powers to…
There was widespread relief across the country as the Dangote Petroleum Refinery announced a 15 per cent reduction in the ex-depot price of Premium Motor Spirit, bringing the cost down to N699 per litre. Reports by Punch and other Nigerian news outlets indicate that the price cut is expected to ease pressure on consumers and businesses grappling with high fuel costs following recent increases in petrol prices. According to industry sources, the reduction reflects improved operational efficiency at the refinery as well as adjustments in crude supply and production costs. The refinery reportedly communicated the new pricing to marketers, signalling…
The Nigerian National Petroleum Company Limited (NNPCL) has set a target to increase the country’s crude oil production to 2.06 million barrels per day (mbpd), signalling its determination to enhance output and strengthen Nigeria’s position in the global oil market. Reports from Punch News and other Nigerian news outlets indicate that the company is implementing strategic measures to optimise operations, restore previously idle wells, and leverage both domestic and international investments to achieve the new production goal. According to industry sources, the 2.06mbpd target forms part of NNPCL’s broader strategy to align Nigeria’s oil production with OPEC+ commitments while maximising…
The Nigerian energy sector has cautioned the House of Representatives that repeated investigations into the Nigerian National Petroleum Company Limited (NNPCL) could send negative signals to global financiers and investors, potentially affecting Nigeria’s ability to attract critical funding for its oil and gas projects. Industry stakeholders, speaking in response to parliamentary inquiries into alleged irregularities at the national oil company, emphasised the importance of balancing oversight with the need to maintain investor confidence. According to reports, executives and industry experts warned that persistent probes into NNPCL, particularly in public forums, risk portraying the company as unstable or mismanaged, which could…
Nigeria’s crude oil production recorded a notable increase of about 35,000 barrels per day (bpd) in November, according to a recent industry report highlighting gradual improvements in output despite lingering security and operational challenges in the oil-producing regions. The rise in production has renewed optimism about the country’s ability to sustain recovery in its upstream sector after months of fluctuating output levels. The report indicated that Nigeria’s average daily crude production for November surpassed that of the preceding month, reflecting strengthened efforts to curb pipeline vandalism, improve asset integrity, and restore previously shut-in wells. Industry observers noted that the increase,…
The Dangote Petroleum Refinery has reportedly received its second batch of crude oil from Ghana, marking another significant step in the refinery’s gradual ramp-up of operations as it continues to source feedstock from regional suppliers. The latest cargo, according to industry sources, underscores strengthening energy trade ties between Nigeria and Ghana while reflecting the refinery’s growing integration into West Africa’s crude supply network. The shipment was delivered to the refinery’s terminal in Lagos, where offloading operations were carried out under close supervision to ensure compliance with safety and environmental standards. The cargo forms part of ongoing arrangements that enable the…
The House of Representatives has begun moves to introduce new regulatory measures that will strengthen legislative oversight of the Central Bank of Nigeria (CBN), following growing concerns about the bank’s operational transparency, compliance with statutory provisions, and adherence to monetary policy guidelines. Lawmakers said the initiative is aimed at ensuring greater accountability within the apex bank, especially in light of recent economic developments and past controversies surrounding its policy decisions and financial interventions. During a recent plenary session, members of the House expressed the need to reassess the legal framework guiding the CBN’s activities, noting that certain provisions in the…
Union Bank of Nigeria has been honoured with a major workplace excellence award, underscoring its reputation as one of the country’s leading organisations in employee welfare, corporate culture, and professional development. The award, presented at a recent industry event covered by leading Nigerian news outlets, celebrates organisations that demonstrate exceptional commitment to staff wellbeing, progressive work practices, and sustained investment in human capital. According to reports, the recognition followed a rigorous evaluation of the bank’s internal structure, workplace policies, growth systems, and staff engagement strategies. Industry assessors noted that Union Bank stood out for creating an environment that fosters innovation,…