Business

The Nigerian telecommunications sector recorded an 87% decline in foreign investments for the third quarter of 2024, signalling a notable decline from the previous two quarters of the year. This is according to the latest capital importation data released by the National Bureau of Statistics (NBS). The NBS data shows that the sector pulled only $14.4 million in capital importation in Q3, a sharp fall from the $113.42 investments recorded […]

Despite the commencement of petrol production by two major refineries in Nigeria in the last three months, oil marketers have continued to import and distribute the product nationwide. According to report gathered on Wednesday, marketers imported 2.3 billion litres of petrol between September 11 and December 5, 2024. The continued importation of petrol is contrary to a public announcement by some group of marketers who earlier stated their intention to […]

Edo State Governor, Monday Okpebholo, has ordered the Chairmen of the 18 local government areas in the state to submit their statements of account within 48 hours. The governor who was represented by his deputy, Dennis Idahosa, issued the directive on Tuesday during a meeting with the council Chairmen at the Government House in Benin City as he emphasised the need for transparency and accountability in governance. This was disclosed […]

The Federal Government has outlined plans to allocate a significant portion of its budget to debt servicing over the next three years, surpassing investments in capital expenditure. This was revealed in the recently approved 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper. According to the document, debt servicing costs are projected to reach N50.39 trillion between 2025 and 2027, exceeding the N48.93 trillion earmarked for capital expenditures. The report highlights […]

The Dangote Refinery has entered a significant agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) for the weekly supply of 60 million litres of Premium Motor Spirit. This partnership has already led to a marginal reduction in fuel prices across IPMAN member stations nationwide, with prices dropping between N10 and N50 per litre. IPMAN spokesperson, Chinedu Ukadike, on Sunday confirmed that the direct petrol supply deal with Dangote […]

The World Bank has uncovered $32 million in unaccounted funds in Nigeria’s water project. This was disclosed in the banks’ recently released FY2024 Sanctions System Annual Report. The report showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the project’s integrity. In a move to recover the fund, the World Bank engaged with the project […]

The Minister of Finance, Wale Edun, has disclosed that the Federal Executive Council approved a fresh $2.2 billion borrowing plan for Nigeria to enable the country’s access to the international capital market for a combination of the Euro bond and SUKUK financing. Edun disclosed this on Thursday, while briefing journalists at the Presidential Villa, where be explained that the fresh borrowing plan is made up of $1.7 billion and SUKUK […]

The naira returned to depreciation against the dollar at the foreign exchange market barely 24 hours after respite. Obtained data showed that the naira depreciated to N1,650.20 per dollar on Thursday from N1,645.45 exchanged on Wednesday. On the black market, the naira traded between N1,738 and N1,745 to the dollar on Thursday. This comes as FX transaction turnover dropped to $214.73 million on Thursday from $236.84 million recorded the previous […]

Investors in the Nigerian Exchange Limited gained N96bn at the close of trading on Wednesday, thus reversing the N68bn loss recorded in the previous trading session. Appreciations in the share value of International Energy Insurance, JohnHolt and Eunisell boosted the market capitalisation of the local bourse by N96bn to settle at N59.03tn. Similarly, the benchmark index of the exchange, All Share Index rose by 0.16 percent to 97,418.83 points. Sectoral […]