Business

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Business

Dangote refinery ramps up production with US crude

The 650,000 barrels per day Dangote Petroleum Refinery is taking advantage of cheaper oil imports from the United States for as much as a third of its feedstock as it starts up production. A report on Thursday stated that the plant has been shipping products in recent weeks while readying two units to enable gasoline (petrol) output that will deliver a long-promised transformation of the fuel market both in Nigeria […]

today04/19/2024

Business

Oil jumps 3 per cent as Israel strikes Iran, others in Middle East

Oil prices surged more than three percent in early Asian trade on Friday following reports of explosions in Iran, Syria and Iraq, sparking fears of an escalation of the Middle East crisis. West Texas Intermediate jumped 3.66 percent to $85.76 and Brent rose 3.44 percent to $90.11. The reports come after a missile attack on Israel by Iran last weekend that Israel’s army Chief, Herzi Halevi warned would be met […]

today04/19/2024 1

Business

Tinubu eyes $4bn annual savings from reduced bureaucracies

President Bola Tinubu on Tuesday said Nigeria stands to benefit about $2.7bn annually by implementing the Single Window Project. He also noted that the project will save the country at least $4bn lost annually to complex bureaucracies and corruption hindering its trade efficiency. Tinubu revealed this when he inaugurated a new digital trade compliance initiative, code-named the National Single Window project at the Council Chamber of the State House, Abuja. […]

today04/17/2024 1

Business

FCCPC vows to monitor, investigate price hike

The Federal Competition and Consumer Protection Commission (FCCPC) has resolved to monitor and investigate unusual hikes in prices of goods and services. Ag. Executive Vice Chairman/Chief Executive Officer, Adamu Abdullahi in a statement issued on Wednesday said it was unacceptable that despite the recent appreciation of the Naira against the Dollar, consumers continue to face escalating costs without a corresponding decrease in prices. Despite the recent appreciation of the Naira […]

today04/17/2024 1

Business

NCAA suspends three private jet operators for operating commercial flights.

The Nigeria Civil Aviation Authority (NCAA) has suspended the permit of three private jet owners for engaging in illegal operations. According to the NCAA, the sanctioned jet operators have violated the terms of their permits for using their jets for commercial purposes. NCAA’s acting Director-General, Chris Najomo announced the suspension of the three private operators via X on Tuesday. The country’s aviation authority had initially deepened surveillance on holders of […]

today04/16/2024 1

Business

Bakers reveal why bread prices soar high

The Premium Bread Makers Association of Nigeria, PBAN, has revealed the reasons behind the growing cost of bread in Nigeria. The association said the majority of the ingredients used to produce bread are imported and that this has an impact on the cost of bread in Nigeria due to exchange rate volatility. PBAN’s president, Emmanuel Onuorah, said this during an interview on Global Business Report on Tuesday monitored. According to […]

today04/16/2024 1

Business

Elon Musk introduces charges for posts by new X users and

The owner of the microblogging site X, Elon Musk, has made plans to charge new users for posting on the network public. According to Musk, the only way to stop the spread of bots on the site is to charge new users. In response to inquiries over the new X's policy for freshly formed accounts, he made the statement. Musk also said that following a three-month period, new users would […]

today04/16/2024 1

Business

Prices surge despite Naira appreciation against Dollar

The Prices of goods and services in Nigeria have continued to soar despite the gains of the Naira against the Dollar in the foreign exchange market. According to the National Bureau of Statistics, headline inflation jumped to 33.20 per cent, and food inflation surged to 40.01 per cent in March. The implication is that Nigerians continued to pay more for food and other services in March. NBS said there is […]

today04/16/2024 1

Business

Nigeria’s inflation rate hits 33.2% in March.

Nigeria’s headline inflation rate reached 33.2 percent in March 2024. This represents a 1.5 percentage points year-on-year (YoY) increase from 31.7 percent recorded in February 2024. The National Bureau of Statistics, NBS, disclosed this today, Monday, in its Consumer Price Indices report for March 2024. The bureau also said that food inflation increased YoY by 2.09 percentage points to 40.01 percent in March from 37.92 percent in February. According to […]

today04/15/2024 1

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