Business

The Federal Competition and Consumer Protection Commission FCCPC has blamed the distribution sector, including wholesalers and retailers, for the spike in the prices of foodstuffs and other commodities. The South-South Zonal Coordinator of FCCPC, Uchegbu Chukwuma, disclosed this shortly after taking newsmen on a survey of the popular Oil Mill Market in Port Harcourt. Chukwuma said that the commission’s position followed market inquiries in some states within the zone, saying […]

Naira has failed to make the list of Representative Exchange Rates for Selected Currencies for June 2024, published by the International Monetary Fund. The list, which includes currencies from around the world, features several African countries, such as the Algerian dinar (134.492200), Botswana pula (0.072800), Mauritian rupee (46.478600), South African rand (18.697800). This omission comes as Nigeria’s currency continues to face challenges, including a fluctuating exchange rate and a struggle […]

Business activity in Nigeria reached its highest level in four months in May 2024 as inflationary pressures eased to a one-year low, according to the latest Purchasing Managers' Index (PMI) The headline index improved to 52.1 from 51.1 in April. A reading above 50.0 indicates an improvement in business conditions, while a reading below 50.0 signals deterioration. The May data indicated a pick-up in growth within the Nigerian private sector, […]

The Abuja Electricity Distribution Company (AEDC) has issued a warning to customers with outstanding bills, threatening to disconnect their service by Monday, June 3. The AEDC's Head of Marketing and Corporate Communications, Adefisayo Akinsanya, issued the statement on Friday, that the company gave customers a 72-hour notice to settle their bills to prevent disconnection. AEDC stressed the importance of timely payments to maintain efficient and reliable service, which is essential […]

The Presidential Committee on Fiscal Policy and Tax Reforms has recommended that the Nigerian Federal Government set the exchange rate for customs import duty at N800 per dollar. This suggestion was made by Taiwo Oyedele, the committee's chairman, during a briefing with journalists in Lagos, and the recommendation aims to address the ongoing fluctuations in exchange rates impacting import calculations amid Nigeria's foreign exchange crisis. Previously, Muda Yusuf, Director of […]

The naira on Tuesday traded at the same rate of N1,339.33 to a dollar at the official market. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, (NAFEM) revealed that the naira remained static. This indicated that the local currency neither gained nor lost value as it exchanged for the same rate of N1,339.33 to the dollar on Monday […]

The Minister of Aviation and Aerospace Development, Festus Keyamo, has disclosed that the Federal Government was spending N1bn monthly to power the Murtala Muhammed Airport, Lagos. Keyamo stated this on Monday during the ministerial press briefing in Abuja to mark President Bola Tinubu’s first year in office. According to him, the ministry is planning to reduce the heavy cost by investing in solar power systems which will save them so […]

Investors in the Nigerian stock market may face continued challenges, as analysts predict that the outcome of the recent Monetary Policy Committee meeting will drive further asset reallocation away from equities. While the market began the week positively, negative sentiments resurfaced later when investors reacted to the MPC's decision to further hike the Monetary Policy Rate by 150 basis points to 26.25 percent in response to rising inflation. The ensuing […]

Minister for Works, David Umahi, has disclosed that 750 Houses that are on the path of the Lagos-Calabal Coast Highway have been marked for demolition. He revealed this during a meeting with stakeholders in Lagos on Thursday. According to him, 490 Houses would be demolished, also following the gazette alignment, 750 Houses would be demolished. Umahi further disclosed that President Bola Tinubu had been invited to flag off the Lagos-Calabar […]