Business

The newly appointed Minister of Industry, Trade, and Investment, Jumoke Oduwole, has assured operators that the African Continental Free Trade Agreement would be utilised optimally to benefit Nigeria. She disclosed this after assuming duties on Monday. The AfCFTA is a free trade area that has 43 parties and another 11 signatories, making it the largest free-trade area by number of member states, after the World Trade Organisation, and the largest […]

Electricity consumers in the Federal Capital Territory's Band A category, who receive at least 20 hours of power daily and currently pay N209.5 per kilowatt-hour, are urging the Federal Government to reduce high electricity tariffs due to ongoing economic challenges. Residents of Lugbe, Area 10, and Apo resettlement areas shared their concerns with the Newsmen on Sunday citing that while they appreciate the reliable power supply, the costs are overwhelming. […]

The naira further depreciated on Thursday, trading at N1675.49 to the dollar in the official market, down from N1631.17 on Wednesday as this reflects a loss of N44.32 in just one day. At the parallel market, the naira held steady at N1750 per dollar, unchanged from the previous day. This decline occurred despite an increase in foreign exchange transaction turnover, which rose to $166.61 million on Thursday from $128.98 million […]

Major oil marketers on Thursday have raised the price of Premium Motor Spirit (PMS), or petrol, to between N1,010 and N1,050 per litre, marking a 4% increase in Lagos and nearby areas. Independent oil marketers have adjusted their prices as well, ranging from N1,100 to N1,200 per litre, with regional variations. With a deregulated market, petrol prices remain unfixed, leading to slight differences across filling stations, though some prices remain […]

The local stock market on Wednesday, marked the third consecutive day of closing in the red zone. The All-Share Index and the market capitalisation shed 0.04 percent to close at 98,023.23 points and N59.39tn, respectively, as investors lost N22bn. Despite the downturn, 33 stocks registered gains, while 23 recorded losses. Leading the gainers were the trio of UPL, VitaFoam and Sky Aviation, which gained 10 percent each to close at […]

The naira appreciated against the dollar on Tuesday at the official foreign exchange market. Obtained ata showed that the naira gained at N1630.35 per dollar on Tuesday from N1670.65 exchanged on Monday which represents N40.3 appreciation. Meanwhile, at the black market, the naira dropped further to N1748 per dollar on Tuesday from N1746 traded the previous day. This comes as FX transaction turnover increased to $242.59 million on Tuesday from […]

Ghanaian petroleum authority official on Monday stated that his country might start importing fuel from the Nigerian refinery once the facility is operating at full capacity, cutting more expensive exports from Europe. Chairman of the National Petroleum Authority, Ghana, Mustapha Abdul-Hamid, said this could end monthly fuel imports from Europe of $400m. The $20bn Lekki-based Dangote refinery commenced the release of Premium Motor Spirit, popularly called petrol, into the Nigerian […]

Stakeholders in the livestock value chain converged on Thursday to brianstorm on ways of harnessing its potentials. The President, Bola Tinubu who recently created the Livestock Ministry out of the Federal Ministry of Agriculture and Food Security is championing reforms in the sector, a reason that justified his hosting of the stakeholders forum at the Presidential Villa. The President pledged to overhaul the often neglected livestock sector in a bid […]