Latest news updates on business in Nigeria

Why Are Banks Against Windfall Tax?

On Wednesday, 31 July, two senior bankers, Tony Elumelu, Chairman of UBA Group and Ladi Balogun, Group Chief Executive of FCMB Holdings, walked into President Tinubu’s office to talk to him about the proposed 70 per cent windfall tax being imposed on

August 5, 2024

Business·Oil & Gas

Eni Receives Approval To Sell Agip Oil To Oando

Italian Energy oil company, Eni, has announced that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has approved its bid to sell the Nigerian Agip Oil Company (NAOC), to Oando Plc. In a statement released on Wednesday, the oil major stated that having

July 26, 2024

Energy, Exchange Rate, Transportation Top Three Drivers Of Inflation In Nigeria - CBN Survey

Business·Finance & Economy·News

‘Why CBN Should Not Raise Interest Rate’ As MPC Meets

The Central Bank of Nigeria (CBN) has been advised to suspend further hike of the benchmark interest rate because of the impact on the economy. This comes as the CBN Monetary Policy Committee (MPC) holds its 296th meeting today, Monday, 22 July,

July 22, 2024

Dangote Refinery: Fueling Nigeria's Economic Resurgence or Monopoly Menace?

Oil & Gas·Opinion

Dangote Refinery: From Production Delays To Threat Of Sale

This looks like a choreography of controversy! Despite being conceived in 2013, when it was billed to cost $9 billion, Dangote Refinery construction did not start until 2017. The initial target for oil refining to begin was 2016, but as of July

July 22, 2024

Forex Crisis: CBN Prunes Down Number Of BDCs To Almost 2009 Level

Business·Currency

Naira Retains Below N1,600/$ Exchange Rate Mark For Third Day In Official Market

Naira has retained trading value of below N1,600/$1 mark for the third day in official foreign exchange market window.

March 5, 2024

Reactions Trails Nigerian Govt's N5bn Budget For Presidential Yacht

News

Reactions Trail Nigerian Govt’s N5bn Budget For Presidential Yacht Amidst Economic Woes

The proposal by Nigeria’s federal government to spend N5.095 billion in purchase of a presidential yacht has generated reactions from the citizens, who question the rationale behind it, given the current state of the economy. This was revealed in the 2023 supplementary

November 1, 2023

Manufacturers Association of Nigeria (MAN) has welcomed the six months waiver of Value-added Tax (VAT) on diesel granted by the Federal Government.

Business

VAT Waver On Diesel: Manufacturers Need Long-term Measures To Lower Production Costs

Manufacturers Association of Nigeria (MAN) has welcomed the six months waiver of Value-added Tax (VAT) on diesel granted by the Federal Government. It however, called on the government to adopt long-term measures to address the issue of high energy costs which

October 5, 2023

Business·News

Emefiele Resigns, Cardoso Assumes Office As Acting CBN Governor

Dr. Olayemi Michael Cardoso has taken the helm as acting Governor of the Central Bank of Nigeria (CBN), marking the beginning of a new era for the country’s financial sector. This follows the resignation of suspended CBN Governor, Mr. Godwin Emefiele, who

September 22, 2023

Business·Oil & Gas

Fuel Subsidy Gulps N2 Trillion In One Year

With N8 billion daily expenditure, the Nigerian government’s yearly spend on petrol subsidy amounts to N2 trillion. According to top oil marketers, it impacts negatively on the economy and therefore raised concern on the need to deregulate the system to encourage investment

August 2, 2021

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Latest news updates on business in Nigeria

Why Are Banks Against Windfall Tax?

Eni Receives Approval To Sell Agip Oil To Oando

‘Why CBN Should Not Raise Interest Rate’ As MPC Meets

Dangote Refinery: From Production Delays To Threat Of Sale

Naira Retains Below N1,600/$ Exchange Rate Mark For Third Day In Official Market

Reactions Trail Nigerian Govt’s N5bn Budget For Presidential Yacht Amidst Economic Woes

VAT Waver On Diesel: Manufacturers Need Long-term Measures To Lower Production Costs

Emefiele Resigns, Cardoso Assumes Office As Acting CBN Governor

Fuel Subsidy Gulps N2 Trillion In One Year

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