Business

AS COCOA PRICES SOAR, NIGERIA EYES BIGGER MARKET Booming cocoa prices are stirring interest in turning Nigeria into a bigger player in the sector, with hopes of challenging tobigger player in the sector, with hopes of challenging top producers, Ivory Coast and Ghana, where crops have been ravaged by climate change and disease. Nigeria has struggled to diversify its oil-dependent …

FUEL PRICE SLASH: WE WON’T REDUCE FARES – TRANSPORTERS Road transport operators in Nigeria have ruled out the possibility of reducing transport fares as a result of the further cut in the prices of petrol by Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Some of the transporters and leaders of the National Union of Road Transport Workers …

TRANSPORT FARES REMAIN HIGH DESPITE PETROL PRICE DROP Fares for inter and intra-state transportations have remained high across the country despite the recent reduction in the price of petrol, checks by Daily Trust have shown. The Dangote Petrol Refinery and the Nigerian National Petroleum Company Limited (NNPCL) had reduced their prices. In Lagos, a litre of petrol was reduced from …

I’M RESTING AFTER DELIVERING $20BN REFINERY – DANGOTE President of Dangote Industries Limited, Alhaji Aliko Dangote, has said he is currently resting after delivering his refinery project. The 650,000-barrel refinery and petrochemicals project worth over $20bn has come to disrupt the oil and gas market in Africa and the world even as the refinery now exports refined products to other …

WHAT STATES CONTRIBUTED TO VAT POOL AND WHAT THEY RECEIVED IN JANUARY 2025 LAGOSContributed: N305.52bnReceived: N62.59bn (20.49%) RIVERSContributed: N90.21bnReceived: N11.01bn (12.20%) OYOContributed: N27.71bnReceived: N13.02bn (47.00%) BAYELSAContributed: N12.80bnReceived: N8.02bn (62.65%) KANOContributed: N9.59bnReceived: N13.57bn (141.49%) KWARAContributed: N9.53bnReceived: N8.10bn (85.04%) DELTAContributed: N6.57bnReceived: N9.05bn (137.77%) AKWA IBOMContributed: N5.62bnReceived: N8.79bn (156.26%) EDOContributed: N5.09bnReceived: N8.17bn (160.67%) EKITIContributed: N4.98bnReceived: N7.51bn (150.65%) SOKOTOContributed: N4.41bnReceived: N8.45bn (191.63%) BORNOContributed: N3.91bnReceived: …

FG TO REVIEW ELECTRICITY TARIFF FOR BAND B, C CUSTOMERS The Federal Government has announced plans to review electricity tariffs for customers outside the Band-A category. The proposed hike aims to bring tariffs for other customer categories closer to the N206/kW paid by Band-A customers. Speaking at the public presentation of the National Integrated Electricity Policy (NIEP) and Nigeria Integrated …

CEMENT BAG IS TOO COST, REDUCE PRICE TO ₦‎7,000 PER BAG – UMAHI The Minister of Works, David Umahi, has lamented the skyrocketing price of cement, stating that it has had a significant negative effect on ongoing infrastructure projects across the country. The minister also appealed to cement manufacturers to reduce the price from N9,500 to N7,000, urging that such …

FG SPENT $8BN TO SUPPORT THE NAIRA – REWANE The Federal Government has spent approximately $8 billion in an attempt to stabilize the naira amid ongoing economic pressures. This was made known by the CEO of Financial Derivatives Company, Bismarck Rewane. Speaking on Channels Television’s News at 10, Rewane highlighted the substantial interventions made to manage exchange rate volatility and …

BABANGIDA JUSTIFIES $12.4BN GULF OIL WINDFALL MISMANAGEMENT DESPITE OKIGBO REPORT Former military President, Gen Ibrahim Babangida, says Nigeria failed to maximise its oil boom years due to what he described as a nationwide “profligacy” and “conspicuous consumption” that undermined the economy’s long-term development. He also justified the spending of the $12.4bn oil windfall by his government. “What I have done …

CBN DIRECTS BANKS TO PUBLISH DETAILS OF DORMANT ACCOUNTS, UNCLAIMED BALANCES Amid efforts to sanitise the financial sector, the Central Bank of Nigeria, CBN has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites. The apex bank disclosed in a recent circular, titled “Guidelines on Management …