Business

PETROL SELLS ₦‎935 PER LITRE FROM TODAY – IPMAN The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell at N935 per litre beginning from today based on the latest arrangement with the Dangote Petroleum Refinery. IPMAN’s National President, Maigandi Garima, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement …

FUEL TO SELL N935 PER LITRE NATIONWIDE FROM MONDAY – IPMAN The Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will reduce to N935 per litre by Monday. The development, according to IPMAN, follows the marketers’ new deal with Dangote Refinery. IPMAN National President, Alhaji Maigandi Garima, who made this known on Sunday …

NIGERIA’S MOBILE SUBSCRIPTIONS HIT 157.3 MILLION IN OCTOBER, MTN, AIRTEL GAIN Nigeria’s mobile subscription base increased to 157.3 million in October 2024 from 154.6 million in September, signaling the beginning of recovery after months of decline. The growth was driven by two network operators, MTN, and Airtel, that recorded an increase in their subscriber base in the month under review. …

MARKETERS EXPECT CHEAPER PETROL AS DANGOTE CUTS PRICE TO N899.50k/LITRE There is cautious optimism among Nigerians over reduction in fuel price following the decision of Dangote Refinery to slash price in what it called a Christmas/New Year bonanza. Dangote had reduced the price to N899.50k per litre, to provide the much-needed relief for Nigerians ahead of the holiday season. In …

DANGOTE REFINERY, NNPCL RESUME FIGHT OVER $1BN LOAN Dangote Group, owners of Dangote Refinery, and the Nigerian National Petroleum Company Limited, NNPCL, have clashed over a $1 billion crude oil-backed loan. Recall that barely 24 hours ago, in a statement credited to NNPCL spokesperson Olufemi Soneye, the state-owned oil firm said it secured a $1 billion loan backed by crude …

SENATE MOVES TO BAN USE OF DOLLAR, OTHER FOREIGN CURRENCIES IN NIGERIA A bill seeking to prohibit the use of foreign currency in Nigeria has scaled first reading in the PSenate. The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and …

DESPITE LOCAL REFINERIES, NIGERIA SPENDS N9.1 TRILLION ON PETROLEUM IMPORTATION Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation In Nine Months Which Is Double Of 2023 A review of data from the National Bureau of Statistics (NBS) has shown that Nigeria imported refined petroleum to the tune of N9.1trillion between January and September 2024. In the first quarter of …

NIGERIA LEADS WORLDWIDE IN CRYPTO OWNERSHIP Nigeria leads the world in crypto ownership, according to ConsenSys’ second annual Global Survey. The report indicated that emerging markets like Nigeria and South Africa are driving the global adoption of cryptocurrencies. The percentage of ownership is highest in the Philippines (54%), South Africa (68%), and Nigeria (73%). These countries are at the forefront …

NIGERIA’S INFLATION RATE SPIKES TO 34.60 PERCENT IN NOVEMBER AMID HARDSHIP Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians. This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November. The report showed that the country’s headline or all-items …

NIGERIA REPAYS $1.22B TO IMF IN NINE MONTHS Nigeria has serviced its debt to the International Monetary Fund with not less than $1.22 billion over nine months, data from the Debt Management Office’s external debt service reports has shown. The payments were made as part of principal repayments for three consecutive quarters, from Q4 2023 to Q2 2024. The breakdown …