Ship calls at Nigerian ports jump to 8.5% as cargo hits 33.5m MT in Q3
Ship traffic at Nigerian ports recorded a notable increase in the third quarter, with vessel calls rising by 8.5 percent. During the same period, total cargo handled across the ports reached about 33.5 million metric tonnes, showing steady growth in maritime activities and trade flow. Industry data indicates that the rise in ship calls reflects […]
Borrow responsibly – Debt Management Office instructs states
The Debt Management Office (DMO) has urged Nigerian states to borrow responsibly and ensure that loans are tied to clear development goals. The agency warned that unchecked borrowing could put pressure on state finances and limit the ability to fund essential services. According to the DMO, loans should only be taken when absolutely necessary and […]
Fuel price cut: ‘We will meet in market’ – Dangote reveals move to frustrate importers
Aliko Dangote, Nigeria’s business magnate, has revealed plans to counter fuel importers following the recent reduction in fuel prices. He emphasized that local production and competition would be key strategies to frustrate importers’ dominance in the market. Dangote stated that he is ready to meet competitors directly in the marketplace, ensuring that local refiners can […]
Trump happy with Dangote Refinery – Aliko Dangote
Business mogul Aliko Dangote has revealed that former U.S. President Donald Trump expressed satisfaction with the operations at the Dangote Refinery. According to Dangote, Trump was impressed by the refinery’s scale, efficiency, and potential impact on Nigeria’s economy. The visit highlighted the growing international interest in Nigeria’s industrial development. Dangote stated that the refinery, one […]
Naira records first appreciation against dollar after days of decline
The Nigerian naira has recorded its first appreciation against the United States dollar after several days of continuous depreciation. The local currency gained marginally at the official foreign exchange market, bringing temporary relief to businesses and individuals affected by rising exchange rates. Market observers say the improvement may be linked to recent interventions by the […]
Naira records four consecutive depreciation against US dollar
The Nigerian currency has continued to struggle, recording four consecutive days of decline against the US dollar. Reports from the financial market show that the naira weakened both at the official window and in the parallel market, raising fresh concerns about the stability of the foreign exchange system. Traders noted that rising demand for dollars, […]
Nigerians consume less of Dangote Petrol daily as imports surge – NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reported a decline in daily consumption of Dangote Petrol across the country. Despite the drop, the importation of petroleum products into Nigeria has increased significantly, reflecting a shift in supply sources. According to NMDPRA, several factors have contributed to the reduced domestic consumption of Dangote […]
Nigeria receives additional $500m from World Bank under NG-CARES programme
Nigeria has received an additional $500 million from the World Bank to support the ongoing NG-CARES programme. This funding is aimed at strengthening social safety nets and providing relief to vulnerable households across the country. The World Bank’s contribution is part of efforts to boost economic resilience amid ongoing challenges. The Minister of Finance highlighted […]
Poor maintenance culture crippling Nigeria’s refineries — IDC President, Shadiya
The President of the Independent Downstream Committee (IDC), Shadiya, has blamed Nigeria’s struggling refineries on poor maintenance culture over the years. According to her, the country’s refineries were not properly serviced and upgraded, leading to frequent breakdowns and long periods of inactivity. Shadiya explained that regular maintenance is critical for refinery performance, but this was […]
NNPCL, other Nigerian filling stations reduce fuel price
The Nigerian National Petroleum Company Limited (NNPCL) and several other filling stations have reduced the pump price of petrol across different parts of the country. The price cut has brought some relief to motorists who have struggled with high fuel costs in recent months. Reports indicate that the new prices vary by location, with some […]