Dangote Refinery resorts to gasoline imports amid RFCC downtime
Dangote Refinery is facing fresh operational pressure as its Residual Fluid Catalytic Cracker (RFCC) remains shut for a prolonged period. According to global commodities intelligence firm Kpler, the downtime has limited the refinery’s ability to fully process crude, forcing it to adjust operations to keep other units running. To manage the challenge, the 650,000 barrels-per-day […]
Nigerian stock market rebounds as investors gain N74bn
The Nigerian stock market recorded a modest rebound on Friday, bringing relief to investors after losses in the previous trading session. Total market value increased by N74 billion as renewed buying interest returned to some key stocks on the Nigerian Exchange Limited (NGX). Market capitalisation rose by 0.07 percent to close at N105.959 trillion, compared […]
Nigerian naira continues depreciation against US dollar
The Nigerian naira continued its downward movement against the United States dollar at the official foreign exchange market on Thursday, reflecting ongoing pressure on the local currency. Data from the Central Bank of Nigeria (CBN) showed that the naira weakened slightly compared to the previous trading day. According to the CBN figures, the naira exchanged […]
Nigeria, China $1bn investment deal requisite for self-sufficiency in sugar production — NSDC Boss, Bakrin
The National Sugar Development Council, NSDC, has said the proposed $1 billion investment agreement between Nigeria and China is crucial for achieving self-sufficiency in sugar production. The council’s Executive Secretary, Kamar Bakrin, explained that the deal would help Nigeria reduce heavy reliance on imported sugar. Bakrin noted that Nigeria has the land, manpower, and climate […]
Why Qatar Airways’ Doha-bound flight returned to Lagos – NCAA
The Nigeria Civil Aviation Authority (NCAA) has explained why a Qatar Airways flight heading to Doha returned to Lagos shortly after takeoff. According to the aviation regulator, the aircraft turned back as a precaution after the cockpit crew detected a technical alert during the flight. The NCAA dismissed reports describing the incident as an emergency […]
Why there’s queue at Dangote-backed MRS filling station – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has explained why motorists are experiencing long queues at the Dangote-backed MRS filling station. According to the association, the high demand for fuel at the station has caused the temporary congestion. IPMAN noted that the filling station’s strategic location and efficient fuel supply attract many drivers, especially […]
Nigerian Banks That Have Secured Their Licences
Nigeria’s banking sector is undergoing a major transformation as banks work to meet new capital requirements set by the Central Bank of Nigeria (CBN). Introduced in March 2024, these requirements aim to create stronger and more resilient banks capable of supporting large projects and boosting the country’s economy toward a $1 trillion target. Banks were […]
Dangote Refinery failed to meet domestic supply target — NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the Dangote Refinery did not meet its domestic fuel supply target. The regulator said the refinery’s output fell below the expected volume meant for local consumption, despite its massive capacity and importance to Nigeria’s energy sector. According to NMDPRA, the shortfall affected plans […]
Tax laws: Watch out for January salary – NRS boss, Adedeji tells income earners
The Executive Chairman of the National Revenue Service (NRS), Adedeji, has advised Nigerian income earners to closely monitor their January salaries due to the implementation of new tax laws. According to him, recent changes in tax regulations may lead to adjustments in how salaries are calculated and paid. Adedeji explained that the reforms are aimed […]
Naira records two consecutive appreciations against US dollar
The Nigerian Naira has recorded two consecutive days of appreciation against the United States dollar, signaling renewed investor confidence in the local currency. Market analysts attribute the gain to increased dollar inflows from exports and improved liquidity in the foreign exchange market. Data from the Central Bank of Nigeria (CBN) showed that the Naira closed […]