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Business · The Punch ·Dangote unveils plans for Ondo industrial hub
The Dangote Group has announced its intention to establish a new industrial hub in Ondo State. This initiative aims to enhance the region's economic landscape and expand the conglomerate's manufacturing presence within Nigeria. The project is expected to create local employment opportunities and stimulate industrial growth across various sectors in the state.
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Business · The Punch ·
Cooking gas: Marketers plan massive imports after 140% price surge
Cooking gas marketers in Nigeria are initiating large-scale imports of the product following a 140 percent increase in prices. The move is intended to boost domestic supply and mitigate the impact of the significant cost surge on consumers, as the market responds to recent inflationary trends in the energy sector.
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Business · The Punch ·
Oil drops to $83 after US-Iran accord
Global crude oil prices declined to approximately $83 per barrel following reports of a diplomatic accord between the United States and Iran. This development has influenced international energy markets, as investors assess the potential impact of the agreement on global oil supply and geopolitical stability in the Middle East.
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Business · The Punch ·
MAN opposes proposed ban on thin plastics
The Manufacturers Association of Nigeria has formally declared its opposition to a proposed ban on thin plastics within the country. This move follows government initiatives aimed at reducing environmental waste, while the association highlights the significant implications such a restriction could have on industrial production and regional economic stability.
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Business · Daily Trust ·Dangote secures $600m AFC loan to expand fertiliser production
Dangote Group has secured a $600 million loan from the Africa Finance Corporation to increase its fertilizer production capacity. This funding aims to enhance agricultural output and support food security across Nigeria and the broader African continent through the expansion of existing manufacturing facilities.
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Business · Daily Trust ·
Optiva capital moves to boost African immigration investment
Optiva Capital has initiated efforts to enhance investment opportunities within the African immigration sector. The firm aims to expand its services by providing strategic capital solutions and wealth management options for individuals seeking international residency and citizenship through various investment programmes across the continent.
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Business · ThisDay ·
What Nigeria’s Oil Industry Can Teach Corporate Nigeria About ESG
The Nigerian oil and gas sector provides a framework for other domestic corporations regarding the implementation of Environmental, Social, and Governance standards. Given its historical exposure to international regulatory requirements, the industry offers practical insights into navigating sustainability challenges and corporate responsibility within the country's specific economic landscape.
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Business · The Punch ·
NDLEA nets N6.15bn from Lagos hotel, seized assets auction
The National Drug Law Enforcement Agency has generated 6.15 billion Naira from the public auction of a Lagos hotel and several other seized assets. The revenue was realized through the disposal of properties confiscated during various operations as part of the agency's ongoing asset recovery and enforcement initiatives.
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Business · The Punch ·
FAAN probes alleged gold smuggling by staff
The Federal Airports Authority of Nigeria is investigating reports of gold smuggling allegedly involving its personnel. The agency aims to address the security breach and maintain the integrity of airport operations by identifying those involved in the illicit movement of precious metals through the country's aviation facilities.
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Business · The Punch ·
Customs intercept N403m foreign vegetable oil shipment
The Nigeria Customs Service intercepted a shipment of foreign vegetable oil valued at approximately N403 million. This seizure aligns with the agency's mandate to enforce trade regulations and prevent the illegal importation of restricted goods into the country, aimed at protecting the local agricultural sector and national economy.
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Business · The Punch ·
Peak promotes informed dairy choices for consumers
Peak has launched an initiative to educate consumers on making better dairy selections to improve nutrition. The campaign focuses on providing essential information regarding the benefits of various milk products, ensuring that individuals can select the most appropriate options to meet their specific dietary and health requirements.
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Business · The Punch ·
W’Bank ranks Apapa, Tin Can ports among top performers
The World Bank has ranked Nigeria's Apapa and Tin Can Island ports in Lagos among the top global performers in its latest assessment. This recognition highlights improvements in operational efficiency and maritime logistics at these key trade gateways, reflecting positive developments in the country's shipping and economic infrastructure.
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Business · The Punch ·
Lagos expands homeownership drive with new beneficiaries
The Lagos State Government has expanded its housing initiative by allocating residential units to a new set of beneficiaries. This move aims to increase homeownership rates across the state and address the housing deficit through various schemes designed to provide affordable living spaces for residents.
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Business · The Punch ·
Higher tax collections lift FAAC allocation to N2.26tn
The Federation Account Allocation Committee distributed N2.26 trillion to Nigeria's federal, state, and local governments following a significant increase in tax revenue collections. This growth in revenue facilitated a higher disbursement intended to support government operations and developmental projects across the three tiers of the federation.
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Business · The Punch ·
Nigeria’s crude earnings plunge N1.75tn despite global price rally
Nigeria recorded a N1.75 trillion decline in crude oil earnings despite a general increase in global oil prices. This drop in revenue occurred during a period of international market rallies, indicating that the nation did not benefit from higher crude costs to increase its overall national income.
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Business · The Punch ·
FCCPC and the presidency’s FDI drive
The Federal Competition and Consumer Protection Commission is aligning its regulatory operations with the Nigerian government's strategy to attract foreign direct investment. The agency aims to enhance the business environment by ensuring fair market competition and consumer protection, thereby supporting the presidency's broader economic growth objectives.
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Business · The Punch ·
CBN orders banks to localise payments data
The Central Bank of Nigeria has directed commercial banks to process and store all domestic payment data within the country. This regulatory measure aims to improve data security and enhance oversight of the national financial system while ensuring that sensitive transaction information remains under local jurisdiction and regulatory control.
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Business · The Punch ·
Dangote, AFC sign $600m deal for fertiliser expansion
Dangote Group and the Africa Finance Corporation have signed a $600 million agreement aimed at expanding fertiliser production. This deal is intended to enhance agricultural output and support food security initiatives across the continent by increasing the production capacity of the Dangote fertiliser plant.
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Business · ThisDay ·
Minister: FG’s Ibeju-Lekki Housing Project 90% Complete
The Federal Government’s housing project located in Ibeju-Lekki has reached a ninety percent completion stage, according to a government minister. This development marks a significant milestone in the administration's efforts to provide affordable housing units and address the residential needs of citizens within the Lagos region.
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Business · ThisDay ·
Attah: Economic Reforms Must be Measured by Actual Productivity
Attah has stated that the success of economic reforms in Nigeria should be determined by tangible increases in productivity. This perspective emphasizes shifting the focus of national policy evaluation toward real output and economic performance, suggesting a need for measurable results from current government initiatives to ensure meaningful growth.
Nigerian News
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