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Business · ThisDay ·BUA Cement Splashes N4.5bn on Distributors
BUA Cement has allocated 4.5 billion Naira to reward its distributors for their performance and contribution to the company's market growth. This initiative is part of the organization's efforts to strengthen its distribution network and recognize the role of key stakeholders within the Nigerian building materials sector.
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Business · ThisDay ·
NUPRC Board Chair, Others Assume Duty, Pledge Improved Oversight
The newly appointed Board Chairperson and other members of the Nigerian Upstream Petroleum Regulatory Commission have officially assumed their roles. During the commencement of their duties, the board members committed to enhancing oversight functions within the country's oil and gas sector to ensure better performance and transparency in line with their regulatory mandate.
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Business · ThisDay ·
UAE Quits OPEC in Major Blow to Global Oil Producers’ Group
The United Arab Emirates has withdrawn its membership from the Organization of the Petroleum Exporting Countries. This exit poses a substantial challenge to the global oil alliance, potentially impacting collective production strategies and market stability as one of the major producers departs from the international group.
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Business · ThisDay ·
NCAN Kicks Against Raw Cashew Export Ban, Says Policy Risks 5m Jobs
The National Cashew Association of Nigeria has expressed opposition to a proposed ban on raw cashew exports, warning that the policy could lead to the loss of five million jobs. The association highlights potential negative impacts on the agricultural sector and the broader economy should the federal government proceed with the export restriction.
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Business · ThisDay ·
FG, Delborough Sign Agreement on Construction of Seven-star Hotel in Abuja
The Federal Government and Delborough have signed a formal agreement for the construction of a luxury seven-star hotel in Abuja. This project aims to significantly upgrade Nigeria's hospitality infrastructure in the capital city. The partnership represents a major investment initiative focused on expanding the high-end tourism and real estate sectors through collaborative development.
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Business · ThisDay ·
PTAD Disburses N1.73 Billion to Pensioners Under Defined Benefit Scheme
The Pension Transitional Arrangement Directorate has released 1.73 billion Naira for the payment of outstanding benefits to pensioners under the Defined Benefit Scheme. This disbursement covers various categories of pension arrears and monthly entitlements for eligible retirees across Nigeria, providing financial support to former public service employees.
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Business · ThisDay ·
EFCC Witness: How Union Bank Kept N51bn from Arik Loan Transaction
An Economic and Financial Crimes Commission witness has testified regarding Union Bank's retention of 51 billion Naira from a loan transaction involving Arik. The testimony provides details on how the funds were managed following the credit arrangement, highlighting discrepancies in the financial dealings currently under investigation by the anti-graft agency.
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Business · Vanguard ·JET-A1: Middlemen defy regulator’s pricing band, raise price to N2,230/litre
Aviation fuel middlemen have disregarded official pricing guidelines set by regulators, increasing the cost of Jet-A1 to 2,230 Naira per litre. This defiance occurs despite established pricing bands intended to stabilize the market, potentially impacting operational costs for airlines within the Nigerian aviation sector.
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Business · ThisDay ·
UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries
The United Kingdom has launched a creative fund aimed at strengthening Nigeria's film, fashion, and music industries. This initiative focuses on providing financial support and resources to boost the creative economy, facilitating growth and development within these key artistic sectors through international cooperation.
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Business · ThisDay ·
Oando Receives NIPetE Officials, Says Localisation Key to Global Competitiveness
Oando recently hosted officials from the Nigerian Institute of Petroleum Engineers to discuss industry growth. The energy company emphasized that prioritizing local content and expertise remains a vital strategy for Nigerian firms to compete effectively within the global market.
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Business · ThisDay ·
PwC Report: Infrastructure Spending in Nigeria to Rise by 77% to $40bn by 2050
A report by PwC indicates that infrastructure spending in Nigeria is projected to grow by 77 percent, reaching a total of 40 billion dollars by 2050. This anticipated increase reflects significant long-term investment goals aimed at developing the nation's physical assets and supporting economic expansion over the coming decades.
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Business · ThisDay ·
Amid Tax Law Overhaul, CITN Tasks New Professionals on Stronger Fiscal Reform Compliance
The Chartered Institute of Taxation of Nigeria has urged newly inducted professionals to prioritize compliance with ongoing fiscal reforms. This directive comes as the federal government undertakes a comprehensive overhaul of the nation's tax laws, aiming to strengthen the regulatory framework and ensure transparency within the evolving Nigerian economic landscape.
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Business · The Punch ·Firms return to profit despite policy shifts – Report
A recent report reveals that several Nigerian companies have returned to profitability despite significant changes in economic policies. These firms have successfully navigated the shifting regulatory environment, indicating a level of resilience within the corporate sector amid ongoing fiscal adjustments and broader macroeconomic challenges facing the national economy.
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Business · The Punch ·
NEPC boss ties export future to female entrepreneurs
The Executive Director of the Nigerian Export Promotion Council has identified female entrepreneurs as a critical factor for the growth of the country's export sector. He emphasized their importance in driving economic diversification and increasing Nigeria's non-oil export earnings in the coming years.
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Business · The Punch ·
East Africa attracts $4.1bn investment amid reforms
East Africa has secured approximately $4.1 billion in capital investments, a development attributed to ongoing economic and regulatory reforms within the region. These policy changes have increased investor confidence, positioning the territory as a significant destination for foreign direct investment aimed at stimulating regional economic growth and infrastructure development.
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Business · The Punch ·
Firms renew pact to drive women empowerment
Corporate entities have re-established a strategic partnership aimed at promoting female empowerment initiatives. This collaboration focuses on enhancing opportunities for women through shared commitments and professional development programs within the Nigerian business landscape to foster economic inclusion and gender equality.
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Business · The Punch ·
Capital, trust, tech to drive SME growth – Regent MfB CEO
The Chief Executive Officer of Regent Microfinance Bank identifies capital investment, trust, and technological adoption as the essential drivers for small and medium enterprise growth. These factors are highlighted as critical components for Nigerian businesses to scale operations and improve service delivery in a competitive economic environment.
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Business · ThisDay ·
Governing The Economy: Choices, Trade-Offs And National Priorities 1
Nigeria's economic governance requires a strategic approach to decision-making, focusing on the trade-offs and national priorities necessary for growth. The discourse examines the critical policy choices facing the government as it navigates fiscal and monetary challenges to ensure long-term stability and development across various sectors of the federation.
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Business · Daily Trust ·
UAE OPEC exit: Nigeria under pressure to raise output
Recent developments regarding the United Arab Emirates' potential exit from OPEC have placed Nigeria under significant pressure to increase its national crude oil production. As the global energy landscape shifts, the Nigerian government and petroleum sector are being urged to ramp up output to address potential supply gaps in the market.
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Business · ThisDay ·
FROM PORTS TO FOOD
Nigeria's economic focus is shifting from port-centered logistics and maritime infrastructure toward agricultural development and domestic food production. This transition aims to enhance national food security and reduce dependence on imports by strengthening the local supply chain and processing capabilities across various agricultural sectors.
Nigerian News
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