Category: Business
Tesla Q1 Sales Plummet 13% Amid Musk Political Backlash and Production Woes
Tesla reported disappointing first-quarter vehicle deliveries Wednesday, with sales dropping 13% year-over-year to 336,681 units as CEO Elon Musk’s political entanglements and production challenges weigh heavily on the electric vehicle pioneer. Key Takeaways from Tesla’s Q1 Report The Musk Factor: Political Fallout Musk’s vocal support for President Trump’s administration—including advising on federal job cuts—has sparked…
Lagos Set to Host Nigeria’s Premier SME Trade Fair with ₦5 Billion Sales Target
Lagos, Nigeria – The Lagos State Government, in partnership with Naija Brand Chick (NBC), is gearing up to host the 2025 Lagos Tourism NBC Trade Fair, Nigeria’s largest SME commerce event, with an ambitious ₦5 billion sales target and over 220 vendors expected to participate. Scheduled for April 11–13 at the Federal Palace Hotel’s Balmoral…
NNPCL Prepares for Landmark Public Listing Amid Transparency Concerns
The Nigerian National Petroleum Company Limited (NNPCL) has entered the final stages of its long-anticipated transition to a publicly traded entity, announcing plans to list its shares on the capital market in compliance with the Petroleum Industry Act (PIA) 2021. The move, revealed Thursday by Chief Corporate Communications Officer Olufemi Soneye, marks a pivotal moment…
Nigeria Customs Launches Indigenous “B-Odogwu” System to Revolutionize Trade Processing
Locally developed platform aims to streamline operations, boost transparency In a major push for digital transformation, the Nigeria Customs Service (NCS) has officially launched B-Odogwu, a homegrown digital platform designed to modernize trade facilitation and compliance across the country. A New Era for Trade Efficiency Comptroller Dalhat Abubakar of the Kano/Jigawa Command unveiled the system…
Dangote Refinery Begins Jet Fuel Exports to U.S., Set to Lower Aviation Prices
The Federal Government, through the Nigerian National Petroleum Company Limited (NNPCL), has announced the commencement of jet fuel exports from the Dangote Refinery to the United States, a development expected to lower aviation fuel prices in North America ahead of the peak summer travel season. In a statement issued by refinery management and confirmed by…
Dangote Petroleum Refinery Temporarily Suspends Sales of Petroleum Products in Naira
Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales proceeds with its crude oil purchase obligations, which are denominated in U.S. dollars. The decision, communicated in a statement released on March 19, 2025, aims to address a mismatch between Naira sales and dollar-denominated…
Court Rejects NNPC’s Bid to Strike Out Dangote’s N100 Billion Suit Over Fuel Import Licenses
A Federal High Court in Abuja has dismissed the Nigerian National Petroleum Company Limited’s (NNPC) request to strike out a N100 billion lawsuit filed by Dangote Refinery and Petrochemicals against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and seven other companies. The suit challenges the issuance of fuel import licenses to NNPC and…
Nigeria’s Trade Surplus Soars by 209% to N18.86 Trillion in 2024
Nigeria’s trade surplus surged by 209.6% to N18.86 trillion in 2024, up from N6.09 trillion in 2023, according to the latest Foreign Trade Statistics report released by the National Bureau of Statistics (NBS). The report, which covers the fourth quarter of 2024 (Q4’24), also revealed a significant increase in Nigeria’s trade with Economic Community of…
CBN Monetary Policies Yielding Results, but Fiscal Challenges Loom
After months of trial and error, the Central Bank of Nigeria (CBN) appears to be on the right track with its monetary policies. The exchange rate is stabilizing, and the gap between the official and parallel market rates has significantly narrowed. For the first time in years, Nigeria is close to achieving a relatively stable…
Transcorp Group Records 132% Growth in Profits to N136.7 Billion in 2024
Transnational Corporation Plc (Transcorp Group) has announced a remarkable 132% increase in Profit Before Tax (PBT) to N136.7 billion for the operating year ended December 2024, up from N58.8 billion in the previous year. The impressive financial performance was disclosed in the company’s audited results, which also revealed a 107% surge in revenue to N408…