Category: Business
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…
NDIC Calls on Lawyers to Enhance Recovery of Closed Banks’ Assets
The Nigeria Deposit Insurance Corporation (NDIC) has urged its external solicitors to intensify efforts in recovering assets of closed banks to ensure the payment of uninsured deposits, legitimate creditor claims, and liquidation dividends to investors. The Managing Director of NDIC, Dr. Bello Hassan, made the call during a sensitization seminar for the corporation’s external solicitors…
Naira Depreciates to N1,502/$ in Parallel Market Amid Slight Gain in Official Market
The Nigerian Naira experienced a slight depreciation in the parallel market yesterday, trading at N1,502 per dollar compared to N1,500 per dollar on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira showed a marginal appreciation, closing at N1,501.5 per dollar, according to data released by the Central Bank of Nigeria (CBN). The…
Nigeria Takes Major Step Toward Energy Self-Sufficiency: Diesel and PMS Now Manufactured Locally
In a historic move, Nigeria has successfully commenced the local production and sale of Diesel and Premium Motor Spirit (PMS) for the first time in years, marking a significant milestone in the nation’s journey toward energy self-sufficiency. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Chairman of the…
Nigeria Takes Major Step Towards Energy Self-Sufficiency: Crude Purchase and Product Sales in Naira Commence
Abuja, Nigeria – September 13, 2024 In a landmark development aimed at reducing pressure on the naira, eliminating transaction costs, and enhancing the availability of petroleum products, the Federal Government has officially launched the sale of crude oil to local refineries and the corresponding purchase of petroleum products in naira. The Honourable Minister of Finance…
Petroleum Marketers Seek Clarity on Dangote Refinery Petrol Pricing
The President of the Petroleum Products Retail Outlets Owners Association, Billy Gillis-Harry, has called on the Dangote Refinery to disclose the pricing of its petrol, stating that local marketers are eager to engage with the refinery but are currently unaware of its pricing structure. Gillis-Harry expressed that the lack of transparency has made it impossible…
FCCPC Issues One-Month Deadline for Traders to Reduce Prices Nationwide
Abuja, August 29, 2024 — The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month deadline for traders and market participants across Nigeria to reduce the prices of goods, following concerns about exploitative pricing practices. The announcement was made by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during…
BUA Cement Chairman AbdulSamad Rabiu Criticizes Dealers for Frustrating Efforts to Lower Cement Prices
Abuja, August 29, 2024 — AbdulSamad Rabiu, Chairman of BUA Cement, has revealed that the company’s attempt to reduce the price of cement to N3,500 per bag last year was thwarted by the actions of cement dealers, who instead sold the product to consumers at inflated prices. Speaking at the 8th Annual General Meeting of…