Business News

Sunday, 30 March 2025 04:56

Foreign investment in Nigerian equities market declined 30% in February

Foreign investment inflows to Nigeria's equities market dropped by 29.66% in February 2025, falling to ₦18.05 billion from ₦25.66 billion in January. The reduction in foreign participation was significant, with total foreign portfolio transactions on the Nigerian Exchange Limited (NGX) declining by 40.36% from ₦71.51 billion to ₦42.65 billion. Foreign outflows also decreased substantially, down 46.33% to ₦24.60 billion from January's ₦45.85 billion. Overall trading activity on the exchange fell by 16.07% month-on-month, with total transactions dropping from ₦607.05 billion (approximately $410.84 million) in January to ₦509.47 billion (about $341.36 million) in February. However, compared to February 2024, trading volumes…

Saturday, 29 March 2025 04:54

Nigerian importers forced to pay $1.5bn War Risk Insurance premium. This is why

Despite being declared piracy-free since 2021, Nigeria has paid a staggering $1.5 billion in War Risk Insurance (WRI) premiums over the past three years—a cost that shipping experts and government officials say is no longer justified. The Nigerian Maritime Administration and Safety Agency (NIMASA) revealed the figures in a statement on Friday, calling the continued imposition of WRI surcharges on Nigeria-bound cargo an unfair financial burden that harms the nation’s economy. Why Are Nigerian Importers Still Paying War Risk Premiums? War Risk Insurance covers losses from acts of war, piracy, and insurrection. It was introduced during the peak of Niger…

Friday, 28 March 2025 04:11

NNPCL approaches final stages of Initial Public Offering

The Nigerian National Petroleum Company Limited (NNPC Ltd) is in the "final" stages of preparing for its initial public offering (IPO), company officials confirmed on Thursday. The state-owned oil company is moving forward with plans to list its shares on the stock market, in compliance with the Petroleum Industry Act (PIA) 2021. Olugbenga Oluwaniyi, the Chief Finance and Investor Relations Officer (CFIO), revealed that NNPC is currently conducting an "IPO Beauty Parade" to engage with prospective partners. The company is seeking investor relations executives, IPO readiness advisers, and investment bank partners, with the best offers to be selected for each…

Wednesday, 26 March 2025 04:43

Pepper prices surge 225%, tomato jumps 114%

The cost of agricultural produce has seen dramatic price increases in March, with pepper experiencing a staggering 225% price surge and tomatoes rising by 114%, according to recent market findings. Daily Trust investigations revealed significant price changes across major markets in Lagos and Ogun states. Abdulahi Yerima Shehu, a pepper seller in Ogba market, detailed the price transformations: a big bag of pepper has rocketed from N80,000 to N260,000, while a small bag increased from N20,000-N23,000 to N110,000. Tomatoes saw a similar trend, with prices climbing from N18,000-N21,000 to N45,000. Another vendor, Bala Yaro from Abeokuta, reported slightly different but…

Tuesday, 25 March 2025 04:43

Jet fuel from Nigeria's Dangote refinery hits US market

U.S. jet fuel imports are set to hit a two-year high in March after Nigeria's Dangote refinery pushed barrels to North America, which should lower prices of the aviation fuel in the peak summer travel season, trade analysts and storage brokers said. The shipments by the 650,000 barrels-per-day (bpd) Dangote refinery, Africa's largest, highlight its potential to reshape global fuel trading dynamics by creating a new swing supplier in the Atlantic Basin. It has already shown signs of success in competing with European refiners on gasoline exports, and the jet fuel shipments to the United States could challenge domestic producers'…

Saturday, 22 March 2025 07:52

Fuel imports increase to 154m litres weekly as Naira-for-Crude arrangement collapses

Seven vessels carrying imported Premium Motor Spirit (PMS), commonly known as petrol, are scheduled to arrive at Nigerian seaports between March 17-23, 2025, according to documents obtained from the Nigerian Port Authority. These vessels are transporting 115,000 metric tonnes (equivalent to 154.22 million liters) of fuel through three seaports: Tincan and Lekki Deep Seaport in Lagos, and Calabar port in Cross River State. This increase in imports comes as the landing cost of imported PMS has reportedly decreased to N797 per liter. The surge in imports coincides with the Dangote Petroleum Refinery's suspension of petroleum product sales in naira, following…

Friday, 21 March 2025 04:19

Nigerian shipping industry faces cargo volume decline despite infrastructure investment

Nigerian port operators and shipping companies are expressing growing concern over declining cargo volumes, even as significant investments pour into port infrastructure development across the country. Despite more than $10 billion being invested by state governments and private sector entities into new deep and river seaports, industry stakeholders report troubling downward trends in shipping metrics. Vessel calls to Nigerian ports decreased by 4.5% in 2023, dropping to 3,778 from 3,957 in 2022. Additionally, cargo throughput (excluding crude oil) fell by 6.4%, with totals declining from 75.27 million metric tons in 2022 to 70.47 million metric tons in 2023. At a…

Thursday, 20 March 2025 04:37

Dangote Refinery halts Naira sales as crude supply negotiations with NNPC falter

The Dangote Refinery announced Wednesday it has temporarily suspended the sale of petroleum products in naira, a decision that has already sent ripples through Nigeria's oil market with private depot prices jumping to N900 per liter from below N850. In its statement, the $20 billion Lekki-based refinery explained the suspension was "necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars." The company emphasized that "sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received," forcing them to "temporarily adjust our sales…

Thursday, 20 March 2025 04:31

6 soft skills that make you unstoppable in the new world of work

William Arruda Soft skills have always been a career superpower, but with the rapid rise of technology—especially generative AI—they’re more essential than ever. No matter how much automation gets integrated into work processes, there are things AI simply can’t do (at least not yet). The skills that set you apart? The human ones—the ability to build relationships, inspire others, and think creatively. Soft Skills: Your Secret Weapon in the Modern Workplace Technology is evolving fast and that’s great news. Tech can tackle tasks that are repetitive and mundane, freeing you up to focus on the most meaningful aspects of work.…

Wednesday, 19 March 2025 04:12

DMO to auction N300bn FGN bonds at N1,000 per unit on March 24

The Debt Management Office (DMO) has announced plans to reopen two federal government bonds worth N300 billion for auction, with subscriptions available at N1,000 per unit. According to a statement released on Tuesday, the bonds will be auctioned on March 24, with settlement scheduled for March 26. Investors can subscribe at a minimum of N50,001,000, with additional investments in multiples of N1,000. The bonds offer semi-annual interest payments, and the principal will be repaid in full upon maturity. For reopenings of previously issued bonds, successful bidders will pay a price based on the yield-to-maturity bid that clears the auction volume,…

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Tuesday, 18 March 2025 04:59

While Nigeria hikes ship berthing charges to $200,000, in Ghana it’s $15,000, Shanghai $21,000, Cotonou $27,000, Singapore $29,000 - Report

Following the recent 15 per cent increase by the Nigerian Ports Authority (NPA) in port and marine fees, berthing charges for vessels at Nigerian seaports have risen from $150,000 to approximately $200,000, according to the Shipping Agencies, Clearing and Forwarding Employers Association (SACFEA). Addressing the challenges at Nigerian ports during a briefing in Lagos over the weekend, the SACFEA Chairman, Boma Alabi, compared vessel berthing charges across several ports. She noted that berthing fees at Tema Port in Ghana stood at $15,000, Shanghai $21,000, Lome Port $26,000, Cotonou Port $27,000, Singapore $29,000 and Abidjan $60,000. According to Alabi, Terminal 3…

Monday, 17 March 2025 04:36

Solar panel imports surge amid Nigeria’s worsening electricity crisis

Nigeria imported N237.3 billion worth of solar panels in the last quarter of 2024, underscoring the country’s growing shift towards renewable energy amid a worsening public power supply crisis. According to data from the Foreign Trade Statistics report by the National Bureau of Statistics (NBS), the bulk of these imports—N228.9 billion worth—came from China. The category listed as “Photovoltaic cells not assembled in modules or made up into panels” reflects Nigeria’s increasing reliance on alternative energy sources as the national grid remains unreliable. A Response to a Failing Grid The surge in solar panel imports highlights the persistent failure of…

Sunday, 16 March 2025 04:34

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL) has led oil marketers to reduce their purchasing volumes amid mounting losses from rapid price reductions. The competition began in November 2024 when Dangote lowered petrol prices from N990 to N970 per litre, followed by further cuts to N899, citing holiday relief for Nigerians. NNPCL responded by matching the N899 price at its outlets. The price cuts continued into 2025, with Dangote reducing prices to N890 in February and then to N825 per litre by February 27. NNPCL countered with a N860 per litre price…

Saturday, 15 March 2025 04:09

Dangote Refinery further reduces petrol loading price amidst fresh crude supply from NNPCL

In a significant development in Nigeria's downstream oil sector, the Dangote Petroleum Refinery has further reduced the loading cost of petrol from N825 to N815 per litre, intensifying the ongoing price war. This move, implemented on Thursday, has been met with enthusiasm by oil marketers, who are now sourcing products directly from the refinery, bypassing private depot owners. The reduction is expected to compel private fuel depots to adjust their prices downward to remain competitive. This price cut follows a recent drop in the landing cost of imported petrol to N774.72 per litre, as reported by The PUNCH earlier this…

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