Business News

Friday, 04 April 2025 04:28

Oil set for worst week in months over Trump's new tariffs

Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Brent futures fell 31 cents, or 0.4%, to $69.83 a barrel by 0157 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $66.63. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. Adding to the bearish sentiment was…

Thursday, 03 April 2025 02:49

Oil prices sink after Trump announced sweeping new tariffs

Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude. Brent futures fell $1.97, or 2.63%, to $72.98 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures were down $1.98, or 2.76%, to $69.73. Trump touted April 2 as "Liberation Day," bringing new duties that could overturn the global trade system. Both benchmarks settled higher in the previous session but turned negative over the course of Trump's press conference on Wednesday afternoon in which he announced a 10% baseline…

Wednesday, 02 April 2025 04:36

Nigeria's net FX reserves increased to $23bn in 2024, highest in 3 years

The Central Bank of Nigeria (CBN) has reported that Nigeria's net foreign exchange reserves (NFER) reached $23.11 billion in 2024, marking the highest level in three years. This represents a substantial increase from $3.99 billion recorded at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. Net foreign exchange reserves, which adjust gross reserves to account for near-term liabilities such as FX swaps and forward contracts, are considered a more accurate indicator of the country's ability to meet immediate external obligations. Additionally, Nigeria's gross external reserves rose to $40.19 billion at the end of 2024, up…

Tuesday, 01 April 2025 04:27

How to create buy-in without selling your idea

Tendayi Viki You don’t ever have to make your case. You don’t have to beg, coerce or plead with people to join your movement. You don’t need to host a massive event to announce the start of the transformation. There is only one thing you need to do… createmomentum. Invite the right people to your movement at the beginning. Then work with those people to create the gravity that will attract the rest of the organization. Over time you will get to a tipping point where the momentum you have created makes organizational change inevitable. Find Your Tribe Forget about…

Monday, 31 March 2025 04:53

Petrol prices climb back up to nearly N1,000/litre as import costs rise

Fuel stations across Lagos and surrounding areas have increased the price of Premium Motor Spirit (PMS), commonly called petrol, to between N930 and N970 per litre, up from the previous N865 per litre rate. On Sunday morning, BusinessDay observed that numerous filling stations throughout Lagos had adjusted their pump prices upward. Concurrently, depot prices rose to between N890 and N900 per litre, marking an increase from below N850 per litre just two weeks ago. Industry experts attribute this price hike to recently reported increases in petrol landing costs, which oil marketers say have jumped by N88 per litre in a…

Monday, 31 March 2025 04:48

The ‘fatal mistake’ most people make starting a business, says Stanford Prof who co-founded 4 startups

Tom Huddleston Jr. People who start a new business often make one “fatal mistake” that″ll likely doom their venture before it even starts, says Steve Blank. The mistake: not researching your prospective customers or clients before deciding what kind of company you want to build, and the products or services you’ll offer. ”[I’ve] seen this a million times,” says Blank, an adjunct professor at Stanford University who has written four books on the subject of entrepreneurship and helped build eight different tech startups, of which he co-founded four. Coming up with an idea for a business first, and then determining…

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…

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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…

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