Business News

Tuesday, 25 February 2025 05:08

MultiChoice Nigeria raises subscription rates for DStv, GOtv packages

MultiChoice Nigeria has announced a price increase for its DStv and GOtv subscription packages, effective March 1. This adjustment comes approximately one year after the company's previous rate hike. The company notified customers via email on Monday, citing "prevalent economic factors leading to increased operational costs" as the reason for the price adjustment. "We understand the impact this change may have on our valued partners, and we have only taken this step after careful consideration and in-depth analysis," MultiChoice stated. The company affirmed its commitment to "delivering high quality content and unparalleled service" to viewers across Nigeria. New Pricing Structure…

Monday, 24 February 2025 04:13

Dangote Refinery supplies 60% of Nigeria’s petrol demand, Report says

A recent report by S&P Global has revealed that the Dangote Petrochemical Refinery is currently meeting up to 60% of Nigeria’s domestic gasoline (petrol) demand. This significant milestone underscores the refinery’s pivotal role in stabilizing the nation’s fuel supply and reducing reliance on imported petroleum products, marking a transformative shift in Nigeria’s energy landscape. The report contrasts with earlier claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which stated that the country’s three operational refineries contributed less than 50% of daily petrol consumption. Since its commissioning in January 2024, the Dangote Refinery, with a capacity of 650,000 barrels…

Sunday, 23 February 2025 04:57

‘Buy Now, Pay Later’ market in Nigeria, Kenya, others set to hit $10.6bn - Report

The ‘Buy Now, Pay Later’ market in Nigeria, Kenya, and other African countries is expanding rapidly, a new report on this segment of the economy has indicated. It was also noted that the BNPL market in Africa is projected to hit N10.63bn by the end of this decade. This was revealed in a recent report from data company Research and Markets titled ‘Africa Buy Now Pay Later Business and Investment Opportunities Databook.’ Investopedia described BNPL as a type of short-term financing that allows consumers to make purchases and pay for them over time. It ties into the consumer credit culture…

Friday, 21 February 2025 04:44

CBN holds interest rate steady for first time in 3 years

The Central Bank of Nigeria (CBN) has held its benchmark lending rate steady at 27.50 percent, marking the first pause in rate adjustments in almost three years. CBN Governor Olayemi Cardoso announced the decision following a two-day Monetary Policy Committee (MPC) meeting in Abuja. This represents a significant shift in strategy, as the CBN had consistently increased rates since March 2022, when the benchmark stood at 11.5 percent. The MPC unanimously agreed to maintain current rates, citing positive macroeconomic developments including stability in the foreign exchange market, appreciation of the naira, and gradual moderation in fuel prices. These factors are…

Thursday, 20 February 2025 04:28

Investors on NGX gain N505bn after market rout in preceding session

The Nigerian Exchange (NGX) bounced back impressively on Wednesday, with investors gaining N505 billion as the All-Share Index rose 0.87% to close at 108,609.51 points. This positive performance effectively reversed Tuesday's losses and pushed the market capitalization up to N67.8 trillion. BUA Foods emerged as the day's top performer, surging 9.91% to N410.50 per share. Other notable gainers included RT Briscoe (+6.91% to N2.63), Eterna (+6.25% to N42.50), and Sunu Assurances Nigeria (+6.13% to N6.92). However, some counters faced selling pressure, with University Press and International Energy Insurance both declining 9.8% to close at N4.60 and N2.21 respectively. Union Dicon…

Wednesday, 19 February 2025 04:43

3 common startup ideas being used by ancient Silk road traders

Abdo Riani The Silk Road, spanning over 4,000 miles and connecting the East and West, was one of history’s most important trade routes. It wasn’t just a path for exchanging silk, spices, and goods but also a breeding ground for innovation and problem-solving. Ancient traders faced challenges like risky journeys, financial instability, and cross-cultural communication, and they devised solutions that closely resemble practices used by modern startup founders. Here are three practices employed by Silk Road traders and how they relate to building and scaling innovative businesses today. 1. Resource-Sharing One of the biggest challenges for Silk Road traders was…

Tuesday, 18 February 2025 04:46

Manufacturing sector ‘on its last breath’, MAN warns

The Manufacturers Association of Nigeria (MAN) has issued a stark warning to the federal government, declaring that the manufacturing sector "is on its last breath" and cautioning that "the future of the country will continue to hang in balance unless the plights of manufacturers are adequately addressed with appropriate interventions." In its Fourth Quarter of 2024 Manufacturers CEOs Confidence Index report, signed by MAN Director General Segun Ajayi-Kadir, the association emphasized that 2025 represents a critical period during which the government must take intentional action to boost domestic industrial production and promote Made-in-Nigeria products to alleviate foreign exchange demand pressures.…

Monday, 17 February 2025 04:51

Naira depreciation pushes Nigerian Breweries into highest annual loss ever

The local unit of Heineken NV, Nigerian Breweries, continued its FX-induced lossmaking for the second year last year as the manufacturer posted N144.9 billion in net loss after a devaluation of the naira last January caused its reporting currency to slump substantially. It recorded the negative bottom line even though sales improved by 80.8 per cent, taking revenue to a new milestone of N1.1 trillion, according to its audited accounts issued on Friday. The direct cost of production for the beer and non-alcoholic beverages maker rose to 70.5 per cent of turnover from 64.5 per cent as the cost of…

Monday, 17 February 2025 04:50

Losses from Naira devaluation forces PZ Cussons to convert N51.79bn loan from UK investor to equity

PZ Cussons Nigeria Plc says it will convert a N51.79 billion ($34,26 million) intercompany loan from its UK-based parent company, PZ Cussons Holdings (PZCH), into equity as part of a financial restructuring. In a document published on the Nigerian Exchange Limited (NGX) on Saturday, but dated February 13, 2025, the company said 2.19 billion new ordinary shares at N23.60 per share will be issued to PZCH. The move was approved at a special board meeting on February 13. According to the manufacturer of personal healthcare products, the conversion will increase PZ Cussons Nigeria’s share capital from N1.99 billion to N3.08…

Thursday, 13 February 2025 04:44

Oil prices down after Trump calls Putin, Zelenskiy to discuss end to Ukraine war

Oil prices settled down more than 2% on Wednesday after U.S. President Donald Trump took the first big step toward diplomacy over the war in Ukraine he has promised to end, a war that has supported oil prices on concerns about global supplies. Brent futures settled down $1.82, or 2.36%, at $75.18 a barrel. U.S. West Texas Intermediate (WTI) crude settled down $1.95, or 2.66%, to $71.37. U.S. crude futures fell more than $2 at their session low. The declines follow three days of gains, during which Brent climbed 3.6% and WTI rose 3.7%. U.S. President Donald Trump discussed the…

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Wednesday, 12 February 2025 05:01

CBN imposes new charges on ATM withdrawals

The Central Bank of Nigeria (CBN) has announced the elimination of the three free monthly ATM withdrawals that customers previously enjoyed when using other banks' machines. The new policy takes effect March 1, 2025, as outlined in a circular dated February 10, 2025, signed by John S. Onojah, Acting Director of Financial Policy and Regulation Department. Under the new guidelines, customers will pay fees for every withdrawal at other banks' ATMs. While transactions at your own bank's ATM remain free, withdrawals at other banks will incur the following charges: - On-site ATMs (within bank premises): N100 per N20,000 withdrawal -…

Tuesday, 11 February 2025 04:50

Dangote Refinery nears full capacity milestone

Africa's largest oil refinery is set to achieve full operational capacity within a month, according to senior management. The Dangote Petroleum Refinery, which can process 650,000 barrels of crude oil daily, is currently running at 85% capacity, Head of Refinery Edwin Devakumar announced Monday. The Lagos-based facility, owned by Nigerian industrialist Aliko Dangote, has gradually ramped up operations since beginning crude processing in January 2023. While initially focusing on diesel, naphtha, and jet fuel production, the refinery expanded to petrol manufacturing in September. Despite having an agreement with the federal government to purchase crude oil using local currency, the refinery…

Tuesday, 11 February 2025 04:49

NRC, APM Terminals launch Lagos-Ibadan freight services to boost cargo transport

The Nigerian Railway Corporation (NRC), in collaboration with APM Terminals, has officially launched freight services to transport cargo from Apapa Port in Lagos to the NRC’s Moniya freight yard in Ibadan, Oyo State. The initiative, which began with a flag-off ceremony on Monday in Apapa, Lagos, marks a significant step in improving logistics efficiency and reducing congestion at the Apapa port. During the event, NRC Managing Director Kayode Opeifa emphasized the corporation’s commitment to strengthening the rail system, stating that no effort would be spared to ensure its success. He highlighted the partnership’s goals, which include increasing rail transport capacity,…

Tuesday, 11 February 2025 04:42

Why entrepreneurs still need to leverage people (even with AI)

Kimberly Zhang The internet is getting excited about the prospect of AI. After the release of ChatGPT 3.5 last November, we're still very much in the early stages of people working out what's possible with the technology. Everyone wants to know how far it can be taken. The prospect of AI becoming a superintelligence is leading many to wonder whether it could present a new form of entrepreneurship. Historically, business leaders would leverage a combination of people and capital to push their enterprises forward. In the last twenty years, that's expanded to "networks," but in the future, it could involve…

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