Business News

Friday, 06 June 2025 05:12

Nigeria now Africa’s top cement exporter, says Aliko Dangote

Nigeria has transformed from being the world’s second-largest cement importer to becoming Africa’s leading cement exporter, according to Aliko Dangote, chairman of the Dangote Group. Speaking at the Gates Foundation’s Goalkeepers event in Lagos on Wednesday, Dangote highlighted Nigeria’s remarkable shift away from import dependency across multiple key industries, including cement, fertilizers, and petroleum products. From Importer to Export Leader The industrial transformation represents a complete reversal of Nigeria’s previous trade position. The West African nation previously ranked as the second-largest cement importer globally but has now achieved export leadership across the African continent. Beyond cement, Nigeria has made substantial…

Friday, 06 June 2025 05:11

US envoy announces plan to open $120trn capital market to Nigerian entrepreneurs

The United States is preparing to provide Nigerian businesses with unprecedented access to its massive $120 trillion capital market, offering new pathways for financing innovation and business expansion across Africa’s largest economy. Strategic Partnership for Economic Growth US Ambassador to Nigeria David Greene Mills outlined the initiative during a fireside chat at Lagos Business School, describing America’s financial system as a crucial source of venture capital and long-term investment opportunities for Nigerian entrepreneurs. The ambassador emphasized that the liquidity and efficiency of US financial markets position them as ideal platforms for supporting Nigerian business growth and innovation across multiple sectors.…

Thursday, 05 June 2025 04:45

Nigerian Stock Market extends bull run with N483bn two-day gain

The Nigerian stock market has demonstrated remarkable resilience with a sustained upward trajectory over two consecutive trading sessions, accumulating gains totaling N483 billion and pushing market capitalisation above N71 trillion for the first time. Strong Performance Metrics The market’s bullish momentum began on Tuesday when capitalisation increased by N259 billion (0.37%) to reach N70.894 trillion, followed by Wednesday’s additional N224 billion gain (0.32%) that elevated total market value to N71.118 trillion. The All-Share Index (ASI) mirrored this positive trend, climbing 411.52 points on Tuesday to close at 112,427.48, then adding another 354.25 points on Wednesday to finish at 112,781.73 points.…

Wednesday, 04 June 2025 04:32

Banks begin deducting USSD transaction fees from mobile airtime following NCC directive

Nigerian banks have officially commenced deducting charges for Unstructured Supplementary Service Data (USSD) banking transactions directly from customers’ mobile airtime, following a directive from the Nigerian Communications Commission (NCC). The new billing system, which took effect on June 3, 2025, marks a significant shift from the previous model where USSD charges were deducted from customers’ bank accounts. Under the NCC’s End-User Billing (EUB) model, each USSD session now attracts a charge of ₦6.98 per 120 seconds, billed by mobile network operators. Several major banks, including United Bank for Africa (UBA) and First City Monument Bank (FCMB), have notified their customers…

Tuesday, 03 June 2025 04:24

CEO of $190bn chipmaker: The best career advice I ever got

Growing up, kids always called me “scary.” Not because I was intimidating, but because I was too anxious to do a lot of things they did, especially hard things. I admit, it’s a big reason why I still don’t know how to swim at the age of 25.I still feel terrible about dropping my hobby of playing the viola because learning sheet music was difficult. Especially because embracing challenges in life can make you successful and may be what ultimately fulfills you most, according to Lisa Su, CEO of $190 billion chipmaker Advanced Micro Devices.The best piece of career advice…

Friday, 30 May 2025 04:49

Nigeria's $3bn fashion drain: How import dependence undermines local textile industry

Nigeria's fashion sector is hemorrhaging billions of dollars annually due to overwhelming reliance on imported fabrics, particularly the iconic Ankara prints that have become synonymous with Nigerian style, according to a comprehensive new analysis. The Consonance Investment report "Who is Dressing 220+ Million Nigerians?" reveals a stark reality: approximately 90% of Ankara fabrics consumed across Nigeria and the broader African continent originate from foreign manufacturers, predominantly in China and India. This dependency translates to an estimated $3 billion in annual value loss for Nigeria's domestic economy. Cultural Significance Meets Economic Reality Ankara fabric holds deep cultural significance in Nigerian society,…

Thursday, 29 May 2025 04:47

Nigeria yields top fuel importer status to South Africa - Report

Nigeria has relinquished its long-held position as Africa’s largest importer of refined petroleum products following the ramp-up of operations at the Dangote Petrochemical Refinery, a new report has stated. South Africa has now overtaken Nigeria as the continent’s largest fuel importer, according to new data from energy consultancy CITAC, signalling a seismic shift in Africa’s downstream oil market. The refinery, which began large-scale production in early 2024, is already disrupting established trade flows across sub-Saharan Africa and reshaping the continent’s energy dynamics. With a refining capacity of 650,000 barrels per day, the largest single-train refinery in the world, its rising…

Wednesday, 28 May 2025 04:40

If you have this skill, you’re a better boss than most, says workplace expert

Ashton Jackson Plenty of people love company-wide pizza parties and generous workplace vacation packages. Just don’t expect those kinds of perks to consistently motivate people to perform their best, says leadership and workplace researcher Zach Mercurio. To feel like they matter at work, employees — perhaps surprisingly — prefer one factor over just about everything else, Mercurio says: a boss who’s good at making small talk. Not the superficial chatter that people use to cut awkward silences, but the meaningfully personal conversations that lead to small moments of connection, he explains. “We’ve studied people for five years in numerous occupations,…

Tuesday, 27 May 2025 03:59

Dangote Industries plans major export expansion, targets $7m daily fertiliser sales FX inflow

Dangote Industries Limited is positioning itself to become Nigeria's largest foreign exchange earner through an ambitious export expansion program that will include coal shipments and generate up to $7 million in daily revenue from fertiliser sales alone. Company President Aliko Dangote outlined these plans during a strategic meeting with the Nigerian Ports Authority (NPA) leadership in Lagos on Monday, emphasizing the transformative scale of operations his conglomerate intends to launch. Massive Export Operations on the Horizon The billionaire industrialist revealed that Dangote Industries will commence coal exports within weeks, adding to its existing cement export operations from the six-million-ton capacity…

Tuesday, 27 May 2025 03:58

NGX rebounds with ₦539.98bn market cap gain

The Nigerian Exchange (NGX) opened the new week on a positive note, recovering from last week’s losses with a strong rebound on Monday. The market capitalisation rose by ₦539.98 billion to close at ₦69.3 trillion, up from ₦68.8 trillion on Friday, signalling renewed investor confidence. The benchmark All-Share Index (ASI) climbed by 924.38 points, or 0.85%, to settle at 109,953.00, compared to 109,028.62 at the close of the previous trading session. Monday’s rally was driven by gains in large and mid-cap stocks. Aradel Holdings Plc led the gainers, rising 9.98% to close at ₦505.90 per share. University Press Plc followed…

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Tuesday, 27 May 2025 03:56

Poultry farmers face sales crisis as economic hardship dampens egg demand

Nigeria's poultry industry is grappling with declining egg sales as economic pressures squeeze consumer purchasing power, forcing families to prioritize basic necessities over protein-rich foods despite eggs being the country's most affordable protein source. The Poultry Association of Nigeria's Lagos State chapter has identified a combination of reduced consumer spending capacity, excessive retailer markups, and widespread economic hardship as the primary drivers behind the sector's current struggles. Economic Reality Hits Protein Consumption Mojeed Iyiola, chairman of PAN Lagos, emphasized that the challenge extends far beyond the poultry sector, reflecting broader economic difficulties affecting all consumer goods. Families are increasingly unable…

Monday, 26 May 2025 04:11

Nigerian Capital Market posts strong performance with N1.1trn dividends, N3.68trn new issues

Nigeria's capital market demonstrated remarkable strength in 2024, with listed companies on the Nigerian Exchange Limited delivering tidy returns to shareholders while maintaining robust fundraising activities, according to the Securities and Exchange Commission. Record Dividend Payments Signal Market Confidence Companies listed on the Nigerian Exchange declared a total of N1.1 trillion in dividends to shareholders throughout 2024, with N1 trillion already distributed to investors, SEC Director-General Emomotimi Agama announced in a Sunday statement. This substantial payout reflects growing market confidence and improved investor returns across the exchange. The dividend distribution represents a significant milestone for the Nigerian capital market, demonstrating…

Sunday, 25 May 2025 04:30

NNPC announces maintenance shutdown of Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd) has disclosed that the Port Harcourt Refining Company (PHRC) will undergo a scheduled maintenance shutdown starting May 24, 2025. In a statement released on Saturday, Olufemi Soneye, NNPC Ltd’s Chief Corporate Communications Officer, confirmed that the shutdown is necessary for maintenance and a sustainability assessment of the facility. “NNPC Ltd wishes to inform the public that the Port Harcourt Refinery will commence a planned maintenance shutdown on May 24, 2025,” the statement read. “We are collaborating with key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure the…

Saturday, 24 May 2025 04:36

Nigerian Stock Market shows mixed signals as foreign investment plummets

Nigeria's stock market is displaying contrasting trends, with weekly trading showing mixed performance while foreign investor participation has declined dramatically in recent months. Weekly Market Performance Reveals Split Trends The Nigerian Exchange concluded its latest trading week with conflicting signals. Market capitalization rose by 0.19 percent, gaining N130 billion to close at N68.751 trillion, up from the previous day's N68.621 trillion. This increase was primarily attributed to United Bank for Africa's additional shares listing on the NGX. However, the All-Share Index painted a different picture, dropping 0.14 percent or 154.40 points to close at 109,028.62, down from 109,183.02. This marked…

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