Business News

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,…

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…

Wednesday, 12 March 2025 04:39

Nigeria's car imports fell 14.3% in 2024 amid economic woes

Nigeria experienced a significant decline in passenger vehicle imports in 2024, with total import value dropping to N1.26 trillion from N1.47 trillion in 2023, representing a 14.3% decrease according to the National Bureau of Statistics (NBS). This decline follows a substantial import surge in 2023 when vehicle imports more than doubled compared to 2022 levels. The downturn reflects growing economic pressures that forced both businesses and consumers to reduce non-essential spending, with many Nigerians turning to the local second-hand market as an alternative. Import Trends Over Five Years Nigeria's vehicle import patterns have shown considerable volatility since 2020: - 2020:…

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Tuesday, 11 March 2025 04:46

NNPC clarifies status of Naira-denominated crude oil agreement with Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a clarification regarding reports about the crude oil sales agreement with Dangote Refinery. In a statement released Monday evening, NNPC's chief corporate communications officer, Olufemi Soneye, explained that the Naira-denominated crude oil contract was originally structured as a six-month agreement that will expire at the end of March 2025. Soneye confirmed that discussions are currently in progress to establish a new contract. According to the statement, NNPC Ltd has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024 under the current agreement. In total, the…

Tuesday, 11 March 2025 04:37

Why most branding advice is wrong — and what actually works

Scott Baradell Forget the buzzwords, the fluff and the empty mantras. Real branding isn't about catchy slogans, slick logos or vague notions of authenticity — it's about trust. If your brand strategy isn't driving credibility, customer preference and real-world results, you're wasting time and money. Here's how to cut through the noise and build a brand that actually works. The branding industry is built on a lie. Not an outright, malicious deception but a feel-good fantasy designed to make companies feel like they're accomplishing something when, in reality, they're spinning their wheels. Most branding advice today boils down to vague…

Monday, 10 March 2025 04:49

30% of Nigeria’s small and medium businesses shut down due to unfavorable economic conditions, NESG reports

The Nigerian Economic Summit Group (NESG) has revealed that 30% of Nigeria’s 24 million registered Micro, Small, and Medium Enterprises (MSMEs) shut down between 2023 and 2024 due to mounting economic challenges. This alarming trend was highlighted during the launch of the “2025 Private Sector Outlook: Adapting to Economic Uncertainties for Growth and Resilience” in Lagos. Segun Omisakin, Chief Economist and Director of Research at NESG, outlined the key risks faced by businesses during this period. These include foreign exchange (FX) shortages and volatility, with the naira averaging N1,479.9 per dollar in 2024; rising public debt, which reached N142.3 trillion…

Saturday, 08 March 2025 04:55

Crude oil remained dominant export commodity as Nigeria posts N3.4trn trade surplus for Q4 2024

Nigeria achieved a trade surplus of N3.42 trillion in the fourth quarter of 2024, according to data released by the National Bureau of Statistics (NBS). The country's exports totaled N20.01 trillion while imports stood at N16.59 trillion during this period. Total trade for Q4 2024 reached N36.6 trillion, representing a 2.20 percent increase compared to the N35.8 trillion recorded in the third quarter. More significantly, this figure marks a substantial 68.32 percent increase compared to the N21.75 trillion recorded in the corresponding period of 2023. Exports accounted for 54.68 percent of total trade value in Q4 2024. While this represents…

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