Petrol Pump Price

Marketers Kick Against N5 Reduction In Petrol Pump Price

Against the backdrop of the N5 reduction in the price of Premium Motor Spirit (petrol) announced by the Federal Government, fuel marketers have said it is not possible to sell the product... Read more »
nnpc

FG Agrees To Slash Fuel Price By ₦5

Following the resumption of talks between the Federal Government (FG) and the leadership of the Organised Labour over the recent hike in the price of fuel and electricity tariff, the FG has agreed to... Read more »
Nestlé

Nestlé To Spend $3.6bn In 5 Years On Climate Measures

The world’s largest foodmaker Nestlé is to spend €3bn equivalent of about $3.6bn in the next five years on measures to cut its greenhouse gas emissions, in the biggest financial commitment to... Read more »
Sales In Nigeria

Where You Can Find The Best New Year Sales In Nigeria And How You Can Calculate The Discounts

The best New Year Sale comes every year and it provides exclusive discount offers and other deals for the customers. The sale gives you the best opportunity to take benefit of the... Read more »
CBN

CBN Okays Withdrawals Of Dollars From Domiciliary Accounts

The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce... Read more »
Fuel Pump Price

FG May Reverse Fuel Pump Price To N160 Per Litre

The pressure by organised Labour on the Federal Government to reverse the pump price of Premium Motor Spirit (PMS) back to N160 per litre seems to be yielding fruits. At the end... Read more »
naira to dollar

CBN Devalues Naira To Dollar

The Central Bank of Nigeria (CBN) has devalued the Naira by N6 to Dollar. This brings the Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF)... Read more »
Mr Mele Kyari

Kyari NNPC GMD Explains Why The Refineries Are Not Working

The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, said the corporation deliberately shut down the nation’s refineries because they no longer make sense to be operated. The... Read more »
Zainab Ahmed

Finally FG To Open Land Borders Soon

Nigeria’s land borders, closed since August 2019, may soon be reopened, the Minister of Finance, Budget and National Planning, Zainab Ahmed said during an interview with State House correspondents on Wednesday. Ahmed... Read more »
Fish

Nigeria Govt Set To Ban Fish Importation In The Next Two Years

Nigeria’s federal government has announced plans to end fish importation in the next two years as it asked fish importers to consider producing fish locally. The Minister of Agriculture and Rural Development,... Read more »
Tax

2020 Finance Bill: More Tax Incentives Offered To Nigerians

Reduction in duties on tractors from 35% to 10%. Reduction in duties on motor vehicles for the transportation of goods from 35% to 10%. Reduction of levy on motor vehicles for the... Read more »
Fuel Transportation

FG Signs Fuel Transportation, Storage Deal With Niger Republic

The Federal Government, yesterday, signed a Memorandum of Understanding, MoU, with the Republic of Niger for the transportation and storage of petroleum products. In a statement in Abuja, Group General Manager/Special Adviser... Read more »
NNPC

NNPC Remits $4.7bn to Federation In One Year, Spends $20m On Moribund Refineries In August

The Nigerian National Petroleum Corporation (NNPC) has said it remitted N47.42 billion (about $122m) to the Federation Account Allocation Committee (FAAC). “From August 2019 to August 2020, total NNPC remittances to FAAC is... Read more »
NSE

NSE data creates innovative products to enhance investment decision

The Nigerian Stock Exchange (NSE) has strengthened its position in providing quality data and creating innovative products that would help investors to make informed investment decisions.   Chief Executive Officer of the NSE,... Read more »
Nigeria’s Inflation

Nigeria’s Inflation Hits 14.23% In October

Nigeria’s inflation rate increased by 14.23% (year-on-year) in October 2020, this is 0.06% higher than the rate recorded in September 2020 (13.71%). Rising food prices continued to be the primary driver of... Read more »
VAT

FG May Increase VAT Rate By 2.5% In 2021

Federal Government on Tuesday disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5%... Read more »
Zainab Ahmed

FG To Borrow $750m From World Bank

The Federal government has said it has plans to borrow $750 million from the World bank, in order for some states to stimulate local economies in Nigeria. Minister of Finance, Budget, and... Read more »
Pump Price

FG Cuts N2 From New Pump Price

The Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price of petrol earlier announced on Friday. With this new price, a litre of petrol will now sell at between... Read more »
Fuel Price

PDP Says ₦170 Fuel Price Is Unbearable

The Peoples Democratic Party (PDP) has urged President Muhammadu Buhari to reverse the increase in the pump price of fuel which increased from N159 to N170 per liter.The party in a statement... Read more »
Atedo Peterside

Border Reopening: Why Refuse Others & Allow Only Dangote? – Atedo Peterside

Nigerian Economy Is Rigged In Favour Of A Handfy Of Well-Connected Persons” – Atedo Peterside Frowns At Reopening Border Only For Dangote Nigerian entrepreneur and investment banker, Atedo Peterside, has kicked against... Read more »
African Development Bank

African Development Bank Signs Grant Agreement to Support Rwanda Coding Academy

The African Development Bank has signed a grant agreement with the Ministry of ICT and Innovation in Rwanda to support the Rwanda Coding Academy, set up to develop top technology talent to... Read more »
Power Plant

Nigeria Signs $272m Power Plant Agreement with Transcorp

Nigeria’s federal government will Thursday sign an agreement with Transcorp Consortium, the preferred bidder of Afam Power Plant, with a bid sum of N105 billion (about $272m). The Director-General of the Bureau... Read more »
NBS

NBS: Nigeria Generated ₦424.71 Billion VAT In Q3

The National Bureau of Statistics on Monday said the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N 424. 71 bn was... Read more »
Nigerian Stock

Stock market gains N2.7tn in two months

Equity trading on the Nigerian Stock Exchange recorded a gain of N2.75tn in the last two months (September and October 2020) following investors’ high demand for undervalued stocks. Akelicious gathered that despite... Read more »
Capital market

Investors risk losing 2020 dividends

Capital market operators have expressed worry that the prolonged coronavirus pandemic and attendant Foreign Exchange (Forex) illiquidity may cause investors to lose their dividends this year. The pandemic and the accompanying shutdown... Read more »
Electricity

Niger, Benin, Togo Pay Nigeria N2.04bn Electricity Bill

Niger, Benin, Togo – who purchase power from Nigeria remitted a total of N2.04bn in the first quarter of this year as their outstanding electricity bill to the Market Operator of the... Read more »
NNPC

Fuel Scarcity: Long Queues In Abuja, As NNPC Warns Against Panic Buying

Residents of Abuja, Nigeria’s capital, are witnessing long queues at the fuel stations, as most filling stations are under lock and few pumps selling at the few stations that are opened for... Read more »
Nigerian economy

#EndSARS: Nigerian economy at risk over lingering crisis

Nigeria’s economy, following weeks of youth protests, faces more economic risks in areas of unemployment, capital flight, and cost of living. Tension continues to build across the country as protests against bad... Read more »
AfDB

AfDB Approves $50.7m ‘Covid Loan’ for Tanzania

The Board of Directors of the African Development Fund (ADF) has approved a loan of UA 36 million ($50.7 million) to Tanzania, to finance the nation’s response to the COVID-19 pandemic. The... Read more »
IBM

IBM Quarterly Revenue Edges Past Estimates on Cloud Strength

International Business Machines Corp edged past Wall Street estimates for quarterly revenue on Monday, bolstered by higher demand for its cloud computing services from companies speeding up their digital shift due to... Read more »
Stock market

#Endsars: Stock market defies unrest, closes flat

Despite continued #EndSARS protest in major cities of the country, the Nigerian Stock Exchange (NSE) closed flat yesterday as investors repositioned for the third quarter result release. At the close of transactions... Read more »
Electricity

Electricity: FG, Labour Agree To Cut Price By N10.20 Per Kwh, For 3 Months

The Federal Government and the Organized Labour, on the completion of the two weeks suspension of electricity tariff have resolved to provide tariff relief of N10.20 per kilowatt hour for Nigerians for... Read more »
2020 Half Year States/FCT Internally Generated Revenue

2020 Half Year States/FCT Internally Generated Revenue

The index in Tuesday’s report revealed that the IGR of Lagos State, put at N204 billion, is higher than that of at least 29 states put together. The quartet of Lagos, Rivers,... Read more »
Nigeria loses N7.2tr yearly at ports, says Agbakoba

Nigeria loses N7.2tr yearly at ports, says Agbakoba

A former President of the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN) has disclosed that Nigeria is losing N20b daily at the nation’s ports, which amounts to N7.2tr yearly. He said a... Read more »
Petrol price may drop this month, say marketers

Petrol price may drop this month, say marketers

The pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices, oil marketers said on Sunday. According to them, since the cost of petrol... Read more »
Oil Prices Slump on Trump’s Positive COVID-19 Result

Oil Prices Slump on Trump’s Positive COVID-19 Result

Oil prices slumped by about three per cent yesterday, hours after the President of the United States, Donald Trump announced that he tested positive for COVID-19. Trump tweeted news of his positive... Read more »
FG considers renewable options to resolve power challenges

FG considers renewable options to resolve power challenges

As Nigerians grapple with the recent increase in electricity tariff, the Federal Government, Tuesday, in Abuja, said a coordinated approach is being planned to de-risk and optimize renewable energy investment, especially for... Read more »
First Bank reinforces financial inclusion, disburses N17 billion

First Bank reinforces financial inclusion, disburses N17 billion

First Bank of Nigeria Limited, a leading financial inclusion services provider, recently announced that loans in excess of N17 billion had been disbursed to individuals, across the country. The loan disbursement is carried-out... Read more »
Equities Capitalisation Hits N14trn as Market Sustains Bullish Trading

Equities Capitalisation Hits N14trn as Market Sustains Bullish Trading

The stock market sustained its bullish trend yesterday as buying interest in bellwethers such as Dangote Cement Plc, MTN Nigeria Communications Plc and Guaranty Trust Bank Plc drove indicators to new highs.... Read more »
fertilizer

Nigeria to end fertilizer importation by 2023

Citing the over 33 fertiliser blending plants across the country, currently producing about five million metric tonnes (MT) of fertilizer annually, with many more underway, the Minister of Agriculture, Sabo Nanono, has... Read more »
President Buhari Orders Reduction In Price Of Fertilizer From N5,500 To N5000

President Buhari Orders Reduction In Price Of Fertilizer From N5,500 To N5000

President Muhammadu Buhari has ordered the reduction of the cost of fertilizer from N5,500 to N5,000 naira per bag. The reduction was announced by the Vice Chairman of the National Food Security... Read more »
CBN cuts lending rate, retains others

CBN cuts lending rate, retains others

The Central Bank of Nigeria (CBN), yesterday, lowered the Monetary Policy Rate (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent. It, however, retained the Cash Reserve Ratio... Read more »
NNPC, DSS intervene as NARTO suspends strike till 2021

NNPC, DSS intervene as NARTO suspends strike till 2021

Although the Nigerian National Petroleum Corporation (NNPC) and Department of State Services (DSS) intervention has forestalled the tanker owners warning strike, stakeholders have raised concerns over the policy on haulage of petroleum... Read more »
LIFA Charged On Finding Solution To African Swine Fever Problem

LIFA Charged On Finding Solution To African Swine Fever Problem

The Livestock Industry Foundation for Africa (LIFA), a non-profit organisation whose obejectives are geared towards rural development and transformation amongst rural farmers, has been called upon to collaborate with stakeholders on animal... Read more »
Fraud In Oil Sector Forced FG To Remove Subsidy – Kyari

Fraud In Oil Sector Forced FG To Remove Subsidy – Kyari

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, said yesterday that the federal government removed subsidy on Premium Motor Spirit (PMS) also known as petrol... Read more »
OPEC hinges oil demand recovery on China’s consumption as prices drop

OPEC hinges oil demand recovery on China’s consumption as prices drop

The Organisation of Petroleum Exporting Countries (OPEC) has said oil demand growth in China is currently the only certainty for rebound, with consumption in the country rising through the remainder of 2020,... Read more »
Marketers, Others Back Plans To Make Vehicles Run On Gas

Marketers, Others Back Plans To Make Vehicles Run On Gas

Oil and gas marketers as well as fuel users were on Monday excited at the move by the Federal Government to convert cars and generators in the country to run on gas.The... Read more »
How CBN Can Make Naira Appreciate – World Bank

How CBN Can Make Naira Appreciate – World Bank

World Bank on Monday said the Nigerian central bank needs to step up efforts to ease pressure on the foreign exchange market to meet the high demand for hard currency in the... Read more »
Discos

Discos To Pay For Rejecting Electricity – NERC

The Nigerian Electricity Regulatory Commission has said the power distribution companies will be liable to capacity charge for failure to take their entire load allocation caused by constraints in their networks. NERC... Read more »
Nigeria’s cocoa

Nigeria’s cocoa production falls as Ghana, Côte d’Ivoire enjoy boom

Production of cocoa as cash crop has dropped due to inadequate financing, among other factors. This is despite that cocoa is the nation’s leading cash crop in terms of export and second... Read more »
Nigeria’s Public Debt Stock Rises by N2.38tn in Three Months to N31tn

Nigeria’s Public Debt Stock Rises by N2.38tn in Three Months to N31tn

Nigeria’s total public debt stock increased from N28.628 trillion ($79.303 billion) as at March 31, 2020 to N31.009 trillion ($85.897 Billion) by June 30, 2020, according to latest statistics released by the... Read more »

CBN Replys NESG

The attention of the Central Bank of Nigeria (CBN), has been drawn to a recent press release titled “Matters of Urgent Attention” by the Nigerian Economic Summit Group (NESG), which calls into... Read more »
Fuel, Electricity Price

Fuel, Electricity Price Hikes Will Impact On Family, Nutrition

Traders associations in Abuja have said the recent hike in the two major facilitators of economic activities will greatly impact on the family with serious consequences. National President, Association of Women in... Read more »
Naira strengthens against dollar

Naira strengthens against dollar

The Naira on Thursday gained one point to appreciate against the dollar at the parallel market in Lagos. Akelicious reports that the Naira exchanged at N439 to a dollar at the parallel... Read more »
Polaris Bank

Polaris Bank announces Innocent Ike as Acting MD/CEO

The Board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, have announced the appointment of Mr Innocent Ike, as the Acting Managing Director/CEO of Polaris Bank Limited,... Read more »
Ecobank Wins African Banker’s Award For Innovation In Financial Services

Ecobank Wins African Banker’s Award For Innovation In Financial Services

The leading pan-African banking group, Ecobank, has announced that it has won the Award for Innovation in Financial Services at the 2020 edition of the prestigious African Banker magazine Awards.  The Awards,... Read more »
CBN to resume forex sales to BDCs, others

CBN to resume forex sales to BDCs, others

The Central Bank of Nigeria (CBN) yesterday, announced that it will commence sales of dollars to Bureau de Change (BDC) operators next week to enable travellers  have more access to foreign exchange  ... Read more »
NSE

NSE halts bullish run, down by 0.10%

The domestic bourse halted its bullish run on Thursday to record first loss in six consecutive trading sessions. Consequently, market capitalisation shed N13 billion to close N13.201 trillion against N13.214 trillion achieved... Read more »
Nigeria losses lots of benefits from non- passage of PIB

Nigeria losses lots of benefits from non- passage of PIB, says PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has appealed to the Federal Government to ensure urgent passage of the Petroleum Industrial Bill (PIB). Mr Ndukaku Ohaeri, PENGASSAN President, who made... Read more »
Naira Heads To N500 To Dollar At Parallel Market

Naira Heads To N500 To Dollar At Parallel Market

Following the directive by the Central Bank of Nigeria’s (CBN) to authorized dealers to only open Forms M (a  mandatory statutory document to be completed by all importers in Nigeria) for payments... Read more »