Business News

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…

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…

Friday, 23 May 2025 04:30

FG earns 52 kobo from every N1 made by Dangote Cement – Aliko Dangote

Aliko Dangote, Chairman of the Dangote Group, has stated that the Federal Government earns 52 kobo in taxes from every N1 generated through the production and sale of Dangote Cement. He made this disclosure during the 2025 Taraba International Investment Summit, held under the theme: “Unlocking Taraba’s Investment Potentials: Advancing Agriculture, Energy, Mining, and Industrialisation for Sustainable Growth and Development.” Dangote emphasized the importance of creating an enabling environment for businesses, noting that both private and public investments benefit the government through tax revenues. “It may surprise you to learn that the Federal Government—not even the states—earns more from our…

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Thursday, 22 May 2025 04:42

Elon Musk, in this interview with Bloomberg, discusses wide range of hot botton issues. Enjoy

Elon Musk needs little introduction. His acumen has transformed the business of electric vehicles and getting to space, and he has more recently been at the right hand of US President Donald Trump. Whether at campaign rallies, on foreign trips, in the Oval Office or cutting federal government spending through his Department of Government Efficiency, Musk’s influence is everywhere. But the entrepreneur’s iconoclasm has also made him a magnet for controversy. Tesla has experienced a pronounced backlash — you might have seen the stickers: “I bought this before we knew Elon was crazy” — and Bill Gates recently accused Musk…

Tuesday, 20 May 2025 04:40

Marketers import N436bn petrol in 9 days as battle with Dangote Refinery intensifies

A fresh wave of Premium Motor Spirit (petrol) importation into the country has made the row between oil marketers and the Dangote Petroleum Refinery to linger, amid signs of deepening tensions in Nigeria’s downstream oil sector. This row deepened after independent oil marketers resumed large-scale importation of petrol, as fresh data shows that over 496.17 million litres of petrol were brought into the country within nine days. Two weeks ago, the President of Dangote Group, Aliko Dangote, declared that his $20bn refinery was still “fighting for survival”. The business mogul’s remarks were triggered by the continued importation of petrol and…

Tuesday, 20 May 2025 04:39

Nigerian stock market gains N613bn ahead of Central Bank's policy meeting

The Nigerian equities market recorded a robust performance last week, with investors gaining N613 billion as positive sentiment drove trading activities ahead of the Central Bank of Nigeria's (CBN) crucial Monetary Policy Committee (MPC) meeting. Market Performance Highlights The Nigerian Exchange Limited (NGX) closed the week on a strong note, with the all-share index (ASI) appreciating by 0.9 percent to 109,710.37 points. Market capitalization rose significantly by N613.99 billion to close at N68.95 trillion, pushing the year-to-date return on investment to 6.59 percent. This positive momentum was fueled by strong Q1 2025 corporate earnings reports and easing inflation, which declined…

Tuesday, 20 May 2025 04:32

Within 5 years, '70% of skills used in most jobs will change,’ LinkedIn report says—how you can keep up

AI will upend much of how we function in the workplace — at least according to new LinkedIn data. "By 2030, 70% of skills used in most jobs will change," says Andrew Seaman, LinkedIn news editor at large for jobs and career development. LinkedIn determined which skills are used in most jobs by combining the skills companies are currently listing in job descriptions and skills individuals are listing in their profiles. They then made their calculations considering historical shifts in skills and projections around AI-replicable skills. Seaman doesn't think these skills will be replaced altogether. Instead, they'll evolve. And other…

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