Business News

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…
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…
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…
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…
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:…
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…
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…
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…
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…
Nigeria's telecommunications sector achieved remarkable growth in 2024, with mobile service revenue reaching $7.6 billion according to a new PwC report. The Nigerian market is projected to grow at an impressive 8% compound annual growth rate (CAGR) between 2023 and 2028, positioning it among the world's fastest-expanding telecom markets. This growth stands in contrast to the broader global telecommunications industry, which faces headwinds despite PwC forecasting total revenue to reach $1.3 trillion by 2028. Worldwide telecom service revenue across fixed and mobile networks increased by 4.3% in 2023 to $1.14 trillion, but future growth is expected to slow to a…
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NFF appoints new Super Eagles head coach

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