A recent report by S&P Global has revealed that the Dangote Petrochemical Refinery is currently meeting up to 60% of Nigeria’s domestic gasoline (petrol) demand. This significant milestone underscores the refinery’s pivotal role in stabilizing the nation’s fuel supply and reducing reliance on imported petroleum products, marking a transformative shift in Nigeria’s energy landscape. The report contrasts with earlier claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which stated that the country’s three operational refineries contributed less than 50% of daily petrol consumption. Since its commissioning in January 2024, the Dangote Refinery, with a capacity of 650,000 barrels…

The ‘Buy Now, Pay Later’ market in Nigeria, Kenya, and other African countries is expanding rapidly, a new report on this segment of the economy has indicated. It was also noted that the BNPL market in Africa is projected to hit N10.63bn by the end of this decade. This was revealed in a recent report from data company Research and Markets titled ‘Africa Buy Now Pay Later Business and Investment Opportunities Databook.’ Investopedia described BNPL as a type of short-term financing that allows consumers to make purchases and pay for them over time. It ties into the consumer credit culture…

The Central Bank of Nigeria (CBN) has held its benchmark lending rate steady at 27.50 percent, marking the first pause in rate adjustments in almost three years. CBN Governor Olayemi Cardoso announced the decision following a two-day Monetary Policy Committee (MPC) meeting in Abuja. This represents a significant shift in strategy, as the CBN had consistently increased rates since March 2022, when the benchmark stood at 11.5 percent. The MPC unanimously agreed to maintain current rates, citing positive macroeconomic developments including stability in the foreign exchange market, appreciation of the naira, and gradual moderation in fuel prices. These factors are…

The Nigerian Exchange (NGX) bounced back impressively on Wednesday, with investors gaining N505 billion as the All-Share Index rose 0.87% to close at 108,609.51 points. This positive performance effectively reversed Tuesday's losses and pushed the market capitalization up to N67.8 trillion. BUA Foods emerged as the day's top performer, surging 9.91% to N410.50 per share. Other notable gainers included RT Briscoe (+6.91% to N2.63), Eterna (+6.25% to N42.50), and Sunu Assurances Nigeria (+6.13% to N6.92). However, some counters faced selling pressure, with University Press and International Energy Insurance both declining 9.8% to close at N4.60 and N2.21 respectively. Union Dicon…