Nigeria Breaking News
Banks’ borrowing from the Central Bank of Nigeria, CBN, rose sharply by 395.2 percent week-on-week (WoW) to N4.72 trillion last week from N953.11 billion the previous week. The CBN has two short term lending windows for banks namely the Standing Lending Facility (SLF) and Repo lending. The banks resort to these windows to bridge …
Chemical and Allied Products (CAP) Plc, a manufacturer and distributor of paints and coatings, said it recorded a 69 percent year-on-year, YoY, rise in its Profit After Tax (PAT) to N2.64 billion in 2024. This was contained in its unaudited financial results for the fiscal year ending December 31, 2024. The company also noted that its …
In a move to enhance the competitiveness of the nation’s ports, the Nigerian Ports Authority (NPA) said it has secured approval for a 15% tariff increase, the first adjustment since 1993. But the increase seems not to go down well with manufacturers who warned that it would worsen the already bad operating cost in the economy. Disclosing …
PwC Nigeria has announced the launch of it Sustainability Academy, one of the diverse offerings at the PwC Nigeria Business School. In a statement from the firm, Partner, Consulting and Risk Services Leader, PwC Nigeria, Femi Osinubi, said that the academy is a flagship programme dedicated to equipping professionals with the knowledge, skills, and tools to …
Abuja — Deputy President of the Senate, Senator Jibrin Barau (APC, Kano North), has launched a N2.79 billion loan scheme to support farmers across the 186 local government areas in the seven states of the Northwest Zone, aimed at boosting food security and empowering young agricultural entrepreneurs. Addressing journalists in Abuja on Thursday, Barau, represented …
Dangote Petroleum Refinery has exported two jet fuel cargoes to Saudi Arabia’s Aramco, the world’s largest oil producer and a leading integrated oil and gas company. Saudi Aramco is the official Saudi Arabian Oil Company, which is a majority state-owned petroleum and natural gas company. President of Dangote Group, Aliko Dangote, revealed this on Tuesday …
The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has alleged that oil producing companies diverted 500,000 barrels of crude oil daily meant for local refineries. Read Also:Why marketers may not reduce petrol price after Dangote refinery cut – PETROAN The association commended the Nigerian Upstream Petroleum Regulatory Commission, NUPRC for banning the export …
The Association of Maritime Truck Owners (AMATO) has raised concerns over the potential return of severe gridlock in Apapa due to what they describe as an uncontrolled and biased system for truck passage into the port. Speaking to Vanguard, AMATO’s Secretary, Mr. Sani Mohammed, attributed the worsening situation to a discriminatory call-up system that frustrates truckers …
The Nigerian Ports Authority, NPA, has directed its technical partners, Truck Transit Parks Limited, TTP, to enforce the mandatory implementation of the Nigeria Export Proceed (NXP) as a key requirement for processing export cargoes. This initiative aims to enhance efficiency and streamline operations at the nation’s ports. In a notice issued to stakeholders in the maritime industry, …
At the backdrop of the plan by the Federal Government (FG) of Nigeria to grow the country’s economy to a $1 trillion value by 2030, the government has been advised to adopt assets-based financing model to replace the output-based approach it currently uses. Renowned economist and Chief Executive Officer of Economic Associates, Dr Ayo Teriba, who …