Nigeria Breaking News
The Federal Government has banned the export of crude oil meant to meet the needs of domestic refineries in the country, apparently in a bid to boost local refining capacity, reduce the import of refined petroleum products and curb pressure on foreign exchange supply. Hitherto, about 500,000 barrels of crude oil per day meant for …
Against the backdrop of sharp rises in cost of procuring products and interest rates in banks petroleum marketers have recorded massive jump in bank borrowing and cost of doing business. Financial Vanguard findings from the financial records of key operators in the sector show they borrowed over N3.0 trillion in the nine months ended September …
Oando Plc Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), has announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 trillion compared to N2.9 trillion in FY 2023 results. The company’s 2024 performance showcases a …
Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), also known as petrol to N890 per litre, from N950 per litre, effective from Saturday, February 1, 2025. The price of crude oil, including Nigeria’s Bonny Light, a major feedstock, dropped to $75.67 per barrel, from over $80 per barrel in …
Meta is considering whether to move its incorporation to Texas, a US state seen as amenable to companies run by big shareholders like Mark Zuckerberg, the Wall Street Journal reported Friday. The social media giant has been incorporated in Delaware since 2004, when the company was known as Facebook. A shift to Texas by Meta …
The Manufacturers Association of Nigeria (MAN) has called for clear guidelines to be established for manufacturers, importers, and exporters ahead of the National Single Window Project’s (NSW) implementation in Nigeria. Speaking with Vanguard on the sideline of the recently concluded National Single Window Stakeholders Conference at the Marriott Hotel in Ikeja, Lagos, Mrs. Adebukola Akanmu, Regulatory …
The Nigeria Employers’ Consultative Association, NECA, has commended the Central Bank of Nigeria, CBN, for the launch of the Nigerian Foreign Exchange, FX, Code, describing it as a strategic policy initiative aimed at enhancing transparency, aethical conduct, and governance in Nigeria’s FX market. Director-General of NECA, Mr. Adewale-Smatt Oyerinde, in a statement yesterday, said, “The introduction …
The European Union (EU), yesterday in Lagos, launched Eurocham Nigeria Institutional Development Support to strengthen Eurocham’s secretariat, expand advocacy, and enhance external engagement for its members. Eurocham represents the aggregate chambers of commerce for members of the EU and their partners in Nigeria. The €300,000 three-year grant is part of the EU’s effort to support …
The Nigeria Inter-Bank Settlement System (NIBSS) has reported a significant surge in instant payment transactions, with the total value reaching N1.07 quadrillion in 2024—an increase of 78% from N600.36 trillion recorded in 2023. According to NIBSS data, December 2024 saw the highest transaction value at N115 trillion, a sharp rise from N71.9 trillion in December 2023. Instant payment …
IN a determined effort to attract foreign direct investment (FDI) to the Nigeria, the Federal Government on Wednesday announced the introduction of the Regulatory Impact Analysis (RIA) Framework to create a more favourable and business-friendly environment. At the Second Existing Foreign Direct Investors Roundtable and Regulators’ Forum and the launch of Nigeria’s regulatory impact analysis …