Business Archives - Page 15 of 25

Raw Materials Export Soars Despite Push for Local Processing

February 23, 2026

Nigeria’s earnings from the export of raw materials rose to $1.24 billion in 2025, representing a 41 percent increase from the $880 million recorded in 2024, the National Bureau of Statistics has reported. The data forms part of the NBS “Foreign Trade in Goods Statistics” for 2025. The bureau said the increase occurred despite ongoing...

Oil Theft Networks Shift from Creeks into Communities, Security Agencies Say

February 23, 2026

Security agencies have reported that criminal networks involved in oil theft in Nigeria are increasingly operating inside civilian communities, markets and transport corridors, moving away from remote creeks and offshore areas traditionally associated with the crime. For decades, Nigeria’s oil theft crisis was linked mainly to vandalism in creeks, mangrove swamps and offshore locations in...

NNPC, Dangote Deepen Energy Alliance in Refinery Talks

February 22, 2026

The Nigerian National Petroleum Company Limited and the Dangote Group reaffirmed a strategic alliance aimed at accelerating Nigeria’s energy security and shared commercial objectives during a high-level visit to the Dangote Refinery and Petrochemical Complex in Ibeju-Lekki, Lagos State. Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, led a delegation to the...

Customs Hand Over Seized Fuel Worth N40.7m to NMDPRA

February 21, 2026

The Nigeria Customs Service handed over 1,650 jerrycans of Premium Motor Spirit, worth N40.7 million, to the Nigerian Midstream and Downstream Petroleum Regulatory Authority at a ceremony in Ikeja, Lagos. Comptroller‑General of Customs, Mr Bashir Adewale Adeniyi, spoke with journalists at the handover event held at the Customs Training College. The jerrycans were part of...

NSDC, Lee Group to Set Up Massive Sugar Project in Niger State

February 20, 2026

The Nigerian Sovereign Debt Management Office and Lee Group have signed a joint venture agreement to develop a large-scale sugar project in Niger State, the agencies said. The agreement was signed in Abuja, where officials from the Nigerian Sovereign Debt Management Office (NSDC) and executives from Lee Group reaffirmed their commitment to expanding Nigeria’s sugar...

FX for Business Travels Soars by 366% to $672m in 2025

February 19, 2026

Foreign exchange allocated for business travel rose sharply by 366 percent to $672.23 million in 2025, up from $144.25 million in 2024, according to figures published in the Central Bank of Nigeria’s Statistical Bulletin. The data form part of the CBN’s external sector statistics, which track foreign exchange utilisation across various categories, including travel, transport,...

Major Banking Merger Nears Completion as Unity, Providus Secure Approvals

February 18, 2026

The proposed merger between Unity Bank Plc and Providus Bank Limited is progressing steadily after securing strong backing from shareholders and key regulatory agencies, the banks said. The transaction, which aims to combine the operations of both banks, has received full endorsement from the Central Bank of Nigeria and a “no objection” from the Securities...

Ministers Raise Alarm as N10 Trillion Capital Funding Stalls

February 18, 2026

Federal and state ministers have expressed concern over a cash crunch as the disbursement of a N10 trillion capital funding package has stalled, they said at a public forum. The comments were made during presentations at the Fiscal Sustainability Forum held in Abuja. Ministers from the Federal Government and state governments outlined challenges affecting infrastructure financing...

Nigeria Loses N1.76tn in Revenue After Missing OPEC Production Quota

February 18, 2026

Nigeria’s oil sector lost an estimated N1.76 trillion in potential crude oil revenue because the country did not meet its production quota set by the Organisation of the Petroleum Exporting Countries from January 2025 to January 2026, according to data from the Nigerian Upstream Petroleum Regulatory Commission and the Central Bank of Nigeria. The Organisation...

Manufacturers, Agric Sector Face Up to 60% Interest Rates on Bank Loans

February 18, 2026

Manufacturers and players in the agricultural sector are facing high borrowing costs of up to 60 percent interest on bank loans, industry stakeholders have said. The concerns come amid ongoing discussions about credit access in Nigeria’s real sector, where manufacturers and agric firms continue to seek financing from commercial banks to support production, expansion, and...

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2027: Nigerians Question Whether Their Votes Will Count

September 12, 2026

As Nigeria prepares for the 2027 general elections, concerns over the credibility of the electoral process have resurfaced, with stakeholders divided over whether voters’ choices will be fully protected and reflected in the final results. The debate followed the inauguration of the All Progressives Movement, APM, presidential campaign office in Ibadan, where Oyo State Governor...

2027: Obi Supporters to Track Votes From Polling Units to Abuja, Says Yesufu

September 11, 2026

Political activist and Nigeria Democratic Congress member, Aisha Yesufu, has said supporters of the party’s presidential candidate, Peter Obi, will take direct steps to protect their votes in the 2027 presidential election. Yesufu said the supporters would deploy representatives to polling units and monitor election materials and results throughout the collation process. She said the...

Reps Probe N432bn Oil Revenue Debt Owed to NMDPRA

September 10, 2026

The House of Representatives Public Accounts Committee, PAC, has commenced an investigation into outstanding oil revenue debt owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, by the Nigerian National Petroleum Company Limited, NNPCL, and oil companies. The liabilities under investigation have been put at N432.07 billion. The probe followed findings contained in...

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2027: Nigerians Question Whether Their Votes Will Count

2027: Obi Supporters to Track Votes From Polling Units to Abuja, Says Yesufu

Reps Probe N432bn Oil Revenue Debt Owed to NMDPRA

Reps Probe N432bn Oil Revenue Debt Owed to NMDPRA

Latest News

Raw Materials Export Soars Despite Push for Local Processing

Oil Theft Networks Shift from Creeks into Communities, Security Agencies Say

NNPC, Dangote Deepen Energy Alliance in Refinery Talks

Customs Hand Over Seized Fuel Worth N40.7m to NMDPRA

NSDC, Lee Group to Set Up Massive Sugar Project in Niger State

FX for Business Travels Soars by 366% to $672m in 2025

Major Banking Merger Nears Completion as Unity, Providus Secure Approvals

Ministers Raise Alarm as N10 Trillion Capital Funding Stalls

Nigeria Loses N1.76tn in Revenue After Missing OPEC Production Quota

Manufacturers, Agric Sector Face Up to 60% Interest Rates on Bank Loans

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2027: Nigerians Question Whether Their Votes Will Count

2027: Obi Supporters to Track Votes From Polling Units to Abuja, Says Yesufu

Reps Probe N432bn Oil Revenue Debt Owed to NMDPRA

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