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Nigerians bought petrol N191.65 per litre September- NBS
Oil and Gas

Why fuel scarcity may last until June 2023

Nigerian oil marketers have indicated that the current challenges with the distribution of Premium Motor Spirit, also known as petrol, may last until June of 2023. The Nigeria’s downstream oil sector, have witnessed a worrisome trend of fuel scarcity since 2022. Nigerian National Petroleum Company Limited, the country’s sole importer, has frequently lamented the heavy […]

Economy

Kerosene price rose by 146% one year – Report

In one year, the price of domestic Kerosene, often known as cooking kerosene, increased by more than 100 per cent, the Nigerian Bureau of Statistics has revealed. A report for November indicated that the average retail price of kerosene per litre increased by almost 146% from N441 per litre in November 2021 to N1,083 per […]

News

Ondo NSCDC recovers 163,000 litres of adulterated petroleum products

The Ondo State Command of the Nigeria Security and Civil Defence Corps, said a total of 163,000 litres of adulterated petroleum products were seized in 2022.   BusinessDay reported that the commandant of the corps, Olayinka Olatundun revealed this on Wednesday while speaking with newsmen on their operational scorecard for the year 2022 at the […]

News

Wakanow gets new chief executive officer

  Mrs. Adenike Macaulay has been appointed chief executive officer of Wakanow Nigeria by the board of directors and management of the Wakanow Group, beginning in January 2023. Since July 2021, she has served as Wakanow’s Chief Commercial Officer and has extensive expertise as a transformational leader in the travel sector. According to Nairametrics, her […]

News

Emefiele: Our stance won’t be compromised, vows SSS

The State Security Service has vowed not to compromise its stance on enforcing good economic policies in support of the President, Major General Muhammadu Buhari’s (Ret’d.) regime.   The SSS disclosed this in a statement by its spokesperson, Peter Afunaya, in response to protests against its plan to detain the Central Bank Governor, Godwin Emefiele, […]

Nigeria Air: FG warns against fake recruitment website
Aviation

FG invested $12.5m in Nigeria Air

The Federal Government’s 5% ownership in Nigeria Air, the country’s national airline, is worth $12.5 million. According to Nairametrics, this was disclosed by the Transaction Adviser to the project, Prof. Tilmann Gabriel. According to him, the Nigerian government invested $12.5 million as launch capital for the airline, asserting that the investment was in keeping with […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
featured

World Bank lowers economic outlook over predicted recession

The World Bank lowered its economic outlook on Tuesday as a result of a “perilous” near-recession experience. In contrast to the 3% growth it forecast in June, the BBC now projects that the global economy will expand by just 1.7% this year. The pandemic’s effects and Russia’s invasion of Ukraine are two things that the […]

Banking

Load ATMs with new naira, CBN orders banks

The Central Bank of Nigeria has ordered commercial banks across the country to comply with its earlier directive to dispense the new naira notes on their Automated Teller Machines.   The CBN director of currency operations, Ahmed Umar, in a statement on Monday, mandated all the banks to stop loading their ATMs with the old […]

Nigerian firm seals $750k solar deal
Business Energy featured

Nigerian firm seals $750k solar deal

A Nigerian mini-grid participant named Husk Power Systems has secured finance for solar mini-grid projects in Nasarawa State totaling $750.000. According to Nairametrics, the loan was made accessible by a German development finance organization. Husk intends to build eight new community solar microgrids in the state of Nasarawa. Funds from DEG’s Up-Scaling Program, which is […]

Tax experts oppose ASUU’s proposed10% education tax
featured

Tax experts oppose ASUU’s proposed 10% education tax

The Academic Staff Union of Universities’ proposal to raise the tertiary education levy from three percent to ten percent has been criticized by tax experts. They argued that following this course would harm private businesses, which are already burdened with taxes. To pay for the facilities of Nigeria’s institutions, ASUU President Prof. Emmanuel Osedeke recently […]

Africa youth entrepreneurship contest produces winners
Business featured

Africa youth entrepreneurship contest produces winners

Non-profit organization dedicated to developing young people, Junior Achievement Africa, has announced the winners of its significant high school entrepreneurship competition. The 12th annual Company of the Year competition, an African high school entrepreneurship competition, was held in Nigeria under the theme “Fueling Changemakers,” according to a release from First Bank and JA Africa. According […]

How Nigerian banks performed first half of 2022
Banking

Why bank stocks dropped by N141bn – Analyst

Market experts and analyst have explained why the banking sector performance ended the year out of the loop as five banks saw their value downed by 5.5 per cent from N2.57tn in 2021 to N2.43tn at the close of trading in 2022. The five banks collectively known as Tier-1 banks all saw a decline in […]

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