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Private power generation now priced at N750 per kWh

The Minister of Power, Adebayo Adelabu, has announced that private entities will face costs of up to N750 to generate one kilowatt-hour of electricity, primarily due to the soaring price of petrol. He highlighted that power generation using diesel-powered engines would be even more expensive, costing around N950 per kWh, according to The Punch. Speaking […]

News

Nigerian marketers import 123m litres of petrol

No fewer than four vessels carrying imported Premium Motor Spirit, commonly known as petrol, arrived at seaports along Nigeria’s borders between October 18 and October 20, according to Nigerian Port Authority documents. The document from the NPA revealed that approximately 123.4 million liters of PMS were berthed at two seaports to enhance national fuel supply, […]

Dangote Refinery loses N32.5bn after petrol price cut
News

Dangote refinery dominates two-thirds of Nigeria’s jet fuel market – Report

Dangote’s jet fuel now accounts for at least two-thirds of Nigeria’s supply and nearly half of the jet fuel consumed across West Africa, according to data from Energy Intelligence, a US-based tracker of oil and gas trends. Data from Energy Intelligence, indicates that the refinery, with a capacity of 650,000 barrels per day), has significantly […]

News

PAN raises alarm over soaring egg production costs

The Poultry Association of Nigeri, Lagos State chapter, along with industry stakeholders, has raised concerns over the escalating costs of raw materials for egg production, which are significantly driving up egg prices. They are urging the Federal Government to intervene to stabilize the market. Stakeholders noted that eggs, previously a widely accessible source of protein, […]

News

FG to exempt pads, baby products, others from tax in new bill 

The Federal Government has introduced a new bill aimed at exempting various essential products and services from Value Added Tax. The proposed VAT exemption list includes baby products, locally manufactured sanitary towels, pads, and tampons, aiming to enhance accessibility to these essential items. The bill, titled “A Bill for an Act to Repeal Certain Acts […]

CBN warns public against fake contracts, grants, intervention fund scams
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CBN disburses N1.73tn for food imports in six months

The Central Bank of Nigeria in the second quarter of 2024 allocated $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1 as of June 30, 2024) for food item imports. This represents a decrease of $142.48 million, or 20.6%, compared to the $689.88 million released in the first quarter. In naira terms, this […]

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FG eyes 5% tax on telecommunications, other services

The Federal Government of Nigeria has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill aimed at overhauling the country’s tax framework. This move is intended to boost revenue collection and enhance fiscal sustainability. The bill, titled, “A Bill for an Act to Repeal […]

News

Boeing makes new offer to union to end prolonged strike

Boeing and the union representing striking machinists have reached a new contract proposal aimed at ending a prolonged walkout that has severely impacted airplane production. The International Association of Machinists and Aerospace Workers announced plans for a ratification vote on Wednesday, according to AP News. The latest offer includes a 35% pay increase over four […]

News

TotalEnergies to finalize investment deal in north offshore project – Lokpobiri

The Minister of Petroleum Resources, Heineken Lokpobiri, has announced that TotalEnergies is prepared to finalize an investment deal in the North Offshore project, along with joint ventures with Shell Petroleum Development Company and the Nigerian National Petroleum Company Limited. Lokpobiri made this disclosure after a meeting with the President of TotalEnergies, Mr. Nicolas Terraz in […]

News

FG launches export skills centre, eyes $422m fashion e-commerce market

The Federal Government has officially launched the Export Skills Acquisition Centre in Apapa, Lagos, with the goal of tapping into Nigeria’s burgeoning fashion e-commerce market, projected to reach $422.8 million by 2024. The initiative, spearheaded by the Nigerian Export Promotion Council, aims to enhance non-oil exports and strengthen Nigeria’s position in global markets. Minister of […]

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TCN confirms power restoration after national grid collapse

The Transmission Company of Nigeria has confirmed the full restoration of the national grid following a system failure that caused a nationwide blackout earlier today. TCN spokesperson, Ndidi Mba attributed the grid failure to an explosion at a transformer in the Jebba Transmission Substation, which triggered the activation of the protection system. Mba stated that […]

News

NNPC trains over 1,000 mechanics on CNG vehicle conversion

The Nigerian National Petroleum Corporation Retail Limited, a subsidiary of NNPC, has successfully trained over 1,000 mechanics across Nigeria on the technical aspects of converting vehicles to Compressed Natural Gas. This was disclosed by the NNPC spokesperson, Olufemi Soneye, via the company’s official X handle on Saturday. The training program included practical demonstrations of the […]

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