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Tag: Nigeria

Court upholds NMDPRA's authority to impose statutory taxes
News

Court upholds NMDPRA’s authority to impose statutory taxes

The Nigerian Midstream and Downstream Petroleum Regulatory Authority’s authority to levy and collect taxes on petroleum products supplied in Nigeria has been upheld by the Federal High Court in the first significant court ruling concerning the Petroleum Industry Act 2021. The PUNCH reported that NMDPRA said in a statement released in Abuja on Sunday that […]

Naira devaluation worsens Nigeria's debt woes
News

FG, agencies collaborate to boost agric exports

The Nigeria Agricultural Quarantine Service and the Nigeria Oil and Gas Free Zones Authority, two Federal Government organizations, have reached an agreement to work together to facilitate trade and protect Nigeria’s agricultural exports and economy. According to The PUNCH, partners in the transaction made this announcement on Sunday in Abuja, claiming that it was the […]

Herbert Wigwe: Huge loss for Nigeria, tweeps mourn Access Holdings CEO
News

Herbert Wigwe: Huge loss for Nigeria, tweeps mourn Access Holdings CEO

Nigerians on X, formerly Twitter, have described the death of the Chief Executive Officer of Access Holdings, Herbert Wigwe, as a huge loss to the country. AMBuisness reported that the 57-year-old business mogul died in a helicopter accident in California near the Nevada border, United States of America. According to reports, this is the state’s […]

PZ Cussons Nigeria Plc has convened an extraordinary general meeting of shareholders following a N73.8 billion loss that reduced the value of its net assets.
Business

PZ Cussons Nigeria’s H1 2023/2024 losses hit N73.8bn

The financial results for the second quarter of the fiscal year 2023/2024, which ended on November 30, 2023, have been released by PZ Cussons Nigeria Plc. According to The Times, When compared to the N9.3 billion pre-tax profit realized in the same time of the previous fiscal year, the company’s pre-tax loss of N73.8 billion […]

Nigeria to produce food worth €62bn by 2024 - Report
News

Nigeria to produce food worth €62bn by 2024 – Report

Nigeria will produce 48 per cent more food, or €62.6 billion, between 2021 and 2024, according to OTACCWA and Fairtrade. The Nigeria Agrofood and Plastprintpack trade exhibition organizers, Fairtrade and OTACCWA, said in a statement that the country’s food output increased from €26 billion in 2016 to €36.3 billion in 2020, a 39.6% improvement. According […]

Nigeria, Germany partner on SME growth
News

Nigeria, Germany partner on SME growth

Nigeria and Germany have decided to work together more closely in order to support the country’s micro, small, and medium-sized businesses. The News Agency of Nigeria reported that the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, made these remarks in Abuja at a bilateral meeting between her ministry and the German Ministry of Economic Development. […]

Equity market loses N92bn as stocks tumbles
News

Nigerian stock market loses N1bn amid downward trend

The market capitalization of the Nigerian Exchange decreased slightly to N55.87 trillion on Wednesday as a result of the muted trading activity. The PUNCH reported that the investors lost N1 billion as the All-Share Index dropped 0.002 percent to 102,106.31 points at the end of trade. Tuesday’s volume of trading was 494.19 million units; on […]

Dangote names Lekki refinery road after Wigwe
Business featured

Dangote refinery fuel delayed by govt – Report

Dangote Petrochemical Refinery’s plan to release aviation fuel and diesel for sale in the Nigerian market in January appears to have been delayed by unfinished business with regulatory authorities. According to The PUNCH, the largest refinery in Africa is still struggling to get through the several levels of regulatory permissions, one week after the management […]

FG targets 6500 megawatts power generation in six months
News

FG vows to increase supply of electricity

Nigerians have been reassured by Minister of Power, Bayi Adelabu, that power would be supplied incrementally. According to The PUNCH on Wednesday, Adelabu, through his media assistant Bolaji Tunji, urged composure and stated that the electricity industry would soon see growth. The nationwide grid meltdown on Sunday and persistently low power supplies preceded the minister’s […]

Cashless transactions hit N611tn - NIBSS
News

Cashless transactions hit N611tn – NIBSS

Cashless transactions in Nigeria increased to N611.06 trillion in 2023, according to information released by the Nigeria Inter-Bank Settlement System on Wednesday. According to The PUNCH, the payouts increased from N395.38 trillion in 2022 to N55.55 trillion in 2023. NIBSS Instant Payments is an account-number-based, online real-time Inter-Bank payment solution developed in the year 2011 […]

Nigeria's 5G subscription hits 2.3m
News

NCC, states partners to cut double taxing, ROW fees

The Right of Way fees and other various taxes that endanger the nation’s telecommunications operations and investments will be removed, according to the Nigerian Communications Commission, in collaboration with state and local governments. According to the Times, the Executive Vice Chairman of the NCC, Aminu Wada Maida, made this statement on Tuesday during a press conference […]