Business

The rhythm of Nigeria's business world
PETROAN has raised concerns about the ₦75 per litre price difference between petrol from the Port Harcourt Refinery and Dangote Refinery. While Dangote sells at ₦970, NNPCL's price is ₦1,045. This pricing disparity has sparked discussions, with NNPCL promising to address it to benefit consumers...
The National Bureau of Statistics (NBS) reports a significant rise in food prices for October 2024, with beans, rice, eggs, and bread seeing year-on-year increases of over 100%. The price of local rice, beans, and beef rose drastically, with government interventions aimed at curbing inflation...
As of 26th November 2024, the black market exchange rate for USD to NGN in Lagos is N1,752 (buying) and N1,755 (selling). The official CBN rate is N1,664 (buying) and N1,665 (selling). Rates may vary depending on location and financial institutions. As of today, 26th November 2024, the black...
The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) to 27.5% to tackle inflation and stabilize the economy. Governor Olayemi Cardoso highlighted efforts to address price pressures, improve food production, and boost external reserves through monetary and fiscal collaboration...
The National Bureau of Statistics (NBS) reports that 85.6% of Nigeria's working-class population is self-employed, with a significant reliance on informal work. Gender and regional disparities are highlighted, as rural areas show higher self-employment rates, and women dominate informal...
Nigeria's government has introduced tax reforms aimed at reducing the tax burden on small businesses and promoting equity across the country. The proposed changes, effective in 2025, are designed to enhance economic growth, with recent GDP growth showing positive results. President Tinubu's...
Nigeria’s Port Harcourt Refinery has resumed crude oil processing after several delays. Operating at 60% capacity, it now processes 60,000 barrels of crude daily. With a total capacity of 250,000 barrels per day, the refinery’s reopening signals progress in Nigeria’s efforts to enhance domestic...
Minister of Aviation Festus Keyamo affirmed that no plane, including those belonging to high-profile individuals like Bishop David Oyedepo, can take off from private airstrips in Nigeria without clearance from aviation authorities. He explained that all flights must go through international...
Nigeria’s unemployment rate decreased to 4.3% in Q2 2024, down from 5.3% in Q1, according to the National Bureau of Statistics. The report shows a rise in labor force participation to 79.5%, with notable regional and gender balance, though informal employment remains a significant issue...
Nigeria's GDP grew by 3.46% in Q3 2024, driven by the services sector. The non-oil sector contributed 94.4% to the growth, while oil production rose slightly to 1.47 million barrels per day. The economy also saw a 17.26% rise in nominal GDP, reflecting a resilient economic performance...
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