Importers groan as Mideast crisis, Hormuz toll strain supply
Nigeria faces fresh inflation as Iran formalizes Strait of Hormuz tolls, threatening global supply chains and raising import costs for food, fuel, and medicines.
Category : Business
Nigeria's Internet Paradox: Speed Up, Connectivity Down
Nigeria sees improved internet speeds but faces negative user sentiment, low 5G usage, and regional fragmentation, highlighting a digital divide.
Manufacturers Lament Global Tensions, Rising Costs
MAN's Segun Ajayi-Kadir warns of global tensions disrupting manufacturing in Nigeria and Africa, citing supply chain issues, high costs, and reduced demand.
Nigeria Oil Output Hits 1.66mbpd, Navy Cracks Down on Illegal Refining
Nigeria's oil production rose to 1.66 million bpd in April but fell short of the 2026 budget target, causing $446.6 million loss. The Navy intensified crackdown on illegal refining in the Niger Delta.
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NPA, NDLEA Hail APM Terminals’ Safety at Seaports
NPA and NDLEA praise APM Terminals Apapa for robust safety protocols, drug-free environment, and role in reducing port incidents during Global Safety Day.
NRS deepens e-invoicing, warns of N1m daily penalty
The Nigeria Revenue Service intensifies e-invoicing enforcement, warning defaulters face N1m daily penalty. Large taxpayers must comply by November 30.
Shippers' Council Recovers N348.8m in Q1 2026
The Nigerian Shippers' Council saved N348.8 million through dispute resolution in Q1 2026, resolving 19 of 32 cases involving shipping companies and agents.
CIBN Urges Banks to Build Capital Buffers Amid Shifts
CIBN Lagos chairman Akinwunmi Lawal urges banks to strengthen capital buffers, FX liquidity, and risk management amid changing economic landscape.
Nigeria's Top Five Banks' Assets Hit N161.4 Trillion
Nigeria's five tier-one banks, known as FUGAZ, saw total assets rise to N161.4 trillion in 2025, a 12.9% increase from 2024, driven by high interest rates and forex gains.
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Dangote Partners Niger to Drive Industrialisation, Jobs
Dangote Industries Limited partners with Niger State to accelerate industrialisation, create jobs, and enhance food security through a rice mill and trade fair sponsorship.
Lagos Showcases Investment Opportunities at Summit 3.0
Lagos State Government announces Invest in Lagos Summit 3.0 to attract domestic and foreign investments, positioning Lagos as Africa's business gateway.
Fidelity Bank Gross Earnings Rise 45.6% to N1.52 Trillion
Fidelity Bank reports 45.6% gross earnings growth to N1.52 trillion in 2025, driven by strong interest income and fee growth, with profit after tax reaching N242.4 billion.
Cartoon: Nigeria's Economic Woes in Guardian
A Guardian cartoon satirizes Nigeria's economic challenges, highlighting inflation, unemployment, and policy failures in a humorous yet critical manner.
NCAA Defends Airlines Over Delays, Prioritizes Safety
NCAA Director-General Chris Najomo defends Nigerian airlines amid flight delays, citing safety as paramount. He supports Air Peace's actions and criticizes excessive criticism of local carriers.
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UBA Renews Pledge to Africa's Economic Growth at Summit
United Bank for Africa reaffirms commitment to Africa's transformation through entrepreneurship, innovation, and partnerships at the Africa Forward Summit 2026 in Nairobi.
Manufacturers Pay N1.17tr VAT Amid High OpEx
Nigerian manufacturers contributed N1.17 trillion in VAT in 2025 despite rising energy costs and infrastructure challenges, LCCI president Leye Kupoluyi said.
VFD Group Q1 2026 PBT Hits N5.19 Billion
VFD Group Plc reports N5.19 billion PBT in Q1 2026, a 26% rise from N4.12 billion in Q1 2025, driven by strong investment income and disciplined capital deployment.
Polaris Bank Honoured for Youth Employment Efforts in Nigeria
Polaris Bank received the Private Sector Champion Award at the 2026 Jobberman Partners' Convening for its contributions to youth employment and talent development in Nigeria.
Can Reform and Business Forums Deliver Investment Results?
Nigeria's sectors face bottlenecks hindering investment conversion. The EU-Nigeria Business Forum 2026 aims to align reforms with European instruments for tangible outcomes.
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PTML Supports Tin Can Customs with ICT Facilities
PTML has provided modern ICT facilities to Nigeria Customs Service at Tin Can Island Port to enhance trade facilitation and operational efficiency.
Experts Urge Workers to Invest Beyond Salaries Amid Inflation
Financial experts at the Game of Money 3.0 conference in Lagos urged Nigerian workers to build investments and multiple income streams to combat rising inflation and avoid financial vulnerability.
Nigeria's Petrol Spend Hits N2tr as Dangote Gets 39.2m Barrels
Nigeria's monthly petrol spending soared to N2.054 trillion in April as Dangote Refinery received 39.2m barrels of crude. Imports fell to 3.7m litres per day, highlighting a shift to local refining.
High Cargo Clearance Cost Threatens Nigeria's Regional Trade
Persistent high cargo clearance costs at Nigerian ports, driven by rising operational expenses and government policies, threaten competitiveness with Benin, Ghana, and Togo.
China Zero-Tariff: Experts Warn Nigeria on Export Rush
Maritime stakeholders urge Nigeria to adopt phased export expansion under China's zero-tariff policy, warning of food insecurity and inflation risks.
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Interswitch Unveils Ticket Vending Platform for Transport
Interswitch launches Ticket Vending Platform (TVP) to digitize ticketing and operations for Nigeria's interstate transport sector, enhancing efficiency and customer reach.
Nigeria Launches Cooperative Bank Plan for Small Industries
Nigeria launches a cooperative bank and digitalisation drive to support small industries, aiming to boost financial inclusion and food security.
Dash MFB Cuts Fees to N5, Eases CBN Card Charge Pain
Dash Microfinance Bank introduces a flat N5 transaction fee to shield customers from the CBN's N1,500 ATM card charge, making banking affordable for all Nigerians.
UK Nurse Reacts to Nigeria Return Request for Chemist
A UK-based Nigerian nurse has reacted after being asked to return to Nigeria to open a chemist shop. Her response has sparked discussions online.
NCAA Defends Air Peace Over London Flight Disruption
The NCAA has defended Air Peace amid controversy over a London flight disruption, denying claims that passengers were abandoned and stating that safety procedures were followed.
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Nigeria Open Banking Rollout Mid-2026
Nigeria's open banking rollout, set for mid-2026, aims to boost financial inclusion for 74 million unbanked adults through embedded finance and standardized APIs.
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