High and multiple taxation, insecurity, and elevated interest rates remained the biggest challenges facing Nigerian businesses, according to the Central Bank of Nigeria (CBN). It revealed this in its latest Business Expectations Survey (BES) for June 2026, conducted by the CBN's Statistics Department with responses from 1,900 businesses with a 96.5 percent response rate. The …
Dangote Petroleum Refinery has ended naira-denominated sales of its refined petroleum products, shifting to a new dollar-based pricing system for petrol, diesel, and aviation fuel. The move marks a significant change from the naira-for-crude arrangement that began in October 2024, shortly after the refinery commenced commercial operations. In a notice sent to marketers, the refinery …
Global oil prices have surged again, rising to $78 per barrel following the renewed tensions between the United States and Iran, leading to a declaration of the closure of the Strait of Hormuz by Tehran. The closure of the Strait of Hormuz, the world's most critical maritime chokepoint, has raised fears over disruptions to shipping …
The Nigerian stock market entered the second half of 2026 on weaker footing after one of its strongest first-half performances in recent history, raising a critical question for investors: is the recent selloff the start of a prolonged downturn or simply a pause before another rally? Market analysts believe it is the latter. While they …
The Nigerian stock market staged a strong comeback in the trading week ended July 10, 2026, reversing its recent bearish trend as investors added about ₦9.3 trillion to the market's value, driven by renewed buying interest across major sectors and heavyweight stocks. A review of data from the Nigerian Exchange Limited (NGX) showed that the …
Nigeria's solid minerals exports rose to N354 billion in 2025, reflecting significant growth driven by ongoing reforms aimed at repositioning the mining sector as a major contributor to the nation's economy. The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Shinkafi, disclosed this while delivering the maiden Annual …
Nigeria needs to maintain policy consistency and strengthen operational resilience as the country seeks to regain Frontier Market status following its placement on the S&P Dow Jones Indices (S&P DJI) 2027 Watchlist. The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, said this in a strategy and position paper titled 'Nigeria's Path to Index …
The Anambra State Government has introduced the Voluntary Assets, Income Declaration and Tax Regularisation Scheme (VAIDS), giving individuals, businesses and organisations a limited window to regularise their tax records without facing the full penalties for non-compliance. The tax amnesty programme, which runs from July 6 to September 5, 2026, is designed to encourage voluntary tax …
Emerald HoldCo B.V. has moved to consolidate its ownership of Beta Glass Plc by launching a mandatory takeover offer to acquire up to 11.74 million ordinary shares at ₦590.94 per share after securing an indirect controlling stake in the glass manufacturer. Beta Glass disclosed the development in a notice to the Nigerian Exchange Limited (NGX) …
The Federal Government has reduced import tariffs on vehicles, cutting duties on used vehicles from 15 percent to five percent and on brand-new vehicles from 20 percent to 10 percent, in a move to ease costs for Nigerians while reshaping the country's fiscal policy. The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, disclosed …
