Financial expert Funsho Doherty has slammed the recently approved 15% import duty on petrol and diesel, warning that it could further strain Nigerian households already grappling with high fuel costs. In an open letter to Senate President Godswill Akpabio, Doherty, who previously worked with Goldman Sachs & Co., PNC Advisors, Arthur Andersen, and served as …
Power generation companies (GenCos) in Nigeria have lost an estimated ₦987.92 billion in five years due to the persistent electricity crisis arising from frequent collapse of the national grid and poor distribution infrastructure. A recent report released by the Association of Power Generation Companies (APGC) explained that the figure represents the value of electricity that …
The National Sugar Development Council (NSDC) has launched the Sugarcane Outgrower Development Programme (SODP) to increase local sugar production and reduce Nigeria’s dependence on imports. The initiative, which supports the Nigeria Sugar Master Plan II (NSMP II), aims to bring farmers into the national sugar value chain while boosting rural jobs and income. Announcing the …
Nigeria’s equity market closed October with a flourish, extending a rally that has been in motion since April. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) opened the month at 142,713.1 points and ended at 154,126.4, representing an approximate 8% rise. According to reports, the index has already accumulated year-to-date returns approaching 50% for 2025. …
The U.S. dollar held close to a three-month peak on Monday as investors looked ahead to a slate of economic data this week that could offer fresh insight into the strength of the world’s largest economy and signal whether the Federal Reserve will maintain its hawkish posture. Asia-Pacific trading was subdued due to a holiday …
The Nigerian government's approval of a 15 per cent import tax on petrol and diesel, primarily to protect local refineries, has, however, sparked significant concerns over higher fuel prices and increased economic hardship for citizens. A memo dated October 10, 2025, signed by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), addressed to …
Nestlé Nigeria PLC has announced its financial results, recording a 33 per cent increase in revenue in nine months of 2025 (January to September). According to the report released on Friday, the beverage producer posted a total revenue of N884.5 billion compared to N665.3 billion in the nine months of 2024. The company’s operating profit …
The Federal Government has inaugurated a Government-Private Sector (GPS) Dialogue Series aimed at strengthening collaboration with the private sector to accelerate economic growth and expand financing opportunities for Small and Medium-sized Enterprises (SMEs). The initiative, launched on Saturday at the Radisson Blu Hotel in Ikeja, Lagos, forms part of the Renewed Hope Agenda and seeks …
The Dangote Refinery has expressed support for the recently approved 15 per cent tax on petrol and diesel imports into Nigeria. Pinnacle Daily reports that Tinubu had, in a letter dated October 21, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, directed immediate implementation of …
The World Customs Organisation (WCO) has commenced a two-week intensive technical training for officers of the Nigeria Customs Service (NCS) at its headquarters in Brussels, Belgium, aimed at strengthening Nigeria’s Advance Ruling system and enhancing capacity in Renewable Energy Classification and the Green Harmonised System (HS) initiative. The programme is supported by the German Development …
