Nigeria's hope for cheaper fuel faces a major hurdle as the 650,000 bpd-capacity refinery begins to demand US dollars for petrol sales, creating a new challenge for marketers. The decision by the Dangote Petroleum Refinery and Petrochemicals to suspend sales of Premium Motor Spirit (PMS), also known as petrol in Nigerian Naira, has raised …
The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have unveiled a nationwide initiative to provide free business registration for 250,000 nano, micro, and small enterprises. The scheme, announced in Abuja during the signing of a Memorandum of Understanding between the two agencies, aims to ease the burden …
U.S. consumer spending rose more than expected in August, driven by vacations, dining out, and higher demand for services, keeping the economy on solid ground even as inflation picked up. The Commerce Department reported Friday that household consumption, which makes up over two-thirds of economic activity, climbed by 0.6% after a 0.5% gain in July. …
The United States President Donald Trump has signed an executive order certifying that his plan to sell Chinese-owned TikTok’s U.S. operations to American and global investors meets the national security requirements of a 2024 law. The new U.S. entity will be valued at about $14 billion, Vice President JD Vance said, far below analyst estimates …
President Donald Trump on Thursday unveiled a sweeping round of new tariffs targeting key imports, including branded pharmaceuticals, heavy-duty trucks, and furniture, in what he described as a move to safeguard U.S. manufacturing and national security. The measures, announced on Trump’s Truth Social handle, include a 100% duty on branded drugs, 25% on heavy-duty trucks, …
The U.S. economy expanded at its fastest pace in almost two years during the second quarter of 2025, driven by robust consumer spending, higher business investment, and a sharp narrowing of the trade deficit. Figures released by the Commerce Department’s Bureau of Economic Analysis on Thursday showed gross domestic product (GDP) grew at an annual …
Vice President Kashim Shettima has restated the Federal Government’s determination to place micro, small, and medium enterprises (MSMEs) at the heart of Nigeria’s economic renewal agenda. He described MSMEs as the “lifeblood of the nation’s economy,” constituting about 80 per cent of businesses in the country. Shettima stated this while delivering his remarks at the …
The National Pension Commission (PenCom) has asked Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report all foreign currency pension contributions above $10,000 to the Nigeria Financial Intelligence Unit (NFIU) within 24 hours of receipt. The directive is contained in the 'Guidelines on Foreign Currency Pension Contributions' released early this week. "In line …
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has denied demanding N1.505 trillion annual subsidies on petroleum products from Dangote Refinery. DAPPMAN spokesperson, Ikem Ohia, who featured on Channels Television’s Morning Brief on Wednesday, said marketers have been in negotiation with Dangote, and they are only calling on the refinery to make products …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that with steady progress made in combating the menace of crude oil theft, the country can now produce above two million barrels per day (bpd). The commission refuted a media report that said the country lost about N8.41 trillion worth of crude oil in four years …
