By Esther Ososanya The electricity supply situation in Lagos State has deteriorated following a fire outbreak at the Egbin Power Plant, which damaged a major transformer and disrupted power transmission to several parts of the state, the Transmission Company of Nigeria (TCN) confirmed on Thursday. According to a statement by TCN spokesperson Ndidi Mbah, the …
By Esther Ososanya In a major boost for Africa’s energy sector, the African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing deal with Dangote Industries Limited (DIL). The deal is part of a larger $4 billion syndicated loan to support the Dangote Refinery, Africa’s largest industrial project to date. This agreement will help refinance …
By Esther Ososanya Brazil's $2 trillion economy is proving far more resilient than expected in the face of President Donald Trump’s sweeping 50% tariff on Brazilian imports to the United States. Thanks to limited trade exposure to the U.S., strong commodity demand from China, and broad exemptions from the new tariff, analysts and investors are …
By Esther Ososanya The Executive Secretary of the National Sugar Development Council (NSDC), Mr Kamar Bakrin, has issued a clarion call to Nigerian farmers and private investors to take advantage of what he describes as a “golden window” for investment in the country’s sugar industry. Speaking during a courtesy visit by the All Farmers Association …
The Centre for the Promotion of Private Enterprise (CPPE) has expressed its support for Nigeria’s recently re-based Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS). The re-basing, which now anchors the country’s GDP to a new base year of 2019, represents a key milestone in Nigeria’s economic management and statistical …
Esther Ososanya ActionAid Nigeria has urged the Federal Government to suspend its proposed 5% surcharge on fossil fuel transactions, warning that the policy could damage the country's fragile economic recovery and worsen inequality. The new levy, introduced in Section 158 of the recently gazetted Nigeria Tax Act, is scheduled to take effect in 2026. It …
By Esther Ososanya The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reaffirmed its support for suppliers and distributors in the petroleum sector, describing their role as vital to Nigeria’s energy security and economic development. Speaking at the Annual General Meeting of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) in …
By Esther Ososanya The National Oil and Gas Suppliers Association of Nigeria (NOGASA) has issued a cautionary appeal to the Dangote Refinery, urging the industrial giant to reconsider its entry into direct fuel distribution, which the association says poses a significant risk to the survival of thousands of small and medium-scale oil marketers across Nigeria. …
By Esther Ososanya The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned traders across Lagos State against arbitrary price hikes and the sale of expired or substandard products. The warning was issued during a market engagement forum organised by the commission in Lagos. Mr Tunji Bello, the FCCPC Executive Vice Chairman and Chief Executive …
By Esther Ososanya A powerful 8.8-magnitude earthquake off Russia’s Kamchatka Peninsula sent tsunami waves sweeping across the Pacific on Wednesday, disrupting maritime trade, halting port operations, and triggering emergency alerts as far as Hawaii, Japan, and California. The quake, the region’s strongest since 1952, rattled global logistics chains already grappling with inflation and fuel volatility. …
