More problems loom for Nigerians as Nigerian oil marketers have hinted that there may be a fresh Premium Motor Spirit (Petrol) price hike amid escalating tensions between Israel, Iran and other parties. The President of the Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry, disclosed this on Friday in an exclusive interview According to…
ISSUES IN MY COUNTRY WITH LAI OMOTOLA Why Dangote May Not Announce the Price of Fuel. Recently, Dangote Refinery commenced the lifting of premium motors spirit known as petrol. Quite a number of people across Nigeria celebrated the commencement of this lifting. It was a joyous moment when the Minister of Finance came in to…
The presidency has clarified that President Bola Tinubu has not requested Yemi Cardoso to step down from his role as the Governor of the Central Bank of Nigeria (CBN). Bayo Onanuga, the Special Adviser to the President on Information and Strategy, issued a statement refuting claims that Tinubu had ordered Cardoso’s resignation. In a post…
ISSUES IN MY COUNTRY WITH LAI OMOTOLA. Topic: Five Reasons Why a Refinery May Never Work in Nigeria. Introduction A lot of independent businessmen and women secured licences and licences to refine crude oil in Nigeria. Motivation for this licence has always been the crude oil. Some even thought that once they secured licences, they…
As of September 11, 2024, Nigeria’s external reserves have risen to $36.881 billion, up from $36.305 billion on August 30. This information comes from the Central Bank of Nigeria’s recent data on external reserve movements over the past few weeks. The increase of $576 million from the end of last month to September 11 reflects…
A survey conducted by the Central Bank of Nigeria (CBN) reveals that consumers are planning to cut back on their savings and investments in the upcoming months due to rising prices of goods and services relative to their income. In its ‘Household Consumer Expectation Survey Report (CES)’ for August 2024, the central bank noted that…
The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers to ensure that all transactions from point-of-sale (PoS) terminals at merchant and agent locations, whether physical or electronic, are processed through an authorized Payment Terminal Service Aggregator. This directive was announced on Thursday in a circular signed by Oladimeji Yisa Taiwo, representing the…
Dangote Refinery has announced that it may be compelled to export 95-97% of its Premium Motor Spirit (petrol) due to a lack of interest from local marketers in Nigeria. The indigenous oil company, which has a capacity of 650,000 barrels per day, reported that only 3 to 5 percent of petrol marketers are willing to…
Nigeria’s total trade for the second quarter of 2024 reached N31.892 billion, according to the National Bureau of Statistics (NBS). This figure was detailed in the NBS Foreign Trade in Goods Statistics Report released in Abuja on Thursday. The NBS noted that this total reflects a 3.76 percent decline from the value recorded in the…
Tony Elumelu, Chairman of the United Bank for Africa Group, emphasized on Tuesday that dependable electricity and enhanced security are critical for Nigeria’s industrial progress. During his address at the 17th Annual Banking and Finance Conference in Abuja, Elumelu underscored the importance of these two elements in driving the nation’s development. The conference, hosted by…
