By OBIOMA TORI THE Major Energies Marketers Association of Nigeria (MEMAN) has called on the Federal Government to review the newly approved 15 percent ad-valorem tariff on imported petrol and diesel, describing it as excessive and potentially harmful to the economy. MEMAN Chief Executive Officer, Clement Isong, made the appeal during a webinar co-hosted by […]
By FIDELUS ZWANSON NIGERIA’S stock market slumped 1.19 percent on Wednesday — its steepest drop this month — as investors reacted to U.S. President Donald Trump’s threat to “enter Nigeria” to combat terrorists allegedly targeting Christians. The selloff wiped about ₦1.3 trillion from equities, extending a three-day loss to over ₦2.1 trillion. The NGX All-Share […]
By FIDELUS ZWANSON THE Nigerian stock market continued its downward slide on Tuesday, as sustained sell pressure erased ₦612 billion from investors’ wealth. Data from the Nigerian Exchange Limited (NGX) showed that the market capitalisation fell from ₦97.582 trillion on Monday to ₦96.970 trillion, while the All-Share Index (ASI) declined by 1,109.50 points, or 0.72 […]
By PAULINA NZERUBE THE Delta State House of Assembly has approved Governor Sheriff Oborevwori’s request for the re-issuance of a ₦18.1 billion Bank Guarantee, transferring the facility from Sterling Bank to Access Bank Plc in favour of Bastanchury Power Solutions Nigeria Limited, developers of the Asaba Independent Power Plant (IPP). The governor’s request was conveyed […]
By ESTHER McWILLIS-IKHIDE NIGERIA’S fuel prices may soon cross the ₦1,000-per-litre mark following President Bola Tinubu’s approval of a 15 per cent ad valorem import tariff on Premium Motor Spirit (PMS). The new tariff, which takes effect after a 30-day transition period ending 21 November 2025, is part of the Federal Government’s plan to protect local […]
By FIDELUS ZWANSON NIGERIA’S foreign exchange market showed signs of resilience in September as foreign investments helped stabilise the naira amid a sharp drop in domestic dollar supply from the Central Bank of Nigeria (CBN) and major corporates. Data from FMDQ Exchange revealed that total FX inflows declined by 6% month-on-month to $3.2 billion, extending […]
By MELVIN KOFFA A new report by Quartus Economics has revealed that while Nigeria’s economy is showing strong signs of recovery following a decade of turbulence, the battle against poverty remains far from won. The report, which examined the country’s economic performance from 2014 to 2024, highlighted that Nigeria’s growth trajectory had been severely hampered […]
By OBI DAVIES THE Nigerian stock market rose 4.5% last week, buoyed by strong buying interest in industrial goods and oil & gas stocks, pushing the year-to-date return to 51.2%. Analysts expect market activity to intensify as the earnings season unfolds, with investor sentiment likely driven by nine-month earnings reports and dividend declarations. According to […]
By OBIOMA TORI NIGERIAN banks significantly increased their deposits with the Central Bank of Nigeria (CBN) last week, with balances rising from ₦2.28 trillion on Wednesday to ₦2.62 trillion by Friday — a ₦340 billion surge within three days. Data from FMDQ showed that deposit money banks (DMBs) preferred placing excess funds at the CBN’s […]
By OBI DAVIES THE Bureau of Public Procurement (BPP) and the Equipment Leasing Regulatory Agency (ELRA) have signed an MoU to promote economic growth through improved procurement and leasing practices. BPP Director-General, Dr. Adebowale Adedokun, said the partnership aligns with President Tinubu’s “Renewed Hope Agenda” and aims to enhance efficiency, reduce waste, and attract investment. […]