Category: Business

  • Crude Oil Trades at $84 per Barrel

    Crude Oil Trades at $84 per Barrel

    Brent crude, the international standard for oil prices, reached a peak of $84 per barrel on Wednesday, sparking predictions that Nigeria may see a rise in the price of Premium Motor Spirit, commonly known as petrol, in the coming weeks. Crude oil prices, a significant factor in determining the costs of refined petroleum products, had…

  • Nigerian Passport Shows Significant Improvement in Global Ranking

    Nigerian Passport Shows Significant Improvement in Global Ranking

    By Daniel Edu The Nigerian passport has experienced a noteworthy ascent in the latest global passport ranking index, climbing nine places higher than its previous position. According to the Henley Passport Index for Q2 2023, the Nigerian passport now holds the 91st position out of 199 countries and 227 travel destinations surveyed. This improvement indicates…

  • The NBS reports a 6.71% decrease in cooking gas price, now at N4,068.26.

    The NBS reports a 6.71% decrease in cooking gas price, now at N4,068.26.

    In June 2023, the average retail cost for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 6.71% to N4,068.26, down from N4,360.69 in May 2023, as per the National Bureau of Statistics, NBS. This also represented a year-on-year decrease of 3.56% from N4,218.38 in June 2022. Across the states, Kwara had…

  • CBN Commits to Alleviate Forex Pressure, Announces Increase in Lending Rate

    CBN Commits to Alleviate Forex Pressure, Announces Increase in Lending Rate

    The Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has pledged to address the increasing demand pressure on the country’s exchange rate as the naira continues to depreciate against the dollar. Shonubi made this commitment while responding to queries from reporters following the conclusion of the two-day Monetary Policy Committee meeting in…

  • NNPC: N1.3tn Subsidy Debt Unrelated to Dividend Payment

    NNPC: N1.3tn Subsidy Debt Unrelated to Dividend Payment

    By Daniel Edu The Nigerian National Petroleum Company Limited (NNPCL) clarified on Thursday that the Federal Government’s outstanding N1.3tn debt to the company would not affect the payment of dividends to the government. Earlier this year, the national oil company revealed its anticipation of receiving a refund of approximately N1.3tn from the Federation Account as…

  • Naira to Dollar Black Market Rate Today – July 25th, 2023

    Naira to Dollar Black Market Rate Today – July 25th, 2023

    By Daniel Edu The black market exchange rate between the Nigerian Naira and the United States Dollar (USD) stands at N860 for buying and N870 for selling as of today, July 25th, 2023. Please be aware that these rates may vary, as prices are subject to change. It is important to note that the Central…

  • Despite NNPCL’s N907bn FAAC contribution, the Excess Crude Account remains unaltered.

    Despite NNPCL’s N907bn FAAC contribution, the Excess Crude Account remains unaltered.

    The Excess Crude Account (ECA) balance has remained stable at approximately $474m for the past two years, even though the Nigerian National Petroleum Company Limited (NNPCL) has contributed N907bn to the Federal Account Allocation Committee (FAAC). The NNPCL resumed FAAC contributions in June following a hiatus due to significant fuel subsidy costs. A statement issued…

  • “Sanlam Nigeria Initiates Campaign to Boost Insurance Participation”

    “Sanlam Nigeria Initiates Campaign to Boost Insurance Participation”

    Sanlam Nigeria has initiated a campaign named #ProudMoments, aimed at fostering financial inclusion and enhancing insurance appreciation across the country. The campaign, featuring visuals filmed in Nigeria, underscores the importance of safeguarding what matters most through insurance. Bankole Banjo, the Senior Marketing Services Coordinator at Sanlam Life Insurance Nigeria Limited, said in a statement that…

  • “Federal Government and NIA Plan Travel Insurance Coverage”

    “Federal Government and NIA Plan Travel Insurance Coverage”

    The Nigerian Insurers Association (NIA) is partnering with the Federal Government to develop a group personal accident insurance scheme for Nigerians in transit, aiming to decrease untimely deaths and ensure compulsory insurance for all passengers while travelling. The NIA Director-General, Mrs Yetunde Ilori, announced this plan in the association’s 2022 annual report. She mentioned that…

  • “Construction Firms Rack Up N21tn Debt in Four Years”

    “Construction Firms Rack Up N21tn Debt in Four Years”

    Real estate and construction companies in Nigeria secured loans amounting to N21.89tn over a four-year period, according to an investigation by The PUNCH. During this same timeframe, the sector contributed N93.14tn to Nigeria’s Gross Domestic Product, as per the GDP report from the National Bureau of Statistics covering 2019 to 2022. As per the Central…