Economy
The price of a 50kg bag of rice has fallen to as low as N58,000 in several parts of Nigeria, particularly in remote border regions, following a surge in imports from the Republic of Benin, according to a report by S&P Global. The report notes that the West African parboiled rice market has slumped to […]
Between July 2023 and September 2024, approximately N19.43bn was spent on maintaining and operating Nigeria’s Presidential Air Fleet (PAF), according to The PUNCH, using data from GovSpend, a platform that tracks government expenditures. For 2024 alone, N13.55bn was disbursed, accounting for 66% of the yearly budget for the fleet. The majority of these funds were […]
The Executive Vice Chairman and CEO of the Federal Competition and Consumer Protection Commission, Mr. Tunji Bello, has urged electricity distribution companies (DisCos) to uphold consumer rights, especially in the metering processes. He made this appeal on Tuesday at a meeting in Abuja, attended by key stakeholders in Nigeria’s electricity sector and FCCPC officials. “We […]
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has voiced grave concerns over the relentless exodus of businesses from Nigeria, driven largely by detrimental government policies. Dele Oye, President of NACCIMA, articulated this apprehension in a statement on Monday, following the announcement by Pick n Pay, a major South African retail […]
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The Dangote Petroleum Refinery has stated that it has not received authorization from the Nigerian National Petroleum Company Limited (NNPC) to supply Premium Motor Spirit (PMS), or petrol, to the Independent Petroleum Marketers Association of Nigeria (IPMAN). This announcement follows complaints from oil dealers demanding the refinery disclose its petrol pricing. IPMAN’s National President, Abubakar […]
The Ogun State Government has initiated a monitoring exercise across all parks and garages in the state.In a statement, the government announced that the initiative, named ‘Task Force Control of Transport Fares of Motorists and Unethical Practices by Filling Stations,’ was launched by the Ministry of Transportation and began last week. Commissioner for Transportation, Dairo […]
The House of Representatives has urged the Federal Government to create a strategy for involving indigenous refiners in Nigeria’s petroleum production value chain. This resolution emerged following the endorsement of a motion emphasizing the need to reform and regulate Nigerian petroleum production to incorporate artisanal refiners. The motion was presented by the Deputy Minority Whip, […]
The Federal Competition and Consumer Protection Commission (FCCPC) has revealed the presence of a “cartel” inflating market prices across Nigeria, despite government efforts to stabilize costs. FCCPC CEO, Mr. Tunji Bello, reported that in the poultry sector, two dominant companies now dictate prices, sidelining smaller producers. “Small poultry owners previously sold a day-old chick for […]
A recent report by the National Bureau of Statistics (NBS) has revealed that a substantial 67.8 percent of Nigerian households across nine states still depend on firewood as their primary cooking fuel. The report, titled: “The 2024 Nigeria Residential Energy Demand-Side Survey (NREDSS),”underscores that despite gradual shifts towards the use of cooking gas, approximately 41 […]
