Business

Petroleum marketers in the country, under the auspices of the Petroleum Products Retail Outlets Owners Association (PETROAN), attributed the latest petrol shortage to the non-supply of the product by the Nigerian National Petroleum Company Limited (NNPCL). The statement follows the return of queues at fuel stations across the country, with some marketers selling a litre of petrol for ₦1,000 over …

Investors in the Nigerian equity market had a tough trading week on the NGX floor with losses of N846.53 billion as market capitalization fell to N55.13 trillion from N55.98 trillion the previous week. This follows a loss of N480 billion in the previous week. The stock exchange recorded losses on all five trading days of the week. Market capitalization decreased …

The Federal Government has announced that the disbursement of N150 billion loans to manufacturers and micro, small and medium enterprises (MSMEs) will commence in September. This was confirmed by the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, during a meeting with beneficiaries of the Presidential Grant and prospective beneficiaries of the MSME Presidential Loan in Calabar, Cross Rivers …

The Federal Inland Revenue Service (FIRS) is seeking support from the National Assembly to enact a comprehensive law regulating the cryptocurrency industry in Nigeria. The move comes as the government grapples with the challenges and opportunities presented by this rapidly growing digital asset. FIRS Executive Chairman Zacch Adedeji made the announcement, on Saturday, at a stakeholders meeting with the Senate …

The Nigerian Petroleum Regulatory Agency (NMDPRA) on Thursday issued a stern warning to petrol stations against supplying premium motor fuel (PMS), or petrol, to illegal traders. The regulator has vowed to take action against those who violate the directive. In a post on X, the NMDPRA announced that it will suspend the licenses of gas stations found selling fuel to …

Investors in the Nigerian equity market had a tough trading week on the NGX floor with losses of N846.53 billion as market capitalization fell to N55.13 trillion from N55.98 trillion the previous week. This follows a loss of N480 billion in the previous week. The stock exchange recorded losses on all five trading days of the week. Market capitalization decreased …

Polyvinyl Chloride (PVC) is a synthetic plastic polymer made from the polymerization of vinyl chloride. It is one of the most widely produced plastics in the world, known for its versatility, durability, and affordability. PVC is composed of two base materials: chlorine derived from industrial-grade salts and ethylene, derived from petroleum or natural gas. The result is a highly durable …

Nigeria’s equity market ended the week in bearish territory for the fifth straight day on Friday as investors lost N4 million at the close of trading. This follows a decline in the prices of shares such as LEARN AFRICA, CADBURY, and NEIMETH among others on the trading floor. After five hours of trading in the capital market, equity capitalization dropped …

The three tiers of government on Friday shared the revenue allocation of N1.35 trillion for July. A communique issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja revealed the total distributable fund of N1.35 trillion comprising official revenue of N161.593 billion, Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) …

Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, said on Thursday that the Federal Government has increased the country’s foreign exchange reserves by $4 billion since January. The minister stated this at an investors’ meeting for the issuance of $500 million Federal Government bonds in Lagos. He said the federal government’s aggregate revenues had doubled. Edun said …