Business

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent as part of efforts to combat surging inflation. This followed the meeting of the Monetary Policy Committee (MPC) of the…

The Port Harcourt Refining Company (PHRC) Ltd in Rivers State has commenced processing crude oil production. Olufemi Soneye, spokesperson of the Nigerian National Petroleum Company Limited, disclosed this in a statement on Tuesday.…

The Dangote Petroleum Refinery on Sunday announced a reduction in its price of the Premium Motor Spirit (PMS), also known as petrol, to ₦970 per litre for oil marketers. The company’s Chief Branding and Communications Officer,…

The Nigerian National Petroleum Corporation Limited (NNPCL) has announced the official unveiling of its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market. The development is a major boost…

The federal government spent $3.57 billion servicing the country’s foreign debt in the first nine months of 2024. According to data obtained from the Central Bank of Nigeria (CBN) report on international payment statistics, the federal…

The Federal Government, through the Nigeria Civil Aviation Authority, has warned flight crew members, especially pilots, against working for multiple airlines concurrently. The authority stated that such action posed a serious threat…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the commencement of direct sales of Dangote’s Premium Motor Spirit (Petrol) to its members will crash the price of fuel in the country in the coming days.…

The Federal Government has introduced tax (VAT) exemptions on key energy products and infrastructure as well as fiscal incentives for the upstream and downstream oil and gas sector. The development, the government said, was in “its…

Importation of Premium Motor Spirit (PMS) also known as petrol dropped by 3.5 billion litres in the last year, data gathered from the National Bureau of Statistics (NBS) has shown. In the latest petroleum products distribution…

After over a year of its launch in May 2023, Dangote Refinery, on Tuesday, rolled out its first Premium Motor Spirit (PMS), also known as petrol, from its 650,000 barrels per day facility. At a press conference, owner of the…

The rising inflation rate will force Nigerian households to spend the largest amounts of their earnings on food in the next six months, a recent survey by the Central Bank of Nigeria (CBN) has shown. This is as the most recent report…

Fidelity Bank has disputed data breach allegations levelled against it by the Nigerian Data Protection Commission (NDPC). In a statement on Wednesday, a spokesman for the bank, Meksley Nwagboh, said no data law was violated to…

The Central Bank of Nigeria (CBN) has stated that the decline in the country’s inflation rate in July is a positive sign that its monetary measures are beginning to yield results. The CBN highlighted this development as evidence of…

A newly published report by the National Bureau of Statistics (NBS) has indicated a decline in Nigeria’s headline inflation rate to 33.40 per cent in July 2024 from 34.19 per cent in June 2024. The development marks the first since…

The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports, reaffirming its commitment to fostering transparency and accountability in the Nigerian economy. A statement signed by its Ag.…