Abuja – The Nigeria Customs Service (NCS) announced an exemption for raw materials used to produce healthcare products. These materials will not face import duties or Value Added Tax (VAT). This action follows an order from President Bola Tinubu. The order…
Lagos, Nigeria – Nigeria’s Dangote Refinery is making waves globally. The massive facility, the world’s largest single-train refinery, exported over two million barrels of jet fuel to the United States this March. Shipping data from Kpler tracks the fuel’s journey. Six cargoes…
Abuja – Nigeria’s Federation Account Allocation Committee FAAC revenue dropped by N194.664 billion in February 2025. The FAAC communiqué reported this decline. Revenue Distribution Federal, state, and local governments shared N1.678 trillion in revenue. This was lower than the N1.848 trillion distributed…
Abuja – The Nigerian Naira had a mixed week against the U.S. dollar. This happened between March 14 and 21, 2025. The official and black markets showed different results. Diverging Paths: Official vs. Black Market The Central Bank of Nigeria reported a…
Lagos – Dangote Refinery has temporarily stopped selling fuel in naira. The company informed petroleum marketers of the change on Wednesday. Why the Change? The refinery typically pays for its crude oil in U.S. dollars. However, it had been selling a portion…
Kano, Nigeria – Nigerian Customs Service (NCS) officials intercepted over $1.1 million and SR135,900 in undeclared currency at the Mallam Aminu Kano International Airport (MAKIA). The substantial sum was discovered during a routine baggage check of Hauwa Ibrahim Abdullahi, who arrived on…
Abuja – Nigeria and China aim to strengthen economic ties, as highlighted at the Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 unveiling. Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, stressed the need to modernize Nigeria’s business environment. He called…
Nigeria – Nigeria spent a huge ₦930 billion on fuel imports in February 2025. This is surprising because local refineries are making more fuel. The big question: Why is Nigeria still so reliant on buying fuel from other countries? Official numbers show that oil…
Lagos – Nigeria trade is booming! Numbers jumped to N36.6 trillion in the fourth quarter of 2024. This is a 68.3 percent increase from last year. The NBS shared these numbers. People are asking what caused the surge. Exports rose 57.7 percent,…
Lagos – Nigeria reached a new electricity generation peak on Tuesday, hitting 5,801 megawatts! It’s the highest amount of power the country has ever produced, offering a glimmer of hope for Nigerians tired of constant blackouts. Sule Abdulaziz, who leads…
