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10 Results / Page 1 of 2
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NEWS

Four marketers spend N833bn on fuel imports – Report

Nigeria’s major oil marketers have significantly benefited from the Federal Government’s recent policy to eliminate subsidies on petroleum products. This change has allowed marketers to operate in a more market-driven environment, leading to substantial financial gains. In the first nine months of 2024, four prominent oil marketers reported significant revenue gain, earning a total sum of N1.3tn from the sales of petroleum products to Nigerians. Despite the considerable costs involved […]

todayNovember 4, 2024 7

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NEWS

Strong US jobs report boosts Asian markets, dollar

Asian markets rose Monday after a blockbuster US jobs report soothed any concerns about the world’s top economy. At the same time, the dollar held gains with traders scaling back bets on another bumper interest rate cut. Oil prices edged down as traders await Israel’s response to Iran’s missile barrage last week amid fears of a region-wide war in the Middle East. All three main indexes on Wall Street rallied […]

todayOctober 7, 2024 11

BUSINESS

Public debt stock may hit N130tn by Dec – Report

Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio. This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst for a $1tn Economy, ‘ unveiled in Abuja recently. Nigeria’s public debt stock, which includes external and domestic debt, stood at N121.67tn in the first quarter of 2024, up from N97.34tn in the fourth […]

todayAugust 5, 2024 13

BUSINESS

Dangote diesel sulphur triggers concern, marketers fault rejection report

The controversy surrounding the sulphur content in the Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery, has yet to abate. Over the weekend, there were online reports alleging that the diesel recently supplied by the $20bn refinery contained high sulphur. This came as oil marketers stated that despite the allegations of high sulphur in Dangote diesel, no motorist or industrial consumer had registered any complaint against […]

todayAugust 5, 2024 15

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BUSINESS

Telcos paid over N2tn tax in 2023 – Report

Telecommunication companies paid N2.4tn tax to the Nigerian government in 2023, despite struggling to attract investments, a digital economy report from the Groupe Special Mobile Association According to the report, the sector generated about N33tn, representing 13.5 per cent of the country’s gross domestic product. It highlighted the importance of the telecommunications sector to Nigeria’s economy, with the potential for even greater growth and development in the next 3–5 years. “The […]

todayMay 20, 2024 14

NEWS

External reserves drop by $950m in 17 days — CBN report

Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira. On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN. Before the current decline, the reserve had been steadily growing, witnessing a remarkable […]

todayApril 8, 2024 35

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BUSINESS

Naira crash pushes raw material imports to N3tn – NBS report

Imports of raw materials into the country rose by 25 per cent to N3tn in 2023. This is according to the Foreign Trade Statistics data published by the National Bureau of Statistics. The major raw materials imported during the period included cane sugar, other lubricating oils meant to be mixed further, preparations of milk containing vegetable fats and oils, mixtures of odoriferous substances, sheets for veneering, among others. Conversely, Nigeria […]

todayApril 5, 2024 6

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BUSINESS

Foreign airlines repatriate N795bn in six months – CBN report

Foreign airlines repatriated N795.48bn from Nigeria in six months, data from the Central Bank of Nigeria have shown. Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to the Balance of Payment account from airline travel was $19.39m (N8.75bn). The amount on the debit side of the balance […]

todayJanuary 19, 2024 40

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BUSINESS

Foreign airlines repatriate N795bn in six months – CBN report

Foreign airlines repatriated N795.48bn from Nigeria in six months, data from the Central Bank of Nigeria have shown. Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to the Balance of Payment account from airline travel was $19.39m (N8.75bn). The amount on the debit side of the balance […]

todayJanuary 19, 2024 48

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