Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, March 18 to Saturday, March 23, 2024.

Nigeria Now Africa’s Largest Importer Of Refined Fuel – S&P

Nigeria has become the largest importer of refined fuel in Africa as petrol shipments from Europe to Africa has increased, analysts at S&P Global Commodity Insights have revealed.

The report disclosed that crude oil shipments from the Middle East to Europe had increased significantly… Read more

FG To Launch $3.5bn Phase 2 Sugar Master Plan

The Federal Government has finalised plans for the launch of $3.5 billion Phase 2 of the Nigeria Sugar Master Plan (NSMP).

It is primed to scale up sugar production to a minimum of two million metric tons, 400 MW of electricity, and the creation… Read more

Poor Documentation: Nigeria Loses N1.14trn in Cowpea Exports

Nigeria is losing a total of 1.6 million tonnes of dried cowpea nuts valued at N1.14 trillion ($816 million) due to a lack of proper processing and documentation for export.

It was learnt that Nigeria, which consumed 3.6 million tonnes of the nuts annually, is currently producing 5.2 million tonnes valued… Read more

NNPCL: We’ll Use Gas To Trigger Industrialisation, Devt

The Nigerian National Petroleum Company (NNPC) Ltd has reiterated its commitment towards utilising Nigeria’s abundant gas resources to trigger the country’s industrialisation and economic development.

Executive Vice President, Upstream, NNPC Ltd, Mrs Oritsemeyiwa Eyesan, disclosed this during a panel session at the ongoing 2024 CERAWeek Conference in Houston, the… Read more

Envoy: Nigeria Must Invest In Infrastructure To Boost AFCFTA

With the full implementation of the African Continental Free Trade Area (AFCFTA) agreement still being awaited, Nigeria and other African countries have been charged to look beyond the removal of trade tariffs and start addressing the critical issue of infrastructure deficit in the continent.

Rwanda High Commission to Nigeria, High Commissioner Christophe Bazivamo, made this known in an… Read more

Court Orders Binance To Release Data On Nigerian Traders To EFCC

The Federal High Court, Abuja, has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive information on all persons from Nigeria trading on its platform.

Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion… Read more

Nigeria’s Gas Investment Policies Set To Ignite Sustainable Energy Future – NGA

The Nigerian Gas Association (NGA) has said that the recent gazetting of three pivotal policy directives, by the Federal Government has heralded a monumental leap towards unlocking investments in the oil and gas sector.

President of the Nigerian Gas Association, Mr Aka Nwokedi, in a statement issued on Tuesday also… Read more

FG Tackled Over Fresh €995m Planned Loan From Brazil, GDB

The Federal Government must have clear policy direction for the €995 million (N1.7 trn) loan it intends to take from the Brazilian Government and German Deutsche Bank Group so it will not be seen as a facility meant to create opportunities for behind the scene dealings, the Executive Director, Climate Africa Media Initiative and Centre, Mr Aliu Akoshile, has warned.

He also said that because of climate change, there were many changes that are required to be… Read more

Firms Plan To Build 30MW Wind, Solar Power Plant In Lekki

Two engineering firms, Credco and Vergnet have indicated their plan to build a 30 megawatts windfall and solar hybrid plant in the Lekki area of Lagos state.
This was disclosed during the presentation of the proposal by the two companies in Abuja.

The Minister of Power, Adebayo Adelabu, was represented at the event by the Director of… Read more

Kyari: NNPCL, Recorded 9,000 Infractions On Oil Pipelines In One Year

Nigerian National Petroleum Company (NNPC) Limited has said that it recorded 9,000 infractions on oil pipelines in one year.

The Group Managing Director, NNPC Ltd, Mele Kyari, disclosed this in Abuja during an oversight… Read more

SA Terminates Contract With Takatso Consortium

The Ministry of Public Enterprises of South Africa has announced the termination of the agreement with Takatso for the sale of 51 per cent of South African Airways (SAA).

DPE says: “Over the past three years, the Department of Public Enterprises and Takatso… Read more

Power: FG Promises To Close Metering Gaps

The Federal Government has given assurance on addressing both metering gaps and financial liquidity challenges facing Nigeria’s power sector.

The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, gave the assurance on Wednesday during a session at the 2024 edition of… Read more

NIN-SIM Linkage: NIMC, NCC Collaborate To Enhance Seamless Process

The National Identity Management Commission (NIMC) and the Nigerian Communications Commission (NCC) have announced a strategic collaboration aimed at enhancing processes related to the National Identification Number (NIN)- SIM linkage.

In recent times, the NINSIM linkage exercise has become the subject of national discourse, reflecting… Read more

LCCI: Non-Intervention In Inflation Distorting Investment Plans

Following the recent data released by the National Bureau of Statistics (NBS) that the country’s headline inflation rate reached 31.70 per cent in February 2024, the Lagos Chamber of Commerce and Industry (LCCI) has said non-intervention by the government is distorting business processes and plans.

LCCI emphasised that the unbaiting inflationary pressures had continued to distort the… Read more

Dairy Importation: NACCIMA Kicks Over Cbn’s Reviewed Policy On Forex

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye Esq., has kicked against the lifting of foreign exchange restrictions the Central Bank of Nigeria (CBN) placed on the importation of milk and dairy products, warning that it could result in the decline of local production.

Oye, in a statement, expressed concerns over the potential ramifications of the policy change, especially against the backdrop of… Read more