New Telegraph

Top 15 Weekly Business News Roundup For Latest Nigeria News

Business News Round-up

Business News Round-UP

Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, November 11 to Saturday, November 16, 2024.

Dangote Refinery, IPMAN Reach Agreement To Lift Petrol, Diesel Directly

The  Dangote Refinery and Petrochemicals has approved the application of members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) to lift petroleum products, including  fuel technically called Premium Motor Spirit (PMS) directly from the plant located at the Free Zone, Lekki, Lagos.

In an interview with journalists in Abuja, yesterday, IPMAN…Read more

Forex Reforms: ‘Tinubu Has Attracted Significant FDIs’

The National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, Esq., has commended the current administration’s reforms on foreign exchange.

Oye, in his presentation at the Editors’ Conference, taking place in…Read more

Yuletide: NRC Increases Daily Train Trips On Abuja-Kaduna Route

The Nigerian Railway Corporation (NRC) has announced an increase in the frequency of train services on its Abuja-Kaduna Train Service (AKTS) route in response to rising demand and customer feedback ahead of the yuletide season.

In a statement issued by Yakub Mohmood, Deputy Director of Public Relations…Read more

PMS: Motorists, Others To Spend N6.1trn On Fuel In 5 Months

As prices of Premium Motor Spirit (PMS) continue to rise, consumers will spend a minimum of N6.1 trillion within the next five months on 6.81 billion litres expected to be produced from local refineries in the country.

The amount is 81.4 per cent of the N7.50 trillion, being the total…Read more

Nigeria Ranks Top Three In Deepwater Oil Projects

The Federal Government of Nigeria under the leadership of President Bola Tinubu on Friday announced significant progress in Nigeria’s deep water oil sector, with the country now ranking among the top three in terms of competitive returns, up from the lowest quartile.

This shift follows major reforms aimed at improving the…Read more

Value Of Illicit Drugs Shipped Into Nigeria In 10 Months Hits N84.9bn

Some banned and expired drugs valued at N84.9 billion have been smuggled into the country through the TinCan Island, Apapa and Onne Ports in the last 10 months.

They were jointly intercepted by Nigeria Customs Service (NCS)…Read more

Nigeria’s Imports Rise By 81% In Six Years – WTO

In recent times, Nigeria’s import levels has drastically increased to 80.65 per cent in six years, rising from $31 billion in 2017 to $56 billion in 2023.

This development was contained in the World Trade Organization…Read more

Okonjo-Iweala Calls On Tinubu Govt To Reduce Govt Agencies At Nigeria’s Borders

Ngozi Okonjo-Iweala, the Director-General of World Trade Organisation (WTO) has asked President Bola Tinubu-led Government to cut down the number of agencies at the borders as part of key reforms needed by the Nigeria Customs Service (NCS) to facilitate trade and enable more revenue inflows.

Speaking virtually at the 2024 Controller General of Customs Conference…Read more

Agents Blame 43% Rise In Freighting Cargoes On Port Delays

As festive season approaches, clearing agents are complaining that bottle – necks and unnecessary delays at the ports have raised the cost of transporting cargoes from Lagos ports to other parts of the metropolis by 43 per cent from N400,000 to N700,000 since the beginning of this month.

Worried by this, the Association of Nigerian Licensed Customs Agents…Read more

Report: 243,000 Pay-TV Subscribers Abandon DStv, GOtv

No fewer than 243,000 customers of Multichoice, a South African Pay-TV operating in Nigeria have in the last six month abandoned their DStv and GOtv services.

This was revealed by the company in its Interim Financial Results for…Read more

Customs Processes N1.41 Exports At Onne Port

The Nigeria Customs Service (NCS), Area 2 Command, Onne Port, has processed 2.44 million metric tonnes of goods with a free on board (FOB) value at N1.41 trillion ($826.6 million) in the last 10 months.

Also, it generated a total revenue of N550.43 billion, translating to…Read more

MAN: Inventory Of Unsold Goods Up 357% To N1.22trn In H1’24

The Manufacturers Association of Nigeria (MAN) has reported that due to the profound macro-economic challenges in the country, inventory of unsold products surged by 357.57 per cent year-on-year to N1.24 trillion in H1’24.

MAN, in its Executive Summary of Half Year (H1) 2024 review of the…Read more

Saudi Arabia, Russia, Others Extend 2.2mbd Crude Voluntary Adjustments

The Organisation of the Petroleum Exporting Countries (OPEC) has said that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have extended their 2.2 mbd voluntary adjustments for one month until end of December 2024.

Recall that the countries had previously announced additional voluntary…Read more

Costly Operations Impacting African Airlines’ Performance –AFRAA

The African Airlines Association (AFRAA) said its primary focus is to create a sustainable, interconnected and affordable African air transport industry.

The AFRAA Secretary-General, Abderahmane Berthé, highlighted the areas of…Read more

Nigeria Does Not Have Energy Security – Kyari

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd), Mallam Mele Kyari has said that there is no energy security in Nigeria.

He stated that over 50% of the population of Nigeria does not have access to…Read more

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