Ayobamiji Komolafe 
Business News Round-UP
Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, February 3 to Saturday, February 8, 2025.
CBN: Banks’ Assets Hit N157.51trn In October
Despite challenges such as persistent inflationary pressures, the country’s banks grew their assets by 44.16 per cent, year-on-year, to N157.51 trillion in October 2024, according to Central Bank of Nigeria (CBN) data.
A member of the CBN’s Monetary Policy Committee (MPC), Mustapha…Read more
JV: NNPCL, First E&P Achieves 96% Reduction In Gas Flaring
The Nigerian National Petroleum Company Limited (NNPC Ltd) and First Exploration & Petroleum Development Company Limited (First E&P) Joint Venture (JV) has successfully achieved a 96 per cent reduction in routine flaring of associated gas (AG) from the Anyala (OML 83) and Madu (OML 85) fields, according to a statement yesterday by Chief Corporate Communications Officer, NNPC Ltd, Olufemi O. Soneye.
He stated that this was in a significant stride towards supporting Nigeria’s…Read more
Tinubu, Exxonmobil Leadership Hold Talks
President Bola Ahmed Tinubu and the leadership of ExxonMobil on Tuesday held talks at the Presidential Villa, Abuja.
Among the ExxonMobil delegation include the Chairman in Nigeria, Mr Shane…Read more
Tariff Hike: Stakeholders Expect 90% 5G Network Expansion
Stakeholders in the telecoms sector have called on operators to make sure they utilise the 50 per cent increase in tariff for the expansion of 5G network across the country.
According to them, the 5G network is expected to be expanded by 90 per cent…Read more
CBN Extends Period For BDCs To Buy $25,000 Weekly From Banks
The Central Bank of Nigeria (CBN) has extended the period for the temporary permission it granted eligible Bureau De Change (BDC) operators to access the Nigerian Foreign Exchange Market (NFEM) for the purchase of foreign exchange (FX) from Authorised Dealers.
The apex bank, which announced this in a circular posted on its…Read more
Amid Hardship, $1.13bn Worth Of Food Items Exported From Nigeria
The Nigeria Customs Service (NCS) recorded N3.53 trillion ($2.14 billion) in non-oil exports at Lilypond Export Command in 2024.
The exports were shipped out in 30,979 containers. It was…Read more
FG Spends Over ₦200bn Monthly On Electricity Subsidies – Presidency
The Special Adviser to the President on Energy, Olu Arowolo Verheijen, had said that currently, the Federal government spends over ₦200 billion per month on electricity subsidies.
She, however, said much of this support benefits the wealthiest…Read more
Telecoms Tariff Increase: ATICEN Commends NLC For Suspending Strike
The President of the Association of Telecommunications, Information Technology, Cable Satellite Network Operators and Allied Services Employers’ of Nigeria (ATICEN), Comrade Adede John Williams, has commended the Nigeria Labour Congress (NLC) for suspending the planned strike over tariff hike by Nigerian Communications Commission (NCC) for the Nigeria telecommunications operators.
He called on members and the general assembly of the…Read more
FG Extends Palliative Programme To Students, FCT Communities
The Federal Government has expanded its palliative programme to include students across the country and residents of the Federal Capital Territory (FCT) Abuja, building on the success of its previous distribution in Imo State.
Minister of State for Finance, Dr. Doris UzokaAnite, while distributing…Read more
FG Commends Indigenous Auto Electric Vehicle Firm
The Federal Government has applauded NEV Electric, an indigenous electric vehicle company, by Brilliant Model Technology, for its pioneering role in advancing Nigeria’s transportation sector through the development of affordable and sustainable clean energy vehicles.
The auto firm was commended for reducing carbon emissions and…Read more
Customs Intercepts N5.2bn Donkey Skin, Exotic Cars
Nigeria Customs Service (NCS), Federal Operations Unit (FOU), Zone A, Lagos State has seized donkey skin and other contraband valued at N5.2 billion within six weeks.
The Controller of the unit, Comptroller Kola Oladeji explained in…Read more
Kaduna Electric Did Not Disengage 900 Staff – Management
The management of Kaduna Electric has said that it is incorrect that 900 staff members were affected in the recent restructuring of the electricity distribution company.
In a statement issued on Tuesday, the company explained that…Read more
Waste: 13,000MT Plastic Packaging Collection Hub Unveiled In Lagos
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has lauded the management of Coca-Cola System in Nigeria, comprising of Coca-Cola Nigeria Limited and its authorised bottler, Nigerian Bottling Company (NBC), for its bold step to contribute over $1.5 billion to Nigeria’s economic value chain, including $1 billion investment plans over the next five in Nigeria’s Gross Domestic Product (GDP).
This, according to the FMITI minister, is a proof that the country still remains…Read more
Small Businesses: FG Strengthens Loan Access, Digital Innovation
The Federal Government is intensifying efforts to enhance industrial expansion, ease access to funding and drive digital innovation to boost Nigeria’s economic competitiveness.
The Minister of State for Industry, Trade, and Investment, Sen. John Enoch said…Read more
Airline Group Raises Concern Over South Africa’s Aviation Infrastructure
The Airlines Association of Southern Africa (AASA) has noted with renewed concern and frustration the recent rash of incidents that disrupted airline operations over the summer peak travel season and throughout this month.
The incidents are primarily related to the reliability of re-fuelling…Read more
