Business News

Sunday, 16 March 2025 04:34

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL) has led oil marketers to reduce their purchasing volumes amid mounting losses from rapid price reductions. The competition began in November 2024 when Dangote lowered petrol prices from N990 to N970 per litre, followed by further cuts to N899, citing holiday relief for Nigerians. NNPCL responded by matching the N899 price at its outlets. The price cuts continued into 2025, with Dangote reducing prices to N890 in February and then to N825 per litre by February 27. NNPCL countered with a N860 per litre price…

Saturday, 15 March 2025 04:09

Dangote Refinery further reduces petrol loading price amidst fresh crude supply from NNPCL

In a significant development in Nigeria's downstream oil sector, the Dangote Petroleum Refinery has further reduced the loading cost of petrol from N825 to N815 per litre, intensifying the ongoing price war. This move, implemented on Thursday, has been met with enthusiasm by oil marketers, who are now sourcing products directly from the refinery, bypassing private depot owners. The reduction is expected to compel private fuel depots to adjust their prices downward to remain competitive. This price cut follows a recent drop in the landing cost of imported petrol to N774.72 per litre, as reported by The PUNCH earlier this…

Wednesday, 12 March 2025 04:39

Nigeria's car imports fell 14.3% in 2024 amid economic woes

Nigeria experienced a significant decline in passenger vehicle imports in 2024, with total import value dropping to N1.26 trillion from N1.47 trillion in 2023, representing a 14.3% decrease according to the National Bureau of Statistics (NBS). This decline follows a substantial import surge in 2023 when vehicle imports more than doubled compared to 2022 levels. The downturn reflects growing economic pressures that forced both businesses and consumers to reduce non-essential spending, with many Nigerians turning to the local second-hand market as an alternative. Import Trends Over Five Years Nigeria's vehicle import patterns have shown considerable volatility since 2020: - 2020:…

Tuesday, 11 March 2025 04:46

NNPC clarifies status of Naira-denominated crude oil agreement with Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a clarification regarding reports about the crude oil sales agreement with Dangote Refinery. In a statement released Monday evening, NNPC's chief corporate communications officer, Olufemi Soneye, explained that the Naira-denominated crude oil contract was originally structured as a six-month agreement that will expire at the end of March 2025. Soneye confirmed that discussions are currently in progress to establish a new contract. According to the statement, NNPC Ltd has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024 under the current agreement. In total, the…

Tuesday, 11 March 2025 04:37

Why most branding advice is wrong — and what actually works

Scott Baradell Forget the buzzwords, the fluff and the empty mantras. Real branding isn't about catchy slogans, slick logos or vague notions of authenticity — it's about trust. If your brand strategy isn't driving credibility, customer preference and real-world results, you're wasting time and money. Here's how to cut through the noise and build a brand that actually works. The branding industry is built on a lie. Not an outright, malicious deception but a feel-good fantasy designed to make companies feel like they're accomplishing something when, in reality, they're spinning their wheels. Most branding advice today boils down to vague…

Monday, 10 March 2025 04:49

30% of Nigeria’s small and medium businesses shut down due to unfavorable economic conditions, NESG reports

The Nigerian Economic Summit Group (NESG) has revealed that 30% of Nigeria’s 24 million registered Micro, Small, and Medium Enterprises (MSMEs) shut down between 2023 and 2024 due to mounting economic challenges. This alarming trend was highlighted during the launch of the “2025 Private Sector Outlook: Adapting to Economic Uncertainties for Growth and Resilience” in Lagos. Segun Omisakin, Chief Economist and Director of Research at NESG, outlined the key risks faced by businesses during this period. These include foreign exchange (FX) shortages and volatility, with the naira averaging N1,479.9 per dollar in 2024; rising public debt, which reached N142.3 trillion…

Saturday, 08 March 2025 04:55

Crude oil remained dominant export commodity as Nigeria posts N3.4trn trade surplus for Q4 2024

Nigeria achieved a trade surplus of N3.42 trillion in the fourth quarter of 2024, according to data released by the National Bureau of Statistics (NBS). The country's exports totaled N20.01 trillion while imports stood at N16.59 trillion during this period. Total trade for Q4 2024 reached N36.6 trillion, representing a 2.20 percent increase compared to the N35.8 trillion recorded in the third quarter. More significantly, this figure marks a substantial 68.32 percent increase compared to the N21.75 trillion recorded in the corresponding period of 2023. Exports accounted for 54.68 percent of total trade value in Q4 2024. While this represents…

Saturday, 08 March 2025 04:55

Nigerian telecoms generated $7.6bn in 2024 as industry continues expansion

Nigeria's telecommunications sector achieved remarkable growth in 2024, with mobile service revenue reaching $7.6 billion according to a new PwC report. The Nigerian market is projected to grow at an impressive 8% compound annual growth rate (CAGR) between 2023 and 2028, positioning it among the world's fastest-expanding telecom markets. This growth stands in contrast to the broader global telecommunications industry, which faces headwinds despite PwC forecasting total revenue to reach $1.3 trillion by 2028. Worldwide telecom service revenue across fixed and mobile networks increased by 4.3% in 2023 to $1.14 trillion, but future growth is expected to slow to a…

Friday, 07 March 2025 04:48

Second in Africa, fourth globally, Nigeria grows sesame seeds exports to N700bn

Nigeria has established itself as the second-largest exporter of sesame in Africa and fourth globally, with exports valued at N700 billion in 2024, according to Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC). Speaking at the STDF 845 project meeting for Sesame and Cowpea in Abuja on Wednesday, Ayeni highlighted the project's importance in enhancing Nigerian agricultural exports. "This three-year initiative, co-funded by the International Trade Centre and NEPC, aims to ensure Nigerian sesame and cowpea exports comply with international pesticide residue standards, reducing rejection rates in global markets," she stated. Ayeni noted that the international sesame…

Thursday, 06 March 2025 04:29

Mark Cuban: If I were 12 again, I’d do these 2 things to set myself up for success

Ashton Jackson If Mark Cuban were a kid again, he’d do two simple things to set himself up for success as an adult, he says. “When I talk to kids today and they ask me what I would do if I were 12 today, my answer is always the same, read books and learn how to use [artificial intelligence] in every way, shape and form you can,” the 66-year-old billionaire entrepreneur wrote on social media platform BlueSky last week. “It is a living library that gives you responses and can help no matter who you are or where you live.”…

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Wednesday, 05 March 2025 04:51

OPEC+ plans to raise output, U.S. tariffs depress oil prices

Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns U.S. tariffs on Canada, Mexico and China will slow economic and fuel demand growth hammered investor sentiment. Brent futures eased 15 cents lower to $70.89 a barrel at 0200 GMT. In the previous session, the contract fell to as low as $69.75, its lowest since September 11, and settled at their lowest since that day as well. U.S. West Texas Intermediate (WTI) crude fell 40 cents a barrel, or 0.6%, at $67.86 after settling at its lowest since…

Wednesday, 05 March 2025 04:47

How business leaders can be good stewards In tumultuous times

Rajeev Peshawaria Were environmental social governance, diversity equity inclusion, and sustainability fads that have since died? It certainly feels like it in some circles, doesn’t it? I don’t believe they are dead at all. But the question is, why the current disenchantment with something we desperately need for saving ourselves and our only home? My simple assertion, one we’ve been making for a long time now, is that we were trying to solve existential environmental and social challenges unnaturally. 1. We were asking consumers to consume less. Consumption is a basic human aspiration.Except for a few evolved souls, it is…

Tuesday, 04 March 2025 04:52

Following Dangote Refinery’s lead, NNPC reduces petrol prices across major cities

The Nigerian National Petroleum Company (NNPC) Limited has implemented significant price reductions for premium motor spirit (PMS), commonly known as petrol, at its retail outlets nationwide. In Abuja, prices have dropped by N85 per litre, from N965 to N880. This was confirmed at the NNPC retail outlet in Federal Housing, Kubwa, where a pump attendant stated the price change took effect Monday afternoon. Lagos consumers will benefit from even lower prices, with NNPC stations at Irawo, Ransco bus stop on Ikorodu Road and along Idimu Road now selling petrol at N860 per litre. This follows an earlier reduction in Lagos…

Tuesday, 04 March 2025 04:42

The No. 1 piece of advice my grandfather gave me, CEO reminisces

At age 15, I got my second-ever job as a cashier at a fast-food restaurant. I hated clocking in every day — the thick smell of burgers and old frying oil made me sick, and customers were often rude, especially during the lunch rush and at the drive-thru. That made it difficult to apply myself. But Indeed CEO Chris Hyams says even a fast-food cashier role can be fulfilling if you have the right attitude.Growing up, his grandfather gave him a cardinal piece of career advice that he still holds on to today: “Every job is the most important job…

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