Category: Business

FG suspends controversial 4% import duty levy

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The Nigeria Customs Service recently imposed a four percent Free on Board fee on all imported products, but the Federal Government  (FG) has postponed its implementation. Following significant worries about the levy’s detrimental economic effects from importers, trade experts, and other industry stakeholders, the decision was made public by Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy. In his role as Chairman of the NCS Board, Mr. Wale Edun sent a letter to the Comptroller-General of Customs on Monday, September 15, 2025, directing the tax to…

China Accuses US Chipmaker Nvidia of Violating Antitrust Law

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Just as trade negotiations between Beijing and Washington began their second day, China announced Monday that an investigation had revealed that US chip maker Nvidia had violated the nation’s antitrust laws and promised another investigation. Beijing, which declared the probe in December, is presently involved in a fierce struggle with the US for leadership in the vital semiconductor industry. The State Administration for Market Regulation, Beijing’s leading market watchdog, claimed in a statement that NVIDIA Corporation had broken the Anti-Monopoly Law of the People’s Republic of China after a preliminary…

Investors Eye US Inflation and ECB Decision as European, Asian Stocks Climb

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As traders awaited the European Central Bank’s most recent interest rate decision and additional US inflation data, European and Asian stock markets saw gains Thursday. In comparison to the euro and other major competitors, the dollar appreciated. One day after official data indicated that producer prices were declining in the largest economy in the world, the US consumer price index is scheduled to release an update on Thursday. Analysts predict that the Federal Reserve will lower interest rates before the year is out due to recent disappointing US jobs data.…

Investors Maintain Positions as Bond Yields Remain Unchanged at 16.97%

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The average yield of Federal Government of Nigeria (FGN) bonds closed flat at 16.97%, reflecting the lack of a bargain-fueling event to boost investors’ muted attitude. According to credit rating agencies, bond investors maintained tight positions in the face of economic uncertainty, erratic returns, and sporadic profit-taking. Citing low trading activity in the secondary market, the investment business claimed that the average yield closed flat at 16.97% at the end of the trading session. The average yield increased at the short (+1 basis point) end of the benchmark curve due…

Dangote fuel exports surge amid foreign refineries’ shutdown

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As Saudi Aramco and other Middle Eastern Gulf refineries close for maintenance, the Dangote Petroleum Refinery has recently increased its fuel exports to other countries, according to  report. Our correspondent was informed by a top executive at the Dangote refinery on Monday that the $20 billion facility located in Lekki exported a lot of diesel, aviation fuel, and Premium Motor Spirit (petrol) to other nations in August. The official stated, “We export PMS, AGO (Automotive Gas Oil or diesel), and Jet A1 (also known as aviation fuel),” speaking in confidence…

Firm opens new CNG station in Ogun

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In a statement released on Saturday, Tetracore Energy Group Limited announced the opening of a Compressed Natural Gas facility in Ogbere, along the Benin-Sagamu Expressway, Ogun State. The company claimed that the new facility increased its daily delivery capacity to 6.2 million standard cubic feet per day, marking a significant milestone in Nigeria’s clean energy journey and supporting the Federal Government’s ongoing Presidential Compressed Natural Gas Initiative, which is led by President Bola Tinubu. The statement, which was signed by Oladayo Williams, Tetracore Energy Group’s Programs Executive, revealed that the…

Creative Economy Tracker: A New Tool for Measuring Growth

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The Nigeria Creative Ecosystem Report Dissemination and Creative Tracker has been established by the UK-Nigeria Tech Hub, which is a component of the Digital Access Programme, which is supported by Tech4Dev (Technology for Social Change and Development Initiative) and the UK Foreign, Commonwealth and Development Office. With an emphasis on cinema, music, fashion, and content production, this program seeks to foster the development of Nigeria’s creative sector. The Director of the UK-Nigeria Tech Hub, Oyinkansola Akintola-Bello, revealed during the launch, which took place in Lagos on Thursday, that the tracker…

Ex-NNPCL spokesman canvasses tax relief for media houses

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Nigeria currently has 172 million active telephone subscribers, of which 141 million are internet users, accounting for 81.9% of the total, and 105 million are broadband users. She urged subscribers to turn off social media autoplay, limit background data, delete unused apps, activate data-saving modes, and use Wi-Fi whenever possible. Nnenna Ukoha, the Director of Public Affairs at the NCC, emphasized the importance of the media in communicating regulatory efforts to the public, saying, “You are the ones that transmit and convey our transformative policies to the people of Nigeria.…

Meet recapitalisation target or face liquidation, NAICOM warns insurers

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Insurance firms that miss the July 2026 recapitalization deadline risk severe regulatory action, including merger or liquidation, the National Insurance Commission  NAICOM  has warned. The commission would not think twice about taking action against non-compliant companies, according to a circular sent to all insurance and reinsurance companies in Nigeria by Deputy Commissioner (Technical), Dr. Usman Jankara. According to the recently enacted Nigerian Insurance Industry Reform Act 2025, insurance companies must raise their capital to N10 billion for life insurance, N15 billion for non-life insurance, and N35 billion for reinsurance. The…

Inflation rate drops to 21.88% in July

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According to data from the National Bureau of Statistics, Nigeria’s headline inflation rate fell to 21.88 percent in July 2025 from 22.22 percent in June, marking the fourth consecutive month of declines. The July figure was 0.34 percentage points lower than the June rate and 11.52 percentage points lower than the 33.40 percent recorded in July 2024, according to the most recent Consumer Price Index report, which was made public on Friday. According to the NBS report, the Consumer Price Index increased 2.5 points from the previous month (123.4) to…