Business

The Onitsha River Port has officially welcomed its first barge consignment of the 2025 season, marking a fresh boost for inland waterway commerce. Authorities say the arrival signals renewed momentum in cargo movement along the River Niger, enhancing trade connectivity and reducing pressure on road transport.

The Dangote Petroleum Refinery has dismissed reports of a production shutdown, clarifying that ongoing routine maintenance will not disrupt fuel supply. Management said the scheduled servicing is part of standard operations to ensure optimal performance and efficiency of the facility.

Car ownership in Nigeria is increasingly becoming a luxury as concerns mount over the recently introduced customs levy and declining import volumes. Industry stakeholders say the added financial burden, coupled with rising foreign exchange rates and weakening purchasing power, is making it difficult for average Nigerians to afford new or imported vehicles. The situation has sparked fears of long-term impacts on the automotive sector and mobility across the country.

The Nigerian Exchange (NGX) is on the verge of hitting a historic ₦100 trillion in market capitalization, fueled by strong performances from 35 bullish stocks. The surge reflects growing investor confidence and momentum across key sectors, pushing the market to record-breaking levels.

The Nigerian Communications Commission (NCC) has expressed alarm over the increasing rate of fibre optic cable cuts, revealing that telecom giants like MTN, Airtel, and others experience more than 1,100 incidents weekly. This persistent disruption is significantly affecting service quality, hindering internet connectivity, and slowing down digital growth across the country.

The Nigerian National Petroleum Company (NNPC) Limited has reversed its earlier decision to raise the pump price of petrol, announcing a price reduction just 48 hours after the initial hike. The move comes amid widespread public criticism and concerns over the impact of rising fuel costs on the economy and daily living expenses. The company has not yet provided detailed reasons for the sudden adjustment.

The National Insurance Commission (NAICOM) has expressed optimism that the recently enacted insurance law will significantly enhance the sector’s contribution to Nigeria’s Gross Domestic Product (GDP). According to the Commission, the new legislation introduces key reforms aimed at strengthening regulation, promoting investor confidence, and expanding insurance penetration across the country.

Omoyele Sowore, activist and former presidential candidate, has criticized the idea of a rotational presidency in Nigeria, arguing that the country’s focus should be on electing capable and visionary leaders, regardless of their region or ethnicity. He maintained that true progress would only come through merit-based leadership, not power-sharing arrangements based on geography.

The Nigerian Exchange (NGX) saw robust trading activity last week with investors transacting 1.03 billion shares valued at ₦22.9 billion across 20,016 deals. According to data from the NGX, the financial services sector led the volume chart, accounting for 55.71% of total shares traded. The market performance reflects sustained investor interest amid ongoing economic and corporate developments.

The Nigerian naira continued its upward trajectory against the US dollar, buoyed by a significant rise in the country’s external reserves. Financial analysts attribute the currency’s appreciation to increased foreign inflows and improved confidence in Nigeria’s monetary policies. This development signals a positive shift in the foreign exchange market and offers hope for economic stability.