In historic business deals, the Dangote Petroleum Refinery yesterday announced that the United States imported over 2 million barrels of jet fuel from the 650,000 bpd facility this March alone, underscoring the growing global impact of the world’s largest single-train refinery, located in Lagos. The entrance of the Dangote refinery into the US market is…
The Dangote Refinery on Wednesday announced the suspension of petroleum products in Naira, implying that it cannot continue to dispense in the local currency while purchasing in dollars. In a statement, the facility in Lagos owned by Africa’s richest richest man, Aliko Dangote, stated that if it continues to sell in Naira, it will experience…
The Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, further declined to 23.18 per cent in February, compared to 24.48 per cent in the preceding month, the National Bureau of Statistics (NBS) said yesterday. Year-on-year, the headline inflation was 8.52 per cent lower than 31.70 per…
Nigerian National Petroleum Company Limited (NNPC) and the federal government yesterday said there were no plans to revoke the naira-for-crude deal with local oil refineries, including the 650,000 barrels per day (bpd) Dangote refinery in Lagos. Both NNPC and Chairman, Technical Sub-Committee of the Naira-for-Crude programme, Zacch Adedeji, who also heads the Federal Inland Revenue…
Stocks plunged Monday to a six-month low amid ongoing uncertainty about the impact of policies coming from the Trump White House and concerns about the outlook for the U.S. economy. The tech-heavy Nasdaq Composite dropped 4%, its biggest one-day loss since September 2022, while the S&P 500 shed 2.7%, as both indexes closed at their…
Canada’s most populous province Ontario is slapping a retaliatory 25% surcharge on electricity it sends to US states in response to President Donald Trump’s tariffs on Canadian goods. Ontario leader Doug Ford confirmed the move in a news conference on Monday morning, saying it will increase costs about $10 (£7.75) per megawatt-hour for US customers….
Ukrainian President Volodymyr Zelenskyy said Tuesday that the blow-up with U.S. counterpart Donald Trump last week was “regrettable,” adding that he stands ready to work under Trump’s “strong leadership” to get lasting peace. Zelenskyy’s remarks came in a social media post on X, hours after the White House announced a pause in military aid to…
Let the trade wars begin!! U.S. President Donald Trump on Monday, said that 25% taxes on imports from Mexico and Canada would start Tuesday, sparking renewed fears of a North American trade war that already showed signs of pushing up inflation and hindering growth. “Tomorrow — tariffs 25% on Canada and 25% on Mexico. And…
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening the financial sector by enhancing regulatory oversight, improving risk management frameworks, and ensuring strict compliance with global banking standards. In a rapidly evolving financial landscape, the apex bank said it was taking decisive steps to prevent financial crimes, maintain transparency, and reinforce public…
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025. Under the new arrangement, buyers in Lagos would purchase fuel at N860 per litre at MRS outlets. The price adjustment,…
