Nigeria’s Dangote refinery, situated on the outskirts of Lagos, has marked a significant milestone by exporting its first jet fuel cargo to Europe, as detailed in a recent S&P Global Insights report. BP is currently transporting this initial jet fuel shipment to Rotterdam, having secured a portion of a 120,000 metric tonnes tender offered at … Read more
Aliko Dangote, the founder of Dangote Group, has disclosed challenges faced by his $19 billion refinery project in Lagos, attributing them to local and international criminal organizations he likened to an “oil mafia.” Speaking at the Afreximbank Annual Meetings, Dangote emphasized the formidable nature of these groups, comparing them to drug mafias in terms of … Read more
Aliko Dangote, Africa’s richest person, has announced that the Dangote Petroleum Refinery will begin supplying petrol by mid-July. This update follows a slight delay from the previously anticipated June start date. Speaking during the inauguration of the Dangote Sinotruk West Africa’s completely knocked-down (CKD) plant in Lagos on June 9, Dangote provided clarity on the … Read more
The Naira is projected to strengthen in the upcoming months after the Central Bank of Nigeria (CBN) settled over $1.3 billion in foreign exchange (forex) forwards contracts last week, according to analysts. Experts at Rand Merchant Bank in Lagos noted that following this settlement, the outstanding unpaid forex forwards contracts from now until December amount … Read more
Kimberly-Clark, the American multinational corporation behind Huggies, has announced plans to cease its manufacturing and sales operations in Nigeria after nearly 15 years. In a statement released on Friday, the company attributed its decision to a shift in global corporate priorities and current economic conditions in Nigeria. “Kimberly-Clark has made the tough decision to withdraw … Read more
The Presidential Committee on Fiscal Policy and Tax Reforms has advised the federal government to set an exchange rate of N800 per US dollar for calculating Customs import duties. This recommendation was revealed by Taiwo Oyedele, the committee’s chairman, during a press conference held in Lagos on Thursday. Oyedele discussed the difficulties businesses encounter due … Read more
On Monday, the naira faced depreciation in the parallel section of the foreign exchange (FX) market. In Lagos, bureau de change (BDC) operators, commonly known as currency traders, reported the naira trading at N1,520 to the US dollar. The buying price was set at N1,490, while the selling price stood at N1,520, giving traders a … Read more
The naira appreciated further to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday, reflecting a 1.34 percent increase from the N1,510/$ rate recorded on May 17. Currency traders in Lagos, known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,450 and the … Read more
Chairman of the China Railway Construction Corporation (CRCC), Mr. Dai Hegen, says the company has paid a whopping sum of $125 million in taxes to the Nigerian government. Hegen, who disclosed this during a visit to President Bola Tinubu at the State House, Abuja, on Friday, said the corporation has signed investment cooperation agreements with … Read more
In Apapa, Lagos State, a significant fire broke out at a tank farm, which the Lagos State Fire Service initially attributed to the facility of Nigerian National Petroleum Company Limited (NNPCL). A video capturing the blaze circulated on social media early Friday morning. However, NNPCL quickly refuted this claim, asserting that the fire originated from … Read more