Tag: #BusinessNews
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NIGERIA’S PORTS RECORD STRONGER CARGO, VESSEL TRAFFIC IN Q1 2026
Nigeria’s maritime sector recorded notable growth in the first quarter of 2026, with the Nigerian Ports Authority (NPA) reporting increases in cargo movement, vessel traffic and port activities. According to the NPA, ocean-going vessel traffic rose by 19.5% to 46.75 million Gross Registered Tonnage, while total cargo throughput increased by 11.6% to 32.38 million metric…
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CHINA’S YUAN GAINS SLIGHTLY AGAINST U.S. DOLLAR
China’s currency, the Yuan, strengthened slightly against the U.S. dollar on Monday, according to the China Foreign Exchange Trade System. The central parity rate rose by 35 pips to 6.8467 per dollar ahead of trading activities in the interbank foreign exchange market. China’s forex system said the daily rate is determined using a weighted average…
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PRESSCO POSTS BIG GAINS: PROFIT SOARS 57% IN 2025
Presco Plc has reported a 57.1% jump in profit before tax to ₦177.9 billion for 2025, showing strong momentum in Nigeria’s edible oil sector. Profit after tax rose to ₦121.5 billion, while revenue surged nearly 60% to ₦330.6 billion, driven by improved efficiency and market demand. Gross and operating profits also recorded impressive growth of…
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SAUDI ENVOY, DANGOTE MOVE TO BOOST INVESTMENT TIES BETWEEN BOTH ECONOMIES
Saudi Arabia’s Ambassador to Nigeria, Yousef bin Mohammed Al-Balawi, has met with billionaire businessman Aliko Dangote to deepen economic cooperation between both countries. The meeting, held at the envoy’s residence in Abuja’s Diplomatic Quarter, focused on expanding partnerships in energy, industry, infrastructure, and investment opportunities. Al-Balawi said the engagement reflects growing Saudi–Nigeria economic relations and…
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CHINA BLACKLISTS 7 EU FIRMS IN EXPORT CRACKDOWN
China has added seven European Union companies to its export control list, tightening restrictions on the flow of critical materials and technology. The Ministry of Commerce says the move is to protect national security and enforce non-proliferation rules—meaning no more “dual-use” items (goods that can serve both civilian and military purposes) will be supplied to…
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HOTEL OWNERS ON NOTICE: NHA THREATENS SHUTDOWN OF UNREGISTERED HOTELS
If your hotel isn’t registered, it may soon be checking out—for good. The Nigeria Hotel Association (NHA) has warned that it will begin clamping down on and shutting down unregistered hotels across the country, citing security risks and industry reputation concerns. NHA President, Eze Patrick Anyanwu, issued the warning in Owerri during a meeting with…
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BREWERY SECTOR BOUNCES BACK — BUT NEW COST RISKS LOOM
Nigeria’s beer industry is back in profit after years of losses — but rising costs and new taxes could spoil the party. Lagos, April 16, 2026 — Nigeria’s brewed products sector returned to profitability in 2025 after years of losses, Nigerian Breweries Plc has said, even as consumers continue to feel the pinch of inflation.…
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NIGERIAN BREWERIES STOCK SURGES 135% TO ₦2.33TRN AS PROFIT REBOUNDS
From red ink to strong returns — Nigerian Breweries just toasted a major turnaround on the stock market. Nigerian Breweries Plc says its market capitalisation jumped by 135% in 2025, rising from ₦991.5 billion to ₦2.33 trillion. Chairperson Juliet Anammah credited the surge to economic reforms, improved investor confidence, and stronger market conditions. She said…
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INSURANCE CASH SURGE: SECTOR RAKES IN ₦2.3BN AS OIL & GAS TAKES THE LEAD
Nigeria’s insurance industry just had a solid quarter—think of it as a financial “rainy day fund” that actually saw sunshine, pulling in billions while oil & gas and fire cover stole the spotlight. The Nigerian insurance sector recorded a strong performance in Q4 2025, with gross premium hitting ₦2.301 billion, according to the National Insurance…
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AFRICAN EXCHANGES STORM DANGOTE REFINERY AHEAD OF IPO
Africa’s biggest capital market players are already sizing up the Dangote Refinery as momentum builds toward one of the most anticipated listings on the Nigerian Exchange Group. NGX Chairman Umaru Kwairanga led representatives from major African stock exchanges on a strategic tour of the refinery — a key step ahead of its planned Initial Public…
