Self Help Africa (SHA), in partnership with the World Food Programme (WFP) and Mastercard Foundation, has disbursed more than N70 million in grants to 33 young innovators under its Youth in Work Innovative Challenge in Kano. At the final pitch event, Fayan Bounty Produce Limited emerged overall winner and received N5 million, while Agric Technology Limited and Nutri-Gold Solution came second and third…
The Central Bank of Nigeria (CBN) has lifted restrictions that previously prevented financial institutions accessing its Standing Lending Facility (SLF) from participating in the Nigerian Foreign Exchange Market (NFEM) and primary auctions of government securities. The apex bank announced the changes in a circular dated August 12, 2026, issued to Deposit Money Banks, authorised dealers,…
Nigeria’s average daily oil production fell by 4 per cent in July, according to data from the Nigerian Upstream Regulatory Commission (NUPRC). The commission said the country produced an average of 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing total daily production to 1.67 million bpd. Despite the decline, Nigeria met and exceeded its…
Modular refinery operators have raised concerns over the high cost of domestically supplied crude oil, saying current pricing terms make it difficult for them to participate in the Domestic Crude Supply Obligation scheme. The Crude Oil Refinery Owners Association of Nigeria said its members did not lift crude allocated to local refiners in the second…
The Nigeria Revenue Service (NRS) has released comprehensive guidelines on the taxation of cryptocurrency and other virtual assets, establishing a regulatory framework in line with the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025. The new guidelines are targeted at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners and individuals engaged…
Vice President Kashim Shettima has reaffirmed the Federal Government’s commitment to supporting credible investments capable of driving economic growth, creating jobs and accelerating sustainable development across Nigeria. He gave the assurance while speaking at the Delta Economic and Investment Summit in Asaba. Shettima described the growing number of investment summits across states as a healthy development, noting that increased…
Dangote Industries Limited has signed an $800 million Memorandum of Understanding (MoU) with Sinoma International Engineering Co. Ltd. to expand the Dangote Cement plant in Itori, Ogun State. The expansion will increase the plant’s annual production capacity from six million to 12 million metric tonnes, strengthening Nigeria’s manufacturing sector and boosting the country’s position as one of Africa’s leading cement…
The Court of Appeal has ruled that employers cannot enforce unreasonable post-employment restrictive clauses that prevent former employees from securing new jobs. In a unanimous judgment, the appellate court dismissed an appeal filed by MTN Nigeria and upheld the decision of the National Industrial Court, which awarded ₦5.1 million in compensation to former Procurement Manager,…
Dangote Petroleum Refinery and Petrochemicals has secured $2.5 billion in fresh private equity investment to accelerate the expansion of Africa’s largest refinery and strengthen its position in the continent’s downstream oil and gas industry. The company disclosed on Thursday that the funds were raised through a private placement involving the issuance of about 3.7 trillion subscription units, attracting…
Air Peace and Etihad Airways have signed an interline agreement to improve connectivity across Nigeria and West and Central Africa, giving passengers access to more destinations through a single ticket. The partnership will connect 20 destinations across Nigeria and the region, allowing Etihad passengers to seamlessly travel beyond Lagos and Accra to cities including Abuja, Port Harcourt,…
