African Business News

Stay updated with the latest African business news, including market trends, economic updates, and insights into industries across the continent.

Nigeria's external reserves drop by $1.19bn in 3 weeks

Nigeria’s external reserves drop by $1.19bn in 3 weeks

By Ifunanya / February 4, 2025

Nigeria’s external reserves declined significantly by about $1.19 billion in the last three weeks plus. This is according to the […]

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Senate to report CBN, FIRS, Customs to Tinubu for snubbing summons

Senate to report CBN, FIRS, Customs to Tinubu for snubbing summons

By Ifunanya / February 4, 2025

The Nigerian Senate has expressed anger over the refusal of some revenue generating agencies to answer queries raised by report […]

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Ban on export of crude oil meant for local refineries a welcome development - PETROAN

Ban on export of crude oil meant for local refineries a welcome development – PETROAN

By Ifunanya / February 4, 2025

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has praised the Federal Government for its decision to ban […]

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NMDPRA goes tough on LPG dealers, seals 19 illegal outlets in Delta

NMDPRA goes tough on LPG dealers, seals 19 illegal outlets in Delta

By Ifunanya / February 4, 2025

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has sealed 19 illegal Liquified Petroleum Gas, LPG, and category D […]

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Edo: EIRS seeks security agencies partnership for revenue collection

Edo: EIRS seeks security agencies partnership for revenue collection

By Ifunanya / February 4, 2025

The management of the Edo State Internal Revenue Service, EIRS, has solicited the support of security agencies for the enforcement […]

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Nigerians knock analyst Emmanuel for demarketing Port Harcourt, Warri refineries

Nigerians knock analyst Emmanuel for demarketing Port Harcourt, Warri refineries

By Ifunanya / February 4, 2025

A financial analyst, Kelvin Emmanuel, has come under fire from Nigerians on social media for his comments demarketing state-owned Port […]

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CBN okays release of FX code

Nigerian banks raise N1.7tn in CBN’s recapitalization drive

By Ifunanya / February 4, 2025

Nigerian banks have successfully raised N1.7 trillion in the first phase of the Central Bank of Nigeria’s recapitalization drive. The […]

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Trade war: China slams US with 15 per cent tariff on coal, LNG as retaliation against Trump

Trade war: China slams US with 15 per cent tariff on coal, LNG as retaliation against Trump

By Ifunanya / February 4, 2025

China on Tuesday, in a retaliatory move, slammed the president Donald Trump-led United States with a 15 percent tariff on […]

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Naira appreciates significantly against dollar on official, black markets

Naira drops against dollar at official window, stable at black market

By Ifunanya / February 4, 2025

The Naira fell against the dollar to begin the first trading day in February at the official foreign exchange market. […]

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$200bn required to develop Nigeria’s gas infrastructure - NEITI

$200bn required to develop Nigeria’s gas infrastructure – NEITI

By Ifunanya / February 4, 2025

The Nigeria Extractive Industries Transparency Initiative, NEITI, says the sum of $200 billion is required to be injected into Nigeria’s […]

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50% telecom tariff hike: NATCOMS backs decision as NLC bows to FG's pressure

50% telecom tariff hike: NATCOMS backs decision as NLC bows to FG’s pressure

By Ifunanya / February 4, 2025

The Nigeria Labour Congress bowed to pressure to halt its planned Tuesday nationwide protest against the 50 percent telecommunication tariff […]

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Tinubu's aide makes U-turn on fresh 65% electricity tarrif hike

Tinubu’s aide makes U-turn on fresh 65% electricity tarrif hike

By Ifunanya / February 3, 2025

President Bola Ahmed Tinubu’s special adviser on energy, Olu Verheijen, has clarified her statement on the eminent 65 percent electricity […]

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Dangote Refinery: NNPC may reduce petrol price, as marketers with imported fuel suffer losses

Dangote Refinery: NNPC may reduce petrol price, as marketers with imported fuel suffer losses

By Ifunanya / February 3, 2025

The Nigerian National Petroleum Company Limited may reduce premium motor spirit price in response to Dangote Refinery’s ex-depot price reduction. […]

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Expect another electricity tariff hike within months - Presidential aide

Expect another electricity tariff hike within months – Presidential aide

By Ifunanya / February 2, 2025

The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, says Nigeria’s electricity tariff will increase within months. She […]

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Dangote petrol price reduction will lower living costs for Nigerians - PETROAN

Dangote petrol price reduction will lower living costs for Nigerians – PETROAN

By Ifunanya / February 2, 2025

Petroleum Products Retail Outlets Owners of Association of Nigeria has said the latest ex-depot premium motor spirit price reduction by […]

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BREAKING: Dangote slashes petrol loading cost

BREAKING: Dangote slashes petrol loading cost

By Ifunanya / February 1, 2025

The Dangote Petroleum Refinery has reduced its ex-depot (gantry) price of Premium Motor Spirit (PMS), otherwise known as petrol, from […]

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We've commenced fuel lifting from Port Harcourt, Warri refineries - PETROAN

We’ve commenced fuel lifting from Port Harcourt, Warri refineries – PETROAN

By Ifunanya / February 1, 2025

The Petroleum Products Retail Outlet Owners Association says its members have started loading dual-purpose kerosene, automotive gas oil, and premium […]

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How Naira outperformed the dollar, gained massively on week-on-week

How Naira outperformed the dollar, gained massively on week-on-week

By Ifunanya / February 1, 2025

The Nigerian currency, the Naira, has had an impressive run against the dollar in the last week, Media Talk Africa […]

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CBN okays release of FX code

CBN approves CFA listing on Nigeria Export Proceed

By Ifunanya / February 1, 2025

The Nigeria Export Promotion Council, NEPC, has confirmed that the Central Bank of Nigeria, CBN, has approved CFA Franc to […]

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Nigeria's VAT surged by 84.62% to N6.72trn in 2024 — FIRS

Nigeria’s VAT surged by 84.62% to N6.72trn in 2024 — FIRS

By Ifunanya / January 31, 2025

Nigeria’s Value Added Tax, VAT, collections rose by 84.62 per cent to hit N6.72 trillion in 2024. The Federal Inland […]

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