Motorcycle Imports Surge by 204% in Q1 2024 Data from the National Bureau of Statistics (NBS) reveal Nigeria recorded N117.4 billion as import cost for motorcycles in the first quarter of 2024. The figure represents a 204% increase from the N38.6 billion recorded in the same...

Naira Gains Marginally at Official Market The Naira yesterday depreciated in the parallel market to N1,490 per dollar from N1,470 per dollar last week. However, the Naira appreciated to N1,483.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative...

EFCC Opens Case Against Sirika, Others Over Alleged N2.8bn Fraud The Economic and Financial Crimes Commission (EFCC) on Monday in a Federal Capital Territory (FCT), High Court, Maitama opened its case of alleged N2.6 billion fraud against former Aviation Minister, Hadi Sirika and three others. The...

Local Refining May Drop Petrol Price to N300/Litres – Modular Refineries The pump price of Premium Motor Spirit, (PMS) popularly called petrol, should drop to about N300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers, operators of modular...

States Set to Eliminate Electricity Subsidy State governments are getting set to eliminate electricity subsidies in their territories as more states gear up to join others in running their different power markets under their own laws. In a document put together by the Nigeria Governors’ Forum,...

After 10 Weeks Decline FX Reserve Rises to $32.8bn After a 10-week dip of $1.8bn, Nigeria’s foreign exchange reserve has shown a steady increase over the past six days, indicating a recovery process for the economy’s external reserve. According to data from the Central Bank of...