Business

The richest man in Africa, Alhaji Aliko Dangote, has warned that the current war in the Middle East, which is driving global oil volatility, could have a huge impact on Nigeria and African economies. Dangote was speaking Monday in Lagos after paying Eid-el-Fitr homage to President Bola Tinubu. He said the visit was to extend Sallah greetings, reconnect with the president after some time, and reaffirm respect and continued support for the administration’s policies. Dangote noted Nigeria had no direct role in the crisis but would still feel the impact because of deep global economic interdependence. “We are part of a global village, and unfortunately, developments like this will affect us even if we are not directly involved,” he said. He warned that prolonged tensions could t...

Global markets reacted sharply after Donald Trump announced a halt to strikes on Iranian energy infrastructure, citing progress in talks with Iran. Oil prices plunged following the announcement, reversing earlier gains. Brent North Sea crude dropped 6.7 per cent to $104.70 per barrel, after initially rising, while West Texas Intermediate fell 6.9 per cent to $91.41, having earlier surpassed $100. The shift came after Trump signalled diplomatic progress, writing: “The United States and Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” European stock markets also rebounded after earlier losses triggered by escalating tensions over the Strait of Hormuz. Frankfurt’s ma...

Legend Internet Plc filed a regulatory notice with the Nigerian Exchange Limited, the country’s capital market operator, announcing a planned merger with Spectranet Limited, a move set to reshape the broadband sector. The deal, disclosed on Monday, is subject to approval by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, with completion anticipated in the second quarter of 2026. The companies said the merger will combine Legend’s fibre-to-the-home network with Spectranet’s 4G LTE and fibre services, aiming to boost operational efficiency, expand coverage in urban centres, and improve service quality. “The proposed merger aligns with Legend’s long-term strategy to broaden broadband infrastructure and strengthen its market posit...

The Chief Executive Officer of TotalEnergies, Patrick Pouyanne, has warned that an extended conflict in the Middle East could significantly damage economies worldwide. Speaking during an interview with China Global Television Network (CGTN), Pouyanne noted that the global economic outlook would deteriorate sharply if the crisis lasts longer than six months. He explained that escalating tensions involving Iran, particularly moves to restrict access to the Strait of Hormuz, are already disrupting global oil supply. The Strait of Hormuz is a vital channel through which roughly 20 percent of the world’s oil production is transported. Its disruption has left about 10 million barrels of crude oil per day unable to leave the Gulf, raising concerns about inflation and slower economic grow...

A review of data from the Global Petroleum Price portal has revealed that cooking gas prices in Nigeria are higher than in several countries, including Saudi Arabia, Russia, India, and Angola—raising fresh concerns about affordability. The findings underscore the growing financial strain on Nigerian households, despite the country’s status as a major oil and gas producer. According to the data, Liquefied Petroleum Gas (LPG) in Nigeria was priced at $0.674 per kilogram as of March 16, 2026, placing it among countries with relatively high cooking gas costs. In contrast, LPG prices are significantly lower in other nations. Saudi Arabia records $0.290 per kilogram, Russia $0.388, while Angola is among the cheapest at $0.109. Azerbaijan has an even lower rate at $0.091 per kilogram. ...

The Tony Elumelu Foundation is set to announce the 12th cohort of beneficiaries of its Entrepreneurship Programme on Sunday, March 22, 2026, following what it described as a record surge in applications from across the continent. In a statement on Friday, the foundation said it received over 265,000 applications from entrepreneurs across all 54 African countries, reflecting growing interest in business development opportunities, particularly in sectors such as artificial intelligence, agriculture and the green economy. The foundation said the announcement of the new cohort will be made virtually at 2:00 p.m. West African Time. The statement read, “In an unprecedented demonstration of Africa’s rising economic empowerment. the Tony Elumelu Foundation is set to unveil the 12th cohort...

Petrol prices have surged sharply across parts of Southeast Asia, with Vietnam recording a spike of more than 20 percent on Friday following a sudden government-approved increase driven by concerns over fuel shortages linked to the ongoing Middle East crisis. Authorities in Vietnam announced late Thursday night that the price of 95-octane gasoline would rise by 20 percent to 30,690 Vietnamese dong ($1.20) per litre. The development highlights the widening global ripple effects of the crisis, as several Southeast Asian nations struggle with escalating energy costs. Diesel prices in Vietnam climbed even higher, rising by nearly 34 percent to 33,420 dong per litre. Overall, petrol and diesel costs in the country have surged by more than 50 percent and 70 percent respectively since th...

Producers of sachet water in Imo State have suspended production for three days, triggering shortages and sharp price increases across Owerri and surrounding areas as concerns grow over rising manufacturing costs. The shutdown, initiated on Monday, March 16, by members of the Association of Table Water Producers, has disrupted supply chains, leaving many residents struggling to access the commonly consumed product. Consumers reported that a bag of sachet water, previously sold for ₦350, now costs around ₦500, while street hawkers who once sold three sachets for ₦100 are now selling a single sachet at the same price. Some producers, speaking anonymously, attributed the situation to escalating production expenses, particularly the rising cost of nylon used for packaging and diesel requ...

The Nigerian Railway Corporation (NRC) has confirmed the full resumption of train operations along the Abuja-Kaduna rail corridor after a disruption on Monday that left 26 passengers injured. The corporation’s Managing Director, Kayode Opeifa, disclosed this on Wednesday, assuring commuters that enhanced safety and operational measures have been put in place. In a post on his 𝕏 account, Opeifa stated that services were restored following the swift intervention of NRC personnel. “After the incident on March 16, 2026, normal train services have been fully reinstated through prompt action by the Nigerian Railway Corporation,” he said. He encouraged passengers to resume travel, noting that improved safety protocols now guarantee more secure and comfortable journeys. Opeifa added...