Business

The Federal Government has approved new fiscal policy measures for 2026, introducing major tariff reductions across several imported goods. In a circular dated April 1, 2026, signed by Wale Edun, the government confirmed that the updated policy replaces the 2023 fiscal framework. Under the new structure, the import adjustment tax on items such as crude palm oil has been reduced to an effective rate of 28.75 percent, reflecting a shift from previously higher tariffs. The policy also features a revised national list covering 127 tariff lines with lower import duties aimed at boosting growth in key sectors of the economy. Additionally, tariffs on fully built passenger vehicles, including four-wheel drives and station wagons, have been cut to 40 percent from the previous 70 percent...

ACI Europe has warned that airports across Europe could run out of jet fuel within weeks, raising fears of widespread flight cancellations and rising travel costs. According to the airport body, fuel reserves may last less than three weeks unless oil shipments resume through the Strait of Hormuz, which has been heavily disrupted due to the ongoing Middle East conflict. “If the passage through the Strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality,” ACI Europe said. The group warned that shortages could “severely disrupt airport operations and air connectivity,” potentially affecting millions of travellers, especially during the busy May half-term holiday period. Airports in Italy hav...

The Nigeria Immigration Service (NIS) has commenced an investigation into alleged extortion by its officers along the Lagos-Seme border corridor following viral reports online. As part of immediate action, the Comptroller General, Kemi Nandap, ordered the suspension of comptrollers overseeing the affected commands to allow for a transparent probe. In a statement by the Service’s spokesperson, DCI Akinsola Akinlabi, the agency condemned the alleged misconduct, describing it as a violation of its core values and operational standards. The NIS said a full investigation is underway to identify all officers involved, adding that anyone found guilty will face strict disciplinary action. The Service reaffirmed its commitment to professionalism and warned that it will not tolerate acti...

The World Bank has lowered its economic growth projection for Nigeria to an average of 4.1% in 2026, down from the 4.4% forecast it issued in October 2025.  The global lender also revised its 2027 projection downward to 4.2%, while setting the initial growth forecast for 2028 at 4.3%. In its April 2026 Africa Economic Update, titled "Making Industrial Policy Work in Africa," the bank noted that while macroeconomic conditions are becoming more stable and investment is gradually recovering, structural constraints continue to hinder faster expansion. The services sector, particularly ICT, finance, and real estate, is expected to remain the primary engine of Nigeria's growth, while the agriculture and industrial sectors are projected to expand at a slower pace. Inflation is expec...

The Trade Union Congress of Nigeria (TUC) has warned that the price of Premium Motor Spirit (petrol) may rise to about ₦2,000 per litre if immediate steps are not taken to address the impact of rising global crude oil prices and the weakening naira. Speaking on Thursday, April 9, TUC President Festus Osifo called on the Federal Government to act swiftly by allocating 60% of excess crude oil revenue above the 2026 budget benchmark to subsidise crude supply for refineries, including the Dangote Refinery and other modular plants. He noted that this move could reduce petrol, diesel, and jet fuel prices within weeks. Osifo expressed concern that petrol prices are already approaching ₦2,000 per litre in some parts of the country, placing severe strain on Nigerian workers. He explained that...

Nigeria’s Bonny Light crude oil price has declined sharply by 14.2 percent, falling to $94.41 per barrel from $110 earlier in the week, following changes in global oil market conditions triggered by a ceasefire announcement by former U.S. President Donald Trump. The drop comes amid renewed confidence in global oil supply stability, as tensions along key shipping routes begin to ease. Further easing market concerns, Iran reassured the international community of safe passage for oil tankers through the Strait of Hormuz—one of the world’s most critical oil transit routes—reducing fears of supply disruptions that had previously driven prices higher. Similarly, global benchmark Brent crude also fell, dropping to around $94 per barrel from about $100. Industry players have expressed ...

Amid escalating geopolitical tensions in the Middle East and their impact on global oil markets, the Dangote Petroleum Refinery has increased the gantry prices of petrol and diesel, adding further strain on consumers and businesses across Nigeria. A senior refinery official confirmed the adjustment on Tuesday night, explaining that the new pricing reflects current international crude oil benchmarks and prevailing market conditions. Under the revised rates, petrol has risen by ₦75 per litre to ₦1,275—an increase of about 5.02 percent—while diesel jumped by ₦200 per litre to ₦1,950. This marks a notable rise from last month’s prices of ₦1,200 for petrol and ₦1,750 for diesel, bringing diesel closer to the ₦2,000 per litre threshold. According to the official, the price hike is drive...

The Debt Management Office has announced interest rates of up to 14.082% per annum for the April 2026 Federal Government Savings Bonds, offering retail investors a secure investment option amid changing market conditions. According to the circular, the bond offer includes two tenors. The two-year bond, maturing on April 15, 2028, carries an interest rate of 13.082% per annum, while the three-year bond, due April 15, 2029, offers a higher return of 14.082% per annum. The subscription window opened on April 7, 2026, and is set to close on April 10, 2026, with settlement scheduled for April 15, 2026. Interest payments will be made quarterly on July 15, October 15, January 15, and April 15. Each unit of the bond is priced at ₦1,000, with a minimum subscription of ₦5,000. Investors...

The Nigerian Communications Commission has announced that its directive requiring telecom operators to compensate subscribers for poor service quality will take effect from this month. In an FAQ released on Tuesday, April 7, the Commission clarified that the directive applies specifically to Mobile Network Operators (MNOs) that fail to meet their Quality of Service (QoS) Key Performance Indicators (KPIs). These include major operators such as MTN, Airtel, Globacom, and 9mobile, although the NCC did not specify which of them fell short of the required standards. The Commission explained that the compensation framework covers service failures affecting voice calls, data services, and SMS. It also applies to both individual and corporate subscribers. According to the NCC, subscri...

Iran has reportedly cut off all diplomatic and indirect communication channels with the United States following a series of escalating developments tied to statements by Donald Trump. The move comes after Trump posted a strongly worded message on Truth Social, warning of severe consequences and suggesting the possibility of “complete and total regime change” in Iran. His comments followed reports of a strike on Kharg Island, a key oil export hub located in the Persian Gulf. According to Mehr News Agency, multiple explosions were heard on the island, with claims that the attacks were carried out by what it described as an “American-Zionist enemy.” However, initial reports indicated that oil refineries on the island were not directly hit. The developments occurred just hours bef...