Business

Uber Technologies said it is committed to dialogue with drivers after a strike by app-based transport operators disrupted ride-hailing services in Lagos, Nigeria’s commercial hub. The industrial action began on Monday, continued on Tuesday, and remains ongoing on Wednesday, affecting platforms including Uber, Bolt, and inDrive. Drivers logged off their apps to protest rising operating costs, low fares, and difficult working conditions. Union leaders have demanded higher fares, reduced commission charges, and improved protections for drivers. The strike has temporarily reduced ride availability across the country’s most populous city. “Drivers are at the heart of our business, and we remain committed to engaging constructively with them through regular roundtable discussions,” Uber...

Nigeria’s crude oil production, including condensates, recorded a decline of nine per cent month-on-month, falling to 1.483 million barrels per day (bpd) in February 2026 from 1.627 million bpd in January. The figures were released in the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which also highlighted an 11 per cent year-on-year drop—from 1.671 million bpd in February 2025 to 1.483 million bpd in the same period this year. According to the commission, combined crude and condensate production fluctuated during the period, reaching a peak of 1.82 million bpd and a low of 1.52 million bpd. It added that the daily average output stood at 1,544,345 barrels per day, comprising 1,421,960 barrels of crude oil and 122,385 barrels of condensate. The...

Chukwuma Soludo has said security has significantly improved in Anambra State, declaring that the long-running sit-at-home order is now effectively over. Soludo made the remarks on Tuesday, March 17, during his inauguration for a second term at Alex Ekwueme Square Awka, in Awka, where several prominent figures were present, including former presidents Goodluck Jonathan and Olusegun Obasanjo, as well as Vice President Kashim Shettima. He said: “The debilitating one-sit-at-home is over, and our schools, markets, businesses, and public servants are back to work. Ndi Anambra says that ours is now the safest, or at least one of the safest states in Nigeria.” Soludo added that Monday activities have resumed across the state, noting: “I’m sure many of you flew into Anambra yesterday, being ...

The Federal Government of Nigeria has approved the acquisition of electric buses for civil servants as part of efforts to promote cleaner transportation and boost local vehicle manufacturing. The development was disclosed in Abuja by Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC). Osanipin said the buses would be sourced from local assemblers to strengthen domestic production and stimulate growth in Nigeria’s automotive sector. He stated: “The initiative is aimed at encouraging the transition to cleaner mobility while creating opportunities for local manufacturers.” According to him, the government has also procured charging infrastructure that will be deployed across parts of the country to support the adoption of electric veh...

Nigeria’s headline inflation rate eased slightly to 15.06 percent in February 2026, according to new data released by the National Bureau of Statistics (NBS). Nigeria Security Updates The latest figure represents a marginal decline of 0.04 percentage points from the 15.10 percent recorded in January, suggesting a gradual moderation in price pressures across the country. Although the drop is modest, the trend is expected to be closely watched by policymakers at the Central Bank of Nigeria (CBN) as they continue efforts to maintain price stability. The report also showed that the Consumer Price Index (CPI) rose to 130.0 in February, up from 127.4 in January, representing a 2.6-point increase within the month. On a year-on-year basis, however, inflation fell significantly. Hea...

According to him, the action followed months of unresolved complaints by drivers over deteriorating working conditions and declining earnings on digital ride-hailing platforms. Drivers operating ride-hailing services in Lagos under the Amalgamated Union of App-Based Transporters of Nigeria (AUATON) have announced a three-day industrial action scheduled to commence on Sunday. Nigerian Political Analysis The union disclosed the planned shutdown during a press briefing in Lagos addressed by its Public Relations Officer, Mr Steven Iwindoye. According to him, the action followed months of unresolved complaints by drivers over deteriorating working conditions and declining earnings on digital ride-hailing platforms. Drivers affiliated with companies such as Uber, Bolt, inDrive...

Festus Keyamo has reaffirmed that Nigeria’s airports will transition fully to a cashless payment system, saying the federal government has no plans to reverse the policy despite the temporary use of a hybrid payment arrangement. Nigerian Travel Guide The minister made the remarks during an on-the-spot assessment of the hybrid payment system at the Nnamdi Azikiwe International Airport tollgate in Abuja. Keyamo explained that the current hybrid system, which allows both cash and electronic payments, is only a temporary measure while authorities prepare to move to a fully automated platform. He emphasised that the government’s goal is to eliminate cash transactions at airport revenue points and directed the Federal Airports Authority of Nigeria (FAAN) to ensure digital payment...

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to create and maintain a temporary watchlist for Bank Verification Number (BVN) linked to suspected fraudulent transactions. In a circular dated March 12, 2026, and signed by the Director of the Payments System Policy Department, Musa I. Jimoh, the apex bank stated that any BVN flagged for suspicious activity may remain on the temporary watchlist for a maximum of 24 hours. During this period, the BVN holder will be contacted to provide clarification regarding the flagged transaction. “A BVN may remain on this temporary watchlist for a maximum period of twenty-four (24) hours. Within this time, the BVN owner will be contacted to explain the identified transaction(s),” the circular stated. The d...

The National Orientation Agency (NOA) has urged Nigerians to meet their tax obligations before demanding accountability from the government, noting that paying taxes gives citizens both the moral and legal right to question how public funds are spent. A Programme Officer at the agency, Abiodun Olayeni-Ali, made this known on Thursday during an interactive session at the maiden edition of Civic Talks organised by the Centre for Inclusive Social Development in Abuja. She explained that citizens who do not contribute to government revenue through taxes may find it difficult to legitimately demand accountability from public officials. “You have to pay your tax before you can hold the government accountable. If you are not paying taxes, it becomes difficult to question what the governm...

The Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit to N1,175 per litre, reversing an earlier reduction of N100 announced earlier in the week, as a fresh surge in global crude oil prices pushes up refining costs. A senior official who spoke with our correspondent anonymously because he was not authorised to speak, confirmed on Friday that the refinery adjusted the price upward after briefly reducing the ex-depot price to N1,075 per litre on March 10, 2026, a move that had triggered increased buying activity among depot operators. The official confirmed the latest adjustment during a telephone conversation. “Yes, it is true,” the official said when asked about the upward price review. Checks on Petroleumprice.ng also confirmed the develop...