Business

Electricity Subsidy bill hits ₦1.92trn in 2025 – NERC The electricity tariff subsidy obligation of the Federal Government stood at ₦1.92 trillion in 2025 as the government continued to absorb the gap between cost-reflective electricity tariffs and rates paid by customers, according to the Nigerian Electricity Regulatory Commission (NERC).  JoinDiaspora Networks In its 2025 industry report, NERC placed the government's gross tariff subsidy obligation at ₦1.928 trillion for the year, representing 57.44 percent of the total Nigerian Bulk Electricity Trading (NBET) invoice. The figure translates to an average monthly subsidy obligation of ₦160.69 billion. The quarterly breakdown showed that the subsidy obligation stood at ₦536.40 billion in the first quarter, ₦514.36 billi...

Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026, according to the National Bureau of Statistics (NBS).  NigerianCulture Magazine The bureau disclosed this in its latest Gross Domestic Product (GDP) report released on Monday, saying the latest growth rate was higher than the 4.23 percent recorded in the corresponding quarter of 2025. The increase represents a 0.2 percentage-point rise year-on-year. According to the NBS, the agriculture sector grew by 4.39 percent during the quarter, compared with 2.82 percent in the same period of 2025. “The growth of the industry sector stood at 3.96% from 7.46% recorded in the second quarter of 2025, while the services sector recorded a growth of 4.60% from 3.94% in the same quarter of 2025,” the report sai...

Niger is turning to Nigerian ports to support its international trade after a prolonged diplomatic dispute with neighbouring Benin Republic disrupted key border routes and restricted access to its traditional trade corridors. The landlocked West African country is seeking closer cooperation with Nigeria as it looks for alternative routes for legitimate exports and imports. A delegation from Nigerien Customs recently visited the headquarters of the Nigeria Customs Service in Abuja to discuss trade facilitation and Nigeria’s support for Niger’s international trade needs. Speaking at the meeting, Abdoulaye Vincent, Comptroller of Nigerien Customs in Dosso, called for stronger cooperation between the two countries’ customs authorities to facilitate legitimate trade, increase revenue and ...

Eko Electricity Distribution Company, EKEDC, and the Transmission Company of Nigeria, TCN, are trading blame over the reason for the drop in power supply allocation to the former, which serves parts of Lagos and Ogun states.Eko Disco, in a statement on X on Friday, blamed constraints on the national grid and low generation for the reduction in its power supply allocation. According to the disco, its power supply allocation dropped from 486 megawatts to 347MW. Consequently, the disco said the reduction in power allocation had impacted electricity supply to its customers in southern parts of Lagos and the Agbara industrial communities in Ogun State. “Due to constraints on the national grid and low generation from a major power source, our power allocation has dropped from 486MW...

Meta, the parent company of WhatsApp, will begin charging businesses for certain messages sent through the WhatsApp Business Platform from October 1, 2026. Meta disclosed the pricing change in a WhatsApp Business Platform pricing update in July 2026, stating that charges for service messages would resume from October 1, 2026. The new charges will affect companies using the official WhatsApp Business Platform, formerly known as the WhatsApp Business API, to manage customer conversations at scale. Banks, fintechs, e-commerce companies, telecoms operators, logistics firms and large retailers that rely on the platform for customer service and transactional communication are among those that could be affected. However, the development will not affect ordinary WhatsApp users or m...

Crude oil emerged as the dominant commodity handled through Lagos ports in August, with total reported imports reaching 2,392,454 metric tonnes during the month. Available figures showed that 1,867,712 metric tonnes of crude oil arrived at the Lekki Deep Sea Port in the first week of August, while a further 524,742 metric tonnes was scheduled for discharge at the Apapa Quays before the end of the month. The figures underline the continued prominence of crude oil among commodities passing through Lagos’ major ports during the period. Bulk wheat ranked next on the import chart, with a combined volume of 321,849 metric tonnes. Of this figure, 176,243 metric tonnes was recorded in the first week of August, while another 145,606 metric tonnes was expected later in the month. ...

The Federal Airports Authority of Nigeria, FAAN, has reversed its ban on Bolt drivers and other e-hailing platforms operating at Nigerian airports after facing heavy criticism over high airport taxi fares. FAAN’s Director of Public Affairs, Henry Agbebire, disclosed this in a statement on Thursday. This comes after controversy trailed the ban on e-hailing services and the introduction of the Airport Car Hire Rank Management System, ACHRAM. Recall that in a viral video on X, an airport passenger raised the alarm that FAAN-owned ACHRAM had pegged the cost of a car hire service at N30,000 for a trip that would normally cost N8,000. However, FAAN clarified that ACHRAM is not an e-hailing platform like Bolt or Uber and does not seek to monopolise car-hiring services...

Operatives of the State Anti-Kidnapping Unit, SAKU, Delta Police Command, have intercepted quantities of “Gbefun Hot Drink” suspected to be adulterated. SAKU, Warri, during a stop-and-search operation along the Warri–Agbarho Expressway, intercepted a Toyota Sienna conveying the drinks and arrested the 44-year-old driver on 17th August 2026. SP Edafe Bright, Police Public Relations Officer (PPRO), Delta Command, confirmed that further investigation led operatives to a warehouse at Lower Ginuwa, Warri, where additional quantities of the suspected adulterated drink, other beverages and a Suzuki Shuttle bus loaded with similar products were recovered. “The suspected operators fled on sighting the police. Efforts are ongoing to apprehend them and unravel the source and distribution...

Binance says it has stopped processing transactions involving 17 cryptocurrency-asset service providers and platforms following recent regulatory developments. In a notice to users on Saturday, the cryptocurrency exchange listed the affected entities and the dates from which transactions involving them would no longer be processed. Binance did not disclose the specific regulatory developments that prompted the restrictions across multiple countries. The exchange said the restrictions would take effect in phases. Shelbit (Shelbit General Trading LLC), which operates in the UAE and Iran, and Aban Tether Exchange, which operates in Iran, were affected from August 7. From August 13, the restrictions applied to A7 Nigeria and A7 Africa, which operate in Nigeria, as well as PilotFinance Lt...

The President Bola Ahmed Tinubu-led administration has finally unveiled a breakdown of the N15.8 trillion in savings from fuel subsidy removal and gains of other reforms over the last three years. The Minister of Finance, Taiwo Oyedele, disclosed this at a press conference on Wednesday, giving a detailed breakdown of the administration’s subsidy removal reforms. According to Oyedele, the reforms resulted in N15.8 trillion in savings that accrued to the Federation Account. He noted that the savings from fuel subsidy removal were shared among the Federal Government, states and local governments. According to him, the Federal Government received N5.43 trillion, while the states received N6.52 trillion and local governments received N3.88 trillion from the fuel subsidy removal savi...