Business

Rivers and Lagos states top the list in the consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons, according to a nationwide survey by the National Agency for Food and Drug Administration and Control. The survey, conducted by NAFDAC in collaboration with the Distillers and Blenders Association of Nigeria and carried out by Research and Data Solutions Ltd, Abuja, covered 1,788 respondents across six states between June and August 2021. NAFDAC said the study examined access to alcohol and drinking frequency among minors below 13 years, underaged persons aged 13 to 17 years, and adults aged 18 years and above. Presenting the findings on Tuesday, February 3, the Director-General of NAFDAC, Mojisola Adeyeye, said al...

By Richard Ogunsile | Published February 3, 2026 Prices of cooking gas and petrol declined across Nigeria in December 2025, indicating a gradual reduction in household energy costs, according to separate reports released by the National Bureau of Statistics (NBS). Data from the bureau showed that the prices of Liquefied Petroleum Gas (LPG), widely used for cooking, and Premium Motor Spirit (PMS), commonly known as petrol, recorded significant year-on-year decreases compared with December 2024. The figures also reflected modest month-on-month reductions, although prices continued to vary across states and geopolitical zones. 5kg Cooking Gas Price Falls by 25% The NBS reported that the average cost of refilling a 5kg LPG cylinder dropped by 1.20 per cent month-on-month, from ₦5,4...

Ikeja Electric Plc has issued a strong warning to residents and business operators in Lagos over the increasing presence of illegal structures and commercial activities under high-voltage power lines, describing the practice as extremely dangerous and potentially fatal. The electricity distribution company said operating shops, workshops or constructing buildings within designated Right-of-Way corridors puts lives at serious risk, exposing occupants to hazards such as electrocution, fire outbreaks and severe injuries—even without direct contact with live cables. According to the company, the danger is heightened during the rainy season, when wet conditions significantly increase the chances of electrical accidents. In a public notice released on Monday, Ikeja Electric disclosed th...

Afrobeats superstar David Adeleke, popularly known as Davido, has finally spoken out following his loss at the 2026 Grammy Awards. The award ceremony, held on Sunday, February 1, saw Davido, Burna Boy, and Ayra Starr lose the Best African Music Performance category to South African singer Tyla. Tyla won the award with her track Push 2 Start, beating Burna Boy’s Love, Davido’s With You featuring Omah Lay, Ayra Starr and Wizkid’s Gimme Dat, as well as Hope & Love by Eddy Kenzo and Mehran Matin. Breaking his silence, Davido took to his Instagram page to share photos from the Grammys, where he attended alongside his wife, Chioma, and his manager, Asa Asika. In the caption, the singer expressed confidence and gratitude, writing in Pidgin, “Oluwa dey my side” (God is on my side). ...

The Federal Government, through the Rural Electrification Agency, REA, has completed and commissioned a 100-kilowatt-peak solar mini-grid in Damau, a rural community in the Kubau Local Government Area of Kaduna State. In a statement released at the weekend, REA said the move is part of the government’s effort to expand sustainable energy access and improve socio-economic growth in underserved communities across Nigeria. The rural electrification project would benefit 2,500 residents of the Damau community. Speaking on the project, the Managing Director of REA, Abba Aliyu, noted that “the Damau project reflects the agency’s evolving approach to rural electrification, one that deliberately integrates energy access with social infrastructure and community needs, rather than deploying...

The order of the Anambra State Governor, Prof Chukwuma Soludo for markets to open on Mondays further aggravated the fragile security in Anambra State in the early hours of the day. As early as 6am, streets in parts of Anambra State were deserted, vehicular movements were rare on the roads, while school buses were empty of pupils. An investigation showed that the disputed Onitsha Main Market was open, but only few traders could be found early Monday morning. A trader, who spoke to our correspondent in Lagos Line, Onitsha Main Market, stated that traders signed attendance register with clock in time to show their attendance as ordered by Soludo. Others blamed Soludo for the poor attendance, stating that the sit-at-home order was already dying gradually before he reawakened some s...

Anambra State Governor, Chukwuma Soludo, has directed that the Onitsha Main Market be reopened on Monday, February 2, 2026, for full commercial and economic activities. The order followed the expiration of a one-week closure imposed by the state government after traders continued to observe the Monday sit-at-home directive promoted by the proscribed Indigenous People of Biafra (IPOB), despite assurances from authorities that the restriction had been lifted. Governor Soludo issued the directive during an on-the-spot inspection of the market, carried out alongside senior government officials and security agencies. The temporary shutdown had been ordered after the governor observed that traders were still complying with the sit-at-home order. He had warned that the closure could be e...

The International Monetary Fund (IMF) has identified Nigeria and India among ten countries expected to be the biggest drivers of global economic growth in 2026. The ranking follows recent comments by billionaire entrepreneur Elon Musk, who said “the balance of power is changing” while reacting to the IMF projections. According to the IMF report, Nigeria is placed sixth on the list of countries projected to power global economic expansion in 2026, contributing an estimated 1.5 per cent to global real Gross Domestic Product (GDP) growth. This performance positions Africa’s largest economy ahead of several advanced and emerging nations, including Germany, Brazil and Indonesia. The IMF data also indicates that Nigeria’s projected contribution surpasses the combined input of most Europ...

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerians to comply with the law by filing their annual tax returns, stressing that the obligation applies to both employers and individual taxpayers. Oyedele made the appeal during a webinar organised in collaboration with the Joint Revenue Board and aimed at human resources professionals, payroll officers, chief financial officers and tax managers. In his remarks during the session, which was later shared on YouTube, Oyedele observed that a large number of Nigerians still neglect their self-assessment tax filing duties. He explained that employers are required to submit annual tax returns for their employees, including payroll projections. According to him, while many organisati...

Gold and silver prices plunged on Friday, January 30, as investors reacted to US President Donald Trump’s decision to nominate a new chair of the Federal Reserve, while European stock markets closed the week higher and Wall Street edged slightly lower. The sell-off in precious metals began after reports, later confirmed, that Trump had selected former Federal Reserve official Kevin Warsh to replace Jerome Powell as head of the US central bank. Trump confirmed the nomination on Friday via his Truth Social platform, writing that Warsh would be “one of the GREAT Fed Chairmen, maybe the best,” and praising his reliability and presence. Kathleen Brooks, research director at XTB, said the “interesting pick… may give the market some hope that Fed independence will be preserved.” Trump’s repeat...