Business

In contrast, UK car registrations for Chinese rival jumped nearly fivefold to 5,194 units in December. Tesla’s UK car registrations dropped by more than 29% year-on-year in December, industry data showed on Tuesday, underscoring the intense competition from Chinese rivals faced by the U.S. electric vehicle maker in its largest European market. The Elon Musk-led company’s UK registrations – a proxy for sales – fell to 6,323 units last month, according to New AutoMotive data published by Reuters. For 2025, Tesla’s UK sales fell 8.9% year-on-year. The drop echoed trends seen in other European markets, where Tesla sales have suffered due to competition, an ageing lineup, and Musk’s political stance in Europe. In contrast, UK car registrations for Chinese rival jumped nearly fiv...

The Federal Government spent about N1.98tn on electricity subsidies over a 12-month period between October 2024 and September 2025, even as it struggles to settle more than N4tn owed to power generation companies. Data from quarterly reports released by the Nigerian Electricity Regulatory Commission (NERC) show that subsidy costs remain high due to electricity tariffs staying below cost-reflective levels. The government incurred N471.69bn in subsidies in the fourth quarter of 2024, N536.4bn in the first quarter of 2025, N514.35bn in the second quarter, and N458.75bn in the third quarter of 2025. According to NERC, the subsidy gap arises because government covers the difference between approved tariffs and the actual cost of electricity generation. Despite the Band A tariff adjustment...

The Nigerian Ports Authority (NPA) has announced that 31 vessels carrying petroleum products, food items, and other assorted cargoes are expected at major Lagos ports within the next ten days. According to the authority’s Daily Shipping Position released on Tuesday, the vessels are scheduled to berth at Apapa Port, Tin-Can Island Port, and the Lekki Deep Sea Port between January 6 and January 16. The NPA disclosed that the ships are transporting various consignments, including condensate, crude oil, aviation fuel, raw oil, bulk bitumen, wall pallets, general cargo, bulk soya beans, fresh fish, containers, diesel, and petrol. The authority also revealed that 13 vessels, including tankers, have already arrived at the three ports and are currently awaiting berthing. These ships are c...

Dangote Petroleum Refinery has dismissed claims that it has halted operations, calling such reports false and misleading. In a statement released on Monday, the company confirmed that production at the refinery remains steady, ongoing, and uninterrupted. The refinery said it supplies between 40 and 50 million litres of Premium Motor Spirit (PMS) daily, with this level of production expected to continue through January and February, depending on market demand. On January 4, the refinery reported producing 50 million litres of PMS and successfully evacuating 48 million litres. Management noted that current stock levels are enough to meet over 20 days of national fuel consumption. Dangote Refinery emphasized that routine maintenance on certain units does not affect overall output,...

Global oil prices have dropped to $61 per barrel amid ongoing instability in Venezuela, down from over $62 per barrel. The South American country’s 303 billion barrels of proven oil reserves—roughly 17% of the world total—continue to influence market sentiment. Analysts warn that prices could fall further below $60 per barrel if tensions between the U.S. and Venezuela persist. Meanwhile, OPEC+’s recent decision to pause production increases has yet to have a significant effect on the market. On January 4, 2026, eight OPEC+ nations confirmed they would hold off planned production boosts for February and March due to seasonal factors. Petroleum economist Prof. Wumi Iledare described the move as a cautionary measure rather than a sign of crisis, aimed at minimizing market volatility....

The Association of Mobile Money & Bank Agents in Nigeria (AMMBAN) has clarified that its members are not required to register with the Corporate Affairs Commission (CAC) to legally operate in Nigeria. AMMBAN’s General Secretary, Elegede Segun, explained that Point of Sale (POS) operators are permitted under Nigerian law to operate as individuals or non-entities. He dismissed claims about the existence of illegal POS operators, stressing that requirements such as Call Terminal Identification from the Nigeria Inter-Bank Settlement System (NIBSS), a valid bank account, Bank Verification Number (BVN), and National Identity Number (NIN) already provide sufficient regulation and security for operators. Segun questioned the rationale behind CAC’s insistence on compulsory registratio...

The Naira continued its upward trend against the US dollar at the official forex market, starting the week on a positive note. Data from the Central Bank of Nigeria showed that the Naira appreciated on Monday to ₦1,429.31 per dollar, up from ₦1,430.85 recorded on Friday, January 2, 2026. This reflects a gain of ₦1.56 against the dollar compared to last week. In contrast, the black market saw the Naira weaken slightly, dropping by ₦5 to ₦1,480 per dollar on Monday from ₦1,475 on Friday. The gains coincide with a rise in Nigeria’s external reserves, which reached $45.57 billion as of last Friday.

Nigeria’s long-awaited tax reform could reshape how manufacturers operate, invest, and plan for growth, but its impact will depend largely on effective implementation, professional services firm Kreston Pedabo has said. In its review of the Nigeria Tax Act 2025, the firm noted that the legislation reflects a shift toward a more coordinated, incentive-based fiscal framework, particularly for the manufacturing sector, which has long grappled with regulatory complexity, high production costs, and weak infrastructure. The Act consolidates multiple tax laws into a single framework, a move expected to reduce uncertainty and ease compliance. However, Kreston Pedabo cautioned that poor administration or inconsistent enforcement could erode the intended benefits. According to Kehinde Folor...

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