Business

Nigeria’s ambition to raise crude oil production has received a boost from the growing contribution of newly introduced crude grade streams, Utapate and Cawthorne, Saturday PUNCH reports. The crude grades, introduced in 2024 and early 2026, represent the latest additions to the country’s basket of crude oil grades aimed at expanding export streams and strengthening oil revenues. Based on the Nigerian Upstream Petroleum Regulatory Commission’s monthly crude and condensate production data analysed by our correspondent on Friday, the Utapate crude grade produced a total of 8.75 million barrels between January and May 2026, while the newly introduced Cawthorne blend contributed 3.41 million barrels during the same period, bringing the combined output from both crude grades to a...

More petrol stations across Nigeria have reduced the price of Premium Motor Spirit (PMS) as market competition continues to drive adjustments in the downstream sector. A market check on Thursday revealed that outlets such as Emedab, Rainoil, Empire Energy, TotalEnergies, and AA Rano have lowered pump prices to between ₦1,330 and ₦1,350 per litre in Abuja and surrounding areas. This marks a drop from previous rates of above ₦1,360 per litre. The latest adjustment reflects a reduction of about ₦10 to ₦30 per litre across the affected stations. This development comes shortly after other major players, including MRS Oil Nigeria, Nigerian National Petroleum Company Limited retail outlets, and NIPCO stations, had already reviewed prices downward to between ₦1,317 and ₦1,335 per litre. ...

The Senate has called on the Federal Government to urgently ban all foreign textile materials from entering the country as part of efforts to encourage local cotton production and revive dead textile industries across Nigeria. The upper chamber also urged the Ministry of Agriculture and the Ministry of Trade and Investment to work toward bringing textile industries back to life, arguing that such a move would create jobs for unemployed Nigerians and help reduce youth restlessness and the insecurity that follows it. The Senate further requested that the Federal Government provide additional funding to the Bank of Industry specifically dedicated to the textile sector to aid its revival. Additionally, the chamber asked the government, through the Ministry of Agriculture, to promote c...

TikTok says it removed more than four million videos and interrupted over 86,000 LIVE sessions in Nigeria in the fourth quarter of 2025 as part of efforts to strengthen safety and integrity on the platform. The social media platform disclosed this in its Q4 2025 Community Guidelines Enforcement Report released on Tuesday. It noted that it “removed 4.02 million videos in Nigeria for violating its Community Guidelines” during the period under review. It added that “99.9 per cent of the offending videos were detected and removed proactively before users reported them, while 98.4 per cent were taken down within 24 hours of posting.” The platform said the figures reflected its growing investment in automated detection technologies and rapid response systems aimed at curbing harm...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that petrol prices in Nigeria could have soared to between ₦5,000 and ₦6,000 per litre if not for the operations of the Dangote Refinery amid the ongoing tensions in the Middle East. Speaking with DAILY POST on Monday, IPMAN's National Publicity Secretary, Chinedu Ukadike, said the refinery has played a critical role in shielding Nigeria from the full impact of global fuel market disruptions caused by the prolonged conflict involving Iran, the United States, and Israel. Ukadike made the remarks while reacting to the recent reduction in fuel prices across the country following another cut in the petrol gantry price by the Dangote Refinery. According to him, the refinery, with a production capacity of abou...

Marketers of liquefied petroleum gas, known as cooking gas, have explained the real reason for the continuous price surge in the last three weeks across Nigeria.  The spokespersons of the Oil and Gas Suppliers Association of Nigeria, NOGASA and Nigerian Independent Petroleum Company Plc, NIPCO, Chinedu Ukadike and Taofeek Lawal, respectively, in separate interviews with DAILY POST on Monday, blamed the LPG price hike on seasonal challenge, a surge in demand, and scarcity.  Recall that cooking gas prices rose between 40 and 66 percent to N1,400 per kilogram and N2,000 per kg from N1,000 and N1,200 in Abuja and its environs.  The hike further worsened the misery Nigerians already face with high cost of living pressures, with headline and food inflation at 26.50 percent and...

The Pharmacy Council of Nigeria has sealed no fewer than 572 pharmacies, patent medicine stores and illegal medicine outlets across Plateau State following a four-day enforcement operation. Announcing the exercise at a press conference in Jos on Friday, the PCN’s Head of Enforcement, Dr Suleiman Chiroma, said the outlets were shut for multiple regulatory breaches, including cooking inside drug premises, unauthorised clinical practice, and improper access to controlled medicines. Speaking on behalf of the Council’s Registrar, Ibrahim Ahmed, Chiroma stated that the operation was carried out under the Pharmacy Council of Nigeria (Establishment) Act No. 31 of 2022. He described it as part of a broader effort to enforce the National Drug Distribution Guidelines aimed at fixing what the Fe...

The Central Bank of Nigeria (CBN) has introduced a ₦100 million penalty for banks and authorised dealers that process foreign exchange transactions without adequate documentation. The sanction is contained in the offences and sanctions section of the fourth edition of the CBN Foreign Exchange Manual, released by the apex bank’s Trade and Exchange Department in May 2026. According to the manual, authorised dealers involved in such transactions will pay ₦100m, in addition to ₦10m for each affected transaction. The manual stated, “Authorised dealers shall pay ₦100m in addition to ₦10m per transaction” for consummating foreign exchange transactions with inadequate documentation. The revised manual, the first major update since 2017, is expected to serve as a regulatory guide f...

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 5th June, below. You can swap your dollar for Naira at these rates. How much is a dollar to naira today in the black market? Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1385 on Friday 5th June, 2026, according to sources at Bureau De Change (BDC). Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respec...

The Abuja Electricity Distribution Company (AEDC) has announced that electricity consumers in the Federal Capital Territory, Nasarawa, Niger, and Kogi states will soon begin receiving compensation following a directive from the Nigerian Electricity Regulatory Commission (NERC). NERC had ordered compensation for Band A customers after a shortfall in power supply recorded in February and March 2026. The directive applies to customers who received less than 18 hours of electricity during the period. According to the regulator, all eleven electricity distribution companies are required to implement compensation for affected customers, with a deadline of May 31, 2026, for February’s shortfall and June 30, 2026, for March’s. Speaking on the development, AEDC Managing Director, Chijioke ...