Business

This year’s edition of the festival commenced in northern Morocco on Saturday, bringing together local communities, international visitors, cultural enthusiasts, and equestrian teams in a celebration of heritage, tradition, and unity. President, Mata International Equestrian Festival, Nabil Baraka, has disclosed plans to partner with Nigeria on economic development projects.  He spoke on the sidelines of the opening ceremony of the 14th edition of the Mata International Equestrian Festival in northern Morocco. While speaking with journalists, Baraka noted that cooperation between the countries would bring about closer ties that would lead to growth. “Next year, we will make sure to have Nigerian-Moroccan cooperation on how the future generation will grow together. “I...

Armed bandits invaded farmlands in Goron Namaye district under Maradun Local Government Area of Zamfara State, k!lling 16 farmers and injuring thirteen others. The chairman of Maradun Local Government, Hon. Sanusi Ahmed Dosara, who confirmed the incident said the bandits in their large numbers launched the d3adly attack on Friday, June 12, 2026. A resident identified as Dan Inna Gora, said he counted not less than 17 corpses while 13 others sustained varying degrees of gunshot injuries and have been conveyed to the hospital for medical attention. Gora further revealed that the bandit leader had earlier sent a warning message that people in Goron Namaye should forget about working on their farms this season. Confirming the incident, security analyst Zagazola Makama said troo...

The latest figures for the Dollar to Naira exchange rate in Nigeria’s parallel market, commonly referred to as the black market or Aboki FX, show continued fluctuations in forex trading activity. As of Friday, June 12, 2026, sources from Bureau De Change (BDC) operators in Lagos indicate that the dollar was sold at ₦1,409 and bought at ₦1,396 in the parallel market. In the official market regulated by the Central Bank of Nigeria (CBN), the exchange rate for the dollar traded within a lower range, with a highest rate of ₦1,365 and a lowest rate of ₦1,362. The CBN has consistently reiterated that it does not recognize transactions conducted in the parallel market, advising individuals and businesses seeking foreign exchange to carry out their dealings through authorized financial in...

The Federal Government may begin paying salaries, pensions and social welfare benefits through the eNaira under a new Central Bank of Nigeria roadmap aimed at transforming the country’s digital currency into a major payment channel. The proposal is contained in the Nigeria Payments System Vision 2028, released by the CBN, which outlines plans to expand the use of the eNaira and move it from a pilot project to a core payment rail for government and private-sector transactions. The eNaira, launched in October 2021 as Africa’s first central bank digital currency, was introduced to deepen financial inclusion, reduce the cost of transactions and remittances, and promote a cashless economy. However, adoption has remained relatively low despite years of regulatory support. In the new doc...

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...