Business

Lagos, Nigeria, will host more than 400 exhibitors and 7,000 beauty professionals at the forthcoming 2026 edition of Beauty West Africa which schedule to hold this November. The three-day trade exhibition, slatted from 24 to 26 November, will hold at Landmark Centre, in Lagos. The Organisers say for the first time, the exhibition will expand across six mega halls featuring more than 400 exhibitors, 60,000 products, and participants from more than 60 countries, making it the biggest edition of the event to date. The expansion comes as Nigeria’s beauty and cosmetics market continues to attract international manufacturers and brands looking for opportunities in Africa. As part of preparations, more than 380 pre-qualified hosted buyers are expected at the 2026 edition, with bu...

Bali, a popular tourist island in Indonesia’s has been hit by fuel distribution delays, leaving motorists waiting for hours in long queues at petrol stations. The disruption, reported since Sunday, October 11, was blamed on a delayed fuel tanker, bad weather and rising demand for subsidised petrol. Some motorists reportedly waited up to seven hours to refuel. Authorities said the problem was linked to distribution difficulties rather than a lack of fuel reserves. State-owned energy company Pertamina has deployed additional tanker trucks and accelerated deliveries to affected stations. Bali Governor Wayan Koster urged residents not to panic-buy, while officials stepped up efforts to restore normal fuel supplies. By Thursday, October 15, authorities said the queues were graduall...

The National Bureau of Statistics (NBS) on Thursday said Nigeria’s headline inflation rate eased to 14.63per cent in September 2026, down from 15.39 per cent in August 2026. The latest figure represents a decline of 6.35 percentage points from the 20.98per cent recorded in September 2025, signalling a further slowdown in annual price growth. According to NBS, the month-on-month headline inflation fell to 0.06per cent in September from 0.71per cent in August, indicating a slower increase in average prices during the month. The NBS said the September inflation rate declined compared with both the preceding month and the corresponding period of the previous year. In its report, the statistics agency noted that the pace of increase in average prices slowed on a month-on-mon...

The Nigerian National Petroleum Company Limited (NNPC) says the N66 discount motorists hope to enjoy at all its retail outlets can only be via its mobile apps. The petroleum company announced it via its X handle over the weekend.  Recall that last week, the Federal Government announced it will embark on a 30-day price discount on fuel prices as part of measures to cushion the effect of rising fuel costs on Nigerians, particularly commercial transport operators. According to an announcement shared on its X handle, NNPCL states that enjoying the proposed discount is tied to the use of its app. Motorists are expected to download the company's app and make payment for the discounted rate via the app. Nigerians have questioned the efficacy of this model of pa...

The Federal Government spent N7.7tn on interest payments in the first half of 2026, representing 124.2 per cent of its total revenue of N6.2tn during the period, according to the World Bank. The figures indicate that interest payments alone exceeded the government’s revenue by N1.5tn between January and June 2026, raising concerns about Nigeria’s debt burden despite improved revenue collections. The findings were contained in the World Bank’s October 2026 Nigeria Development Update, titled Beyond the Federal Purse: How Higher Revenues Shaped State Priorities, obtained by The PUNCH. The report showed that interest payments increased by N2.1tn, or 37.5 per cent, from N5.6tn recorded in the corresponding period of 2025, largely due to elevated domestic borrowing costs. Accordi...

FAAN Announces temporary closure is tentatively scheduled for October 20 to allow runway resurfacing, pavement repairs and extension ahead of increased Christmas travel traffic. The Federal Airports Authority of Nigeria (FAAN) has announced that it would temporarily cloe the Sam Mbakwe International Cargo Airport,  Owerri for the repair of the runway.  In a statement signed by the Director, Public Affairs and Consumer Protection,  Henry Agbebire, the agency it would close the airport for essential repairs and resurfacing works of the runway. “The closure is tentatively scheduled to commence on 20 October 2026, for approximately 25 days, subject to final confirmation. “The planned intervention has become necessary due to the deterioration of sections...

The Washington-based World Bank has disclosed that revenues allocated to states, or subnational governments in Nigeria grew by 93 per cent in real terms over two years. The bank made this disclosure in its October Nigeria Development Update on Thursday. According to the World Bank, revenue allocations to states surged following the removal of fuel subsidy between 2023 and 2025. However, the bank noted that higher revenues to states should translate into improved living standards for citizens and poverty reduction. The World Bank urged state governments to improve spending efficiency and invest more in human capital to raise living standards and reduce poverty. In his remarks, the World Bank Country Director for Nigeria, Mathew Verghis, said, “strengthening spen...