Business

The National Agency for Food and Drug Administration and Control (NAFDAC) has ordered manufacturers to recall alcoholic beverages packaged in sachets and containers below 200 ml. NAFDAC directed manufacturers to properly inventory the affected products and destroy them under the agency’s supervision. The companies involved are required to bear the cost of the exercise. The agency said the recall was part of efforts to remove prohibited small-volume alcoholic drinks from the market and limit their accessibility, particularly among young people. The ban on the production, importation, distribution and sale of alcoholic beverages packaged in sachets and containers below 200ml took full effect on January 1, 2026, following the expiration of the transition period granted to ...

The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Wednesday. The data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,326.6862/1$ on Wednesday. The latest rate represents a slight change from Tuesday’s rate of ₦1,329.4300/1$. At the parallel market (black market), however, the naira closed on Wednesday at ₦1,405 to the dollar. The offer by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates because of transaction margins and prevailing demand and supply conditions. Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indicati...

Uber, a global ride-hailing company, has announced plans to exit Nigeria after 12 years of operation.  The announcemet takes effect from today, September 2.  Uber announced the exit in a statement on Wednesday, September 2.  “We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026,” the company said.  “Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.  “Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there s...

Electricity Subsidy bill hits ₦1.92trn in 2025 – NERC The electricity tariff subsidy obligation of the Federal Government stood at ₦1.92 trillion in 2025 as the government continued to absorb the gap between cost-reflective electricity tariffs and rates paid by customers, according to the Nigerian Electricity Regulatory Commission (NERC).  JoinDiaspora Networks In its 2025 industry report, NERC placed the government's gross tariff subsidy obligation at ₦1.928 trillion for the year, representing 57.44 percent of the total Nigerian Bulk Electricity Trading (NBET) invoice. The figure translates to an average monthly subsidy obligation of ₦160.69 billion. The quarterly breakdown showed that the subsidy obligation stood at ₦536.40 billion in the first quarter, ₦514.36 billi...

Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026, according to the National Bureau of Statistics (NBS).  NigerianCulture Magazine The bureau disclosed this in its latest Gross Domestic Product (GDP) report released on Monday, saying the latest growth rate was higher than the 4.23 percent recorded in the corresponding quarter of 2025. The increase represents a 0.2 percentage-point rise year-on-year. According to the NBS, the agriculture sector grew by 4.39 percent during the quarter, compared with 2.82 percent in the same period of 2025. “The growth of the industry sector stood at 3.96% from 7.46% recorded in the second quarter of 2025, while the services sector recorded a growth of 4.60% from 3.94% in the same quarter of 2025,” the report sai...

Niger is turning to Nigerian ports to support its international trade after a prolonged diplomatic dispute with neighbouring Benin Republic disrupted key border routes and restricted access to its traditional trade corridors. The landlocked West African country is seeking closer cooperation with Nigeria as it looks for alternative routes for legitimate exports and imports. A delegation from Nigerien Customs recently visited the headquarters of the Nigeria Customs Service in Abuja to discuss trade facilitation and Nigeria’s support for Niger’s international trade needs. Speaking at the meeting, Abdoulaye Vincent, Comptroller of Nigerien Customs in Dosso, called for stronger cooperation between the two countries’ customs authorities to facilitate legitimate trade, increase revenue and ...

Eko Electricity Distribution Company, EKEDC, and the Transmission Company of Nigeria, TCN, are trading blame over the reason for the drop in power supply allocation to the former, which serves parts of Lagos and Ogun states.Eko Disco, in a statement on X on Friday, blamed constraints on the national grid and low generation for the reduction in its power supply allocation. According to the disco, its power supply allocation dropped from 486 megawatts to 347MW. Consequently, the disco said the reduction in power allocation had impacted electricity supply to its customers in southern parts of Lagos and the Agbara industrial communities in Ogun State. “Due to constraints on the national grid and low generation from a major power source, our power allocation has dropped from 486MW...

Meta, the parent company of WhatsApp, will begin charging businesses for certain messages sent through the WhatsApp Business Platform from October 1, 2026. Meta disclosed the pricing change in a WhatsApp Business Platform pricing update in July 2026, stating that charges for service messages would resume from October 1, 2026. The new charges will affect companies using the official WhatsApp Business Platform, formerly known as the WhatsApp Business API, to manage customer conversations at scale. Banks, fintechs, e-commerce companies, telecoms operators, logistics firms and large retailers that rely on the platform for customer service and transactional communication are among those that could be affected. However, the development will not affect ordinary WhatsApp users or m...

Crude oil emerged as the dominant commodity handled through Lagos ports in August, with total reported imports reaching 2,392,454 metric tonnes during the month. Available figures showed that 1,867,712 metric tonnes of crude oil arrived at the Lekki Deep Sea Port in the first week of August, while a further 524,742 metric tonnes was scheduled for discharge at the Apapa Quays before the end of the month. The figures underline the continued prominence of crude oil among commodities passing through Lagos’ major ports during the period. Bulk wheat ranked next on the import chart, with a combined volume of 321,849 metric tonnes. Of this figure, 176,243 metric tonnes was recorded in the first week of August, while another 145,606 metric tonnes was expected later in the month. ...

The Federal Airports Authority of Nigeria, FAAN, has reversed its ban on Bolt drivers and other e-hailing platforms operating at Nigerian airports after facing heavy criticism over high airport taxi fares. FAAN’s Director of Public Affairs, Henry Agbebire, disclosed this in a statement on Thursday. This comes after controversy trailed the ban on e-hailing services and the introduction of the Airport Car Hire Rank Management System, ACHRAM. Recall that in a viral video on X, an airport passenger raised the alarm that FAAN-owned ACHRAM had pegged the cost of a car hire service at N30,000 for a trip that would normally cost N8,000. However, FAAN clarified that ACHRAM is not an e-hailing platform like Bolt or Uber and does not seek to monopolise car-hiring services...