Business

Brent traded at $102.28 by 4.50 am Nigerian time, down three cents, while US West Texas Intermediate stood at $92.68, down 19 cents. Both were intraday prices reported by Reuters.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this at a virtual meeting with Special Economic Zones stakeholders in September, as the government moves to modernise the regulatory framework governing the zones and strengthen their contribution to investment and non-oil exports.

The disclosure highlights the substantial financial obligations associated with protecting oil and gas infrastructure against crude oil theft, pipeline vandalism and other disruptions, even as NNPC reported higher production and a 33 percent increase in profit after tax.

Wema Bank Plc has strengthened its support for Nigerian businesses seeking to expand into international markets, following the completion of the second edition of its Wema Export Trade Academy in Lagos.

Oil prices dropped below $97 a barrel on Thursday, October 1, as recovering shipments from the Gulf eased supply concerns after September’s sharp rally.

The Nigerian Postal Service (NIPOST) has made a public digital postcode finder available, while the Nigerian Communications Commission (NCC) and telecom operators have scheduled October 1 for the start of a free educational-data scheme.

Nigeria and Indonesia’s bilateral trade has consistently surpassed $3 billion annually, reflecting the growing economic relationship between both countries.

Nigerian billionaire and President of Dangote Group, Aliko Dangote, has blamed local petroleum marketers and international oil companies (IOCs) for protests surrounding his proposed $16 billion refinery in Lamu, Kenya.

Market capitalisation opened at ₦163.530 trillion but closed at ₦163.104 trillion, representing a ₦426 billion decline.

Speaking on “The Role of the Media in Building a Future-Ready Financial System”, Chima said Nigeria’s financial system was fundamentally different from the one financial journalists covered a decade ago, pointing to banking recapitalisation, tax reform, fintech innovation and the rapid expansion of digital financial services.