Business

Local refineries supplied 78.6 percent of Nigeria's petrol demand in the first half of 2026, up from 38.9 percent in 2025, while imports dropped to 21.4 percent, according to MEMAN. The report said expanded refining capacity led by...

Transaction volume rose to 28.74 billion as more Nigerians embraced digital wallets and agent banking. Cheque usage continued its sharp decline while retail electronic payments reached ₦3,458.77 trillion. The figures show that mobile money is becoming one of...

The Federal Government is weighing a dollar-for-naira swap arrangement to ease Dangote Refinery's growing foreign exchange burden as crude suppliers continue to demand payment in dollars. Dangote says inadequate crude supplied under the naira-for-crude initiative has forced it...

Federal civil servants have given Finance Minister Taiwo Oyedele until August 11 to resolve outstanding wage awards and the delayed 40 percent peculiar allowance or risk industrial action. Workers accused the minister of ignoring repeated appeals, saying that...

Dangote Industries is investing over $800 million to expand the Itori cement plant in Ogun State, doubling production capacity from six million to 12 million tonnes annually. The expansion is expected to strengthen local cement supply, increase exports,...

NAICOM says 43 insurance and reinsurance companies have met Nigeria's new minimum capital requirement. The Commission says the exercise marks the beginning of a stronger and more resilient insurance industry. Eight additional firms remain under regulatory review after...

World Bank Chief Economist Indermit Gill says AI can help banks and regulators allocate capital more efficiently by improving risk assessment. He argues Nigeria should prioritise predictive AI that solves practical problems instead of pursuing expensive frontier models. ...

August 03, (THEWILL) — Cadbury Nigeria's 2025 financial performance was undoubtedly impressive. Revenue rose about 31 percent to N169.84 billion, gross profit doubled, operating profit surged by over 240 percent, while the company moved from a N22.2 billion loss...

ECOWAS Parliament calls on member states to remove border bottlenecks by harmonising customs procedures, import regulations, taxation policies, and business registration requirements to ease cross-border trade. Lawmakers demand full implementation of ECOWAS trade protocols, elimination of non-tariff barriers,...

August 02, (THEWILL) — As worries increase regarding the persistent issues surrounding Nigeria's expensive inactive refineries situated in Port Harcourt, Warri, and Kaduna, the situation appears to have worsened with the advent of Dangote Refinery, which could change the...