Business
Afri-Global News Business covers the companies, markets, policies and economic developments shaping Nigeria and Africa. Follow news on banking, finance, trade, investment, energy, real estate, technology and the wider economy.
Business
Petrol Imports Surge as Nigeria’s Refining Boom Faces a New Test
Nigeria's petrol market is facing a fresh contradiction: domestic refining capacity is expanding rapidly, yet imported petrol is taking a larger share of the market while pump prices continue to rise.Data cited by the Centre for the Promotion of...
Business
Nigeria Wins Fresh Investor Confidence Boost But Moody’s Warns the Hard Work Is Not Over
Nigeria has received another positive signal from international investors after Moody’s Ratings changed the country’s sovereign outlook from stable to positive.The decision reflects stronger foreign exchange reserves, improved external balances and better-than-expected economic growth.But the development is not an...
Business
Oil Crosses $90 Again: Why the New US-Iran Crisis Could Keep Nigeria’s Fuel Prices Under Pressure
Nigeria's fuel market is facing another potential price shock after fresh fighting between the United States and Iran pushed international crude prices above $90 a barrel and revived fears over global energy supplies.Brent crude, the international benchmark used to...
Business
BINANI AIR’s Abuja MRO Targets $218m Annual FX Retention
Nigeria could retain a significant share of the foreign exchange currently spent on overseas aircraft maintenance if a proposed Maintenance, Repair and Overhaul (MRO) facility by BINANI AIR in Abuja reaches full operation.BINANI Global Air Services has engaged a...
Business
Dangote Refinery Turns to Exports as Petrol Imports Rise
Dangote Petroleum Refinery is increasingly looking toward export markets for surplus refined products as rising petrol imports create uncertainty over the level of demand it can expect from the Nigerian market.The refinery said imported Premium Motor Spirit (PMS), commonly...
Business
Dangote’s Naira U-Turn: Petrol Price Volatility Deepens
Dangote Petroleum Refinery's petrol pricing has entered another period of volatility, with the refinery making four adjustments in less than a month since returning to naira-denominated sales.The latest increase took effect on August 26, taking the refinery's Premium Motor...
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UN Backs New World Map That Puts Africa’s True Scale on Display
The United Nations has backed a new world map designed to give Africa and other continents a more accurate...