Business

Heightened fears of increased mortality and reduced life expectancy among Nigerians have been sparked by the rising prices of essential pharmaceutical products such as malaria, antibiotics, anti-diabetes, and hypertension drugs. This alarming situation is exacerbated by the unchecked daily increase of at least 300% in retail prices for commonly used drugs in Nigeria. In addition to the existing food inflation rate of 40.01% in March, the pharmaceutical inflation rate has witnessed a sharp surge over the past four months. Recent market surveys conducted in Abuja revealed staggering price hikes, with medications like Tavernic soaring to N25,735 from N11,370 in January, and Levofloxacin SGS selling for N1,200 from N550. Other examples include Terivid tablet 200mg (N10,320 from N4,460), Co...

Once again, the Naira experienced a decline of N64.5 against the US dollar in the foreign exchange market. Data from FMDQ revealed that on Monday, the Naira fell to N1,234.49 per US dollar, compared to N1,169.99 on Friday. Furthermore, FMDQ data showed that on Friday, the Naira depreciated to N1,169.99 per Dollar in the foreign exchange market, down from N1,154.08 on Thursday. Consequently, the parallel forex market saw a drop to N1200 per Dollar on Monday, down from N1,100 on Friday. This decrease follows three depreciations of the Naira last week, breaking a streak of months with gains. Notably, the Economic and Financial Crime Commission has resumed its crackdown on cryptocurrency platforms in Nigeria amidst the recent surge of the Dollar in the FX market. While analysts attribute ...

Following recent developments, Tinuade Sanda, the former managing director of Eko Electricity Distribution Company (EKEDC), has had her appointment terminated by West Power & Gas Limited (WPG), the major shareholder of EKEDC. Charles Momoh, the chairman of WPG, officially communicated this decision in a letter issued by the company. As of April 17, 2024, Sanda ceased to be an employee of WPG. The letter cited Sanda's contract dated April 1, 2022, and specified that her employment was being terminated in accordance with clause 10.2 of the contract, with three months’ salary in lieu of notice having been paid as required. Additionally, Sanda was instructed to return all company properties in her possession, such as laptops, identity cards, and official vehicles belonging to either...

On Monday, the Federal Competition and Consumer and Protection Commission (FCCPC) sealed an Abuja-based Chinese supermarket located at the China General Chamber of Commerce. The closure came following an inspection by FCCPC officials at the supermarket premises. After questioning Nigerian employees at the supermarket, the commission decided to seal the premises. Concerns were raised on social media about the Chinese supermarket enforcing a discriminatory policy that allowed only Chinese citizens to enter, excluding Nigerians. Confirming the discriminatory practice, the facility manager of the complex, Shaibu Sanusi, stated that only Nigerians already inside the supermarket were allowed access.

As per Standard and Poor’s’ Global Commodities, S & P, petrol distribution by the Dangote refinery is set to commence in the fourth quarter of 2024. In a podcast titled ‘Exploring West Africa’s oil product flows in a changing refining landscape’, Kelly Norways, an African energy expert at S&P, revealed this information. The refinery's petrol supply is expected to significantly reduce energy imports within the West African sub-region, with potential daily quantities reaching as high as 290,000 barrels between 2024 and 2026. "While signs of activities are emerging, the spotlight is on the initiation of gasoline production from the project. There is substantial pressure from the Nigerian government to allocate a significant volume of this supply to the domestic market," Norways n...

Information from oil marketers indicates that there are preparations for Port Harcourt Refinery to make Premium Motor Spirit (commonly known as fuel) available at a rate less than N500 per liter. Chief Ukadike Chinedu, the National Public Relations Officer for IPMAN, has validated the impending release of fuel from the Port Harcourt Refinery to marketers. He pointed out that currently, the Nigeria Petroleum Company Limited is supplying fuel to marketers at N567.7 per liter. Chinedu expressed expectations that once the Port Harcourt refinery becomes operational, the price could potentially drop below N500 per liter. “Presently, NNPC is still providing us PMS at N567.7/liter, so we are optimistic that the Port Harcourt refinery will offer the product at N500/liter or possibly even less,...