Business

DStv, GOtv prices remain unchanged — MultiChoice

Multichoice, the parent company of DStv and GOtv, has refuted the claim that their subscription packages in Nigeria has been reduced. According to a source in the company, only decoder prices were reduced but subscription prices remained unchanged. “We only reduced our decoder prices and not subscription prices,” the source said. “The DStv Zapper was […]

Western multinationals fleeing Nigeria are being replaced by Asian and Turkish firms

As US and Europe-based multinationals exit Nigeria, Asian and local companies are stepping in to fill the void. Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc. The Fouani Group, a local firm, operates a diaper and sanitary pad plant in a complex where Cincinnati-based Procter & […]

Cost of Living: Households reduce consumption expenditure

At the backdrop of the escalating cost of living crises, the National Bureau of Statistics, NBS, has released the long awaited ‘Gross Domestic Product (GDP) Report by Expenditure and Income Approach’, the first since second half of 2023, H2’23, showing negative shift in household consumption expenditure. The report covering third quarter and fourth quarter 2023, indicated that Nigerian households […]

Smuggled Nigerian petrol floods W’African markets, sells N1,700/litre

The Federal Government, on Monday, raised the alarm over the renewed smuggling of Premium Motor Spirit, popularly called petrol, following the massive hike in the pump price of the commodity in neighbouring countries. It stated that while the average price of petrol in Nigeria was about N701/litre, the average cost of the product in neighbouring […]

Rising transportation cost causing commodity price inflation — Experts

Experts have blamed the rising cost of commodities in the market on the high cost of transporting goods from one point to another in Nigeria. The country depends largely on land transport for haulage services, thereby being greatly affected by the removal of fuel subsidies. Speaking to the Nigerian Tribune, Paul Kyan, a transporter who […]

Labour leaders must reconsider wage demand to avoid layoffs — Rewane

… Says institutional reforms should precede price reforms… Naira will continue to depreciate without export The Managing Director of Financial Derivatives Company, FDC, Mr. Bismarck Rewane, has urged the Nigerian Labour Congress, NLC, to reconsider its stance on benchmarking the minimum wage demand on dollar exchange rate, saying that it would result in massive job […]

Streaming swells monthly internet spend to N216bn

Nigerians are consuming content on the internet at an unprecedented pace, with monthly usage up by more than 501.99 percent since 2019. This surge has been fueled by the growing appetite for streaming services and other online activities, accessible primarily through smartphones. According to data from the Nigerian Communication Commission (NCC), monthly internet usage grew […]

Petrol: Marketers fret as depot price rises to N710/litre in Lagos

Independent petroleum marketers have expressed concern over the rising price of Premium Motor Spirit, PMS, otherwise known as petrol, in private depots to N710 per litre. With the increase, petrol pump prices at outlets operated by independent marketers also rose to between N730 and N750 per litre which has led to queues at some stations […]

PoS: Anger, frustration over high cost of cash withdrawals

ASABA — Nigerians have voiced anger over outrageous charges Point of Sale, PoS, operators take to withdraw money from their bank accounts. Citizens who spoke to Vanguard weekend expressed concern that PoS operators are gradually taking over the Automatic Teller Machine, ATM, services from banks across the country. Many resorted to PoS operators when they found after […]

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