Business Archives - Page 12 of 33 - Independent Digital News Network

The Tariff Gamble — Inside Tinubu’s 15% Fuel Import Duty and the War for Nigeria’s Refining Future

The Federal Government’s approval of a 15% import tariff on petrol and diesel is reshaping Nigeria’s oil market. Beyond the headlines lies a calculated economic gamble to fortify local refining, restore forex stability, and tilt power away from foreign traders

Dangote Assures Stable Fuel Prices Despite 15% Import Tariff

IDNN11 months ago11 months ago0

The Dangote Group has moved to calm public concern, assuring that fuel prices will remain stable despite the Federal Government’s approval of a 15% import tariff on petrol and diesel.

⚕️ Health Experts Warn: Nigeria’s Medical System Near Collapse as ‘Japa’ Exodus Deepens

IDNN11 months ago11 months ago0

Health experts have warned that Nigeria’s medical system faces near collapse as thousands of doctors and nurses continue to emigrate abroad. Speaking at the Olikoye Ransome-Kuti Memorial Lecture, speakers blamed chronic underfunding, poor pay, and corruption, as resident doctors threaten a nationwide indefinite strike beginning November 1, citing ₦38 billion in unpaid allowances.

⛽ Fuel Prices Set to Break ₦1,000 Mark as Tinubu Approves 15 % Import Tariff

IDNN11 months ago11 months ago0

Petrol could sell above ₦1,000 per litre after President Tinubu approved a 15 percent ad valorem tariff on fuel imports to protect local refiners. While government insists the duty will stabilise supply and boost revenue, marketers warn it could ignite another price surge and deepen hardship for millions already struggling with record inflation.

Rice Price Crash in Lagos Markets Leaves Traders Counting Losses

IDNN11 months ago11 months ago0

Across major Lagos markets — from Mile 12 to Daleko and Oke-Arin — the aroma of rice has turned sour for traders. A 50kg bag...

Farmers Clash With FG Over Food Price Drop, Say Import Waivers Crippling Local Markets

IDNN11 months ago11 months ago0

Nigeria’s farmers have accused the Federal Government of destroying rural markets through indiscriminate import waivers, arguing that the recent fall in food prices masks widespread economic dislocation. The Ministry of Agriculture insists its policies are easing inflation, but producers say they face collapsing incomes, unsold produce, and worsening debt across grain and vegetable belts.

Confidence Abroad, Contraction at Home: The Split Reality of Nigeria’s 2025 Economy

IDNN11 months ago11 months ago0

Nigeria is winning praise abroad but losing traction at home. From FATF reforms that restored global confidence to Dangote’s refinery expansion signaling industrial ambition, the country looks renewed on paper — yet on the ground, manufacturing is stalling, demand is collapsing, and inflation keeps biting. This is Nigeria’s new economic paradox.

Manufacturers Warn of ₦2.14 Trillion Unsold Goods as Demand Collapses

IDNN11 months ago11 months ago0

The Manufacturers Association of Nigeria (MAN) has raised alarm over a surge in unsold inventory — now at ₦2.14 trillion — as consumer demand collapses under inflation and weak purchasing power. The group warns that factories are cutting output, laying off workers, and facing shutdown risks despite government assurances of post-subsidy recovery.

Dangote Refinery Expansion to 1.4m bpd — Africa’s Richest Man Targets Global Oil Dominance

IDNN11 months ago11 months ago0

Aliko Dangote has unveiled plans to double the capacity of his Lagos refinery from 650,000 to 1.4 million barrels per day, aiming to rival the world’s largest petroleum facilities. The $5 billion expansion will boost exports, stabilize local fuel supply, and reinforce Nigeria’s position as Africa’s refining hub under the Euro VI emission standard.

Nigeria Exits FATF Grey List as CBN Declares Confidence Restored in Financial System

IDNN11 months ago11 months ago0

Nigeria’s removal from the Financial Action Task Force (FATF) grey list marks a major credibility win for the country’s financial system. The Central Bank says it reflects stronger anti-money laundering reforms, improved compliance, and renewed investor confidence — potentially unlocking billions in foreign capital inflows and lowering compliance risks for banks.