Business

Amazon Set To Steal Jumia, Others’ Market Share

Published

4 years ago

June 19, 2022

Amazon is set to steal some of the market share of major e-commerce players in Nigeria such as Jumia and Konga.

Leaked documents revealed that the company plans to expand into five new countries across Africa, South America, and Europe. The five countries include Belgium, Chile, Colombia, Nigeria, and South Africa according to a report by businessinsider.com.

The firm is investing in long-term growth even as it scales back parts of its United States retail. Amazon currently has marketplaces in 20 different countries.

The timing of the rollouts revealed the company is set to roll out in Nigeria in April 2023.

“The timing of the rollouts were detailed in an internal timeline: Belgium’s marketplace, called Project Red Devil, is slated for late September,” the report said.

“The one in Colombia, dubbed Project Salsa, is scheduled for February 2023. South Africa, codenamed Project Fela, is also expected in February 2023. The marketplace in Nigeria is due to launch in April 2023. That project shares the codename Project Fela with South Africa. Chile is planned for April 2023, too. That shares the Project Salsa name with Colombia.

“All countries are planning to launch with their own marketplace and access to Amazon’s fulfilment service called Fulfillment by Amazon, one of the documents said.”

According to the report, Amazon’s Prime membership program is expected to be available after the firm’s launch in Belgium, while the other four countries will get it shortly after their introductions.

Business

Naira Extends Appreciation Against US Dollar

Published

13 hours ago

January 8, 2026

Editor

The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.

Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.

The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.

Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

3 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

3 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.