Business

Fuel Subsidy Removal Cripples 90% Of Nigerian Businesses – Report

Published

2 years ago

December 5, 2023

The fuel subsidy removal policy of President Bola Tinubu’s government, which took off in June 2023, negatively affected 90 per cent of businesses in Nigeria.

This is according to a recent report by Fate Foundation, titled “State of Entrepreneurship,” which surveyed over 10,000 businesses across the 36 states of the country and the FCT.

According to the report, smaller businesses were affected more than big businesses, and the policy resulted in high operating costs and lower profits due to weak demand and the loss of customers.

The report further stated: “Entrepreneurs in the South East were the most affected, while those in the South South were the least affected, relative to other regions. The impact of the policy was even for both male and female entrepreneurs.”

The report also revealed that around 89 per cent of businesses in the country were negatively affected by the naira scarcity experienced in the first quarter of 2023, with the agricultural sector being the most affected.

It further explained that the impact of the naira scarcity on farmers led to the contraction of the agricultural sector’s output by 0.9 per cent in the GDP report for Q1. The decline was the first in over three decades.

Regarding Nigerian entrepreneurs’ outlook towards business opportunities, around 86 per cent reported being optimistic about the future. However, the figure is less than the 93 per cent who affirmed their positive outlook in 2022.

According to the report, service sector businesses accounted for the country’s major share of businesses.

“While 35 per cent of businesses offer services, 22 per cent sell goods, and another 42 per cent trade in both goods and services. At the sectoral level, 18.8 per cent of total businesses operate in the wholesale and retail trade sector,” the report stated.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 day ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.