Business

Fuel Subsidy Removal Cripples 90% Of Nigerian Businesses – Report

Published

3 years ago

December 5, 2023

Editor

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 Appreciates Against Dollar At Official FX Market

Published

5 days ago

September 20, 2026

Editor

…Black market (Buying and selling rates): N1,385— N1,390

The Nigerian naira appreciated against the United States (US) dollar, trading at N1,331.2027 at the Central Bank of Nigeria (CBN) official foreign exchange (FX) window on Friday, September 18, 2026.

The data shared on the CBN’s official platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,331.2027 per dollar and closed at N1,329.9900 per dollar.

The currency, which traded at an NFEM rate of N1,331.2812 on September 17, 2026, appreciated by at least N0.08 after trading activities on Friday.

At the parallel market, both the buying and selling rate decreased by N5, when compared to the previous trading rate on Thursday, September 17, 2026.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, September 18, 2026, was N1,385 and N1,390 per dollar for buying and selling rates, respectively.

Business

Again, Naira Depreciates Against Dollar At Official FX Market

Published

1 week ago

September 17, 2026

Editor

…Black market (Buying and selling rates): N1,380— N1,385

The Nigerian naira depreciated against the United States (US) dollar, trading at N1,329.8568 at the Central Bank of Nigeria (CBN) official foreign exchange (FX) window on Wednesday, September 16, 2026.

The data shared on the CBN’s official platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,329.8568 per dollar and closed at N1,329.5600 per dollar.

The currency, which traded at an NFEM rate of N1,329.1485 on September 15, 2026, depreciated by at least N0.71 after trading activities on Wednesday.

At the parallel market, both the buying and selling rate remained the same, when compared to the previous trading rate on Tuesday, September 15, 2026.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Wednesday, September 16, 2026, was N1,380 and N1,385 per dollar for buying and selling rates, respectively.

Business

How To Buy Dangote Refinery Shares As IPO Opens September 14

Published

2 weeks ago

September 10, 2026

Editor

Investors seeking to own a stake in the Dangote Petroleum Refinery and Petrochemicals FZE will be able to subscribe to its initial public offering (IPO) from September 14, 2026.

The ₦2.15 trillion offer by Dangote, valued at about $1.6 billion, involves 4.1 billion ordinary shares priced at an indicative ₦525 per share.

The offer, which is expected to become Nigeria’s largest-ever public share sale, will remain open until October 13, 2026.

The development gives Nigerians and other eligible investors an opportunity to acquire shares in the refinery as the Dangote Group moves to broaden ownership of the business.

At the signing of the IPO documents in Lagos on September 7, President of Dangote Group, Aliko Dangote, said the offer was designed to enable ordinary Nigerians to become shareholders in the refinery.

“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.

How to subscribe

According to the Managing Director, Investment Banking, Chapel Hill Denham, Mr Lanre Buluro, prospective investors can subscribe digitally using a bank account, Bank Verification Number (BVN) and a mobile phone or laptop.

He said an investor can complete the process within two to three minutes, with the minimum subscription set at 10 shares.

At ₦525 per share, the minimum subscription of 10 shares will cost ₦5,250.

Buluro said investors could access the offer through platforms including Moniepoint, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Chapel Hill Denham’s Invest Naija platform.

Do I need a CSCS account?

Buluro said prospective investors do not necessarily need an existing Central Securities Clearing System (CSCS) identity number before subscribing.

According to him, a CSCS account can be created for a new investor during the subscription process after the investor’s BVN and bank account details have been verified.

He explained that stockbrokers are behind the participating platforms and would contact subscribers after the transaction to provide their CSCS and Clearing House Number (CHN).

The allotted shares will subsequently be domiciled in the investor’s CSCS account.

What happens after subscription?

Investors can subscribe throughout the offer period, which runs from September 14 to October 13.

At the close of the offer, the advisers and the Securities and Exchange Commission (SEC) will assess the total subscriptions and determine the final allotment.

This means investors may not necessarily receive all the shares they apply for if the offer is oversubscribed.

Buluro disclosed that the offer has a provision to accommodate additional subscriptions in the event of oversubscription.

He said up to about 30 per cent additional shares could be issued under the oversubscription provision, potentially increasing the number of shares available from 4.1 billion to about 5.3 billion.

Before you invest
Buluro advised prospective investors, particularly first-time investors, to read the IPO prospectus carefully and seek guidance from a qualified financial adviser before committing their funds.

Investors should also understand that subscribing to an IPO does not guarantee a profit. The value of shares can rise or fall after allotment, depending on the company’s performance and market conditions.

The Dangote Refinery IPO is expected to significantly deepen public participation in the Nigerian capital market by allowing more individuals to take direct equity positions in one of the country’s largest industrial projects.
(TRIBUNE)