Business
Govt Moves To Revive Few Moribund Ports
The Infrastructure Concession Regulatory Commission and the Nigerian Shippers’ Council are set to revive six moribund ports whose contracts were signed in 2006.
To commence the process, ICRC on Wednesday held a meeting with NSC, which is the owner of the projects, and the concessionaires, according to a statement.
The purpose of the meeting was to get the six inland container depots located in each of the geopolitical zones of Nigeria to become operational.
The statement quoted the commission’s acting Director-General, Mr. Mike Ohiani, as saying that when completed, these ICDs would bring the required benefit to the country Nigeria.
“We are not unaware that at the material time that the contracts were signed, ICRC as a commission had not been set up, so no proper outline business cases were done for the projects like we now do, but I want us to have a frank discussion so that we can chart a way forward,” he said.
The commission reminded the concessionaires and that NSC that by its Act, it is to take custody of all PPP contracts including the ones for the ICDs.
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The states where the ports are located and the level of progress by the concessionaires were listed as Oyo State (10 per cent), Abia State (five per cent), Plateau State (29.7 per cent), Kano State (55 per cent), Katsina State (68 per cent) and Borno State (five per cent).
According to the statement, the concessionaires told the ICRC that the 16 years’ journey had been fraught with various challenges that had hampered any progress that could have been recorded.
It said the concessionaires complained of poor cooperation from state governments, which they said mostly delay in meeting their own part of the agreement, citing land provision as an example.
They said another major challenge was the lack of narrow gauge rail lines in and out of the dry ports, which they noted was important to make the operation of the ports efficient.
They added that access to funds also remained a major issue as banks and foreign investors made unreasonable demands for assets and bank bonds before the release of funds.
The concessionaires unanimously stressed the need for the ports being constructed to be given the status of port of origin and destination and also to be registered with the International Chamber of Commerce upon completion.
(PUNCH)
Business
Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
READ ALSO:Dangote Sugar Announces South New CEO
Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
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