Business

Inflation Pushing Truckers Out Of Business, Group Laments

Published

4 years ago

September 1, 2022

As the inflation rate bites harder, truckers have said that about half of their members are leaving the job for other businesses.

In an exclusive chat with The PUNCH in Lagos on Wednesday, former Dry Cargo Chairman of the Nigerian Association of Road Transport Owners, Abdullahi Inuwa, said that the sector was riddled with a lot of challenges.

Inuwa fingered drop in cargoes, high cost of truck maintenance and diesel as reasons for the dwindling fortunes of the sector.

“From my own side, the work is not friendly because of drop in activities. This is coupled with the high cost of maintaining trucks, diesel and other activities. Some people who have, for instance, 10 trucks may be managing to maintain five now to have money for other businesses. I have to park 0my trucks for now. I am currently not doing port operations now. So, about 50 per cent truckers have parked their trucks pending when things will improve. Some are looking for other ways of survival. I started seeing this development in November 2021. You are aware that earlier this year, there was scarcity of empty containers in Europe, coupled with lack of access to forex.”

He also accused the Federal Government of focusing more on generating revenue than encouraging trade.

“Our government’s approach to tariffs, especially the Customs, is not encouraging. They don’t think of encouraging the industry because they are always increasing tariffs and targeting gaining more revenue.”

Inuwa said that the situation is worse for truckers who were not resident in Lagos because they had to pay for parking for the number of days they would stay, with little or no cargo to go back with.

Corroborating Inuwa’s submission, the Head of Operation, NARTO, Mr Stephen Okafor, said that truckers were not breaking even, noting that other sectors had increased their rates except the trucking sector.

According to him, “I know a whole lot of people have actually left the business. People are actually going out of business and if it continues like that, a whole lot of people will still leave.”

Also speaking, the President of the Council of Maritime Truck Unions and Associations, Mr Adeyinka Arowoyewun, said, “The level of importation has drastically reduced due to so many factors which have to do with the exchange rate, war in Ukraine and Russia, and the policies of government vis a vis increase in tariff. I agree that importation has reduced and a lot of truckers have actually abandoned that business.”

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.