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Businesses incur billions in demurrage as Customs processes drag

Businesses in Nigeria that depend on imports for production inputs are losing billions of naira yearly to demurrage charges paid to international shipping companies for delays in taking delivery of imports from the ports, industry stakeholders told BusinessDay. Demurrage charges, which could be avoided, accrue on imported containerised goods due…

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Report on voting pattern

Politics

Election in times of crisis

Nigeria, the most populous black nation in the world, is set for another round of general elections that would see…

2023: Nigerians demand restructuring as major campaign issue

Few weeks to the commencement of the campaigns ahead of the 2023 general election, Nigerians have demanded that…

2023: What we will do to rescue Lagos – Jandor

Abdul-Azeez Olajide Adediran, the People’s Democratic Party (PDP) governorship candidate in Lagos State has said he…

How long hold on power fails to check poverty in the North

Sometime in 2020, the Nigerian National Bureau of Statistics (NBS), through its data, disclosed that 40 percent or…

Cost of Living Crisis

Nigerians share experiences as inflation bites harder

Over 70 percent of Nigerians are struggling financially to survive amid surging prices and dwindling income.…

Food inflation in some selected African countries

Food inflation in some selected African countries The graph above shows the food inflation of some selected…

RUSSIA - UKRAINE CONFLICT

UN report shows magnitude of war’s toll on Ukrainian civilians

The UN Human Rights Office has outlined a litany of abuses and possible war crimes carried out by Russian forces in…

How Russia-Ukraine war may stress Nigerians, others beyond 2022

There are fears that the Russia-Ukraine war will likely drive economic instability in Nigeria and other countries…

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Videos

The ‘bad’, bad & ugly: Four charts showing Nigeria’s…

The "bad", bad & Ugly: Four charts showing Nigeria's fiscal performance between January & April 2022

Cocoa’s rise and fall as Nigeria’s top export

Cocoa was one of the main sources of income in Nigeria prior to Independence, but that changed following the exportation of crude oil in…

Jailbreaks in Nigeria since 2016: Timelines and numbers

Jailbreaks in Nigeria since 2016: Timelines and numbers

Olawale Fasanya, SMEDAN’s DG/CEO, is committed to helping SMEs grow

OLAWALE FASANYA, SMEDAN’s DG/CEO, is committed to helping SMEs grow

How to make money from stocks amid rising interest rates

How to make money from stocks amid rising interest rates

Watch how to calculate your personal inflation rate

How to Calculate Your Personal Inflation Rate

Animation: Comparing Nigeria’s economy in 2015 and 2022

The comparison of total debt, the cost of a plane ticket, the cost of household items (palm oil, gas, four, pasta, bread, fish, rice),…

Nigeria Eurobonds near junk, shut out of debt market

Nigeria Eurobonds near junk, shut out of debt market

Buhari rebuked for saying Nigerians better off today than in 2015

Buhari gets the rebuke for saying Nigerians better off today than in 2015

The numbers that show outsized role of oil in Nigeria’s economy

In the first quarter of 2022, Nigeria’s oil and gas sector led in volume and value of imports and exports, accounting for nearly 88 percent…

Watch ‘Father’s Land’, the story of Indians in Nigeria

Devesh Uba, an Indian - who lived in Lagos, Nigeria - tells a story Indian families who've been settled in the economic capital of Nigeria…

BD Weekender

Ways to Make it Impossible to Get Fired from Your Job -A Review of Nnamdi…

Title: Unsackable Author: Nnamdi Ibe Publisher: WORITAL Year of Publication: 2021 Number of Pages: 112…

Fast and luxurious: Three of the world’s best jets in 2022

Possibly even more enjoyable than the destination is the journey when flying in one of these luxurious private…

A saint and a sinner

DANIELLA'S POV. This would be the worst Christmas holiday ever because I would be spending it away from my…

The Benefits of Aligning Your Personal and Business Branding

Having a great personal presence online is just as important as having a high-quality brand for your business, and…

Sponsored

Project Empower: Fueling a Skill-Driven Economy

Economies the world over are powered by businesses that provide jobs for citizens and pay taxes to the government,…

Leveraging digital engagement channels to help enhance tax compliance, IGR…

Nigeria’s thirty-six federating states achieved a 38.5% Internally Generated Revenue (IGR) growth at the national…

Shop for all types of women shoes at UrbanVibes London

Are you a woman of glitz and glam looking to transform your wardrobe and your everyday looks by adding a collection…

OctaFX Celebrates its 11th Anniversary and Reveals its Brand Philosophy

OctaFX is celebrating its 11th anniversary! Here’s what the broker achieved over the years and the core elements of…

Technology

Bluechip Technologies expands to Europe amid growing demand

Bluechip Technologies, a provider of business application and data management solutions, has announced its European…

Post-pandemic: Firms increase tech investments to boost risk management

As the global economy recovers from the COVID-19 pandemic, firms have increased investments in technology to boost…

CCTV cameras seen as critical to curb Nigeria’s insecurity

The rising insecurity in Nigeria and weaknesses in the country’s security architecture have put a spotlight on the…

Visa to expand Africa Women’s businesses through grant

Visa has announced a grant towards the African Women Impact Fund (AWIF), a collaboration between Standard Bank and…

Economy

Governors support disengagement of 12,000 federal workers to save N450bn

About 11,926 federal government’s workers may soon say goodbye to the federal service should the Nigerian federal…

Nigeria’s dire fiscal state to worsen without subsidy removal –…

President Muhammadu Buhari's government must cut gasoline subsidies and boost revenue collection to avoid a sharp…

Explainer: Economics of FX black market

The naira, Nigeria’s currency has persistently depreciated at the parallel market popularly called black market or…

Nigerians share experiences as inflation bites harder

Over 70 percent of Nigerians are struggling financially to survive amid surging prices and dwindling income.…

Energy

Seplat-ExxonMobil saga sends danger signals to oil investors

The Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) insistence that the ExxonMobil/Seplat Energy share…

Seplat confirms ministerial consent to acquisition of ExxonMobil assets

Seplat Energy has confirmed receiving ministerial consent on the Exxonmobil deal. According to a statement by…

ExxonMobil-Seplat deal – A timeline of events

President Muhammadu Buhari, on Monday, consented to the acquisition of the shares of ExxonMobil’s Nigerian unit by…

Hours after Buhari’s approval, upstream petroleum regulator blocks…

In a curious twist Monday night, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said that status quo…

Markets

Market hits new low as Dangote Cement, others drive over N600bn loss

The stock market of Africa’s largest economy reached a new low by 2.26percent on Tuesday as largest cement maker…

Ardova, Coronation Insurance, C&I Leasing, 9 others pay N78.6m penalty…

No fewer than twelve (12) listed companies on the Nigerian Exchange Limited (NGX) collectively paid N78.6million as…

Nigeria stocks value sees N3trn rise in H1

Nigeria’s capital market activities remain positive in the first half (H1) of 2022 as both local and foreign…

IMG, Skyway top laggards as market starts week on negative note

Nigeria’s equities market opened the new week in red (-0.46percent) as counters like Industrial & Medical Gases…

Interview

Why cartoons are more popular than painting in Nigeria – Ganiyu Jimoh

Ganiyu Jimoh is a cartoonist, scholar, activist, and digital artist. He holds a PhD in Visual Arts from the…

Technology has reduced cost of making movies, turnaround time – Niyi…

Niyi Akinmolayan, founder/creative director, Anthill Studios, a Nigerian Filmmaker, director, and media consultant,…

Meet Onanuga, entrepreneur maximising e-commerce gains

Every entrepreneur in Nigeria has a unique story to tell and usually an inspirational story of how their…

Amanda Etuk makes top 50 Africa’s Business Heroes 2022 finalists

The Africa’s Business Heroes flagship philanthropic programme for the Jack Ma Foundation in Africa, has announced…

Companies

Ardova debunks wind-up claims of PESL

Ardova Plc has issued a statement dissociating itself from a 'misleading claim' making the rounds on several…

Jaiz Bank half-year profit rises by more than 27% to N2.54bn

Jaiz Bank Plc's unaudited financial results for the second quarter ended June30, 2022 were released to the Nigerian…

Agusto & Co assigns Bbb- rating to Smart Residences

Agusto & Co, has assigned a “Bbb-”rating in its recent 2022 Final Corporate Rating report to Smart Residences…

Globus Bank opens branch in Aba

Globus Bank in its effort to get closer to her customers has opened a new branch office in Aba, one of the…

CLIMATE/ ENVIRONMENT

Nigeria commits to UN water treaty

Africa’s most populous country has taken a significant step towards ensuring the sustainable management of its…

How to curb the flood menace in Lagos

As the rainy season emerged during the first week of March, residents of Satellite Town, Lagos have been troubled…

Reps ask NNPC to put out ‘unending’ fire at Caritas University

The House of Representatives has called on the Nigerian National Petroleum Company Ltd (NNPC) and its subsidiaries,…

Buhari to attend Commonwealth conference on governance, climate change in…

President Muhammadu Buhari will lead a Nigerian delegation to participate in the Commonwealth Heads of Government…

Toon of the day

How to Pacify a Rogue Activist

Podcast

Life + Art

Anthony Agenmonmen announces the inaugural Nigerian Marketing Awards

Marketing is a necessary operation for any business looking to take a leap toward success and as a crucial branch…

Director of ‘Blood sisters’ Biyi Bandele is dead

Biyi Bandele, the director of 'Blood Sisters,' has passed away. According to a statement released on Monday by his…

Fozter wins Boomplay ‘Pass the Mic Rap’ competition

After several intense battle rounds and an eclectic display of creativity, Fozter Nnamdi Chima, a talented…

Technology has reduced cost of making movies, turnaround time – Niyi…

Niyi Akinmolayan, founder/creative director, Anthill Studios, a Nigerian Filmmaker, director, and media consultant,…

Africa

US outlines new sub-Saharan Africa policy

The United States has outlined new strategy for sub-Saharan Africa targeted at boosting economy and deepening…

AfDB to help Ivory Coast achieve all-inclusive economic growth

The African Development Bank (AfDB) has promised to continue its partnership with the government of Ivory Coast and…

Why Kenya’s hospitality sector attracts global capital amid pandemic effect

For reasons ranging from recoveries to increased domestic tourism, and friendly environment for foreign investors,…

Buhari urges ECOWAS leaders to imbibe democratic culture

President Muhammadu Buhari Tuesday in Monrovia, Liberia called on leaders in West Africa to do all within their…

World

Blinken visits South Africa, two others in new Africa tour

Antony Blinken, US Secretary of State, has arrived in Africa for his three-nation tour of the continent. He arrived…

Earth spinning faster than ever

Scientists are saying that the earth is spinning faster than 24 hours. The UK’s National Physical Laboratory has…

America stands with Taiwan – Nancy Pelosi

US lawmaker Nancy Pelosi has ended her Taiwan visit. She had arrived on Tuesday evening in Taipei alongside some…

Al Qaeda: US kills Ayman al-Zawahiri, Osama bin Laden’s replacement

The United States has killed one of the most wanted leaders of al Qaeda, Ayman al-Zawahiri, in a drone strike,…

Big Story

Businesses incur billions in demurrage as Customs processes drag

Businesses in Nigeria that depend on imports for production inputs are losing billions of naira yearly to demurrage…

Top Stories

Netflix, Amazon contest for audience with Nollywood

With the growing streaming culture among Nigerian movie fans and filmmakers, streaming giants appear to be taking…

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COLUMNISTS

Today's E-paper

OPINION

News

Irabor reassures adequate security for 2023 elections

Lucky Irabor, a lieutenant general and Nigeria’s chief of defence staff, on Tuesday, allayed fears of the…

Big Story

Businesses incur billions in demurrage as Customs processes drag

Businesses in Nigeria that depend on imports for production inputs are losing billions of naira yearly to demurrage…

Politics

Election in times of crisis

Nigeria, the most populous black nation in the world, is set for another round of general elections that would see…

2023: Nigerians demand restructuring as major campaign issue

Few weeks to the commencement of the campaigns ahead of the 2023 general election, Nigerians have demanded that…

2023: What we will do to rescue Lagos – Jandor

Abdul-Azeez Olajide Adediran, the People’s Democratic Party (PDP) governorship candidate in Lagos State has said he…

TOON OF THE DAY

How to Pacify a Rogue Activist

WAEC releases WASSCE 2022 results with 76.36% pass

The West African Examinations Council (WAEC) has released the results of the May 16 to June 23 of the West African…

Cost of Living crisis

Nigerians share experiences as inflation bites harder

Over 70 percent of Nigerians are struggling financially to survive amid surging prices and dwindling income.…

Coronavirus

Only 24.4% of eligible Nigerians vaccinated so far- FG

The federal government on Monday said the present record of only 24.4% of the total eligible population fully…

COVID-19 vaccine supply now sufficient but demand lacking – WHO

The World Health Organization (WHO) on Wednesday said supply for COVID-19 vaccine is now sufficient but demand is…

COVID-19 cases rise in Africa driven by South Africa – WHO

World Health Organization (WHO) on Thursday said Africa COVID-19 cases had risen largely by the doubling of cases…

Kamala Haris, US VP, tests positive for COVID-19

Kamala Harris, Vice President of the United States has tested positive for COVID-19 on Tuesday, underscoring the…

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Premium

Businessday Investigates

Poor hearts in barrels of harmful oils

As unbridled access to unhealthy fats consumption increasingly hurts the human heart, thousands of Nigerians die…

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Five things to know to start your Wednesday

Local pharmaceutical firms receive N100bn from FG -Presidency President Muhammadu Buhari disclosed on Tuesday that…

Businesses incur billions in demurrage as Customs processes drag

Businesses in Nigeria that depend on imports for production inputs are losing billions of naira yearly to demurrage…

How importers struggle to navigate Customs bottlenecks

Manual inspection of containers and the failure of the Nigeria Customs Service to streamline the number of its…

Singapore, Rwanda, Kenya’s electronic single window hold lessons for Nigeria

While the Federal Government of Nigeria has for years been nursing the idea of introducing the electronic single…

Netflix, Amazon contest for audience with Nollywood

With the growing streaming culture among Nigerian movie fans and filmmakers, streaming giants appear to be taking…

Seplat-ExxonMobil saga sends danger signals to oil investors

The Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) insistence that the ExxonMobil/Seplat Energy share…