Bread makers will commence a four-day warning strike on Thursday over the rising cost of baking materials. The producers, all members of the Premium Breadmakers Association of Nigeria (PBAN), said the duration of the strike action would be extended if the government fails to positively step in. In a statement by PBAN spokesman, Babalola Thomas, the association said their bakeries …

Nigeria and Africa must strengthen their manufacturing capacities in order to produce vaccines, according to World Trade Organisation (WTO). WTO Director-General, Dr Ngozi Okonjo-Iweala said on Tuesday in Abuja that it was not good that Africa imported 99 percent of its vaccines and 95 percent of pharmaceutical products. During her visit to the Ministry of Industry, Trade and Investment as …

The Nigerian National Petroleum Company (NNPC) Limited has said that it has no hand in the decision of oil marketers to increase petrol pump price. Reports on Monday evening claimed that NNPC issued a notice to oil marketers, approving an upward review in the pump price from N165 per litre to N179 per litre as well as the ex-depot price …

Unilever Nigeria Plc recorded a turnover of N43.8 billion in the financial year which ended 30 June 2022, representing 35 percent topline growth over the N32.4 billion posted in the corresponding period in 2021. According to the unaudited interim report just released, the result showed that the company recorded a gross profit of N14.2 billion for the period that ended …

The Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy Rate (MPR), through which interest rate is measured, from 13 percent to 14 percent, explaining that the measure is to control rising inflation. MPR is the baseline interest rate in an economy, around which other interest rates in an economy revolves. Last month, Nigeria’s inflation rate reached a five-year high …

President Muhammadu Buhari has said that the transformation of the publicly-owned Nigeria National Petroleum Corporation to the commercial entity now known as Nigerian National Petroleum Company (NNPC) Limited  Limited would strengthen the capacity and market relevance of Nigeria’s oil industry. NNPC Limited came into effect on 1 July, and one of benefits of the Petroleum Industry Act (PIA) 2021. The …

The crisis and confusion in the petrol supply chain persists as the scarcity of Petroleum Motor Spirit (PMS) persists across the country. Marketers, who have the product to dispense, sell at arbitrary prices above the N162/N165 approved for a litre. They blame this on the hike in ex-depot prices. Marketers, who shut their filling stations to consumers, say they would …

The two persons who on Sunday night allegedly attacked the facilities of Geometric Power and Aba Power Limited in the Osisioma Industrial Layout, Aba, Abia State, and carted away materials worth millions of Naira have been nabbed. Geometric’s Chief Security Officer, Air Commodore Nicholas Orjiude (rtd.), told media professionals in Aba that the suspects were captured on Monday morning in …

Aero Contractors, one of West Africa’s oldest aviation companies, has announced that it will temporarily suspend scheduled passenger services on Wednesday. In a statement in Lagos on Monday, the airline blamed the situation on “the impact of the challenging operating environment on our daily operations”. It clarified that the suspension of services would not affect “the maintenance activities of the …

… collaboration key to success – NIMASA DG In its 2022 half year report, the International Maritime Bureau (IMB) has highlighted the reduction in piracy in the globe and expressed optimism that it is a new dawn for the shipping community globally. This is coming on the heels of the Bureau receiving the lowest number of reported incidents during the …