Business
Dangote exported 434m litres petrol in March – NMDPRA
A breakdown of the figures showed that the refinery produced an average of 48.2 million litres of petrol per day, translating to 1.49 billion litres for the 31-day period. Of this volume, 34.2 million litres per day, totalling 1.06 billion litres, was supplied locally.
• Dangote Petroleum Refinery / Credit: Instagram
The Dangote Petroleum Refinery exported about 434 million litres of Premium Motor Spirit (petrol) in March 2026.
Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)’s March 2026 fact sheet on the state of the downstream sector on Wednesday revealed that the refinery produced a total of 1.49 billion litres of petrol during the month, while only 1.06 billion litres were supplied to the domestic market, leaving a substantial export surplus.
A breakdown of the figures showed that the refinery produced an average of 48.2 million litres of petrol per day, translating to 1.49 billion litres for the 31-day period. Of this volume, 34.2 million litres per day, totalling 1.06 billion litres, was supplied locally.
This implies that about 434 million litres of petrol were exported within the period.
The export of excess petrol reflects a major shift in Nigeria’s downstream sector, which has historically depended on imports to meet local demand. This development was further confirmed in a statement issued by the refinery earlier this week.It stated that, “Nigeria recorded a historic shift in its downstream petroleum trade in March, emerging as a net exporter of gasoline for the first time, driven largely by rising output from the Dangote Petroleum Refinery & Petrochemicals.
Business
Johnson & Johnson Willing To Pay $5.5bn To End Baby Powder Lawsuits Against The Company
The proposed settlement encompasses approximately 76,000 claims, including those consolidated in federal court in New Jersey and related cases in state courts, representing nearly all outstanding talc-related allegations against the company.
Johnson & Johnson has announced a provisional settlement of an estimated $5.5 billion to resolve tens of thousands of lawsuits alleging its talc-based products, including baby powder, caused ovarian cancer.
The proposed settlement encompasses approximately 76,000 claims, including those consolidated in federal court in New Jersey and related cases in state courts, representing nearly all outstanding talc-related allegations against the company.
J&J had previously settled the majority of cases asserting that its talc contained asbestos and led to mesothelioma
The landmark agreement could bring an end to a contentious legal battle that has plagued the pharmaceutical giant for a decade.
The Independent UK reported yesterday. Plaintiff law firms confirmed the deal, describing it as a positive resolution following the protracted court proceedings.
For the agreement to become final, it requires acceptance from 95 per cent of the ovarian cancer claimants across state or federal jurisdictions.
Erik Haas, J&J’s Vice President of Litigation, maintained that the claims were “meritless” but stated the company was willing to settle to achieve “closure.”
Business
FG Availing ₦3.6bn to 200,000 Tailors Nationwide
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
Image credit: Bella Naija
The Federal Government has launched a ₦3.6 billion funding to support about 200,000 tailors under the Industrial Training Fund’s (ITF) Skill Up Artisans (SUPA) Programme.
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
He said that the screening is designed to ensure only genuine artisans benefit.
Applicants are assessed on documentation, practical skills, commitment to the trade and readiness for further training.
The programme, launched in 2024, aims to reduce Nigeria’s dependence on foreign artisans by equipping local professionals with modern technical and entrepreneurial skills.
Under a new business incubation model, beneficiaries will receive industrial-grade sewing machines, specialised tailoring equipment, business signboards, mentorship and technical support.
The ITF dropped its previous practice of distributing starter packs after discovering that many beneficiaries sold the equipment instead of using it to build businesses.
Business
Naira Exchange Rates To Foreign Currencies Wednesday, July 29
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,405 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,930
EURO (EUR) Buy ₦1,585 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1774.08 ₦1861.62
EUR / NGN ₦1514.63 ₦1595.45
ZAR / NGN ₦80.34 ₦84.76
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,365.43
GREAT BRITISH POUND (GBP) ₦1,816.05
EURO (EUR) ₦1,552.88
SWISS FRANC (CHF) ₦1,667.11
JAPANESE YEN (JPN) ₦8.33
CHINESE YUAN (CNY) ₦201. 66
WEST AFRICAN CFA (XOF) ₦2. 36
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,847.10
SAUDI RIYAL (SAR) ₦363.74
SOUTH AFRICAN RAND (ZAR) ₦81.54
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