Business
Petrol Price Hike: Job Losses Top Private Sector’s Worry
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Lagos Chamber of Commerce and Industry, LCCI, and Nigerian Employers Consultative Association, NECA, among others, yesterday expressed concern over the impact of the latest petrol price increase on jobs and the economy.
Reacting to the latest price hike, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, and the Organized Private Sector, OPS, expressed concerns over it, decrying its potential impact on businesses and consumers across the country.
In a statement, the National President of NACCIMA, Dele Kelvin Oye, called on the Federal Government to engage in constructive dialogue with relevant stakeholders, including the organized private sector and labour unions to address the concerns raised about the price increase and its potential effects on the economy.
The statement reads: “The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, expresses its concerns over the recent increase in the pump price of petrol to over N800 per litre at NNPC filling stations across the country.
“While we understand the complex factors that can influence fuel prices, such as global oil market dynamics and exchange rate fluctuations, we are troubled by the lack of prior notice and clear explanations provided by the government and the Nigerian National Petroleum Company Limited, NNPC, regarding this development.
“The timing of this price hike is particularly concerning as it has the potential to further exacerbate the impact on businesses and consumers, especially the vulnerable segments of the population and those on fixed incomes, who are still adjusting to the recent increase in the national minimum wage.”
According to Oye, “NACCIMA calls on government and NNPC to engage in constructive dialogue with relevant stakeholders, including the organized private sector and labour unions, to address concerns raised about this price increase and its potential effects on the economy.
“We are particularly interested in understanding the reported conditions that may have been agreed upon during the minimum wage negotiations, and how the current development aligns with those understandings. Maintaining trust and credibility in the government’s economic policies is crucial for fostering a conducive business environment and promoting inclusive growth.
The Director -General of LCCI, Dr Chinyere Almona, said: “The impact on businesses will be severe, with fuel prices affecting supply and logistics, power generation, transportation, and factory operations.
The cost of doing business will skyrocket, prices of goods will rise, and some firms may shut down due to low demand in the face of weakening consumer purchasing power. Of course, this will be followed by job losses.
LCCI advocates for a more sustainable approach. Supporting the development of additional local refineries to process our crude for local consumption and potential export across Africa is the way forward. This long-term strategy is crucial for the stability and growth of our economy.”
On its part, the Nigeria Employers Consultative Association, NECA, faulted the new price, saying it will inflict more pain on Nigerians and contribute to the increase in the cost of doing business.
The Director-General of NECA, Wale-Smatt Oyerinde, also reacted and pleaded with the government to rethink and do all that is necessary to address the continuous impoverishment of Nigerians and incapacitation of organized businesses.
He said “The new pump price of petrol is not only worrisome but also unfair. We had expected that the Government would leverage the momentum created by the completion of the Dangote refinery and the planned commencement of operation of the Port-Harcourt refinery to clear the obvious self-inflicted pain on Nigerians and progressively reduce the pump price of petrol. This seems not to be the case.
“This new pump price could be seen as making Nigerians pay for the crass inefficiency in the NNPC. Rather than address the fundamentals that have made Nigeria a net importer of petrol, even when we have four refineries, the Government continues to inflict pain on Nigerians and inadvertently, contributing to the increase in the cost of doing business.
“We urge that Government should have a rethink and do all that is necessary to address the continuous impoverishment of Nigerians and incapacitation of organized businesses.”
The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.
He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.
Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.
Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.
Business
FG Spends $2.86bn on External Debts Servicing – CBN
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.
The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.
This was disclosed in the international payment data from the Central Bank of Nigeria.
The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.
In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.
The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.
The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.
The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:
In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.
February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.
In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.
May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.
June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.
July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.
Business
ECOWAS Bank okays $308.63m for Nigeria, Guinea
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.
ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.
President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.
The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.
Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.
The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.
Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.
Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.
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