Business
UK plans new scheme to drive trade with Nigeria
The United Kingdom government has proposed a new scheme to help Nigeria and other developing countries to drive ‘free and fair’ trade in the post-Brexit.
In 2018, former Prime Minister of the United Kingdom, Theresa May, had hinted about a new trade deal and economic partnership during her visit to Nigeria.
In a statement on Thursday, United Kingdom Foreign, Commonwealth and Development Office (FCDO) said the new plan will replace the UK’s generalised scheme of preferences (GSP) in 2022.
The statement added that the new scheme, Developing Countries Trading Scheme (DCTS), will be an opportunity for the UK to grow free and fair trade with developing countries, boost the economy and support jobs in these countries as well as for British citizens.
The scheme aims to contribute to developing countries’ integration into the global economy, creating stronger trade and investment partners for the future and strengthening supply chains.
“The UK currently operates a similar scheme rolled over from the EU, but as an independent trading nation we can now take a simpler, more generous, pro-growth approach to trade with developing countries,” it stated.
“The UK Developing Countries Trading Scheme will apply to 47 countries in the Least Developed Country Framework (LDCF) and 23 additional countries classified by the World Bank as low-income and lower-middle-income countries.
“The proposed new UK scheme will mean more opportunity and less bureaucracy for developing countries, for example by simplifying rules of origin requirements or reducing tariffs on imports. For instance, this could mean lowering tariffs on products including rice from Pakistan and raw materials from Nigeria.”
Dominic Raab, UK foreign secretary, said cutting tariffs for poorer countries enabled them to trade their way to genuine independence.
International trade secretary, Liz Truss, said trade fundamentally empowers people and has “done more than any single policy in history to lift millions of people around the world out of poverty.”
“Now the UK is an independent trading nation we have a huge opportunity do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity.
“Countries like Bangladesh and Vietnam have proven it’s possible to trade your way to better living standards, and our new Developing Countries Trading Scheme will help others do the same.”
Emma Wade-Smith OBE, Her Majesty’s Trade Commissioner (HMTC) for Africa, said: “The DCTS scheme signals the UK’s strong appetite to promote free and fair trade.
“It is a demonstration of our commitment to help boost economic growth and prosperity in Africa, by enabling businesses there to access the UK market more easily.
“The UK is committed to strengthening our commercial relationship with African partners.
“The new DCTS scheme will create a smoother path for companies to export to the UK. I encourage the African business community to contribute to this important consultation.
“We want to hear a range of views and perspectives, to ensure the scheme targets those areas that will have the greatest positive impact on growing our bilateral trade”.
In line with the development, the British government launched an eight-week public consultation on the UK future tariff schedule and policies in relation to the GPS that began on July 19 and will close on September 12, 2021.
It also invites views from Nigerian businesses and stakeholders with interest across the globe to send responses to the consultation via this link until September 12 closing date.
The scheme is targeted at 47 least developed countries and 23 low income and lower-middle-income countrie
Business
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.
This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.
However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.
The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.
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It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).
They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
Business
NNPCL hikes petrol pump price to N950/litre
NNPCL hikes petrol pump price to N950/litre
The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices to N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025.
This represents an N65 increase from the previous price of N860 per litre in Lagos and an N70 increase from the previous price of N880 in the North.
Last week, MRS and other independent marketers increased the price of petrol, raising its pump price to ₦930 per litre in Lagos and ₦960 for residents living in the northern part of the country.
Industry experts stated that the new increase is a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery.
The adjustment reflects changes in Nigeria’s deregulated fuel market, including competition, supply costs, and global oil price trends.
It also coincides with the appointment of new leadership at the national oil firm, NNPCL, by President Bola Tinubu on Wednesday. The board was also restructured.
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The NNPCL retail stations in Fadeyi, Ago Palace Way, and Ogba, as well as the NNPC station on College Road, have adjusted their prices to N925.
In Ikeja, outlets on Acme Road and the Lagos-Abeokuta Motorway have also raised their pump prices to the new rate.
However, due to logistical delays, not all NNPC stations in Lagos may have updated their prices simultaneously.
In the Federal Capital Territory, the national oil firm station located along the Kubwa motorway upped its price to N950 from N880 per litre. Other stations along Wuse effected the same increase.
This adjustment follows months of price competition. In March 2025, NNPC dropped their pricing to N860 per litre, matching Dangote Refinery’s lower rates.
However, due to rising global oil prices, exchange rate fluctuations, and changes in crude oil sourcing costs, NNPC has now revised prices upward.
Earlier in 2025, NNPC had supplied petrol at N925 per litre in December 2024 before various price adjustments.
The present rate in Lagos remains cheaper than in certain other places, including Abuja, where rates recently stood at ₦880 per litre.
NNPCL hikes petrol pump price to N950/litre
Auto
Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria
Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria
Leading distributor and importer of high-quality automotive spare parts and lubricants in Nigeria, Winpart by CFAO, has commenced the distribution of Cworks batteries in Nigeria.
Cworks is a premium automotive battery brand from Toyota Tsusho Corporation.
The battery introduction, the company says, marks a new era of reliability, durability, and high performance for Nigerian motorists and businesses.
The firm in a statement obtained by Newstrends says as an official distributor and importer of top-quality automotive spare parts, Winpart by CFAO has continued to bring globally trusted brands to Nigeria, ensuring that vehicle owners and businesses have access to world-class solutions.
Developed under the renowned Toyota Tsusho Corporation, Cworks batteries are engineered to deliver superior power, a longer lifespan, and consistent performance in all driving conditions.
Winpart by CFAO says CWorks is a product of “renowned Toyota Tsusho excellence, designed to meet global automotive standards; long-lasting performance, built for durability and resilience on Nigerian roads and weather conditions.”
The company disclosing that the batteries are now available through Winpart by CFAO outlets added that the product would facilitate “reliable power supply, ensuring smooth engine starts and sustained power for all vehicle types”.
General Manager of Winpart by CFAO, Mohamed TALEB, said, “We are excited to introduce Cworks batteries to Nigerian motorists. As a brand from Toyota Tsusho Corporation, Cworks battery reflects the same commitment to quality and performance that Toyota is known for worldwide.
“With Winpart by CFAO, Nigerians can now enjoy a battery that delivers reliability, longevity, and value.”
According to the firm, through Winpart by CFAO, Cworks batteries will be available across Nigeria via authorized dealers and service centres, ensuring easy access to high-quality battery solutions.
The company added that more information on CWORKS Batteries, can be obtained from its website- www.winpart.com.ng.
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