News
Pick n Pay” to exit Nigeria after selling 51% its stake

South African retail giant Pick n Pay has announced its exit from the Nigerian market after selling a 51% stake in its Nigerian operations. The decision to withdraw comes as the company reassesses its African investment strategy amid various challenges faced in Nigeria, including logistical and economic hurdles that have affected its growth and profitability in the region.
Pick n Pay initially entered the Nigerian market with high hopes, seeing it as a strategic expansion opportunity in West Africa. However, the complex business environment, coupled with supply chain constraints, inflation, and changing consumer preferences, made it difficult for the brand to establish a strong foothold.
The retailer’s departure underscores the difficulty international brands often face in Nigeria’s dynamic retail sector, where factors like infrastructure limitations and fluctuating currency values complicate operations.
Despite its challenges, Pick n Pay expressed gratitude for the partnership and customer support it received in Nigeria, with hopes that its former stake will continue to operate under new ownership, potentially with a focus better aligned to the local market demands.
In conclusion, Pick n Pay’s exit from Nigeria, marked by the sale of its 51% stake, reflects the retailer’s strategic shift to consolidate its resources and optimize profitability elsewhere, shedding light on the complexities of operating in one of Africa’s most challenging but promising markets.
News
Tinubu Says His Tough Economic Reforms Are Now Helping Nigeria’s Economy Grow

President Bola Tinubu has claimed that his government’s economic reforms are beginning to bear fruit. Speaking at the APC National Summit held at the State House banquet hall in Abuja on Thursday, Tinubu defended his administration’s decisions and insisted that the ruling party has not failed Nigerians. “Two years ago, we set out on a journey powered by hope and a strong belief in this country. We made a promise to tackle Nigeria’s problems directly and rebuild the trust of our people,” he said.
The president expressed confidence that the economic policies introduced since May 2023 are taking effect. He noted that the removal of fuel subsidies was a tough but necessary decision meant to steer the country toward a better future. “We took the bold step to end the subsidy, and we did it for the good of the country. Good things don’t come easy,” Tinubu added.
Since taking office, his administration has introduced a wave of economic reforms, including floating the naira and slashing fuel subsidies—moves which both the government and international bodies say were essential to fix Nigeria’s struggling economy.
However, these changes have been deeply felt by everyday Nigerians, many of whom are battling an intense cost-of-living crisis. With inflation soaring and economic growth sluggish, the World Bank estimates that nearly half of Nigeria’s population lived in poverty in 2024. Similarly, the International Monetary Fund (IMF) recently pointed out that while the reforms may be important in the long run, they are yet to make a real difference in the lives of ordinary citizens.
News
APC Governors Say They Support Tinubu for Second Term and Will Make Sure He Wins in 2027

The Progressive Governors’ Forum has pledged full support to ensure President Bola Tinubu secures a second term in office. Speaking at the APC National Summit in Abuja, the forum’s chairman and Imo State Governor, Hope Uzodimma, urged his fellow governors to take firm control of politics in their states and work to secure victories for the party across all levels.
Uzodimma emphasized that a united and active effort by APC governors will pave the way for Tinubu’s re-election in 2027. He also acknowledged the public backing Tinubu has received from APC governors in the North, calling it a strong step toward solidifying the president’s position as the party’s next flag bearer.
According to him, APC governors must promote federal government policies and dominate their political spaces to ensure success in the next general elections. Uzodimma closed his remarks by formally calling on the summit to adopt the position of the Progressive Governors’ Forum in endorsing Tinubu for a second term and committing to deliver that mandate.
Business
Dangote Drops Petrol Price Again as New Rates Start Across Nigeria

Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.
According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.
In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.
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