News and analysis of global and local business trends, markets, and industry developments.
Vice President Kashim Shettima yesterday, inaugurated the Steering Committee of the Nigeria Jubilee Programme (NJFP), as part of measures by the federal government to scale up its employment initiative and enhance the employability of fresh graduates with market-ready skills and competence. Also, yesterday, Shettima declared that Nigeria has remained proactive in taking steps…
Compiled and Edited by Saula quadri T The Polytechnic Ile-Ife, Osun State The Federal Government has selected Osun State to coordinate the implementation of the Food System Transformation Pathways in the South West region. This initiative, aimed at improving food security and nutrition in Nigeria, will focus on boosting food production, increasing employment, and enhancing…
Nigerian Communications Commission (NCC) says Starlink, a communication company, is facing regulatory heat over an unapproved data tariff hike. The NCC said the satellite internet service provider had unilaterally increased its data tariffs without obtaining the necessary approval from the commission. Its Director of Public Affairs, Dr Reuben Muoka, in a statement in Abuja on…
Nigeria’s electricity generation peaked at 4,998.20 megawatts on October 6, 2024, a slight decrease from the previous peak of 5,234.70 MW recorded the week before. This drop in electricity generation comes amid high energy costs, as highlighted by recent system performance data from the National Control Centre, representing a decline of 236.5 MW in total…
The Bauchi State government, in collaboration with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), has inaugurated an 11-member tripartite technical committee to finalize the implementation of the national minimum wage for civil servants in the state. Speaking to reporters after the State Executive Council meeting, NLC Chairman Comrade Dauda Shu’aibu announced…
A high-level delegation from Burundi has arrived in Nigeria, seeking to strengthen business ties and attract Nigerian investments to Burundi. Led by Ambassador Liberat Mfumukeko, Senior Advisor on Missions of the Presidency of Burundi, the delegation engaged with the Nigerian business community in Abuja, extending an invitation for investments in various sectors. Ambassador Mfumukeko highlighted…
President Bola Tinubu has named Mr. Joseph Olasunkanmi Tegbe as the Director-General and Global Liaison for the Nigeria-China strategic partnership. This follows the agreements made during Tinubu’s recent visit to China in early September. Tegbe, a 1988 first-class graduate in civil engineering from Obafemi Awolowo University, will report directly to the President. A fellow of…
President Bola Tinubu has made key appointments to the leadership team of the Nigerian Television Authority (NTA), selecting seven new executive directors. In a statement released by the presidential spokesperson, Bayo Onanuga, the new appointees include Ayo Adewuyi, who has been reappointed as Executive Director of News. Other appointments are Barrister Ibrahim Aliyu as Executive…
The house of Representatives Thursday, urged the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and the Dangote Refinery to allow independent marketers to lift fuel from the newly established refinery. The resolution was reached after a motion sponsored by Oboku Oforji, representing Yenagoa/Opokuma Federal Constituency, Bayelsa State, during plenary in…
As one of Nigeria’s oldest and most significant players in the food and agro-allied sectors, Flour Mills of Nigeria PLC (FMN) is making bold moves to secure its future as a regional and industrial powerhouse. FMN recently announced a share acquisition plan aimed at transitioning the firm’s structure to better align with its…
The Presidency has clarified that the federal government will not step in to resolve the ongoing fuel price conflict between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Speaking to State House correspondents on Wednesday, Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, explained that both NNPCL and Dangote…
Aliko Dangote, the President of Dangote Group has said that the oil industry mafia is far stronger than the drug cartel. The African richest man disclosed this in a 25-minute interview with Bloomberg Television on Monday. He also revealed that his refinery is on the verge of reaching an agreement with the…
The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended. The levy, which mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser, was suspended following a decision by the Federal Executive Council…
Guinea Insurance Plc has reported a 49.4 per cent increase in insurance revenue for the full year 2023 to N2.07 billion from N1.36 billion in 2022. The impressive growth, according to the company, highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction. “The revenue surge…
LAGOS — Hopes for a potential reduction in petrol prices, following the commencement of supply from Dangote Refinery, were dashed, yesterday, as NNPC Limited released a new pricing template that raised pump prices by about 11 per cent to N950 per litre. The pump price of petrol was increased by over 45 per…
The World Trade Organisation Director-General, Ngozi Okonjo-Iweala, has expressed her intention to seek another four-year term as the head of the organisation. The former Nigeria’s Finance Minister disclosed this in an interview with Reuters on Monday, stating that she hopes to complete “unfinished business” from her first mandate. She said, “I would like to be…
The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery are currently at odds over the pricing of Premium Motor Spirit (PMS), commonly known as petrol, produced by the refinery. NNPCL had claimed that the refinery was selling petrol at ₦898 per litre, but Dangote Refinery has refuted this, stating that a final price has…
The Nigerian Electricity Regulatory Commission (NERC) has imposed fines totaling N9.11 billion on the country’s 11 electricity distribution companies (DisCos) for overbilling unmetered customers through estimated billing practices. The penalties were announced in the September 2024 Supplementary Order of the Multi-Year Tariff Order (MYTO), released by NERC on Friday. While NERC kept the electricity tariff…
Vice President Kashim Shettima has reiterated President Bola Tinubu’s commitment to revolutionizing Nigeria’s digital economy, emphasizing that the administration remains on track and fully supported by strategic initiatives and partnerships. During a courtesy visit by the management of Odua Investment Company Limited, led by its Chairman, Otunba Bimbo Ashiru, at the Presidential Villa in Abuja,…
The Federal Government has launched a new initiative to sell crude oil to local refineries and facilitate the purchase of petroleum products using the Naira, aiming to ease pressure on the national currency and streamline costs. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a…
Kano State Governor Abba Kabir Yusuf has announced that the state will be the first to implement the new minimum wage of N70,000. The governor made this statement during a workshop on “Conflict Management for Harmonious Industrial Labour Relations” hosted by the Michael Imoudu National Institute for Labour Studies (MINILS) in Kaduna. Represented by Abdullahi…
The Nigerian Bulk Electricity Trading Plc has demanded for the renewal of its operating licence from the Nigerian Electricity Regulatory Commission, citing its contributions to the power sector. NBET’s current licence is set to expire on November 21, 2024, and it is seeking a five-year renewal. The request was made during a public…
The Federal Government has put forward a proposal to temporarily eliminate import duties on certain food items, a move aimed at addressing the nation’s food security challenges. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a closed-door session with the Nigeria Customs Service Board…
A three-day multi-sector trade and investment forum aimed at strengthening the economic and business ties between Nigeria and Tunisia was held at the John Wood Hotel, Abuja. The event, which began on September 10, was organized through the collaboration of the Tunisia-Africa Business Council (TABC), the Nigerian Embassy in Tunis, and the Tunisian Embassy in…
On Tuesday, Brent Crude futures dropped below $70 per barrel, marking the first time this has occurred since December 2021. Global prices experienced a decline, with Brent crude oil falling by $2.33 (-3.24 percent) to $69.51 per barrel, while WTI crude decreased by $2.60 (-3.78 percent) to $66.11 per barrel. The reduction in oil prices…
