News and analysis of global and local business trends, markets, and industry developments.
The Lagos State Government Ministry of Environment and Water Resources, in conjunction with C40 Cities, will be unveiling a new $90,000 biogas plant at the Ikosi Fruit Market in Ketu, Lagos. In a statement issued by the ministry’s spokesman, Kunle Adeshina, the plant will be unveiled during a 3-day annual Regional Academy scheduled to be…
Nigeria and South Africa have inaugurated the Joint Ministerial Advisory Council on Industry, Trade, and Investment, marking a significant advancement in economic cooperation between the continent’s two largest economies. The announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable in Cape Town, attended by key business leaders and government…
Nigeria’s Eurobond is said to have achieve a milestone on Monday, raising $2.2 billion after the country returned to the international market. This comes as the country recorded a $9 billion oversubscription of its Eurobond. The bond issuance, which commenced on Monday under the Global Medium Term Note Programme, had a target issuance of $1.7…
Civil servants in Nasarawa State have embarked on an indefinite strike following the state government’s failure to implement the N70,000 national minimum wage recently signed into law by the federal government. Led by organized labour unions, workers shut down ministries, departments, and agencies (MDAs) across the state to press their demands. Chanting solidarity songs, union…
The Nigeria Labour Congress (NLC) has criticized Ebonyi State Governor, Francis Nwifuru, for threatening to dismiss workers who joined an ongoing strike over the non-implementation of the new minimum wage. In a statement issued on Monday, NLC President, Comrade Joe Ajaero, described the governor’s stance as counterproductive. He directed workers and affiliate unions in Ebonyi…
The Presidency has dismissed allegations that the proposed tax reform bills before the National Assembly are designed to favor Lagos and Rivers States. According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the reforms aim to simplify Nigeria’s complex tax system and enhance the overall quality of life for Nigerians. Clarifying…
The Central Bank of Nigeria (CBN) will on Monday launch a new website that has a variety of new content which encompasses a broader spectrum of information regarding the bank’s mandate. The new website, according to the Ag. Director, Corporate Communications, CBN, Hakama Sidi Ali, is responsive to mobile devices, facilitating navigation across…
Nasarawa State’s organized labour is preparing for an indefinite strike following the state government’s delay in implementing the newly approved national minimum wage. The Chairman of the Nigeria Labour Congress (NLC) in Nasarawa, Comrade Ismaila Okoh, revealed this during a telephone conversation with Radio Nigeria. He stated that despite multiple discussions, including meetings chaired by…
President Bola Ahmed Tinubu has congratulated Alhassan Yahaya on his election as the new President of the Nigeria Union of Journalists (NUJ) during the 8th Triennial National Delegates Conference held in Owerri, Imo State, on November 27, 2024. In a statement issued by his spokesman, Bayo Onanuga, President Tinubu also extended his felicitations to other…
The Nigeria National Petroleum Company Limited, NNPCL, disclosed the Port Harcourt Refining Company, PHRC, has not yet begun bulk sales, stating that essential processes are still being finalized. The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, made this known in a statement on Friday. According to him, the products the refinery currently sells originate…
Kwara State Governor, AbdulRahman AbdulRazaq, yesterday said his administration would collaborate with the Bank of Industry to ensure that the federal government’s intervention schemes have sustainable impact on the people of the state. He spoke at a stakeholders’ meeting on presidential grants and loan schemes for Small and Medium Enterprises (MSMEs) in Ilọrin….
Itsekiri Environmental Protection Initiative, IEPI, has urged Chevron Nigeria Limited and the Nigerian government to resolve the trouble between them and those agitating for slots in Chevron’s employment quota. National Coordinator of IEPI, Ojumude Tosan Bishop, in a statement, urged government to resolve the vandalism of multiple pipelines at Chevron Nigeria Limited’s operational…
The Trade Union Congress of Nigeria (TUC) has called on the Federal Government to settle the outstanding three-month wage award to foster a more harmonious relationship between the government and labor unions. TUC President, Comrade Festus Osifo, made the appeal during the 7th Registrar of Trade Unions Workshop held in Abuja. Represented by TUC Vice…
Vice President Kashim Shettima has lauded the growing trade volume between Nigeria and China, highlighting its significance as one of the highest in Africa. Speaking during a meeting with a Chinese delegation led by Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, at the Presidential Villa in Abuja, Shettima emphasized…
Nigeria’s petroleum marketers said that the Premium Motor Spirit (Petrol) price may be reduced to between N900 and 1000 per litre by this year’s Yuletide with the intervention of Dangote Refinery. The President of the Petroleum Products Retail Outlet Owners Association, PETROAN, Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association…
The Securities and Exchange Commission (SEC) has disclosed that banks and other companies raised over N2.7 trillion from the capital market in recent times. The figure, which includes equity capital, excludes amounts raised by fund managers in the capital market. Of the total amount, about N1.7 trillion was raised by banks through…
The Nigerian National Petroleum Company Limited (NNPCL) has clarified that there is no discrepancy between its crude oil production figures and those provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The clarification follows media reports suggesting a mismatch between NUPRC’s cited output of 1.54 million barrels per day (mbpd) for September 2024…
President Bola Tinubu has emphasized the critical role of the creative economy in driving his administration’s economic diversification agenda, pledging to position Nigeria’s creative sector as a global powerhouse. Speaking during the launch of the 2024 Abuja International Carnival at Eagle Square, Abuja, President Tinubu, represented by Vice-President Kashim Shettima, highlighted the carnival as a…
The Lekki Textile and Garment Special Economic Zone (SEZ) in Lagos State is projected to generate approximately 5,000 direct jobs and over 20,000 indirect employment opportunities upon completion, according to Dr. Olufemi Ogunyemi, Managing Director of the Nigeria Export Processing Zones Authority (NEPZA). Dr. Ogunyemi made this known during the disbursement of compensation to seven…
The Senate has officially confirmed Omolola Oloworaran as the Director General of the National Pension Commission (PenCom). Her confirmation came during plenary following the adoption of the Senate Committee on Establishment and Public Service’s report. President Bola Ahmed Tinubu had earlier forwarded her nomination to the Senate, seeking her confirmation after several months of acting…
The House of Representatives has urged Nigeria’s Electricity Distribution Companies (DISCOs) to undergo a recapitalisation process requiring at least N500 billion to strengthen their financial capacity and improve service delivery to consumers. This recommendation followed a motion titled “Need to Address the Activities of Distribution Companies in Nigeria” brought forward by Hon. Ayokunle Isiaka, representing…
The Federal Government on Tuesday revealed a plan to establish a National Youth Development Bank and a Youth Data Bank. President Bola Tinubu, represented by his Vice, Kashim Shettima, disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja. The President described the banks as…
The Governor of Benue State, Hyacinth Alia, has approved a new minimum wage of ₦75,000 for workers across the state, surpassing the federal minimum wage of ₦70,000 recently announced by President Bola Ahmed Tinubu. The decision was made public during a meeting with representatives of organized labor at the State Secretariat on Monday. The announcement…
Africa’s richest person, Aliko Dangote, has started discussions with some foreign banks to secure billions of dollars for crude oil importation. The Africa Finance Corporation (AFC), a pan-African development lender is one of the institutions involved in the talks to raise money, according to Financial Times, FT. The report noted Dangote Refinery…
The Nigerian Exchange Limited, NGX has proposed amendment to the trading license holders’ rules. In a statement during the weekend, the Exchange said that a block divestment and large volume trades would be amended. https://punchng.com/ngx-proposes-tougher-rules-for-large-volume-trades/ It stated: “On 12 February 2018, the Amendments to Trading License Holders’ Rules (Part XIIIA), which include the…
After years of heavy importation of petroleum products, the Nigerian National Petroleum Company Limited, NNPC, announced on Monday that it has call a quit to the long-standing practice. This comes after the Independent Petroleum Marketers Association of Nigeria, IPMAN, had earlier announced its plans to purchase products directly from the $20 billion Dangote facility. Mele…
Award-winning financial broker, business coach, and public speaker, Adeola Abiodun, remains steadfast in his mission to ensure a secure financial future for generations to come. As a national executive director at Experior Financial Group, Abiodun’s influence stretches across Canada, where he is recognized not only for his professional accomplishments but also for his…
Mining Marshals deployed to stamp out illegal activities in mining sites nationwide, have claimed that they were stopped by security forces from arresting some Chinese nationals engaging in the illegal exploitation of lithium in Libata, Ngaski Local Government Area of Kebbi State. The incident which occurred last Friday pitched the mining marshals against…
Viva Detergent, the leading home cleaning brand under Aspira Nigeria Limited, has announced an exciting new partnership with celebrated African fashion designer Ruth Erikan James, known as Veekee James. This collaboration marks a significant milestone for both brands, aligning Viva’s commitment to quality cleaning with Veekee’s renowned craftsmanship in fashion. Veekee James is…
The Federal Inland Revenue Service (FIRS) has opened its recruitment portal for Tax Officer positions, accepting applications from 12:00 am on November 2, 2024. In a statement posted on X (formerly Twitter) on Friday, FIRS announced it is seeking to fill Officer I and Officer II roles in multiple locations across Nigeria. The agency encourages…
The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central Bank of Nigeria (CBN) to increase local financing to enable private businesses in Nigeria grow. In a statement yesterday, IFC said the goal of the partnership is to provide more than $1 billion…
