News and analysis of global and local business trends, markets, and industry developments.
The National Economic Council, NEC, has beseeched the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, not to abandon dialogue in their quest for better welfare for its members. NEC subsequently also appealed to the unions to suspend the planned nationwide indefinite strike scheduled to start on October 3. Governor Caleb Mutfwang of…
An integrated financial services group, Norrenberger recently received upgraded ratings from Agusto & Co Limited to ‘BBB(IM)’ and Data Pro Limited to ‘A-’ respectively. The credit rating companies in their 2023 investment manager rating exercise determined Norrenberger’s rating as higher than the previous report, following the remarkable increase in its assets under management, streamlined operations,…
The iconic NASDAQ building in the heart of New York City’s financial district played host to a historic event on Wednesday, as President Bola Ahmed Tinubu, rang the closing bell. In a speech delivered to a diverse audience of international investors and financial magnates, Tinubu emphasised Nigeria’s newfound stability and burgeoning economic potential. He stated…
The Federal Government’s meeting with the Nigeria Labour Congress (NLC) on Monday ended in deadlock as the two parties could not reach an agreeable resolution. The meeting followed NLC’s threat to embark on an indefinite strike. Minister of Labour and Employment, Simon Lalong and his colleague in the Ministry, Minister of State for Labour and…
Borno State Governor, Babagana Zulum has launched a new fleet of 70 luxurious buses to ease the movement of civil servants to their various places of work and other members of the public. Unveiling the metro buses at Borno Express terminus in Maiduguri, Governor Zulum said the second phase of the intervention is to alleviate…
By Damilola Adeleke The Standards Organisation of Nigeria (SON) has emphasized that agro-allied products from the nation enjoy global acceptance. Faruok Salim, the Director-General of SON, stated that the organization would increase efforts to educate agro-allied product producers nationwide about adhering strictly to SON’s standards, in support of the government’s diversification goals. Salim, represented by…
President Bola Tinubu has secured a 14 billion dollar investment pledge from Indian companies. The companies made the pledge during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India. President Tinubu told the captains of industry that Nigeria was ready to give them the best returns for investment possible, stressing that there is nowhere…
The Oyo State Council of the Nigeria Union of Journalists (NUJ) has criticized the chairman of the state’s chapter of the Nigerian Medical Association (NMA), Wale Lasisi, for his comments about Yinka Ayefele, a prominent musician and broadcaster. Lasisi had criticized Ayefele for airing a case on his radio program where a woman had a…
Governor Babagana Zulum of Borno state has presented a cheque of two billion naira to the Nigerian Labour Congress, for disbursement as interest-free loans to workers to cushion the impact of fuel subsidy removal. This was part of the nine-point demands earlier presented by Nigeria Labour Congress and Trade Union Congress to the state Governor….
The Nigerian naira depreciated against the US dollar on Monday, exchanging at N747.87 at the Investors and Exporters window. This represents a 1.01% drop compared to the N740.38 exchange rate on September 1st. The open indicative rate closed at N772.06 to the dollar. The highest rate recorded during the day’s trading was N799.90 before settling…
Aviation unions under the Nigeria Labour Congress, NLC, have opted out of the two day warning strike called by their parent body. The leadership of the unions say, the reason for this is that, they cannot afford to jeopardize the industry’s safety record before the global community as it is currently undergoing the International Civil…
As the Nigeria Labour Congress (NLC) initiated a nationwide warning strike today, some areas of Osogbo, the capital of Osun State, experienced deserted streets and closed businesses. Many business owners did not open their shops, and residents stayed indoors. However, at the Owode-Ede market on the outskirts of Osogbo, traders and commercial transporters continued their…
By Damilola Adeleke The Nigeria Labour Congress (NLC) has begun a two-day nationwide warning strike in protest of the removal of subsidy and the associated economic hardships faced by Nigerians. Some NLC affiliates in Abuja, including banks, government ministries, and parastatal agencies, have adhered to the strike directives, with some offices being closed. The NLC…
Recent allegations that Dangote Cement Plc was selling a bag of 50kg cement in Nigeria for N5,200 while selling the same quantity for N1,500 in the Republic of Benin have been debunked. Investigative findings reveal that Dangote Cement is not officially sold in Benin Republic; instead, it is used as a transit route to export…
The taxes imposed on products in Nigeria have increased to N1.36 trillion in the first half of 2023, according to recent data from the National Bureau of Statistics. This figure represents a significant rise of 113.29% from the N636.19 billion recorded in the first half of 2021 and a 25.00% increase from the N1.09 trillion…
The newly inaugurated Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, has expressed his commitment to utilizing the Ministry, its parastatals, agencies, and partners to unlock the economic potential of Nigeria. He made this statement during the resumption ceremony organized by the ministry in Abuja. Sen. Bagudu, who is among the newly appointed…
The Federal Mortgage Bank of Nigeria (FMBN) has accused the Integrated Personal Payroll Information System (IPPIS) of not remitting N26.6 billion of workers contributory funds in 2 years. The Managing Director, Mr Madu Hamman, stated this when he appeared before the House of Representatives ad hoc Committee probing the non-remittance of the National Housing Fund…
The National Bureau of Statistics (NBS) says unemployment rate is 4.1% in first quarter (Q1) of 2023. This is lower compared to the 5.3% in fourth quarter (Q4) of 2022. The Nigeria Labour Force Survey are a set of indicators designed to provide insights into the dynamics of the workforce in Nigeria. The Statistician General…
Lafarge Africa Plc has reaffirmed its commitment to gender equality and job creation through its Graduate Trainee Programme. The company recently celebrated the graduation of its 2022/23 set of Graduate Trainees, who successfully completed an 18-month intensive training program. The Lafarge Africa Graduate Trainee Programme is designed to attract and nurture young, talented individuals with…
Mr Bigg’s, a pioneer in Nigeria’s quick-service restaurant industry, has introduced five new offerings to its menu to cater to a wider range of tastes and preferences. The new menu additions include Asun Rice, Asun Spaghetti, Rice & Beans, Sandwich, and Egg Roll, reflecting Mr Bigg’s commitment to innovation and customer satisfaction. By expanding its…
Vice President Kashim Shettima has highlighted President Bola Tinubu’s commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) as a crucial driver of the nation’s economic development. Speaking during his visit to exhibition stands at the BRICS Trade Fair, in South Africa on Wednesday, Shettima emphasised the significance of empowering MSMEs, especially youth and women,…
The Federation Account Allocation Committee (FAAC) has shared N966.110 billion in July 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils. The FAAC shared revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer levies (EMTL) revenue of N12.840 billion, and…
Abdullahi Dantasidi, the National President of the National Artisanal and Small Scale Mining Cooperative Society, has appealed for the support of President Bola Tinubu to alleviate the challenges faced by artisanal miners across Nigeria. In a statement, Dantasidi highlighted the hazards that artisanal miners encounter, including health, security, and environmental risks, despite being the first…
Oil industry expert Dr. Victor Ekpenyong has suggested that Nigeria should utilize its current oil reserves as a means to enhance oil production and address revenue deficits. Ekpenyong, the CEO of Kenyon International West Africa Ltd, a firm specializing in Well Control Services, expressed his views to journalists on Sunday. He also commended the Nigerian…
President Bola Tinubu has approved the establishment of the Presidential Compressed Natural Gas Initiative (PCNGI). This is in furtherance of his commitment to easing the impact of fuel subsidy removal on Nigerians by reducing energy costs. This transformative initiative is poised to revolutionize the transportation landscape in the country, targeting over 11,500 new CNG-enabled vehicles…
Nigeria Extractive Industries Transparency Initiative, (NEITI), says the country lost about 600 million barrels of crude oil valued at $46bn from 2009 to 2020. The disclosure was made by the Executive Secretary of the Agency Dr Orji Ogbonaya Orji while addressing stakeholders’ Roundtable for the review and approval of NEITI 2021 audit reports in Abuja….
The Naira has recorded a second straight day of appreciation against the US dollar. Checks at several Bureau de Change Operators in Abuja indicated that the Naira exchanged for between 750 and 790 to a dollar. This was against the 935 and 920 it exchanged for on Monday and Tuesday. The rise in the value…
The NNPC Ltd has secured an emergency $3bn crude oil repayment loan to stabilise the naira. The loan jointly signed by NNPC and Afrexim bank in Cairo, Egypt is expected to help the Federal Government stabilise the naira. Announcing the signing on its twitter handle, NNPC says the signing will provide immediate disbursement that will…
By Damilola Adeleke Nigeria has resumed the export of approximately 220,000 barrels of crude oil per day from the Forcados terminal. The terminal had been temporarily closed for maintenance on July 12, 2023, after workers detected ‘fumes’ near a buoy where oil was being loaded onto a vessel. This shutdown contributed to Nigeria’s failure to…
The University of Ibadan (UI) has announced a reduction in workdays for its employees, from five days to three days per week, in response to the significant rise in fuel prices. This decision is a result of the removal of fuel subsidies by the Federal Government, leading to economic challenges for the general population. The…
The Nigerian National Petroleum Company Limited (NNPCL) has reacted to rumours of a possible hike in the pump price of Premium Motor Spirit, popularly called petrol. A post by the company’s official X (formerly Twitter) handle said it had no intention to increase the pump price of petrol. It reads: “…We at NNPCL Retail value…
