News and analysis of global and local business trends, markets, and industry developments.
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…
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate for the month of July 2023 increased to 24.08% compared to 22.79% recorded in June 2023. This is contained in Consumer Price Index (CPI) report for July 2023 released on Tuesday that shows the latest figure to be the highest in 2023. According to…
The Central Bank of Nigeria (CBN) says it has taken appropriate measures to stabilise the unfavourable fluctuations in the foreign exchange market. The Acting Governor of the bank, Folashodun Shunobi, told State House Correspondents in Abuja after his meeting with President Tinubu. He said they discussed the effective measures needed to be taken to stabilise…
The National Pension Commission has made a recovery of over twenty four billion naira since 2012 from employers who failed to remit pension deductions of their employees. The Director General of PENCOM, Hajya Aisha Dahir-Umar made this known in a message to the 2023 Conference for Journalists in Abuja. The Director General who was represented…
The nationwide protest of the Nigerian Association of Resident Doctors (NARD) set to commence on Wednesday has been called off after closed door meeting with the Senate. Addressing the media shortly after the meeting, the National President of the Association, Dr Emeka Innocent Orji said it was concluded that the Association should be at the…
The Federal Government on Monday said it did not proceed with the contempt suit it planned to file against Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for organizing nationwide protest against fuel subsidy removal on August 2, 2023. The National Industry Court had stopped the organized labour from going on strike, however…
By Damilola Adeleke “The Nigeria Civil Aviation Authority (NCAA) recently signed the Civil Aviation Masterplan (CAMP) with the International Civil Aviation Organization (ICAO). The agreement was sealed during a visit by NCAA’s Director General, Captain Musa Nuhu, to ICAO’s headquarters in Montreal, Canada. According to Captain Musa Nuhu, the implementation of the Masterplan will create…
By Damilola Adeleke The federal government has teamed up with Wema Bank to establish digital hubs for micro, small, and medium enterprises (MSMEs) in seven states. Vice President Kashim Shettima, in a statement by his office’s Director of Information, Olusola Abiola, revealed the plan to empower one million youths with digital skills through these hubs….
In an effort to boost food production and support communities affected by violent conflicts, the Plateau State government-owned ASTC has cultivated 900 hectares of land in 14 areas. These communities, spread across Riyom, Barkin Ladi, and Mangu, were severely impacted by recent attacks, leading to the displacement of residents and destruction of farms. The farming…
The Nigerian Association of Resident Doctors (NARD) says its members will embark on peaceful protests nationwide from Wednesday, August 9, if the Federal Government fails to meet its demands. This is contained in a notice issued on Saturday after the Association’s National Executive Council (E-NEC) virtual meeting and addressed to the Permanent Secretary, Federal Ministry…
President Bola Tinubu says a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the Civil Service payroll is imminent. The President stated this during an audience with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa, Abuja. ”The reforms are in tandem with Nigeria’s Ease…
Nigerian National Petroleum Company Limited (NNPCL) in partnership with a private firm is set to deploy Compressed Natural Gas (CNG) stations across the country. In a statement by the Chief Corporate Communications Officer NNPCL Garba Deen Muhammad, the collaboration is aimed at expanding CNG infrastructure, improve access to CNG, and accelerate the adoption of cheaper…
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a directive to Google, calling for the immediate removal of 18 digital lending companies from its PlayStore and related platforms. Babatunde Irukera, CEO of FCCPC, in a statement said the Commission had identified these companies as operating without the necessary regulatory approval. “They were also…
