Business

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…

FG, NLC meeting ends in deadlock

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…

Gov Zulum unveils 70 buses to ease civil servant movement

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…

Business

SON affirms global acceptance of Nigeria’s agro-allied products

Damilare Irelabi2 years ago02 mins

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 Tinubu gets $14bn investment from India

Enoch Odesola2 years ago06 mins

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…

Oyo NUJ slams NMA for harsh words towards Ayefele

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…

Gov Zulum presents N2bn soft loan to Borno workers, raises gratuity pay

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 naira takes a hit as the financial markets kick off the week

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 workers snubs NLC strike

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…

NLC’s strike action in Osun elicits varied levels of adherence

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…

Business

Warning strike in Abuja – offices, banks join, city comes to a standstill

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…

Business

Dangote Cement off the shelves in Benin Republic

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…

Business

NBS reports significant increase in revenue from taxes on goods in the first half of the year

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…

Business

Bagudu promises to unlock Nigeria’s economic potentials

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…

IPPIS withheld N26.6bn workers contribution – MBN.

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…

Unemployment rate down to 4.1% in Q1

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…

Business

Lafarge Africa vows to promote gender equality, create more jobs

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…

Business

Mr. Bigg’s showcases new menu to satisfy customers’ cravings

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…

Business

Tinubu’s weapon for economic transformation is MSMEs – VP Shettima

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,…

Business

FAAC dish out N966bn among three ties of govt

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…

Business

Artisanal miners seek Tinubu’s backing for members’ welfare

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…

Business

Former NNPC GMD, Ekpenyong urges Nigeria to boost oil production from existing fields

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…

Tinubu gives order on the establishment of Presidential CNG Initiative

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…

Business

Nigeria Oil loses estimately 600m barrels of crude oil in 11-years – NEITI

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….

Business

Naira gains value against dollar for second consecutive day

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…

Business

NNPC gets $3bn loan to stabilise naira

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…

Oil exports resume at Nigeria’s Forcados terminal after months of disruption

Damilare Irelabi2 years ago03 mins

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…

UI staff to work 3 days a week over high fuel costs

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…

NNPC declare untrue plans to hike petrol pump price