News and analysis of global and local business trends, markets, and industry developments.
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…
The Nigeria Labour Congress currently holds an emergency National Executive Council meeting over the suspension of their strike action. A reliable source at the ongoing meeting in Abuja disclosed this to news men on Thursday morning. According to him, leaders of the Union are already discussing the possibility of suspending the strike owing to the…
The Central Bank of Nigeria CBN, says it has little or no power over the price of either Premium Motor Spirit (PMS) or the dollar. A Principal Manager with the apex bank, Mr. Osagie Clement, announced this when he appeared before the House of Representatives ad-hoc committee investigating the recent hike in the price of…
The National Labour Congress (NLC) has began a nationwide protest over the removal of fuel subsidies and the perceived lack of adequate palliative measures. Thousands of demonstrators have taken to the streets in various cities across the country, demanding immediate government action to address these pressing concerns. In the FCT, they have gained entrance in…
The Initiative tagged “The Feed the Future Water for Agriculture activity”, supported by the United States Agency for International Development (USAID), has increased access to water for almost 55,000 farmers and herders in Adamawa, Borno, and Yobe States. This has resulted in over 1,600 farmers adopting improved agriculture production practices a statement by the US…
Borno State Governor, Babagana Umara Zulum, has flagged off a fresh stage of palliatives which is targeting about 300,000 households with about six persons per household to attain one million and eight hundred thousand (1.8m) persons in need. Zulum launched the distribution on Tuesday at Muna Internally Displaced Persons, IDPs camp in Jere Local Government…
The Academic Staff Union of Universities (ASUU) has stated that it will join the planned industrial nationwide strike of the Nigeria Labour Congress (NLC) which is set to begin on Wednesday, August 2. Speaking with newsmen on Monday, the ASUU President, Prof. Emmanuel Osodeke, said that ASUU is still consulting on the matter with its…
The Presidential Steering Committee on Palliatives, encompassing the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC, of Nigeria, is currently meeting with the Federal Government team at the Chief of Staff Conference Hall, at Aso Rock, Abuja. Recall that the organized labor fumed out of the meeting on Friday last week, asserting that…
Human Rights Lawyer, Femi Falana has said the proposed strike and protest by the Nigeria Labour Congress and its affiliates does not translate to contempt of court as averred by the Federal Government. In a letter to the Ministry of Justice, Falana said no court has issued a perpetual injunction restraining Nigerian workers from participating…
The upward trend in the stock market will persist this week driven by corporate earnings releases and new policy pronouncements by the Federal Government, Analysts said in their projections for this week. Meanwhile, trading on the Nigerian Exchange Limited, NGX, last week shut down marginally positive despite pressure from profit-taking activities during the week. Specifically, the…
The Nigerian Association of Resident Doctors (NARD) has rejected the N25, 000 accoutrement allowance per quarter from the Federal Government. In a communique on Sunday, National Executive Council (NEC) of NARD, emphasised that their prior demand is for the Consolidated Medical Salary Structure to be fully restored to its right value as at the time…
An ex-banker, Uchenna Emmanuel, has apologized for having “mistakenly” used a bank customer’s ATM card to withdraw cash five times. The suspect, a cashier, made this known on Friday while being exhibited by the Ondo State Police Command in Akure, the state capital. In his narration, he professed to have made withdrawals from the account…
The Standards Organisation of Nigeria, in Bauchi State, says its operation team has imprisoned a suspected producer of fake Nitrogen, Phosphorus, and Potassium fertilizer at Chinade town in Katagum Local Government Area of the State. It added that no fewer than 150 bags of counterfeit fertilizer were also reclaimed from the suspect at his shop…
Google has partnered with Verve, allowing Nigerian users to use Verve cards for purchases on the Google Play Store with the Naira currency. With this collaboration, Google will process Verve transactions within Nigeria, and these transactions will be conducted in the local currency, Naira. This means that the transactions will be treated as local transactions…
President Bola Tinubu has approved the payment of N25,000 peculiar allowance for medical and dental doctors in hospitals, medical centres and clinics in the federal public service. This is contained in a circular dated July 25, 2023, and signed by the Chairman and Chief Executive Officer of the National Salaries, Incomes and Wages Commission, Ekpo…
