News and analysis of global and local business trends, markets, and industry developments.
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…
The Speaker of the House of Representatives, Dr Tajudeen Abbas, has met with President Bola Ahmed Tinubu on the strike action by the National Association of Resident Doctors of Nigeria (NARD). At the meeting, Dr Abbas briefed the President on the outcome of his meeting with the NARD leadership. He also appealed to President Tinubu…
The Nigeria Labour Congress (NLC) has issued a one-week ultimatum and warning to the Federal Government to reverse the recent increases in the pump price of petrol, school fees in federal schools and the release of 8 months withheld salaries of university lecturers or face nationwide protests and industrial action. This is contained in a…
The Central Bank of Nigeria (CBN) has decided to increase the Monetary Policy Rate (MPR) from 18.5 percent to 18.75%. The decision was announced by Acting CBN Governor, Folashodun Shonubi, following the conclusion of the bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, July 25, 2023. This marks the first decision made by…
African Development Fund (ADF), the concessional lending arm of the African Development Bank (AfDB) Group, has approved $16 million for the innovation of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia. A statement issued on the AfDB website said the fund was approved to unleash the business potential of young Liberians. According to the AfDB…
The United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, has called for a pressing action to address the pervasive issue of food insecurity in Nigeria. Emphasizing the importance of revitalizing the country’s food systems, Schmale commended President Bola Ahmed Tinubu’s recent declaration of food security as a national emergency, considering it a positive…
Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu has called for greater economic partnerships and cooperation amongst the 54 African countries, stressing that the artificial boundaries that impede the free movement of people and goods should be reduced. The deputy speaker made the call, Thursday when he received the Speaker of the East…
The Government of Kwara state is to partner federal government in its $59million agro-processing initiative to end perennial herders-farmers dispute in the state. Speaking at the 37th Media Parliament of the state chapter of the Nigeria Union of Journalists (NUJ) in Ilorin, the Chief Press Secretary (CPS) to Governor Abdulrahman Abdulrazaq, Mallam Rafiu Ajakaye, said…
The exchange rate between the naira and dollar fell over to N888/$1 on Binance a crypto platform. This depreciation comes despite a temporary convergence achieved through the Central Bank of Nigeria’s (CBN) recent actions. Currency restrictions have previously been identified as a major hurdle for foreign investors looking to invest in Nigeria, the largest oil…
Distributors of Petroleum products in Nigeria under the umbrella of the Association of Distributors and Transporters of Petroleum Products (ADITOP) kicked against the alleged rise of truck loading fees for petrol by the Petroleum Tanker Drivers Association (PTD). This was disclosed by its National President, Alhaji Lawal Dan-Zaki in a statement in Abuja on Thursday. They cite an “arbitrary…
The Governmentof Benue State has uncovered 2,500 ghost workers during the first phase of the state’s staff verification and payroll audit for teachers and local government staff. Several hidden and ghost schools were also discovered as the Benue State government continues to block all revenue leakages. According to his statement, the Chief Press Secretary to…
Nigeria Labour Congress (NLC), Niger state Chapter has requested for the payment of N50,000 palliative for all categories of workers and pensioners in the state. State Chairman of Niger State, NLC, Comrade Abdulkarim Lafene made the demand while declaring open a one-day workshop, organised by Amalgamated Union of Public Corporations Civil Service Technical and Recreational…
AS over 200 million Nigerians groan and debate to survive under the heavy burden of high pump price of Premium Motor Spirit, PMS, affecting their cost and standard of living, Civil Society Organization, CSO, One Love Foundation, OLF, Wednesday, challenged the leadership of the Nigerian Labour Congress, NLC, and Trade Union Congress, TUC, respectively on…
Nigeria’s money supply heightened to N64.3 trillion in the month of June 2023 the highest we have ever documented in Nigeria. This compares to N55.5 trillion recorded in the month of May or a whopping N8.8 trillion increase. This is according to the latest data from the central bank of Nigeria as contained in its…
The Nigerian National Petroleum Company Limited has indicated the rise in the price of Premium Motor Spirit (PMS) otherwise known as petrol to the market realities. This was made known by the Group Chief Executive Officer of NNPC, Malam Mele Kyari, during an interview with journalists shortly after a private meeting with the Vice President,…
Several Nigerians on Tuesday were astonished with an increase in the pump price of premium motor spirit also called petrol as the product now sells at N617 in NNPCL stations. it was noted that petrol which sold for N537 was adjusted to N617 in Abuja. Some residents in the FCT said it would bring more…
The President of the African Development Bank (AfDB) Dr. Akinwumi Adesina has stated it is time to revalue African thrifts based on natural resources. He stated this in an interview with the Voice of America (VOA) sequel to the global finance summit held in Paris which drew leaders from all over the globe. According to him, “I’ve…
The Federal Airports Authority of Nigeria (FAAN) has begged and apologized for the hitches suffered over the weekend by airline operators with the diversion of flights to Lagos from Kano due to unserviceable runway lighting. In a statement, Director Public Affairs and Consumer Protection, Abdullahi Yakubu-Funtua said on Saturday July 15, the airfield maintenance team…
A former president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr. Okechukwu Unegbu, has said that the Central Bank of Nigeria (CBN) will need to do everything within its power to get rid of indecent digital lenders, otherwise known as loan sharks, because they are dangerous to the economy. Unegbu, who stated this…
The Federal Republic of Nigeria hasake do with its financial obligations to the African Union, AU by making full payment of its assessed contributions for the year 2023. The confirmation was made on Saturday by the Permanent Secretary, Ministry of Foreign Affairs, Ambassador Adamu Ibrahim Lamuwa, on the sidelines of the 43rd Ordinary Session of…
The banking index closed the week on a negative statement to emerge as the worst-performing sectorial index with a loss of 14.32%. On a general note, the NGX All-Share Index and Market Capitalization devalued by 0.75% to close the week at 62,569.73 and N34.070 trillion respectively. Similarly, all other indices finished lower except NGX Oil…
