News and analysis of global and local business trends, markets, and industry developments.
Edited by Damilola Adeleke The Nigerian Economic Summit Group (NESG) has called on the federal government to invest more in the creative sector, saying the sector currently employs about 4.2 million Nigerians. The NESG noted this yesterday in Abuja at a general assembly organized by its Creative Economy Thematic Group to communicate Nigeria’s Creative economy….
The Borno state government has released 80 buses and pick-up vans for free to transport farmers from their rural areas to farmlands across the Borno state. The measures according to the government, is targeted at reducing the high cost of living caused by withdrawal of fuel subsidy. While discussing on the gesture before numerous farmers…
President Bola Tinubu has addressed with the Shell Global Upstream Director Ms Zoë Yujnovich at the Presidential Villa, Abuja. The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari was also in attendance at the meeting. The meeting was Tinubu’s first official attention after the Sallah festivities and his…
Russian council and oil governing body plans to cut oil exports by 500,000BPD in August. The energy official said on Monday that Moscow will voluntarily cut oil exports by 500,000 barrels per day, building on previously announced production cuts. “As part of efforts to ensure that the oil market remains balanced, Russia will voluntarily reduce…
The Independent petroleum Marketers association of Nigeria, IPMAN has issued a cautionary statement to the Nigerian National Petroleum Company Limited (NNPCL), advising against any further increase in the price of petrol. Abubakar Maigadi, the National Vice-President of IPMAN, expressed concerns about market conditions, highlighting the drop in demand for the product. Maigadi urged NNPCL not…
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has pleaded with Nigerians to be patient with President Bola Tinubu on his decision to remove fuel subsidy, which resulted in the hike in prices of goods and assistance in the country, saying this is the only way to avert the looming outbreak. He described President Tinubu…
The Federal Government of Nigeria has responded to claims of a reported electricity tariff increase on July 1. According to Mr Michael Faloseyi, the Assistant General Manager, Public Affairs of NERC while responding to an enquiry from News reporter on Monday concerning electricity tariff increase by Electricity Distribution Companies, DisCos, the Nigerian Electricity Regulatory Commission…
The Debt Management Office revealed that Nigeria’s total foreign debt for March 31, 2023, has arose to N49.85 trillion ($108.30 billion) from N46.25 trillion as of December 21 2022. DMO stated this in a statement released on its Twitter handle during the weekend. The statement indicated that the total public debt containing the external and…
Edited by Damilola Adeleke Oil prices resumed their downward trend on Friday, facing a weekly decline of over 3%. Concerns about global demand were ignited by a higher-than-expected interest rate hike in the United Kingdom and warnings of impending rate increases in the United States. Brent futures experienced a slip of 56 cents, equivalent to…
Edited by Damilola Adeleke In Nigeria, a recent study conducted by Genesis Analytics in collaboration with the Gender Centre of Excellence and the Central Bank of Nigeria has revealed that approximately 25 million adult women in the country do not possess formal bank accounts. Furthermore, it was found that over 16 million rural women rely…
Nigeria’s Naira on Wednesday depreciated against the US dollar at both investor’s and exporters’ avenues, exchanging at N763.17. The open indicative rate closed at N741.21 to the dollar on Wednesday. NAN reports that the Naira depreciated by 0.87 per cent compared with N756.61, which the currency was excuhanged for the dollar on Tuesday. Naira was…
A Federal High Court sitting in Abuja has placed an order to the Department of State Services (DSS) and its Director General to immediately grant the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, unlimited access to his legal practitioner and family members. The presiding judge, Justice Hamza Muazu gave the order…
The Central Bank of Nigeria (CBN) has announced the unification of all segments of the forex market collapsing all windows into one. This was part of a series of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, in a bid to improve liquidity and stability. According to a press release signed by…
The Central Bank of Nigeria has permitted commercial banks to freely trade with foreign currencies and allowed foreign exchanges at any rate. The updates came after Godwin Emefiele’s suspension as CBN’s governor. Details shortly.
