News and analysis of global and local business trends, markets, and industry developments.
The Federal Government has clarified recent media reports regarding the reduction in allowances for students abroad under the Bilateral Scholarship Agreement. In a meeting with the leadership of the National Association of Nigerian Students (NANS) in Abuja, the Minister of Education, Professor Tahir Mamman, explained that the changes in allowances were due to fluctuations in…
The newly appointed Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has outlined his top priority as the speedy rehabilitation of dilapidated port infrastructure across the nation. During an impromptu visit to the Tin Can Island Port (TCIP) on Monday, Dantsoho emphasized the importance of collaborating with port stakeholders to ensure the…
In the first half of the year 2024, the number of vehicles imported into Nigeria saw a significant decline of 60.8% compared to the same period in 2023, with only 10,991 units imported. This drop is attributed to the impact of the depreciation of the naira and the general economic downturn. This information was highlighted…
THE Federal Government, FG, has set the target to convert 250,000 automobiles to use Compressed Natural Gas, CNG, by end of 2024, as part of measures targeted at enhancing CNG utilization in the country. Already, 30,000 CNG conversion kits have been procured for distribution to commercial drivers within 90 days. Chief Executive Officer/Programme Director, Presidential…
The Naira yesterday depreciated to N1,575 per dollar in the parallel market from N1,565 per dollar on Tuesday. However, the Naira depreciated to N1,586.71 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on…
Italian oil and gas giant, Eni yesterday announced that it had received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of Nigerian Agip Oil Company Limited (NAOC) to Oando Plc. In a statement issued yesterday, Eni said it had received formal consent to finalise the deal. It will be the…
The Nigerian Exchange Limited (NGX) says N540.48 billion worth of foreign transactions were recorded between January and June 2024. NGX disclosed this in its report on Wednesday titled, ‘Domestic & Foreign Portfolio Investment’. According to the firm, Nigeria’s foreign transactions increased compared to N145.08 billion reported in the first half (H1) of 2023. The report…
Manufacturers Association of Nigeria, MAN, has warned the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and other regulators in the country to stop demarketing Dangote Refinery and other local producers. Director-General, Mr. Segun Ajayi-Kadir of MAN disclosed this in a statement while reacting to the feud between Dangote Refinery and NMDPRA. “It is expected…
A new report of the International Telecommunications Union (ITU), has ranked Nigeria very high at 71 per cent, in comparative legal, policy and governance frameworks towards G5 – advanced state of readiness for digital transformation known as G5 with Germany, Finland and Singapore leading the global chart. In the report conducted by the ITU, and…
Fifty-eight out of the 164 member states of the World Trade Organization (WTO) have expressed their support for a proposal from the African Group to endorse Ngozi Okonjo-Iweala for a second term as the organization’s Director-General. In a statement released by the WTO, the support was announced during the July 22 meeting of the WTO…
Billionaire businessman Femi Otedola has highlighted the critical importance of supporting Aliko Dangote amidst his ongoing dispute with Nigeria’s regulatory authorities in the petroleum sector. Otedola, a close associate of Dangote, stressed the significance of backing visionaries like Dangote to foster and sustain the nation’s economic growth. In a post on X on Tuesday afternoon,…
Modern non-stop long-haul flights make traveling to faraway destinations easier than ever. Passengers can now travel long distances without stopping or needing to change planes. Here’s a list of 10 of the longest flights in the world, as listed by AeroTime. Singapore (SIN) to New York (JFK) Singapore Airlines operates a flight from Singapore (SIN)…
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, has convened a high-level meeting with key stakeholders in the oil and gas sector to address and resolve the ongoing issues surrounding the Dangote Refinery. Aliko Dangote, President of Dangote Petroleum Refinery, has faced challenges with the government over his Lagos refinery project. Dangote had…
The Academic Staff Union of Polytechnics (ASUP) has suspended its planned industrial action. The union had previously opposed the Scheme of Service issued by the National Board of Technical Education (NBTE) for polytechnics across the country. In a statement by ASUP President Comrade Shammah Kpanja, the union expressed its concerns over the NBTE’s scheme, which…
Sinoma International Engineering Company, a prominent Chinese green energy firm, has shown interest in establishing a renewable energy technology manufacturing industry in Nigeria’s Evergreen City. The company’s Chairman, Mr. Yin Zhisong, revealed this during a dinner in Beijing, China, hosted for Chief Ajuri Ngelale, Nigeria’s Special Presidential Envoy on Climate Action. Chief Ngelale informed reporters…
The Nigeria Security And Civil Defence Corps, NSCDC, Imo state command, and the state chapter of the Independent Crude Oil Marketers Association of Nigeria, have vowed together to fight pipeline vandals in Imo. The NSCDC state Public Relations Officer, PRO, Chmeziri Lowell, disclosed this in a statement to newsmen in Owerri on Sunday. According to…
In the first half of 2024, Nigeria produced a total of 236,229,281 barrels of crude oil despite facing supply challenges to refineries like Dangote Refinery and others. The Nigerian Upstream Petroleum Regulatory Commission shared this data, indicating a slight decrease in production compared to the same period in 2023 when the country produced 219.5 million…
The Nigeria Customs Service made a significant interception of 150 cartons of bulletproof jackets valued at N1.687 billion in its Zone A Federal Operations Unit of Lagos. The Customs Area Controller, Kola Oladeji, revealed this information during a press briefing. The contraband items were discovered along the Ijebuode-Sagamu Expressway in Ogun State and were seized…
The Special Presidential Envoy on Climate Action, Chief Ajuri Ngelale, has initiated discussions with global stakeholders to explore new opportunities for climate finance and risk mitigation platforms aimed at boosting renewable energy technology manufacturing in Nigeria. Chief Ngelale held a virtual meeting with the Managing Director of the Bank of Industry, Dr. Supo Olusi, and…
President Bola Tinubu is in discussions with the leadership of organized labour to resolve ongoing issues regarding the National Minimum Wage. A meeting was held on July 10 after the tripartite committee, established by the President to negotiate with labour, failed to reach an agreement. The government is proposing a National Minimum Wage of ₦62,000,…
The Federal Government has called on the newly reconstituted NEITI Board to enhance the agency’s commitment to domestic resource mobilization for Nigeria. Senator George Akume, Secretary to the Government of the Federation and Chair of the NEITI Board, issued this directive during the opening session of the NEITI Board retreat in Lagos. He urged the…
The United Arab Emirates have some conditions that Nigerian travellers are expected to fulfil in order to get a visa to visit the Arab nation. On Monday, July 15, Mohammed Idris, Minister of Information and National Orientation, announced that the three-year dispute between the United Arab Emirates (UAE) and Nigeria has been resolved and…
The Minister of State for Petroleum Resources, Oil, Senator Heineken Lokpobiri, has instructed the completion of pending projects at the College of Petroleum and Energy Studies in Kaduna. Following a tour of the college, Lokpobiri announced that the institution would soon commence activities. Established in 2009, the college aims to provide essential knowledge and skills…
The Nigerian National Petroleum Company Limited (NNPCL) has announced that the Port Harcourt refinery will start refining crude oil by early August. Addressing an emergency session at the National Assembly’s joint committee on finance, the Group Chief Executive Officer of NNPCL, Mr. Mele Kyari, confirmed this development on Monday. He also mentioned that the Kaduna…
The World Bank, in collaboration with the Federal Ministry of Education, has announced a $10 million investment aimed at equipping Nigerian youths with essential employment skills. Dr. Mistura Rufai, an Education Specialist at the World Bank, disclosed this at a workshop held in Abuja on Monday. The initiative, under the Innovation Grant Facility of the…
Africa’s richest man, Aliko Dangote, announced that the Nigerian National Petroleum Company (NNPC) Limited no longer holds a 20 percent stake in Dangote Petroleum Refinery. During a press briefing at the refinery on Sunday, Dangote revealed that NNPC’s stake has been reduced to 7.2 percent due to their failure to pay the remaining balance of…
The President of Dangote Group, Aliko Dangote, has announced that the group intends to list its multibillion-dollar companies – Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, on the Nigerian Exchange Group in the first quarter of 2025. He said the move will allow Nigerians to participate in the ownership of these companies,…
Vice President Kashim Shettima has launched the Presidential Food Systems Coordination Unit (PFSCU) to tackle the rising commodity prices and overall food insecurity in the nation. The inauguration followed a presentation by Marion Moon, Technical Assistant to the President on Agriculture, at the Presidential Villa in Abuja. A statement from Stanley Nkwocha, Senior Special Assistant…
The Federal Government has brought charges against eight Chinese nationals and one Nigerian for engaging in illegal mining activities in the Lokpaukwu community of Umuchieze, Umunneochi Local Government Area, Abia State. In a statement released by Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, the suspects were apprehended by…
The meeting between President Bola Tinubu and the leadership of the organised labour concluded without any clear details on the discussions held. Following the one-hour session, Joe Ajaero, President of the Nigeria Labour Congress (NLC), informed the press that financial matters were not part of their discussion with the President. When asked whether the meeting…
The Coalition of Ethnic Nationalities Youth Leaders in Nigeria have expressed anger over the worsening fuel scarcity in the country. It could be recalled that the youths, under the aegis of Nigeria Ethnic Nationality Youth Leaders Council Worldwide, had slammed a one-week resignation ultimatum on the Managing Director of the Nigerian National Petroleum Corporation Limited,…
