News and analysis of global and local business trends, markets, and industry developments.
Kwara State Governor, AbdulRahman AbdulRazaq, yesterday said his administration would collaborate with the Bank of Industry to ensure that the federal government’s intervention schemes have sustainable impact on the people of the state. He spoke at a stakeholders’ meeting on presidential grants and loan schemes for Small and Medium Enterprises (MSMEs) in Ilọrin….
Itsekiri Environmental Protection Initiative, IEPI, has urged Chevron Nigeria Limited and the Nigerian government to resolve the trouble between them and those agitating for slots in Chevron’s employment quota. National Coordinator of IEPI, Ojumude Tosan Bishop, in a statement, urged government to resolve the vandalism of multiple pipelines at Chevron Nigeria Limited’s operational…
The Trade Union Congress of Nigeria (TUC) has called on the Federal Government to settle the outstanding three-month wage award to foster a more harmonious relationship between the government and labor unions. TUC President, Comrade Festus Osifo, made the appeal during the 7th Registrar of Trade Unions Workshop held in Abuja. Represented by TUC Vice…
Vice President Kashim Shettima has lauded the growing trade volume between Nigeria and China, highlighting its significance as one of the highest in Africa. Speaking during a meeting with a Chinese delegation led by Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, at the Presidential Villa in Abuja, Shettima emphasized…
Nigeria’s petroleum marketers said that the Premium Motor Spirit (Petrol) price may be reduced to between N900 and 1000 per litre by this year’s Yuletide with the intervention of Dangote Refinery. The President of the Petroleum Products Retail Outlet Owners Association, PETROAN, Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association…
The Securities and Exchange Commission (SEC) has disclosed that banks and other companies raised over N2.7 trillion from the capital market in recent times. The figure, which includes equity capital, excludes amounts raised by fund managers in the capital market. Of the total amount, about N1.7 trillion was raised by banks through…
The Nigerian National Petroleum Company Limited (NNPCL) has clarified that there is no discrepancy between its crude oil production figures and those provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The clarification follows media reports suggesting a mismatch between NUPRC’s cited output of 1.54 million barrels per day (mbpd) for September 2024…
President Bola Tinubu has emphasized the critical role of the creative economy in driving his administration’s economic diversification agenda, pledging to position Nigeria’s creative sector as a global powerhouse. Speaking during the launch of the 2024 Abuja International Carnival at Eagle Square, Abuja, President Tinubu, represented by Vice-President Kashim Shettima, highlighted the carnival as a…
The Lekki Textile and Garment Special Economic Zone (SEZ) in Lagos State is projected to generate approximately 5,000 direct jobs and over 20,000 indirect employment opportunities upon completion, according to Dr. Olufemi Ogunyemi, Managing Director of the Nigeria Export Processing Zones Authority (NEPZA). Dr. Ogunyemi made this known during the disbursement of compensation to seven…
The Senate has officially confirmed Omolola Oloworaran as the Director General of the National Pension Commission (PenCom). Her confirmation came during plenary following the adoption of the Senate Committee on Establishment and Public Service’s report. President Bola Ahmed Tinubu had earlier forwarded her nomination to the Senate, seeking her confirmation after several months of acting…
The House of Representatives has urged Nigeria’s Electricity Distribution Companies (DISCOs) to undergo a recapitalisation process requiring at least N500 billion to strengthen their financial capacity and improve service delivery to consumers. This recommendation followed a motion titled “Need to Address the Activities of Distribution Companies in Nigeria” brought forward by Hon. Ayokunle Isiaka, representing…
The Federal Government on Tuesday revealed a plan to establish a National Youth Development Bank and a Youth Data Bank. President Bola Tinubu, represented by his Vice, Kashim Shettima, disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja. The President described the banks as…
The Governor of Benue State, Hyacinth Alia, has approved a new minimum wage of ₦75,000 for workers across the state, surpassing the federal minimum wage of ₦70,000 recently announced by President Bola Ahmed Tinubu. The decision was made public during a meeting with representatives of organized labor at the State Secretariat on Monday. The announcement…
Africa’s richest person, Aliko Dangote, has started discussions with some foreign banks to secure billions of dollars for crude oil importation. The Africa Finance Corporation (AFC), a pan-African development lender is one of the institutions involved in the talks to raise money, according to Financial Times, FT. The report noted Dangote Refinery…
The Nigerian Exchange Limited, NGX has proposed amendment to the trading license holders’ rules. In a statement during the weekend, the Exchange said that a block divestment and large volume trades would be amended. https://punchng.com/ngx-proposes-tougher-rules-for-large-volume-trades/ It stated: “On 12 February 2018, the Amendments to Trading License Holders’ Rules (Part XIIIA), which include the…
After years of heavy importation of petroleum products, the Nigerian National Petroleum Company Limited, NNPC, announced on Monday that it has call a quit to the long-standing practice. This comes after the Independent Petroleum Marketers Association of Nigeria, IPMAN, had earlier announced its plans to purchase products directly from the $20 billion Dangote facility. Mele…
Award-winning financial broker, business coach, and public speaker, Adeola Abiodun, remains steadfast in his mission to ensure a secure financial future for generations to come. As a national executive director at Experior Financial Group, Abiodun’s influence stretches across Canada, where he is recognized not only for his professional accomplishments but also for his…
Mining Marshals deployed to stamp out illegal activities in mining sites nationwide, have claimed that they were stopped by security forces from arresting some Chinese nationals engaging in the illegal exploitation of lithium in Libata, Ngaski Local Government Area of Kebbi State. The incident which occurred last Friday pitched the mining marshals against…
Viva Detergent, the leading home cleaning brand under Aspira Nigeria Limited, has announced an exciting new partnership with celebrated African fashion designer Ruth Erikan James, known as Veekee James. This collaboration marks a significant milestone for both brands, aligning Viva’s commitment to quality cleaning with Veekee’s renowned craftsmanship in fashion. Veekee James is…
The Federal Inland Revenue Service (FIRS) has opened its recruitment portal for Tax Officer positions, accepting applications from 12:00 am on November 2, 2024. In a statement posted on X (formerly Twitter) on Friday, FIRS announced it is seeking to fill Officer I and Officer II roles in multiple locations across Nigeria. The agency encourages…
The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central Bank of Nigeria (CBN) to increase local financing to enable private businesses in Nigeria grow. In a statement yesterday, IFC said the goal of the partnership is to provide more than $1 billion…
The Central Bank of Nigeria (CBN) said it has signed an agreement with the International Finance Corporation (IFC) to boost local currency financing for Nigerian businesses. CBN said the development was a key outcome alongside the IMF & World Bank Annual Meetings – will enable the IFC to scale its naira-denominated investments across priority sectors…
Nigeria’s seat of power, the Presidential Villa was quite engaged on Thursday, as the stakeholders in the livestock value chain converged in their numbers to brianstorm on ways of harnessing its potentials. The President, Bola Tinubu who recently created the Livestock Ministry out of the Federal Ministry of Agriculture and Food Security is championing reforms…
The Federal Government has withdrawn all money laundering charges against Tigran Gambaryan, an executive at Binance Holdings, citing health concerns. Gambaryan, who had been in detention since April, was facing trial at the Federal High Court in Abuja. Also Read: [Arrest of Binance Chief Executive] During a hearing on Wednesday, a counsel for the Economic…
Written and compiled by Michel Josephine P. The Polytechnic Ile-Ife, Osun State Osun State, Nigeria has recently unveiled an ambitious agricultural initiative aimed at revitalizing its local economy and enhancing food security. This program, launched by the state government, seeks to empower farmers, attract investments, and promote sustainable agricultural practices. Agriculture has always been a…
Vice President Kashim Shettima yesterday, inaugurated the Steering Committee of the Nigeria Jubilee Programme (NJFP), as part of measures by the federal government to scale up its employment initiative and enhance the employability of fresh graduates with market-ready skills and competence. Also, yesterday, Shettima declared that Nigeria has remained proactive in taking steps…
Compiled and Edited by Saula quadri T The Polytechnic Ile-Ife, Osun State The Federal Government has selected Osun State to coordinate the implementation of the Food System Transformation Pathways in the South West region. This initiative, aimed at improving food security and nutrition in Nigeria, will focus on boosting food production, increasing employment, and enhancing…
Nigerian Communications Commission (NCC) says Starlink, a communication company, is facing regulatory heat over an unapproved data tariff hike. The NCC said the satellite internet service provider had unilaterally increased its data tariffs without obtaining the necessary approval from the commission. Its Director of Public Affairs, Dr Reuben Muoka, in a statement in Abuja on…
Nigeria’s electricity generation peaked at 4,998.20 megawatts on October 6, 2024, a slight decrease from the previous peak of 5,234.70 MW recorded the week before. This drop in electricity generation comes amid high energy costs, as highlighted by recent system performance data from the National Control Centre, representing a decline of 236.5 MW in total…
The Bauchi State government, in collaboration with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), has inaugurated an 11-member tripartite technical committee to finalize the implementation of the national minimum wage for civil servants in the state. Speaking to reporters after the State Executive Council meeting, NLC Chairman Comrade Dauda Shu’aibu announced…
A high-level delegation from Burundi has arrived in Nigeria, seeking to strengthen business ties and attract Nigerian investments to Burundi. Led by Ambassador Liberat Mfumukeko, Senior Advisor on Missions of the Presidency of Burundi, the delegation engaged with the Nigerian business community in Abuja, extending an invitation for investments in various sectors. Ambassador Mfumukeko highlighted…
