News and analysis of global and local business trends, markets, and industry developments.
Aliko Dangote, Chairman of the Dangote Group, has criticized the Central Bank of Nigeria (CBN) for raising the interest rate to nearly 30 percent. Speaking at the Banquet Hall of the State House in Abuja during the opening session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN) on Tuesday, July 2,…
The Lagos State Government, through the state Employment Trust Fund, LSETF, has disbursed the sum of N10 billion as grants to over 500,000 businesses in Small and Medium Enterprises, and SMEs in the state. Acting Executive Secretary, Lagos State Employment Trust Fund LSETF, Mrs Feyisara Alayande, stated this on Monday, during a media briefing at…
Amidst economic challenges in Nigeria, supermarket owners under the Retail Council of Nigeria (RCN) and the National Association of Supermarket Operators of Nigeria (NASON) have reported a 50 percent drop in retail sales volume over the past year. Mr. Haresh Keswani, a trustee of RCN/NASON and Group Managing Director of SPAR Nigeria, revealed this information…
The Nigeria Deposit Insurance Corporation, NDIC, has disclosed that account name discrepancies in Bank Verification Number, BVN, linked alternate accounts of some defunct Heritage Bank customers is delaying the payment of their insured deposits. The Managing Director of NDIC, Bello Hassan, said this to the News Agency of Nigeria on Sunday in Abuja. According to…
A total of 2,659 members of the National Youth Service Corps (NYSC) from across Nigeria have advanced to the final phase of the NNPC Foundation Business Pitching Exercise. Scheduled from July 2nd to 10th, 2024, this event is a crucial component of the NNPC Foundation’s Financial Literacy Program, which engaged over 284,000 corps members in…
In a bid to ensure food security, the Defence Headquarters has deployed troops across the nation to protect farmers during this year’s harvest season. Major-General Edward Buba, Director of Defence Media Operations, announced this during a briefing on military operations for the second quarter of 2024 in Abuja. General Buba reaffirmed the Defence Headquarters’ commitment…
Dr. Kabiru Minjibir, President of the Medical and Health Workers Union of Nigeria (MHWUN), has advocated for the inclusion of more labor leaders in leadership positions across the country. During a meeting with Comrade Onuh Edoka, Special Assistant to the Governor of Kogi State on Labor Matters, Dr. Minjibir encouraged health workers in Kogi State…
The Federal Executive Council (FEC) has opted to defer deliberations on the memorandum concerning the National Minimum Wage that was presented for discussion. This decision was disclosed by the Minister of Information and National Orientation, Alhaji Mohammed Idris, during a briefing with State House correspondents. According to Alhaji Mohammed Idris, the purpose behind stepping down…
Baba Othman Ngelzarma, National President of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), has called on the federal government to establish a Ministry of Livestock. He believes this move would generate additional revenue and boost the country’s Gross Domestic Product (GDP). Ngelzarma made this appeal during the election of the new leadership for…
The National Biotechnology Development Agency (NABDA) has urged Nigerians to verify information about Genetically Modified Organisms (GMOs) from credible sources before spreading false reports. In a statement by Dr. Rose Gidado, Director of the Agriculture Biotechnology Department at NABDA, it was emphasized that information about GMOs can be confirmed through reputable organizations such as the…
The Nigerian Communications Commission (NCC) has announced that all SIM cards used in Nigeria are now produced locally, marking a significant milestone in the commission’s efforts to promote local content and indigenous participation in the telecommunications industry. Babagana Digima, Head of New Media and Information Security at NCC, credited this achievement to the work of…
The International Labour Organization (ILO) has released a new resource and evidence-based report on labour migration in Nigeria. This announcement was made by Dr. Vanessa Phala, Director of the ILO Country Office for Nigeria, Ghana, and Liberia, and Liaison Office for ECOWAS, during a news conference in Abuja. The event was organized by the ILO,…
The Minister of Information and National Orientation, Muhammed Idris, has emphasized that the accelerated development of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project will significantly enhance the economic prospects of Northern Nigeria. During a site visit to the River Kaduna segment of the AKK Gas Pipeline Project on Friday, Mr. Idris was accompanied by the Minister…
The federal government has awarded a N14 billion contract to Buildwell for the reconstruction of the outer Mariner shoreline, aimed at reinforcing the rail line. Speaking in Lagos, the Minister of Works, Senator Dave Umahi, emphasized that infrastructure, whether it serves Lagos State or the federal government, benefits all Nigerians. He noted, “Over the past…
Pandemonium at Niger Street market in Onitsha, on Tuesday, following a clash between operatives of the Operation Clean and Healthy Anambra State Brigade and some traders using umbrellas as shelter after the Anambra state government demolished their shops. The operatives of the OCHA brigade had invaded the Ndende land located along Niger Street in Onitsha…
Nigeria LNG Limited has reaffirmed its commitment to economic development through the Train 7 project on Bonny Island, aligning with President Bola Tinubu’s 8-point agenda that includes poverty eradication, infrastructure improvement, economic growth, and increased access to capital. During a session of the Senate and House of Representatives’ Joint Committee on Gas, NLNG’s General Manager…
Following a court order, MultiChoice has revised its subscription rates for DStv and GOtv services in Nigeria. This move comes after the Competition and Consumer Protection Tribunal in Abuja mandated the company to halt its planned price increases. MultiChoice had initially intended to challenge the tribunal’s ruling, citing a significant decline in its Nigerian subscriber…
The Chairman of the Mile 12 International Market in Lagos, Shehu Usman Jubrin, says the recent high cost of tomato, pepper, and other perishable items is a result of widespread insecurity in the country and other factors. The prices of the perishables have tripled, raising concerns among Nigerians. In a chat with Channels…
The Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ) in Kano State has announced the immediate lifting of its ban on covering activities of the Kano State Government. Chairman of the Chapter, Aminu Ahmed Garko, explained in a statement that the 14-day boycott was initially implemented to protest the government’s treatment of journalists and…
The National Bureau of Statistics (NBS) has revealed that Bauchi, Kogi, and Oyo are the three most expensive states in Nigeria based on year-on-year inflation rates, according to the latest May Consumer Price Index and Inflation report. In May 2024, Bauchi recorded the highest All-Items inflation rate at 42.30 percent, followed by Kogi with 39.38…
The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in a meme coin known as $Davido, which is purportedly linked to Nigerian Afrobeat singer David Adeleke, popularly known as Davido. In an official statement, the Commission explained that meme coins are cryptocurrencies inspired by internet memes and jokes. The SEC highlighted the risks…
Vice President Senator Kashim Shettima has lauded the Zeberced Group for its creation of 40,000 jobs and the development of the Abuja Industrial Park, among other initiatives in the Federal Capital Territory (FCT). Speaking with journalists after a tour of the company’s site in Idu, Abuja, Vice President Shettima highlighted that these projects align with…
Binance has expressed relief on Friday as the Federal High Court in Abuja cleared Tigran Gambaryan, a 39-year-old American and fleeing Nadeem Anjarwalla, of tax evasion charges filed by the Federal Inland Revenue Service. The court’s decision was after the FIRS submitted amended charges that effectively dropped the tax evasion allegations against Gambaryan and his…
The Securities and Exchange Commission (SEC) has issued a warning to investors about the high risks associated with investing in meme coins, including $Davido. In a circular dated June 14, 2024, the SEC stated that meme coins, such as $Davido, are highly speculative and lack fundamental value. The SEC noted that meme coins are cryptocurrencies…
Wema Bank says it has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40 billion rights issue. Its Managing Director, Mr Moruf Oseni, disclosed this in a statement made available on Friday in Lagos. Oseni said as a forward-thinking and pioneering bank, the…
Nigeria is dedicated to contributing to the global tourism agenda, according to the Minister of Tourism, Lola Ade-John. Speaking at the 121st meeting of the United Nations Tourism Executive Council in Barcelona, Spain, Minister Ade-John highlighted Nigeria’s efforts to leverage its rich and diverse tourism potential as a catalyst for economic growth, cultural exchange, and…
Approximately 5,000 small and medium enterprises (SMEs) operating around Masallacin Idi in Kano metropolis are at risk of losing their businesses following a quit notice issued by the Kano State Urban Planning and Development Authority (KNUPDA). The traders, who have been in the area for over 18 years, were given a 48-hour ultimatum to vacate…
Traders from Ngwa Road market in Aba staged a protest at the Abia State Government House in Umuahia, seeking intervention against the military siege on their market following the May 30 killings of five soldiers by unknown gunmen. The traders, who protested on Tuesday, appealed to Governor Alex Otti to address their concerns. They carried…
The Zamfara State Internal Revenue Service, ZSIRS, say it will commence compulsory operation on Monday 10th June, 2024, to arrest operators of tricycles who have not registered with the Board. This was announced by the Executive chairperson of the Service, Hajiya Rakiya Ahmed Dodo, through the Director Information and Intelligence Gathering, Alhaji Hadi Bawa Gusau,…
The IMF predicts that Nigeria’s economy will reach $1.85 trillion by 2029 in terms of Purchasing Power Parity. The International Monetary Fund, headquartered in Washington, projected this in recent figures concerning Nigeria’s Gross Domestic Product in PPP terms. The IMF data anticipates that the GDP in PPP terms for the country will grow from $1.36…
President Bola Tinubu has urged international development financiers to view Africa as a prime destination for growth and prosperity. During a meeting with a delegation from the International Finance Corporation (IFC), part of the World Bank Group and led by Managing Director Makhtar Diop, President Tinubu emphasized the need for strategic investments in sectors such…
