News and analysis of global and local business trends, markets, and industry developments.
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,…
The Nigeria Customs Service, Ogun I Area Command, Idiroko, announced that it had seized contraband with a duty paid value of N770,666,237 between April and June. The Controller of the command, Comptroller James Ojo, revealed this information during a briefing in Abeokuta on Monday. The command also generated N92,369,227 in revenue during the same period,…
The Federal Government has announced a 150-day duty-free import window for certain food commodities, suspending duties, tariffs, and taxes on imports through land and sea borders. In a statement on Monday, the Minister of Agriculture and Food Security, Abubakar Kyari, revealed that duties, tariffs, and taxes on imported maize, husked brown rice, wheat, and cowpeas…
The Group Managing Director of Techno Oil Limited, Nkechi Obi, has called on the Federal Government to restore the 40 percent import duties policies on the importation of Liquefied Petroleum Gas, LPG, and Compressed Natural Gas, CNG, cylinders. Obi made the call recently during a panel session at the 2024 Nigeria Oil and Gas (NOG)…
Nigeria has been plunged into darkness once again as the national grid experienced a system collapse on Saturday, leading to a nationwide power outage. Emeka Ezeh, the Head of Corporate Communications at Enugu Electricity Distribution Company, confirmed the incident in a notice issued on Saturday, stating that the collapse occurred around 15:09 hours. As a…
Long lines for Premium Motor Spirit (PMS), commonly known as petrol or fuel, reemerged in the Federal Capital Territory (FCT), Abuja, and parts of Niger and Nasarawa States on Friday and Saturday. This resurgence follows the closure of numerous filling stations operated by independent marketers. Motorists flocked to the few stations still dispensing petrol, primarily…
The Nigeria Customs Service and the Nigerian National Petroleum Company Limited have partnered to tackle fuel smuggling in the country. The Comptroller-General of Customs, Adewale said this in a statement after the Group Chief Executive Officer of NNPCL, Mele Kyari led the company’s delegate to the headquarters of NSC on Friday. Adeniyi emphasised on his…
Nigeria’s electricity generation has experienced a decline, with the latest data from the Transmission Company of Nigeria’s National Control Centre indicating a peak generation of 4,723.30 megawatts on July 4, 2024. This represents a drop from the peak of 4,800 megawatts that was recorded on May 3, 2024. The lowest electricity generation during this period…
The Nigeria Civil Aviation Authority (NCAA) has suspended the operations of ten private jet operators over their failure to initiate the recertification process as mandated by the Nigeria Civil Aviation Regulations 2023 Part 18.3.4. These operators were found to be in violation of the rules that prohibit Permit for Non Commercial Flights (PNCF) holders from…
President of the Dangote Industries Limited, Mr Aliko Dangote, says Nigeria has all it takes to turn its economy around within months. He stated this on Thursday while briefing State House reporters after President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC). The PECC, tasked with strategising a way out of the current economic…
AEB is a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments. This development is expected to reshape Nigeria’s oil and gas ecosystem and position the country as a key player in Africa’s energy landscape. The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, announced this in…
President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) tasked with strategising a way out of the current economic situation in the country. The Council has a mix of government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Mr Aliko Dangote; Chairman of the United Bank…
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…
