Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The African Union (AU) has called on Nigeria to incorporate blue economy performance indicators into its fiscal policies, highlighting the country’s significant potential to lead Africa’s blue economy initiatives. This appeal was made by the Head of the AU’s Blue Economy Division, Mr. George Mba-Asseko, during the conclusion of a stakeholder validation workshop for Nigeria’s…
The Naira yesterday appreciated to N1,680 per dollar in the parallel market compared to N1,690 per dollar last weekend. Similarly, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from…
The World Bank Group has urged the Nigerian government to redirect its oil wealth to benefit all citizens, not just the elite. Addressing the current economic challenges, Indermit Gill, the Chief Economist and Vice President of the World Bank stated that the suffering is widespread in Nigeria, with children and young people bearing the…
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…
Oando Plc has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, which was owned by the defunct Petrotrin. Speaking during a budget presentation on September 30, the Trinidadian finance minister, Colm Imbert noted that among the initial 10 proposals, BusinessDay reports. …
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…
About hundreds of Ghanaians, mostly university students, protested on the streets of the capital city Accra on Thursday to demand an immediate halt to illegal mining. The demonstrators, who plan to stage rallies for three days, are also demanding the release of 54 activists detained last month for demonstrating against illegal mining. The government’s handling…
Yesterday, the Naira strengthened to N1,700 per dollar in the parallel market, up from N1,705 per dollar on Monday. In contrast, it fell to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,669.15 per dollar, down from N1,541.94 per…
The protest scheduled to take place across the country today, has not gained any traction in Ado-Ekiti, the capital of Ekiti State, as the city remains peaceful with citizens quietly enjoying the public holiday in their homes. Fajuyi Park, the usual gathering spot for protests, was empty, with no sign of demonstrators. Commercial activities continue…
President Bola Tinubu says the economic hardship bedevilling Nigerians is not peculiar to the country, saying it is a global issue. The president made the claim in his nationwide broadcast on Tuesday to mark the 2024 Independence Day anniversary. He said, “The central concern of our people today is the high cost of living, especially…
Nigerian police has fired teargas at hundreds of protesters participating in the #FearlessInOctober demonstration against poverty, hardship, and bad governance in Abuja on Tuesday. This incident occurred in the Jabi and Utako areas of the Federal Capital Territory, forcing residents to flee and protesters to scamper for safety. The October 1 protest were part of…
The Economic and Financial Crimes Commission (EFCC), has vowed to prosecute any corrupt government official that has been found wanting on the scale of corruption. EFCC Spokesperson, Dele Oyewale, stated this when the Chairman of APC Akida Forum (AAF), Musa Mahmud, led protesters to the Commission headquarters and demanded a probe of the…
•Targets improved governance in education, health, sustainable power, irrigation •Bank’s loans under Tinubu hit $6.2bn The World Bank has approved the sum of $1.57 billion for three new projects in Nigeria, including supporting the country in addressing governance challenges in education and healthcare. Others are improving primary healthcare services as…
President Bola Tinubu has named Mr. Joseph Olasunkanmi Tegbe as the Director-General and Global Liaison for the Nigeria-China strategic partnership. This follows the agreements made during Tinubu’s recent visit to China in early September. Tegbe, a 1988 first-class graduate in civil engineering from Obafemi Awolowo University, will report directly to the President. A fellow of…
The naira appreciated massively against the dollar in the foreign exchange market 24 hours after the Federal Bank of Nigeria sold FX to operators of Bureau De Change, BDC. FMDQ data showed that the naira gained N91.32 to appreciate to N1576.10 per dollar on Thursday from N1667.42 exchanged on Wednesday. Similarly, on…
The house of Representatives Thursday, urged the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and the Dangote Refinery to allow independent marketers to lift fuel from the newly established refinery. The resolution was reached after a motion sponsored by Oboku Oforji, representing Yenagoa/Opokuma Federal Constituency, Bayelsa State, during plenary in…
The House of Representatives has initiated the process to approve an additional N288 billion supplementary statutory budget for the Federal Capital Territory Administration (FCTA). During a plenary session, the FCT Supplementary Statutory Appropriations Bill for 2024 was passed through its first and second readings. The bill was introduced following President Bola Tinubu’s recent request for…
The Presidency has clarified that the federal government will not step in to resolve the ongoing fuel price conflict between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Speaking to State House correspondents on Wednesday, Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, explained that both NNPCL and Dangote…
Aliko Dangote, the President of Dangote Group has reiterated that his $20 billion Lagos-based refinery will stabilize the Naira against the dollar at the foreign exchange market. The African richest man disclosed this in a 25-minute interview with Bloomberg Television on Monday. He noted that petroleum products imports consume about 40 percent…
Governor Seyi Makinde of Oyo State has declared that times are hard and Nigerians are currently hungry and angry. Makinde made this declaration on Wednesday while performing the ground-breaking ceremony for the upgrading of Samuel Ladoke Akintola Airport, Alakia, Ibadan, to international standards. The governor, while addressing the gathering, said that his…
The National Civil Society Council of Nigeria (NCSCN) has called on Dangote Refinery Ltd (DRL) to disclose the quantity of Premium Motor Spirit (PMS) it has supplied to the Nigerian National Petroleum Company Limited (NNPCL). The group is demanding transparency regarding the price of the PMS and the refinery’s pricing plans in a…
•National oil firm makes adjustment to breakdown of prices from Dangote refinery Oil marketers yesterday argued that it wasn’t normal for the Nigerian National Petroleum Company Limited (NNPC) to sell petrol produced locally from the Dangote refinery to Nigerians at a pump price higher than imported fuel. Coming under the umbrella of the…
LAGOS — Hopes for a potential reduction in petrol prices, following the commencement of supply from Dangote Refinery, were dashed, yesterday, as NNPC Limited released a new pricing template that raised pump prices by about 11 per cent to N950 per litre. The pump price of petrol was increased by over 45 per…
The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery are currently at odds over the pricing of Premium Motor Spirit (PMS), commonly known as petrol, produced by the refinery. NNPCL had claimed that the refinery was selling petrol at ₦898 per litre, but Dangote Refinery has refuted this, stating that a final price has…
