Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
Nigeria is intensifying efforts to accelerate its value chain localisation initiative, involving key discussions with global stakeholders to achieve this goal. Chief Ajuri Ngelale, the Special Presidential Envoy on Climate Action, engaged in discussions with Chido Munyati, Head of Africa at the World Economic Forum, and Ms. Abir Ibrahim, Africa’s Regional Agenda Lead. Their talks…
Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has reassured of the commencement of production of Premium Motor Spirit (PMS) also known as petrol by the Dangote Oil Refinery and Petrochemicals company this month. Edwin disclosed during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos, by S&P Global,…
In a bid to make New Zealand a more attractive destination for international students and their families, the government has announced revised visa policies. These changes will allow partners of international students enrolled in specific higher education programs to qualify for work visas. The revised guidelines target spouses of students enrolled in programs that align…
President Bola Tinubu has said it’s a shame that Nigeria generates 4.5GW of electricity despite the size of the country. Tinubu, who spoke while inaugurating a 31-member Presidential Economic Coordination Council at the Council Chamber, Presidential Villa Abuja yesterday. He stressed on the need for innovative solutions to the country’s economic challenges. According to Tinubu:…
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…
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…
The Nigerian Senate is in moves to strengthen inter-parliamentary relations with other democratically developed countries and to enhance their oversight functions. Speaking at the Committee meeting on Inter-parliamentary Affairs, Senator Natasha Akpoti-Uduaghan representing Kogi Central Senatorial District disclosed that she, Senator Jimoh Ibrahim representing Ondo South District and other lawmakers would embark on a study…
The Nigerian National Petroleum Company Ltd (NNPCL) has commissioned 12 Compressed Natural Gas (CNG) stations in Abuja and Lagos in a move to alleviate the burden of high transportation costs on Nigerians following the removal of fuel subsidy by President Bola Tinubu administration. Recall that Tinubu on May 29, 2023 announced the removal of fuel…
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 Nigerian Army has denied authorizing some soldiers to harass and manhandle cocoa farmers last Saturday in their farms in Etung LGA of Cross River State. The information officer at the 13 Brigade of Nigerian Army army Càlabar, Cross River State, Capt Jemila Jimoh denied drafting any soldiers to accompany one Mr Mbu Liku, a…
Gov. Ahmadu Fintiri of Adamawa has pledged to sustain the payment of N10,000 monthly allowance to corps members deployed to the state. He also promised to introduce a payment of N20,000, at the end of each service year, to the corps members that served as teachers. Fintiri said this at the swearing-in ceremony of the…
Establishing the African Petroleum Regulators Forum (Afri-PERF) is essential for enhancing collaboration among Africa’s oil-producing countries, according to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission. Speaking at the Nigeria Oil and Gas Conference in Abuja, Komolafe emphasized the need for collective strength in the evolving global energy landscape to secure suitable…
A Professor of Financial Economy, Sebastian Urummadu has advised the Federal government to restore the fuel subsidy and end multiple taxation, saying it would stabilise the economy. He also urged the Nigerian Labour Congress, NLC, to concentrate its demand on the restoration of fuel subsidy and the end of multiple taxation. Professor Urummadu who is…
The Nigeria Federal Government has removed five oil blocks earlier put up for the ongoing 2024 licensing round due to legal disputes. The Nigerian Upstream Petroleum Regulatory Commission confirmed the development in a recent circular. The five oil blocks are said to be under various litigation, however, NUPRC did not state the litigants. The affected…
The Nigeria Governors Forum has assured both citizens and organized labour that ongoing negotiations will result in an enhanced national minimum wage. In a communiqué released by the acting head of media and public affairs, Hajiya Halima Ahmed Salihu, it was stated that the new national minimum wage was a primary topic of discussion. “The…
The Federal Government of Nigeria has entered into an agreement with the Foundation for Sustainable Social Responsibility in Emerging Africa (FOSSREA) to advance the development of hydrogen as a sustainable energy source. In a statement, Mrs. Oluwakemi Ogunmakinwa, Deputy Director of Press and Public Relations in the Ministry of Petroleum Resources, announced that the Permanent…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Tuesday said the apex bank is determined to tame inflation through conventional methods. He stated this during an interview with Bloomberg in London while sharing key insights on the current state of the market, mainly focusing on the stability of the naira and…
Kenyan President William Ruto vowed to take a tough line against “violence and anarchy” on Tuesday after protests against his government’s proposed tax hikes turned deadly and demonstrators ransacked parliament. Mainly youth-led demonstrations had been largely peaceful as they grew over the past week but chaos erupted in Nairobi on Tuesday, with crowds throwing stones…
Argentina, a country historically plagued by high inflation, has just experienced a landmark week. For the first time in three decades, there were no price increases in food and beverages, according to the private consulting firm Econométrica. This remarkable event occurred in the third week of June 2024, marking a break from a 30-year trend…
The Edo State governor, Mr. Godwin Obaseki, has linked Nigeria’s persistent rising inflation to the country’s inability to consistently produce and export goods and services. According to him, the trend continues to affect the nation’s economy negatively. Obaseki said this while receiving representatives from the World Bank, led by the organisation’s Task Team Leader, TTL,…
Operatives of the National Drug Law Enforcement Agency (NDLEA) have dismantled a shrine guarded by a snake used for storing illicit drugs in the Igor community of Benin City, Edo State. The NDLEA discovered a specially constructed large hole in a wall, hidden by wallpapers and surrounded by fetish objects, used for concealing drugs. According…
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 Nigeria Customs Service, NCS, said its revenue grew by ₦1.9trn in the past year, and that it has started working with the Central Bank of Nigeria (CBN), to achieve a stable exchange rate for imports. A breakdown of its revenue in the period under review, showed that it generated ₦4.49 trillion in revenue in…
The average price of Premium Motor Spirit (PMS), also known as petrol, shot up by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023, according to data from the National Bureau of Statistics (NBS). The statistics bureau disclosed this in its report,…
First Bank of Nigeria Limited has confirmed the appointment of Olusegun Alebiosu as the substantive Managing Director (MD) and Chief Executive Officer (CEO) of the bank. Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, in a notice on Wednesday, said the appointment of Alebiosu is subject to…
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…
The construction of the Adiabo-Ikoneto Road in Odukpani LGA of Cross River State which started and was abandoned by the late General Sani Abacha’s military government 30 years ago has begun. This follows Governor Bassey Otu’s ground-breaking ceremony for the commencement of the 11-kilometre project on the road yesterday. Otu said the road has been…
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…
The Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central has appealed with the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC to accept whatever the federal government offered them above N60,000 as the new minimum wage. Bamidele, hereby, urged the NLC and TUC to toe the path of dialogue and peace in the…
The Presidency has tackled the New York Times over its report on the current economic situation in Nigeria, saying President Bola Tinubu on May 29, 2023, inherited a dead economy. It also justified some of the policy decisions taken by Tinubu’s administration, such as the floating of the naira and fuel subsidy removal, declaring that…
