Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The naira has recorded three consecutive days of appreciation against the dollar at the official foreign exchange market amid the Central Bank of Nigeria’s latest FX Retail Dutch Auction System. FMDQ data showed the naira further strengthened to N1, 596.52 per dollar on Wednesday from N1601 exchanged on Tuesday. This represents a 4.48 gain. Meanwhile,…
The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the…
Fitch Rating has downgraded Dangote Industries Limited, DIL, Aliko Dangote’s firm to ‘B+(nga)’ from AA(nga) putting the company on Negative Watch. The international rating firm disclosed this in a report on Monday. According to Fitch Rating, the downgrade of DIL reflects a significant deterioration in the group’s liquidity position following lower-than-expected disposal proceeds, and operational…
Analysts in the oil and gas sector have commended Oando’s acquisition of a 100 per cent stake in Nigerian Agip Oil Company Limited (NAOC Ltd), predicting it will significantly reshape Nigeria’s oil and gas industry. The deal, in development since September last year, has finally come to fruition. According to oil and gas analyst Johnson…
The Nigerian National Petroleum Company Limited, NNPCL, on Monday announced the introduction Utapate crude oil blend, and a new crude oil grade into the international crude oil market. The spokesman of NNPCL, Olufemi Soneye made this known in a press statement on Monday. He said from Oil Mining Lease (OML) 13, fully operated by NEPL,…
The Lagos State organisers of the protest against hardship and bad governance in the country have announced plans to resume their demonstration at Gani Fawehinmi Freedom Park, Ojota, on Monday, August 5, 2024, despite a recent address from President Bola Tinubu. This is contained in a statement issued on Sunday, by Hassan Taiwo, Ayoyinka Oni,…
A group of downstream petroleum operators has appealed to President Bola Ahmed Tinubu to address the activities of the Nigerian National Petroleum Company Limited (NNPC), the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This appeal came as petrol shortages at retail outlets in…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Saturday that a fire has broken out at the Akaso 4 Wellhead, operated by NNPC 18 Operating Limited. The incident, which has also affected the adjacent riverbank, occurred on August 2, 2024, at approximately 11:12 pm. In a statement, Mrs. Olaide Shonola, Head of Public Affairs…
The presidential candidate of the Labour Party during the 2023 elections, Peter Obi, has commiserate with the families of those who lost their lives during the #EndBadGoverance protests. Several citizens have died since the nationwide protests began on Thursday, August 1. Obi took to his verified X account to mourn those who died “in their…
Former Vice President, Atiku Abubakar has charged President Bola Tinubu to listen to Nigerians who have taken to the streets to protest the current hardship in the country. Nigerians had set August 1 as the date to commence protest against bad governance and hardship and the first day was deemed successful. Some lives and properties…
The Senior Pastor of Awaiting The Second Coming Of Christ Ministry, Adewale Giwa, on Friday urged President Bola Tinubu to take proactive steps that would quell the protest before ‘it’s too late’. Pastor Giwa said Tinubu should take drastic steps that would crash the price of fuel and foodstuff. Speaking with the newsmen, the clergyman…
The Central Bank of Nigeria (CBN) has directed banks unable to meet its new recapitalization policy to downgrade to local banking status to continue their operations. CBN Governor Mr. Yemi Cardoso issued this directive in Abuja during the launch of the 2024 Banking Sector Report, themed “Bank Recapitalization: Catalyst for a One Trillion-Dollar Economy.” The…
Governor AbdulRahman AbdulRazaq of Kwara State has approved the constitution of a tripartite committee to work out the consequential adjustment component for other categories of workers on the new minimum wage. This was as a result of the new national minimum wage being pegged at N70,000, triggering a need for consequential adjustments for senior cadres…
The human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has urged the government to stop mobilising youths to disrupt rallies. The senior lawyer also called on government officials to engage with the demonstrators who are expressing their grievances. Protesters across Nigeria, including the FCT, have taken to the streets to express their frustrations…
The Federal Executive Council (FEC) has sanctioned N1.455 trillion for the construction and rehabilitation of roads across thirteen states. Announcing the decision in Abuja, the Minister of Works, Dave Umahi, stated that the projects approved were initially deferred during the last FEC meeting to allow the government time to secure funding. The projects include the…
The Niger Delta youths under the platform of Revamp Niger Delta Now Movement, RNDNM, have vowed to go ahead with the August 1-10 protest and occupy the East-West Road. The youths disclosed that the various calls by politicians and traditional rulers to shun the organised national #EndbadGovernance protest in Nigeria would not be heeded. This…
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, is mobilising Abuja youths and other stakeholders against joining the proposed August 1 to 10 nationwide protests over hunger and hardship. Wike, who was speaking during a ministerial engagement with FCT youths from Abuja South Federal Constituency in Kwali Area Council of the FCT on…
The Special Adviser to President Bola Tinubu on Media and Publicity, Ajuri Ngelale, has said nobody can stop the citizens from protesting. Ngelale stated this during an interview on a TVC programme, Politics on Sunday with Femi Akande. The spokesperson was addressing concerns about the Tinubu government’s stance on peaceful protests planned for August 1-10….
Governor Seyi Makinde of Oyo State has declared that the widespread anger and hunger across the country is the main reason for the planned protest. Makinde made this declaration while speaking at the grand finale of the 2024 Ibadan Cultural Week, organised by Central Council of Ibadan Indigenes (CCII). August 1 has been fixed as…
Abuja, Nigeria The Industrial Training Fund (ITF) has launched a specialized curriculum for its foundation program, covering 20 key areas in the first phase of its Skill-Up Artisan (SUPA) initiative. The curriculum includes training in Plumbing and Pipe Fitting, Masonry, Painting and Decoration, Tiling, Electrical Installation, Welding and Fabrication, Carpentry, and Iron Steel Reinforcement, among…
The Federal Government has clarified recent media reports regarding the reduction in allowances for students abroad under the Bilateral Scholarship Agreement. In a meeting with the leadership of the National Association of Nigerian Students (NANS) in Abuja, the Minister of Education, Professor Tahir Mamman, explained that the changes in allowances were due to fluctuations in…
The Central Bank of Nigeria, CBN, said it sold $148 million in foreign exchange (FX) to 29 authorised dealer banks in two days (22nd and 23rd of July 2024). CBN disclosed this today in a statement published on its website. According to the apex bank, the foreign exchange (Fx) was sold on the Nigerian Foreign…
A former Chairman of the All Progressives Congress, APC, in South Africa, Bola Babarinde, says the Dangote Refinery should be a national pride. Babarinde in a statement on Friday, said critics of the refinery should focus on constructive solutions rather than negative publicity. He noted that the refinery represented a significant stride towards self-sufficiency in…
The Naira yesterday depreciated to N1,575 per dollar in the parallel market from N1,565 per dollar on Tuesday. However, the Naira depreciated to N1,586.71 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on…
The prices of tomatoes, beans, garri rose above 200 percent in June 2024 from their previous prices in the corresponding period of 2023. In its Selected Food Price Watch for June 2024, released yesterday, the National Bureau of Statistics, NBS, indicated that price of tomatoes (1kg) increased Year-on-Year (YoY) by 320.67 percent to N2,302.26 in…
The Chief Executive Officer of Financial Derivatives, Bismarck Rewane has said the prices of food in Nigeria are expected to drop by September 2024. The popular economist disclosed this in an interview on Tuesday. Speaking on the latest Central Bank of Nigeria’s interest rate hike to 26.75 percent, Rewane said that inflation is expected to…
Vice President Kashim Shettima says Nigeria is not just catching up with the rest of the world but also poised to overtake the global economy. He stated this on Tuesday when he unveiled the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, Jigawa. The initiative launched at the Yakubu Gowon NYSC Orientation…
A newly released by the National Bureau of Statistics has indicated a rise in prices of Beans, Tomatoes, Irish potatoes, Garri, Yam and other food items in June 2024. This is as the Bureau few days ago, said headline inflation for June increased to 34.19 per cent relative to the May 2024 headline inflation rate…
Chevron Nigeria, yesterday, revealed that through investments in gathering and processing of associated gas, routine flaring has been reduced by over 97 per cent in the past 10 years in its operations. He said this at a training programme on business and finance organised by the Nigeria Union of Journalists (NUJ) in partnership with Chevron…
Vice President Kamala Harris is narrowly beating rival Donald Trump in a national presidential poll released Tuesday, one of the first conducted since US President Joe Biden ended his reelection campaign. Harris holds a two-point lead over Trump, 44 percent to 42 percent, according to the Reuters/Ipsos poll. It was conducted in the two days…
Ahead of the planned nationwide protests coming up in August, the Lagos State Government has declared that such demonstrations are within the rights of citizens, saying there is nothing wrong in it. The Secretary to the state government, Bimbola Salu-Hundeyin, stated this on Tuesday while meeting with the Secretaries to the Local Governments, SLGs. She,…
