Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Fifty-eight out of the 164 member states of the World Trade Organization (WTO) have expressed their support for a proposal from the African Group to endorse Ngozi Okonjo-Iweala for a second term as the organization’s Director-General. In a statement released by the WTO, the support was announced during the July 22 meeting of the WTO…
Billionaire businessman Femi Otedola has highlighted the critical importance of supporting Aliko Dangote amidst his ongoing dispute with Nigeria’s regulatory authorities in the petroleum sector. Otedola, a close associate of Dangote, stressed the significance of backing visionaries like Dangote to foster and sustain the nation’s economic growth. In a post on X on Tuesday afternoon,…
Modern non-stop long-haul flights make traveling to faraway destinations easier than ever. Passengers can now travel long distances without stopping or needing to change planes. Here’s a list of 10 of the longest flights in the world, as listed by AeroTime. Singapore (SIN) to New York (JFK) Singapore Airlines operates a flight from Singapore (SIN)…
Muhammadu Sanusi II has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time. The 16th Emir of Kano commented on the issue through the SOP…
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, has convened a high-level meeting with key stakeholders in the oil and gas sector to address and resolve the ongoing issues surrounding the Dangote Refinery. Aliko Dangote, President of Dangote Petroleum Refinery, has faced challenges with the government over his Lagos refinery project. Dangote had…
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 Labour Congress (NLC) has called on President Bola Ahmed Tinubu to invite the leaders of the planned protest movement for discussions to address their grievances. In a statement, NLC President Comrade Joe Ajaero emphasized the widespread anger among Nigerians over the current state of the economy. “Many Nigerian families are now forced to…
Aliko Dangote has said that a friend who warned him against investing in Nigeria is taunting him now for ignoring his advice. The President of Dangote Group disclosed this in an interview with Premium Times on Sunday, July 21. He granted the interview after reports quoted the Nigerian Midstream and Downstream Petroleum Regulatory Authority…
The Chairman of the Dangote Group, Aliko Dangote has offered to sell his $20 billion Dangote Refinery to the Nigerian National Petroleum Company Limited amid challenges. Dangote made this known in an interview on Sunday. According to him, it was unfair to label him as being a monopolist despite Dangote Refinery’s efforts aimed at solving…
A social and political critic, Aisha Yesufu has said that Nigeria kills its own. While appealing that the Dangote Refinery not be allowed to fail, Yesufu urged all hands to be on deck to ensure it succeeds. Her statement comes after the Nigerian Midstream and Downstream Petroleum Regulatory Authority said the Dangote refinery has not…
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…
President Bola Tinubu on Friday in Abuja commended international energy company, ENI, for its proposed new investment in Nigeria, reiterating his vision of making the nation more globally competitive and an investment destination. The President stated that by exploring the possibilities of innovative thinking, strategic planning, new technology, and research into best practices, his administration’s…
The Central Bank of Nigeria has directed all banks and other financial institutions to transfer all dormant accounts, unclaimed balances and other financial assets to its dedicated account. A circular released on Friday and signed by its acting Director of the Financial Policy and Banking Regulation Department, John Onojah, said all dormant accounts and unclaimed…
President Bola Tinubu on Friday in Abuja said the federal government would ensure that investments in key sectors of the economy follow clear timelines and are impactful on the lives of citizens. A statement by the Special Adviser to the President (Media & Publicity), Chief Ajuri Ngelale, on Friday, said President Tinubu made the promise…
The leadership of the House of Representatives have visited the Dangote Petroleum Refinery in Lagos. Speaker of the House of Representatives, Hon. Tajudeen Abbas, led the lawmakers who arrived at the refinery located in the Lekki Free Trade Zone in Lagos around 11am. Africa’s richest man and President of Dangote Group, Aliko Dangote, and top…
President Bola Tinubu has called for the strengthening of economic benefits in bilateral relations between Nigeria and its partner nations. He made this appeal while receiving Letters of Credence from the Ambassadors of Portugal, Jorge Adao Martins Dos Santos; the Socialist Republic of Vietnam, Bui Quoc Hung; and the State of Kuwait, Salim Khalifa Mohammed…
The 16th Emir of Kano, Muhammadu Sanusi II, has expressed deep concern over Nigerians’ severe economic hardships. His comments came during a ceremony for the distribution of free fertiliser to 52,800 smallholder farmers across Kano State’s 44 local government areas on Thursday. Addressing the gathering at the Government House, alongside the newly appointed second-class Emirs of…
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, says the Organised Labour rejected a proposal by President Bola Tinubu to pay ₦250,000 minimum wage and increase petrol prices. “Accepting ₦70,000 was the best way to save Nigerians from further hardship,” Ajaero said on Channels Television’s Politics Today programme on Thursday shortly after Labour met with…
The Nigerian government plans to implement a 50 percent tax on the profits banks earned from foreign exchange revaluation in 2023 to fund an increase in workers’ minimum wage. This comes as President Bola Tinubu on Wednesday submitted proposed changes to the 2023 Finance Act to the National Assembly for approval. An All Progressives Congress…
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 IMF held its global growth expectations for 2024 steady in a report Tuesday even as it cut forecasts for the United States and Japan, while warning of inflation risks and trade tensions ahead. The International Monetary Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast, according to…
The Chief of Defence Staff (CDS), General Christopher Musa has vowed to eliminate all acts of vandalism and other criminal activities throughout the Niger-Delta region. General Musa stated this on Tuesday at the Defence Headquarters in Abuja after a meeting with all security and intelligence agency heads he convened. The CDS said, “The truth about…
Human Rights Writers Association of Nigeria, HURIWA, has reminded President Bola Tinubu that the renewed hope he promised Nigerians is speedily turning to a forlorn hope. The group made the observation more than a year after Tinubu promised Nigerians that the economic hardship that followed the sudden hike in the fuel pump price will soon…
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…
The Federal Government has distributed 20 trucks of rice each to the 36 states of the Federation and the Federal Capital Territory (FCT), Abuja. The Minister of Information and National Orientation, Mohammed Idris, disclosed this after Monday’s Federal Executive Council (FEC) meeting. The minister said this is the first step as the government takes steps…
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…
