Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Nigerian National Petroleum Company (NNPCL) has revealed to the Senate Committee on Appropriations that there are approximately 4,800 illegal connections to oil pipelines across the country. This information was disclosed by Mele Kyari, the Group Chief Executive Officer of NNPCL, during an interaction with members of the committee on the budget for 2024. The…
Bishop of the Catholic Diocese of Sokoto and Founder of The Kukah Centre, Matthew Hassan Kukah, says Nigerian culture was designed to encourage injustice and oppression, particularly against women. He also said religion, which had all the instruments of reformation, had been wrongly applied in Nigeria, thus placing the country in its current bad shape….
The Nigerian government is making efforts to improve irrigation systems in order to boost food production, according to the Ministry of Water Resources and Sanitation. This was announced by Oyeronke Oluniyi, the Director of Immigration and Drainage at the Ministry, during a national workshop on irrigation and drainage practices. The workshop, which is being held…
The Nigeria Inter-Bank Settlement System has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment or transfer list. The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes…
Stakeholders have said that effective management of both soil and water health are essential elements needed to grow and boost food production. At the experts’ dialogue to mark the 2023 World Soil Day (WSD) in Abuja yesterday, they said soil and water conservation contribute to climate change mitigation and adaptation, adding that it improves the…
A former member of the House of Representatives and chairman of the House Committee on Financial Crimes, Hon Kayode Oladele, has commended the new chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, over his promotion of rule of law, transparency and enhancing the operational efficiency of the agency. The anti-corruption expert…
Enugu State Governor, Peter Mbah, has presented a N521.6 billion 2024 Appropriation Bill to the House of Assembly for approval. Mbah presented the ‘Budget of Disruptive Economic Growth’ on Tuesday at the Assembly Legislative Complex in Enugu, saying it was 132 per cent larger than the revised 2023 budget of approximately N210 billion. He stated…
Governor of Bauchi State, Bala Mohammed, has said the discovery of oil and gas deposits in the Kolmani area of the state has presented it with huge potential for economic development, especially in the area of natural gas and associated components. He said the opportunities include increased revenue – through 13 percent derivation; improved internally-generated…
Countries Under OPEC has initiated important steps towards maintaining a stable and balanced oil market took center stage at the 36th OPEC and non-OPEC ministerial meeting held via video conference with participating countries. OPEC Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda disclosed this to newsmen in Abuja at the end of a virtual…
The Chancellor of the Federal University Dutsinma, Katsina State, King (Dr) Dandeson Douglas Jaja, has expressed concern over security challenges facing the institution. Speaking during the institution’s 7th and 8th joint convocation ceremony on Saturday, he revealed that the university’s main campus is located in a volatile area prone to kidnappings and bandit attacks. Jaja…
The President of the Economic Community of West African States (ECOWAS), Mr Omar Touray, has said that the situation in the Republic of Niger is of concern to the bloc. Touray said this when he visited the ECOWAS Parliament to deliver the Community State Report for 2023 in Abuja on Friday. He said ECOWAS Heads…
The Africa Centre for Disease Control and Prevention (AfricaCDC) says only one country is ready to respond to a public health emergency. The Director-General of the Africa CDC, Dr Jean Kaseya, said this in Lusaka, Zambia, at the third International Conference on Public Health in Africa (CPHIA), held from November 27 to November 30. Kaseya…
The Nigerian Community in Rome, Italy, has urged the Minister of Interior, Mr Olubunmi Tunji-Ojo, to resolve the e-passport challenges encountered by Nigerians in the diaspora. President of the community, Prince Chima Ibezim, made the call in an interview with the News Agency of Nigeria (NAN) on Friday. The News Agency of Nigeria (NAN) recalls…
The Abakaliki Rice Mill Owners Industry Association, in collaboration with Ebonyi State government, has begun distribution of genuine bushel for measuring rice, following the ban on the use of scaling machine. Mr Linus Obeji, Chairman of the Mill Owners, spoke at the inauguration of the approved bushel in Abakaliki on Thursday. He said that the…
The South-South region took the highest share as the 36 states, the Federal Capital Territory and the 774 local governments in the country received a total of N8.79 trillion in 2020 and 2021 from Federation Account allocations. This was disclosed in a recent report by the Nigeria Extractive Industries Transparency Initiative, NEITI. The report showed…
The National Emergency Management Agency (NEMA) has launched the National Contingency Plan (2023 to 2025), which is aimed at tackling flooding and other natural disasters in the country. Speaking at the launch in Abuja, the director-general of NEMA, Mustpha Ahmed, said: “the importance of a National Contingency Plan cannot be overstated as Nigeria has experienced…
The Nigeria Customs Service has expressed readiness to collaborate with the Nigerian Copyright Commission (NCC) to combat piracy of intellectual and creative property in Nigeria. The Comptroller-General of Customs, CGC Bashir Adeniyi, made this known on Tuesday, when receiving members of the Commission at the Customs Corporate Headquarters, Abuja. The CGC, welcoming the delegation to…
Chairman, Oyo State Agricultural Credit Corporation of Oyo State, (ACCOS), Sheik Taofik Akeugbagold, has stated the criteria being used to disburse the N1billion loan to farmers to ensure geographical spread. Akeugbagold who made the revelation during a sensitization tour to the seven geopolitical zones in the state which ended yesterday, said to access the single…
Experts have opined that the government economic reform policies introduced by President Bola Ahmed Tinubu-led government are one of the reasons why Nigerians are battling with economic hardship. Analysts revealed that regional instability, climate change, and inflation are the major triggers of food insecurity in Nigeria. According to the United Nations estimation, 25 million people……
A civil society organisation, the African Network for Environment and Economic Justice, has said that the rising debt profile of Nigeria will force Nigerians into multidimensional poverty. The Executive Director of ANEEJ, David Ugolor, made this known in a two-day International Hybrid Conference on Special Drawing Rights with the theme “Making Special Drawing Rights work…
Offshore and allied aviation services company, OAS Helicopters, has announced the acquisition of new equipment, the 2023 model Leonardo AW-139. The AgustaWestland AW139, now known as the Leonardo AW139, is a 15-seat medium-sized twin-engined helicopter developed and produced by the Anglo-Italian helicopter manufacturer, AgustaWestland (now part of Leonardo). It is marketed for several different roles,…
Nigeria has appealed to the Action Group Against Money Laundering in West Africa (GIABA) to create an institutional framework for the subregion’s financial crime legislation to be enforced. The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, (SAN), made the appeal at the inauguration of the 27th Meeting of the Ministerial Committee of…
The Central Bank of Nigeria, CBN, has postponed the meeting of its Monetary Policy Committee, MPC, for the second time since September 2023. Isa Abdulmumin, the director of corporate communications of the apex bank, confirmed that the MPC meeting will not be held. Since the appointment of Olayemi Cardoso, the meeting of the MPC –…
The Ministry of Women Affairs is collaborating with a Chinese-owned company to enhance the skills and productivity of women through mechanized farming. The Minister, Mrs Uju Kennedy-Ohanenye, who made this known when she received some staff of the company in Abuja, said the partnership, is part of the ministry’s program, to elevate the income levels…
The Organised Labour has decried the increasing anti-workers’ practices by multinational companies in the telecommunications and communications sector, saying it will undermine the Federal Government efforts to use digital transformation in telecommunications sector to improve business and operational efficiencies. However, State Controller, Federal Ministry of Labour and Employment, Lagos, Itemoagbo E A, who spoke at…
The government in Ghana and the organised labour have agreed on a 23% pay increase. The public service base pay will be effective from January to June 2024 and readjusted to 25% from July to December. Employement Minister Ignatius Awuah, Fair Wages CEO, Benjamin Arthur, TUC Secretary-General, Dr Anthony Yaw Baah and Forum Chairman, Dr…
The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 notes will continue to be accepted as legal tender indefinitely. The decision comes in the wake of new currency notes that were introduced last year, initially intended to replace the old ones. Isa AbdulMumin, Director, Corporate Communications, CBN, saidin a…
The German government has donated 20 million euros to member countries of the Niger Basin Authority (NBA) to promote efficient usage of water and enhance adaptation to climate change. The Head of the Political Section, German Embassy, Mathias Dold stated this on Tuesday in Abuja at this year’s session of the Regional Steering Committee of…
Plans are on by the federal government to establish the Nigeria Institute of Vocational Studies alongside upgrading the infrastructure of secondary and tertiary vocation systems. Senior Special Assistant to the President on technical, vocational and entrepreneurial education, Abiola Arogundade, made this known at the unveiling ceremony of the House Committee on Federal Polytechnics and higher…
President Bola Tinubu has assured potential investors that their investments are safe in Nigeria. The President, who gave the assurance at the Saudi-Africa Summit in Riyadh, Saudi Arabia, said Nigeria was ready for business. He said Nigeria was desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko…
Members of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) on Thurday have mobilised their members for a protest at the Nnamdi Azikiwe International Abuja. The organized labour gathered at the airport around 8:58am to enforce their directive to members working in the aviation sector to stop all flights to Owerri, the…
