Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has said the Port Harcourt refinery is operating at 70 percent installed capacity with plans to increase production shortly. Onanuga said the refinery receives regular crude oil contrary to claims of lacking the product. He disclosed this after joining a fact-finding…
Nigeria and South Africa have inaugurated the Joint Ministerial Advisory Council on Industry, Trade, and Investment, marking a significant advancement in economic cooperation between the continent’s two largest economies. The announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable in Cape Town, attended by key business leaders and government…
The Nigeria Labour Congress (NLC) has criticized Ebonyi State Governor, Francis Nwifuru, for threatening to dismiss workers who joined an ongoing strike over the non-implementation of the new minimum wage. In a statement issued on Monday, NLC President, Comrade Joe Ajaero, described the governor’s stance as counterproductive. He directed workers and affiliate unions in Ebonyi…
Nigeria’s Central Bank will penalise commercial banks that fail to provide cash to customers at their automated teller machines (ATMs) and branches, as the country faces a prolonged cash crunch. “We are conducting spot checks across deposit money banks, DMBs, and will impose penalties on institutions effective December 1, 2024,” CBN governor Olayemi Cardoso…
The Port Harcourt Refinery, which recently resumed operations, is reportedly producing refined petroleum products but has yet to commence distribution to the public. An anonymous source disclosed to newsmen that the delay in product loading stems from pricing issues. According to the source, the cost of Premium Motor Spirit (PMS) per litre from the refinery…
President Bola Ahmed Tinubu’s state visit to France may seem to many just another matter of diplomatic routine. However, for those attuned to international relations, President Tinubu’s visit to France is an important strategic opportunity. Indeed, President Tinubu’s three-day state visit to France is more than a symbolic gesture; it is a strategic…
The Senate is working on plans to create access to foreign exchange and also provide uninterrupted supply of gas to the power sector. The Senate Committee on Privatisation and Commercialisation, said this and other plans are expected to support other efforts to improve access to electricity supply across the country. Deputy chairman…
Key civil society groups in the country have repudiated the continuous deployment of militant elements to provide security to critical oil and gas pipelines in Niger Delta. They have therefore called on President Bola Ahmed Tinubu to put a stop to the tradition of using armed militants to protect critical energy infrastructure. The…
The National Bureau of Statistics, NBS, has said that prices of beans, eggs, bread, rice, and other food items witnessed significant price increases in October 2024 Read Also: http://Nigeria’s uneployment rate drops to 4.3% in Q2 2024 – NBS The NBS said this in itsSelected Food Prices Watch report for October 2024 released in…
President Bola Tinubu has arrived in Paris for a three-day state visit at the invitation of French President Emmanuel Macron, aimed at strengthening bilateral relations across various sectors. The President touched down at Orly Airport at 5:10 p.m. local time on Wednesday. His visit is set to focus on deepening political, economic, and cultural cooperation,…
Vice President Kashim Shettima has lauded the growing trade volume between Nigeria and China, highlighting its significance as one of the highest in Africa. Speaking during a meeting with a Chinese delegation led by Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, at the Presidential Villa in Abuja, Shettima emphasized…
The Peoples Democratic Party (PDP) has said Nigeria was thrown into a sorry state because the mandate of its presidential candidate in the 2019 and 2023 elections, Atiku Abubakar was subverted by undemocratic forces. The party said this in a statement which celebrated Atiku, a former vice president and a founding father of…
Nigeria’s petroleum marketers said that the Premium Motor Spirit (Petrol) price may be reduced to between N900 and 1000 per litre by this year’s Yuletide with the intervention of Dangote Refinery. The President of the Petroleum Products Retail Outlet Owners Association, PETROAN, Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association…
The National Association of Seadogs (Pyrates Confraternity) has raised the alarm over Nigeria’s rising debt profile, saying such borrowings could further sink the economy. The group, in a statement by the NAS Capn, Dr. Joseph Oteri, said President Bola Tinubu’s latest $2.209bn external borrowing request to partially finance the 2024 budget deficit…
The Federal Government says it has saved $20 billion by removing petrol subsidy and adopting market-based foreign exchange pricing. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil…
Afrobeats sensation Davido has come under heavy criticism over his recent remark advising black Americans against relocating to Nigeria. Newsmen reports that Davido had while appearing on The Big Homies House podcast, urged the black Americans particularly Nigerians not to return home, citing the country’s current economic woes. The singer’s remark followed speculations…
The Socio-Economic Rights and Accountability Project, SERAP, has urged President Bola Tinubu to probe the alleged theft of over N57 billion from the Federal Ministry of Humanitarian Affairs and Poverty Alleviation in 2021. SERAP made this call in a letter dated 23 November 2024, signed by its Deputy Director, Kolawole Oluwadare. It…
The Head of the Civil Service of the Federation (HCSF), Esther Didi Walson-Jack, has marked her first 100 days in office with a series of innovative reforms aimed at modernizing Nigeria’s civil service. Appointed in July by President Bola Tinubu and inaugurated in August, her tenure has focused on implementing transformative changes in line with…
*Says livestock development programme will curb Herder-farmers’ clashes *Seals $2.5bn deal with Brazilian meatpacker JBS, company to build six factories in Nigeria *President says move’ll transform tragedy, hopelessness into economic opportunity * Edun: Petrol subsidy removal, multiple exchange rates elimination saved Nigeria $20bn President Bola Tinubu has assured that with the…
Minister of Finance, Wale Edun, has said that non-implementation of economic reforms by past administrations is the reason Nigerians are in pain, discomfort, and difficulties under President Bola Ahmed Tinubu’s reforms. Edun said this on Friday in Abuja at the launch of ‘Federal Civil Service Policies and Guidelines on Rewards’. This comes…
A recent survey conducted by the National Bureau of Statistics, NBS, revealed that two-thirds of households in Nigeria do not have enough money to afford healthy and nutritious food. The survey, titled “Nigeria General Household Survey–Panel (GHS-Panel) Wave 5 (2023/2024),” found that 71 percent of households were affected by rising prices of major…
The Akwa Ibom State Executive Council has approved the draft budget for the 2025 fiscal year, totaling N955 billion. The announcement was made by the State Commissioner for Information, Ini Ememobong, during the council’s meeting at Government House in Uyo, chaired by Governor Umo Eno. The budget includes N655 billion earmarked for capital projects, representing…
Owerri – The Imo state government on Wednesday said the World Bank has rewarded the government with a whopping sum of Four million US dollars which he said was about (N6.8 billion)for engendering good governance and accountability in the ease of doing business in the state. The State Commissioner for Information, Public Orientation…
Lagos State Governor, Mr Babajide Sanwo-Olu, is set to present the appropriation bill for year 2025, expected to hit several trillions of Naira to the Lagos State House of Assembly today, Thursday, November 21, 2024. The budget size, described as ambitious, according to a source is expected to be above the N 2.267 trillion of…
The Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has stated that the removal of fuel subsidies by President Bola Tinubu’s administration has significantly boosted the economies of Nigeria’s federal, state, and local governments. Speaking at the National Council on Finance and Economic Development (NACOFED) conference in Bauchi on Monday, Edun explained…
The Governor of Benue State, Hyacinth Alia, has approved a new minimum wage of ₦75,000 for workers across the state, surpassing the federal minimum wage of ₦70,000 recently announced by President Bola Ahmed Tinubu. The decision was made public during a meeting with representatives of organized labor at the State Secretariat on Monday. The announcement…
In a bid to address the rising hunger crisis in Nigeria, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, has officially launched the inaugural National Dry Season Farming initiative in Cross River State. This initiative, aimed at enhancing food production and ensuring food security, is part of the federal government’s strategy to combat…
A new tax book offering comprehensive and valuable insight about the Nigeria Tax Appeal Tribunal (TAT) has been unveiled by the immediate-past chairman of the TAX Appeal Tribunal Lagos Zone Panel 1, Mr. Olanrewaju Moshood Lassise-Phillips. The book titled “Nigeria’s Tax Appeal Succinctly Explained”, according to the the experienced tax luminary, was originally…
With the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), and the Development Bank of Nigeria (DBN) commitment to the Women Entrepreneurs Finance Code (We-Fi Code) the stage is set to close the N294 billion funding gap affecting Women-Led businesses in the country. To this end, stakeholders eagerly awaiting positive feedback…
Indications have emerged that President Bola Tinubu may present Nigeria’s 2025 budget to a joint session of the National Assembly in the first week of December 2024, even as crucial budget templates remain incomplete as of mid-November. In response to concerns about the budget’s timing, the Senate Finance Committee clarified that determining the presentation date…
The Nigeria Labour Congress (NLC) has alledged fuel marketers of increasing petrol prices, claiming the pump price is significantly higher than the actual market value. The NLC contends that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution. In a communique released following…
