Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Federal Government has launched a new initiative to sell crude oil to local refineries and facilitate the purchase of petroleum products using the Naira, aiming to ease pressure on the national currency and streamline costs. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a…
Kano State Governor Abba Kabir Yusuf has announced that the state will be the first to implement the new minimum wage of N70,000. The governor made this statement during a workshop on “Conflict Management for Harmonious Industrial Labour Relations” hosted by the Michael Imoudu National Institute for Labour Studies (MINILS) in Kaduna. Represented by Abdullahi…
As schools resume nationwide, many families have been lamenting how they would survive with the economic realities. From the East to the West, North to South, no home is left without feeling a bit of the situation in Nigeria. For Bisi, a single mother of three took her children to one of…
Nigeria Labour Congress, NLC, has dismissed insinuations that its battles with the government is majorly about wages, sayings its fight with government over the years is to ensure the nation’s economy works for every Nigerian, irrespective of status. President of NLC, Joe Ajaero, stated this in Lagos at a one-day workshop organised by the Labour…
The Federal Government has put forward a proposal to temporarily eliminate import duties on certain food items, a move aimed at addressing the nation’s food security challenges. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a closed-door session with the Nigeria Customs Service Board…
A three-day multi-sector trade and investment forum aimed at strengthening the economic and business ties between Nigeria and Tunisia was held at the John Wood Hotel, Abuja. The event, which began on September 10, was organized through the collaboration of the Tunisia-Africa Business Council (TABC), the Nigerian Embassy in Tunis, and the Tunisian Embassy in…
The Speaker of the House of Representatives, Tajudeen Abbas has condemned Monday’s invasion of a hospital and abduction of workers and patients by gunmen in Birnin Gwari Local Government Area of Kaduna State. The bandits reportedly invaded the Primary Healthcare Centre at Layin Dan Auta village in Kuyello Ward, Birnin-Gwari, abducting two nurses and patients…
ABUJA — NNPC Limited on Monday said it has signed a deal with its Joint Venture, JV, partner, Chevron Nigeria Ltd, CNL, for the conversion of five of its JV assets into the Petroleum Industry Act, PIA, terms. The company disclosed that the deal is expected to significantly boost crude oil production, with the…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has refuted reports suggesting an increase in the Value-Added Tax (VAT) rate from 7.5% to 10%. In a statement issued on Monday, the minister clarified that the current VAT rate remains at 7.5%, in line with the existing tax laws. Edun emphasized…
The Senate has postponed its planned investigation into alleged sabotage within Nigeria’s petroleum sector, citing the need for broader consultations with key stakeholders. This decision is intended to enhance the value of the upcoming investigative hearing, ensuring a comprehensive review of the issues at hand. In addition to stakeholder input, the postponement was attributed to…
Christian leaders in Nigeria, yesterday, urged the Federal Government to implement social welfare schemes to cushion the effects of the latest petrol price increment. They encouraged government to facilitate repairs of local refineries, stressing that it would not only reduce the cost of fuel but also create employment for the youths. Those…
The Federal Government has announced plans to establish Blood Collection Centres in all 774 local government areas, including the FCT, to ensure the availability of blood during medical emergencies and transfusions. Abdullahi Haruna, Head of media and Publicity, National Blood Service Agency (NBSA), made this known in a statement on Saturday in Abuja. …
President Bola Tinubu has wrapped up his official visit to China, calling the trip a significant success. Addressing members of the Nigerians in Diaspora Organisation (NIDO) and the wider Nigerian community at the China World Hotel, President Tinubu highlighted the fruitful discussions held with Chinese leaders, including President Xi Jinping and Premier Li Qiang, as…
The Naira yesterday depreciated to N1,640 per dollar in the parallel market from N1,620 per dollar on Wednesday. Similarly, the Naira depreciated to N1,639.41 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,639.41 per dollar from N1,625.88…
The member representing Tudun Wada/Doguwa Federal Constituency, Kano State in the House of Representatives, Alhassan Doguwa has urged the Federal Government and the Nigerian National Petroleum Company Limited, NNPCL to take urgent steps to revert to the old pump price of the Premium Motor Spirit, otherwise known as petrol. Fuel scarcity took a turn for…
Dangote Petroleum Refinery, has given reasons the company could not determine its petrol price. Anthony Chiejina, Group Chief Branding and Communications Officer, in a statement on Thursday, noted that PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence the reason Dangote cannot determine, fix,…
Dangote Refinery has clarified that NNPC Limited is yet to commence the lifting of petrol at the facility as both parties are still negotiating terms. Group Chief Branding and Communications Officer, Dangote Group, Anthony Chiejina in a statement on Thursday said the company is not in a position to determine the price of…
Former All Progressives Congress (APC) presidential aspirant, Moses Ayom, has lauded President Bola Ahmed Tinubu’s efforts in enhancing Nigeria’s economic partnership with the People’s Republic of China. Ayom, a prominent international businessman with a focus on bolstering Nigeria-China relations, praised the recent Memorandum of Understanding (MoU) signed in Beijing, which focuses on the peaceful use…
Nigeria is taking significant steps toward being removed from the Financial Action Task Force (FATF) grey list. A high-level inter-agency delegation from the country presented a progress report to the FATF’s International Cooperation Review Group during a meeting held in Brussels, Belgium, on Tuesday, September 3, 2024. The Nigerian delegation, led by the Chief Executive…
The National Association of Nigerian Students (NANS) has disassociated itself from a widely circulated notice claiming that the student body is organizing nationwide protests on September 15, 2024, in response to the recent fuel price hike. Speaking to Newsmen, NANS national president, Comrade Lucky Emonefe, clarified that no such protest has been planned, labeling the…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery in Lagos, valued at $20 billion, will begin supplying 25 million litres of fuel daily to the Nigerian market this September. According to the NMDPRA, the refinery, which has a capacity of 650,000 barrels per day, is expected to increase…
The Federal Government has unveiled plans to invest N110 billion in youth empowerment programs aimed at harnessing the potential of Nigerian youth. Speaking at the fourth Zonal Town Hall meeting for youth in the North East, held in Maiduguri, Borno State, the Minister of Youth Development, Dr. Jamila Bio Ibrahim, highlighted the government’s commitment to…
Some stakeholders in the oil and gas industry, on Tuesday, said that the increase in the petrol pump price was unavoidable. The experts told the News Agency of Nigeria (NAN) in Lagos that the price hike would help alleviate the subsidy burden on both the Federal Government and Nigerian National Petroleum Company Ltd….
Governor Abba Yusuf of Kano State has embarked on an on-site inspection tour of the Kafinchiri irrigation project in Garko Local Government Area of the state. The project, which cost was estimated to N2.5 billion, is a major initiative under the state’s agricultural transformation agenda, aimed at enhancing food security, promoting year-round farming, and driving…
The Nigerian National Petroleum Company Limited (NNPCL) has attributed the unstable fuel supply in Nigeria to mounting financial challenges, primarily driven by increasing debts owed to fuel suppliers. In a statement released on Sunday, Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, emphasized the financial burden on the company, which has been exacerbated by the rising…
Nigerian Breweries (NB) Plc has announced plans to raise N599.1 billion from its existing shareholders through a rights issue. This follows the approval from shareholders in April 2024, as well as regulatory clearances from the Securities and Exchange Commission (SEC) and NGX Regulation Limited. The company is offering 22.607 billion ordinary shares at 50 kobo…
The Federal Government, in collaboration with local companies, plans to use domestically produced equipment to address the persistent issue of oil theft and promote local content in the industry. Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, announced this initiative during an inspection tour of a local company in Abuja. He noted that the…
Newly sworn in president of the Nigerian Bar Association (NBA), Afam Osigwe (SAN), has promised to ensure that governments at all levels are held accountable. Osigwe, who was swor in as the 32nd president of the NBA in Lagos, also vowed to run an all-inclusive bar that keeps the association not only united…
Immigration, Refugees, and Citizenship Canada (IRCC) have ended the temporary public policy allowing visitors to apply for work permits from within Canada. According to Immigration News Canada, the policy which was originally established to expire on February 28, 2025, is now seeing an early termination, effective August 28, 2024. However, to the relief…
The newly opened Tsamiya Dry Port in Kebbi State has established a clearing office in Kano to enhance trade for businesspeople in Northern Nigeria. During the inauguration of the Kano office on Wednesday, the Comptroller General of the Nigeria Customs Service (NCS), Bashir Adeniyi, represented by the Zone B Comptroller, ACG Sambo Dangaladima, highlighted the…
Oil and gas suppliers in Nigeria have endorsed the federal government’s decision to sell crude oil in Naira to local refineries, while urging the refineries to reciprocate by selling refined products to distributors in Naira to help stabilize the market. Benneth Korie, President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), stressed…
