Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Presidency has clarified that the federal government will not step in to resolve the ongoing fuel price conflict between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Speaking to State House correspondents on Wednesday, Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, explained that both NNPCL and Dangote…
Aliko Dangote, the President of Dangote Group has reiterated that his $20 billion Lagos-based refinery will stabilize the Naira against the dollar at the foreign exchange market. The African richest man disclosed this in a 25-minute interview with Bloomberg Television on Monday. He noted that petroleum products imports consume about 40 percent…
Governor Seyi Makinde of Oyo State has declared that times are hard and Nigerians are currently hungry and angry. Makinde made this declaration on Wednesday while performing the ground-breaking ceremony for the upgrading of Samuel Ladoke Akintola Airport, Alakia, Ibadan, to international standards. The governor, while addressing the gathering, said that his…
The National Civil Society Council of Nigeria (NCSCN) has called on Dangote Refinery Ltd (DRL) to disclose the quantity of Premium Motor Spirit (PMS) it has supplied to the Nigerian National Petroleum Company Limited (NNPCL). The group is demanding transparency regarding the price of the PMS and the refinery’s pricing plans in a…
•National oil firm makes adjustment to breakdown of prices from Dangote refinery Oil marketers yesterday argued that it wasn’t normal for the Nigerian National Petroleum Company Limited (NNPC) to sell petrol produced locally from the Dangote refinery to Nigerians at a pump price higher than imported fuel. Coming under the umbrella of the…
LAGOS — Hopes for a potential reduction in petrol prices, following the commencement of supply from Dangote Refinery, were dashed, yesterday, as NNPC Limited released a new pricing template that raised pump prices by about 11 per cent to N950 per litre. The pump price of petrol was increased by over 45 per…
The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery are currently at odds over the pricing of Premium Motor Spirit (PMS), commonly known as petrol, produced by the refinery. NNPCL had claimed that the refinery was selling petrol at ₦898 per litre, but Dangote Refinery has refuted this, stating that a final price has…
The Federal Government is collaborating with key stakeholders to address the socio-economic challenges facing Nigeria and to steer the nation toward sustainable development. This was revealed by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, during a press briefing ahead of the 30th Nigerian Economic Summit in Abuja. Senator Bagudu emphasized that the…
Vice President Kashim Shettima has reiterated President Bola Tinubu’s commitment to revolutionizing Nigeria’s digital economy, emphasizing that the administration remains on track and fully supported by strategic initiatives and partnerships. During a courtesy visit by the management of Odua Investment Company Limited, led by its Chairman, Otunba Bimbo Ashiru, at the Presidential Villa in Abuja,…
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…
