Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, announced that the ongoing construction of the Idu Industrial Park in Abuja is set to provide employment for over 40,000 youths upon completion, boosting both the local and national economy. During an inspection of the site on Wednesday, Wike praised the efforts of Zeberced Construction…
President Bola Tinubu is set to embark on a strategic visit to China in early September, aimed at strengthening Nigeria’s economy and infrastructure. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, announced this during a briefing at the State House on Tuesday. He emphasized that the visit will include key engagements…
The Nigeria Sovereign Investment Authority (NSIA) has attributed the continuous hike in the prices of fertiliser products in the local market to multiple problems of exchange rate fluctuation, high inflation rate that is currently at 33.4 percent and the cost of transportation of the products from the factory to the end users. NSIA…
The price of food items such as beans, garri and eggs rose on a month-on-month and year-on-year basis amid economic hardship. The National Bureau of Statistics, NBS, disclosed this in its latest selected food price watch for July 2024. A specific breakdown of the report showed that 1 kilogram of brown beans…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has initiated shipments of Liquefied Natural Gas (LNG) to Japan and China on a Delivered Ex-Ship (DES) basis. This move aligns with NNPC’s strategic vision to become a preferred global energy supplier. The agreements to this effect, emphasises Nigeria’s commitment to leveraging its vast natural…
Former Vice President Atiku Abubakar has raised concerns over the swift approval granted to Oando Plc for its purchase of AGIP/ENI’s onshore assets. Atiku questioned why Oando, owned by a relative of President Bola Tinubu, received expedited approval while other deals, such as the Shell/Renaissance and Mobil/Seplat transactions, face continued delays. Atiku emphasized the need…
President Bola Ahmed Tinubu will in the next 48 hours, officially commission the upgraded West Africa Container Terminal (WACT) in Onne, Rivers State. WACT, operated by APM Terminals in Onne, Rivers State, is Nigeria’s largest and most efficient container terminal outside Lagos. An unprecedented USD115 million (approximately N178.2 billion) upgrade project commenced…
Civil servants in Adamawa State are celebrating after receiving their August salaries, reflecting the new national minimum wage of N70,000. The salary increase brought relief, with workers praising the state government for fulfilling its promise. Alhaji Danjuma Usman Mohammed, a driver at the Government House, Yola, expressed his gratitude, sharing plans to re-enroll his children…
President Bola Tinubu on Friday urged the acting Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun to defend the independence of the judiciary and promote the cause of justice. President Tinubu gave the charge when he administered the oath of office on Justice Kekere-Ekun as the acting Chief Justice of Nigeria (CJN), pending her confirmation…
The Comptroller General of Customs of the Nigeria Customs Service, Adewale Adeniyi, has approved the appointments of the key management team. Abdullahi Maiwada, the NCS spokesperson, disclosed this in a statement on Friday. The appointments come following the retirement of some key management team members in Customs. BM Jibo has…
Dear Igbo-must-go Campaigners, Yes, I agree with you that Lagos should be for its Yoruba indigenes. And the Southwest should belong to the indigenes of the region. So, lets get practical and cooperate and make our shared desire happen, peacefully and as fast as possible. Please note that Igboland, to which…
…formally accepts Democratic nomination United States of America’s Vice President, Kamala Harris formally accepted the Democratic nomination for President on Thursday with a rousing call to end the war in Gaza and to fight tyranny around the world, drawing a sharp contrast with Republican Donald Trump. “In the enduring struggle…
The First Lady, Sen. Oluremi Tinubu, says that Small and Medium Enterprises, especially women petty traders form the backbone of Nigeria’s local economy. Oluremi, who was represented by the wife of the Anambra State Governor, Dr Nonye Soludo, made the assertion on Thursday at the commencement of the Renewed Hope Initiative (RHI) economic…
ABUJA – A group, Niger Delta Advocacy Network for Good Governance and Transparency, has threatened to stage a protest at the National Assembly if the Federal Government fails to sack the leadership of the Nigerian National Petroleum Company Limited (NNPCL) over the lingering fuel scarcity in the country. The group, in a statement…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has assured its full support to the Federal Government in its ongoing efforts to eradicate crude oil theft, a persistent issue that has plagued the nation’s oil and gas sector. The commitment was made on Wednesday by the PENGASSAN President, Comrade Festus…
One of the world’s largest diamonds ever unearthed — a rough 2,492-carat stone — has been found in Botswana, a Canadian mining company that discovered the gem announced Thursday. The diamond was found in the Karowe Diamond Mine in northeastern Botswana, about 430 kilometres (270 miles) from the capital Gaborone, Lucara Diamond…
A Central Bank of Nigeria survey indicated that business activities in Nigeria’s economy are expected to improve in the next six months. This is according to July’s Business Expectations Survey report released by CBN on Wednesday. The survey said that the growth would be driven by Nigeria’s services and agriculture…
The Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, has said the proposed 2025 budget for State House agencies will be based on a thorough needs assessment to ensure that funds allocated to agencies were based on actual requirements. Gbajabiamila spoke to the media on Wednesday in Abuja, following…
The National Agency for Food and Drug Administration and Control (NAFDAC) has seized three petrol tankers transporting crude soy oil in the Apapa area of Lagos. In a statement posted on its official X (formerly Twitter) account on Wednesday, NAFDAC revealed that the tankers had been loaded with the edible oil from an oil depot….
Nigeria Labour Congress, NLC, has directed all workers in the country to immediately shut down the economy if the Nigerian Police arrest the Congress President, Comrade Joe Ajaero. Recall that the Police had last night invited the NLC President to its headquarters for questioning over the allegation of involvement in terrorism financing among others. The…
The Nigerian Stock Exchange started the week on a bearish trend as investors lost N750 billion from their port portfolios. This is as selloffs in the stocks of Dangote Cement, Tier-one banks such as Guaranty Trust Holding Company (GTCO), FBN Holdings, among others, declined equities pulled the market’s performance down. Data…
Amid the mounting controversy, the Nigerian National Petroleum Company Limited has clarified that it has not paid fuel subsidies to anybody in the last nine years. Chief Financial Officer of the company, Alhaji Umar Ajiya made the clarifications on Monday in Abuja. His clarification comes amid reports that the country…
