Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Federal Government of Nigeria has issued a $500 million dollar-denominated bond, opening for subscription on August 19, 2024, officially. This comes after the government had announced plans to issue a $500 million dollar-denominated bond. This bond, part of the government’s financing initiatives, will carry a 9.75 percent per…
Nigeria’s latest inflation report which recorded a decline in July 2024 is generating mixed reactions. This is as Nigerians have decried that the figure does not reflect everyday market realities. Recall that on Thursday last week, the National Bureau of Statistics consumers price Index and Inflation data for July indicated…
The Nigerian Financial Intelligence Unit (NFIU) is set to utilize Artificial Intelligence (AI) and machine learning tools to identify and combat illicit financial flows (IFFs) and other fraudulent activities. During the opening session of the first NFIU management staff retreat, NFIU Chief Executive Officer Hajiya Hafsat Bakari highlighted the organization’s commitment to equipping its staff…
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has called on members of the public, especially jobseekers, to discountenance rumours of employment slots for sale. In a statement obtained by Vanguard, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd, stated that there is no iota of truth in the insinuations that…
Gold hit a record high on Friday as global stock markets diverged, with profit-taking on Wall Street while European and Asian markets gained on reassuring data about the health of the world’s biggest economy and likely US interest rate cuts. Expectations of US interest rate cuts weakened the dollar, while oil…
Tech billionaire Elon Musk has advised the United States government to reduce wasteful government spending to solve inflation. Musk stressed that government tax dollars should be spent well and not poorly. The billionaire gave the advice in a post on his X handle on Friday, explaining that inflation is caused by…
Lagos State deputy governor, Dr. Kadri Obafemi Hamzat has said that the state government is determined to maximise the potential of youths in the state with cutting edge facilities and technology. Hamzat who gave the assurance when he appeared on Arise TV Programme, “The Morning Show” added that the state government would…
The Nigerian National Petroleum Company Limited (NNPCL) has announced the discovery and confiscation of products from 63 illegal refineries in the past week. The development was revealed in a documentary released by the oil company on Wednesday, which highlighted the ongoing battle against crude oil theft in the country. According to…
The Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, has strongly denied accusations that it is hindering the operations of local refineries to maintain the importation of petroleum products. The Executive Secretary of DAPPMAN, Olufemi Adewole, made this clarification, adding that the association’s members are patriotic investors who have committed substantial resources…
In response to recent concerns over the suspended helicopter landing fee, the federal government, alongside International Oil Companies (IOCs) and Local Oil Companies (LOCs) under the Oil Producers Trade Section (OPTS), has initiated the development of a comprehensive framework to guide navigational services in Nigeria. This framework will be in place ahead of the resumption…
Former Presidents Goodluck Jonathan and Muhammadu Buhari are currently attending the inaugural Council of State meeting under President Bola Tinubu administration on Tuesday. The meeting is holding at the State House Council Chambers at the Presidential Villa, Abuja. Also, former Heads of State, General Yakubu Gowon (rtd) and General Abdulsalami Abubakar…
As the nationwide protests ended on Saturday across the country, one of the leaders and lawyers to the protesters, Mr. Deji Adeyanju, yesterday, disclosed that 26 protesters and journalists have so far been released from among over hundreds arrested and detained by security agents across the country. Adeyanju made the disclosure in an interview with…
The Socio-Economic Rights and Accountability Project, SERAP, has called on President Bola Tinubu to “direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly and thoroughly investigate the spending of $1.5 billion World Bank loan obtained by the 36 states and Abuja for poverty…
Senator Ireti Kingibe, representing the Federal Capital Territory, Abuja, has urged the federal government to address the demands and concerns raised by Nigerians during the recent 10-day EndBadGovernance protest. On August 1, Nigerians took to the streets to express their anger and frustration over what they perceive as poor governance and widespread hardship. The protests,…
The Abia State Government has said it has not received any 20 trucks of rice as palliative from the Federal Government. The State Commissioner for Information, Prince Okey Kanu, who stated this, said no such palliative had arrived in the state, adding that there was no communication from the Federal Government for any such palliative….
The Nigeria Inter-Bank Settlement System (NIBSS), today reiterated and reminded banks and other financial institutions to forward their customers account details to its Industry Customer Account Database (ICAD). NIBSS disclosed this in a statement titled: “CBN’s directive: Submission of Customer Account Details to ICAD”. According to NIBSS the reminder was based on the apex bank’s…
Former Secretary General of the Commonwealth, Chief Emeka Anyaoku, was a guest of President Bola Tinubu on Friday, where he and other leaders of thought went to sell the idea of a new Constitution for the country. The group under the auspices of The Patriot said a new Constitution has become imperative to address the…
Bauchi State Governor, Senator Bala Mohammed, has pledged to inform the Federal Government about the severe damage caused by heavy flooding that has cut off a section of the Kano-Maiduguri expressway. It was gathered that a heavy downpour completely washed out a section of the Kano-Maiduguri expressway between Malori and Guskuri Villages in Katagum Local…
The Plateau State Governor, Caleb Mutfwang has further relaxed the curfew imposed on the Jos-Bukuru metropolis on Thursday. He also stated that residents are allowed to go about their lawful activities between 12 noon and 6 pm until further notice. DNI reported that the state government had imposed a 24-hour curfew on the areas mentioned…
The naira has recorded three consecutive days of appreciation against the dollar at the official foreign exchange market amid the Central Bank of Nigeria’s latest FX Retail Dutch Auction System. FMDQ data showed the naira further strengthened to N1, 596.52 per dollar on Wednesday from N1601 exchanged on Tuesday. This represents a 4.48 gain. Meanwhile,…
The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the…
Fitch Rating has downgraded Dangote Industries Limited, DIL, Aliko Dangote’s firm to ‘B+(nga)’ from AA(nga) putting the company on Negative Watch. The international rating firm disclosed this in a report on Monday. According to Fitch Rating, the downgrade of DIL reflects a significant deterioration in the group’s liquidity position following lower-than-expected disposal proceeds, and operational…
Analysts in the oil and gas sector have commended Oando’s acquisition of a 100 per cent stake in Nigerian Agip Oil Company Limited (NAOC Ltd), predicting it will significantly reshape Nigeria’s oil and gas industry. The deal, in development since September last year, has finally come to fruition. According to oil and gas analyst Johnson…
The Nigerian National Petroleum Company Limited, NNPCL, on Monday announced the introduction Utapate crude oil blend, and a new crude oil grade into the international crude oil market. The spokesman of NNPCL, Olufemi Soneye made this known in a press statement on Monday. He said from Oil Mining Lease (OML) 13, fully operated by NEPL,…
The Lagos State organisers of the protest against hardship and bad governance in the country have announced plans to resume their demonstration at Gani Fawehinmi Freedom Park, Ojota, on Monday, August 5, 2024, despite a recent address from President Bola Tinubu. This is contained in a statement issued on Sunday, by Hassan Taiwo, Ayoyinka Oni,…
A group of downstream petroleum operators has appealed to President Bola Ahmed Tinubu to address the activities of the Nigerian National Petroleum Company Limited (NNPC), the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This appeal came as petrol shortages at retail outlets in…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Saturday that a fire has broken out at the Akaso 4 Wellhead, operated by NNPC 18 Operating Limited. The incident, which has also affected the adjacent riverbank, occurred on August 2, 2024, at approximately 11:12 pm. In a statement, Mrs. Olaide Shonola, Head of Public Affairs…
The presidential candidate of the Labour Party during the 2023 elections, Peter Obi, has commiserate with the families of those who lost their lives during the #EndBadGoverance protests. Several citizens have died since the nationwide protests began on Thursday, August 1. Obi took to his verified X account to mourn those who died “in their…
Former Vice President, Atiku Abubakar has charged President Bola Tinubu to listen to Nigerians who have taken to the streets to protest the current hardship in the country. Nigerians had set August 1 as the date to commence protest against bad governance and hardship and the first day was deemed successful. Some lives and properties…
The Senior Pastor of Awaiting The Second Coming Of Christ Ministry, Adewale Giwa, on Friday urged President Bola Tinubu to take proactive steps that would quell the protest before ‘it’s too late’. Pastor Giwa said Tinubu should take drastic steps that would crash the price of fuel and foodstuff. Speaking with the newsmen, the clergyman…
The Central Bank of Nigeria (CBN) has directed banks unable to meet its new recapitalization policy to downgrade to local banking status to continue their operations. CBN Governor Mr. Yemi Cardoso issued this directive in Abuja during the launch of the 2024 Banking Sector Report, themed “Bank Recapitalization: Catalyst for a One Trillion-Dollar Economy.” The…
