Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
Governor AbdulRahman AbdulRazaq of Kwara State has approved the constitution of a tripartite committee to work out the consequential adjustment component for other categories of workers on the new minimum wage. This was as a result of the new national minimum wage being pegged at N70,000, triggering a need for consequential adjustments for senior cadres…
The human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has urged the government to stop mobilising youths to disrupt rallies. The senior lawyer also called on government officials to engage with the demonstrators who are expressing their grievances. Protesters across Nigeria, including the FCT, have taken to the streets to express their frustrations…
The Federal Executive Council (FEC) has sanctioned N1.455 trillion for the construction and rehabilitation of roads across thirteen states. Announcing the decision in Abuja, the Minister of Works, Dave Umahi, stated that the projects approved were initially deferred during the last FEC meeting to allow the government time to secure funding. The projects include the…
The Niger Delta youths under the platform of Revamp Niger Delta Now Movement, RNDNM, have vowed to go ahead with the August 1-10 protest and occupy the East-West Road. The youths disclosed that the various calls by politicians and traditional rulers to shun the organised national #EndbadGovernance protest in Nigeria would not be heeded. This…
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, is mobilising Abuja youths and other stakeholders against joining the proposed August 1 to 10 nationwide protests over hunger and hardship. Wike, who was speaking during a ministerial engagement with FCT youths from Abuja South Federal Constituency in Kwali Area Council of the FCT on…
The Special Adviser to President Bola Tinubu on Media and Publicity, Ajuri Ngelale, has said nobody can stop the citizens from protesting. Ngelale stated this during an interview on a TVC programme, Politics on Sunday with Femi Akande. The spokesperson was addressing concerns about the Tinubu government’s stance on peaceful protests planned for August 1-10….
Governor Seyi Makinde of Oyo State has declared that the widespread anger and hunger across the country is the main reason for the planned protest. Makinde made this declaration while speaking at the grand finale of the 2024 Ibadan Cultural Week, organised by Central Council of Ibadan Indigenes (CCII). August 1 has been fixed as…
Abuja, Nigeria The Industrial Training Fund (ITF) has launched a specialized curriculum for its foundation program, covering 20 key areas in the first phase of its Skill-Up Artisan (SUPA) initiative. The curriculum includes training in Plumbing and Pipe Fitting, Masonry, Painting and Decoration, Tiling, Electrical Installation, Welding and Fabrication, Carpentry, and Iron Steel Reinforcement, among…
The Federal Government has clarified recent media reports regarding the reduction in allowances for students abroad under the Bilateral Scholarship Agreement. In a meeting with the leadership of the National Association of Nigerian Students (NANS) in Abuja, the Minister of Education, Professor Tahir Mamman, explained that the changes in allowances were due to fluctuations in…
The Central Bank of Nigeria, CBN, said it sold $148 million in foreign exchange (FX) to 29 authorised dealer banks in two days (22nd and 23rd of July 2024). CBN disclosed this today in a statement published on its website. According to the apex bank, the foreign exchange (Fx) was sold on the Nigerian Foreign…
A former Chairman of the All Progressives Congress, APC, in South Africa, Bola Babarinde, says the Dangote Refinery should be a national pride. Babarinde in a statement on Friday, said critics of the refinery should focus on constructive solutions rather than negative publicity. He noted that the refinery represented a significant stride towards self-sufficiency in…
The Naira yesterday depreciated to N1,575 per dollar in the parallel market from N1,565 per dollar on Tuesday. However, the Naira depreciated to N1,586.71 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on…
The prices of tomatoes, beans, garri rose above 200 percent in June 2024 from their previous prices in the corresponding period of 2023. In its Selected Food Price Watch for June 2024, released yesterday, the National Bureau of Statistics, NBS, indicated that price of tomatoes (1kg) increased Year-on-Year (YoY) by 320.67 percent to N2,302.26 in…
The Chief Executive Officer of Financial Derivatives, Bismarck Rewane has said the prices of food in Nigeria are expected to drop by September 2024. The popular economist disclosed this in an interview on Tuesday. Speaking on the latest Central Bank of Nigeria’s interest rate hike to 26.75 percent, Rewane said that inflation is expected to…
Vice President Kashim Shettima says Nigeria is not just catching up with the rest of the world but also poised to overtake the global economy. He stated this on Tuesday when he unveiled the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, Jigawa. The initiative launched at the Yakubu Gowon NYSC Orientation…
A newly released by the National Bureau of Statistics has indicated a rise in prices of Beans, Tomatoes, Irish potatoes, Garri, Yam and other food items in June 2024. This is as the Bureau few days ago, said headline inflation for June increased to 34.19 per cent relative to the May 2024 headline inflation rate…
Chevron Nigeria, yesterday, revealed that through investments in gathering and processing of associated gas, routine flaring has been reduced by over 97 per cent in the past 10 years in its operations. He said this at a training programme on business and finance organised by the Nigeria Union of Journalists (NUJ) in partnership with Chevron…
Vice President Kamala Harris is narrowly beating rival Donald Trump in a national presidential poll released Tuesday, one of the first conducted since US President Joe Biden ended his reelection campaign. Harris holds a two-point lead over Trump, 44 percent to 42 percent, according to the Reuters/Ipsos poll. It was conducted in the two days…
Ahead of the planned nationwide protests coming up in August, the Lagos State Government has declared that such demonstrations are within the rights of citizens, saying there is nothing wrong in it. The Secretary to the state government, Bimbola Salu-Hundeyin, stated this on Tuesday while meeting with the Secretaries to the Local Governments, SLGs. She,…
Fifty-eight out of the 164 member states of the World Trade Organization (WTO) have expressed their support for a proposal from the African Group to endorse Ngozi Okonjo-Iweala for a second term as the organization’s Director-General. In a statement released by the WTO, the support was announced during the July 22 meeting of the WTO…
Billionaire businessman Femi Otedola has highlighted the critical importance of supporting Aliko Dangote amidst his ongoing dispute with Nigeria’s regulatory authorities in the petroleum sector. Otedola, a close associate of Dangote, stressed the significance of backing visionaries like Dangote to foster and sustain the nation’s economic growth. In a post on X on Tuesday afternoon,…
Modern non-stop long-haul flights make traveling to faraway destinations easier than ever. Passengers can now travel long distances without stopping or needing to change planes. Here’s a list of 10 of the longest flights in the world, as listed by AeroTime. Singapore (SIN) to New York (JFK) Singapore Airlines operates a flight from Singapore (SIN)…
Muhammadu Sanusi II has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time. The 16th Emir of Kano commented on the issue through the SOP…
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, has convened a high-level meeting with key stakeholders in the oil and gas sector to address and resolve the ongoing issues surrounding the Dangote Refinery. Aliko Dangote, President of Dangote Petroleum Refinery, has faced challenges with the government over his Lagos refinery project. Dangote had…
Sinoma International Engineering Company, a prominent Chinese green energy firm, has shown interest in establishing a renewable energy technology manufacturing industry in Nigeria’s Evergreen City. The company’s Chairman, Mr. Yin Zhisong, revealed this during a dinner in Beijing, China, hosted for Chief Ajuri Ngelale, Nigeria’s Special Presidential Envoy on Climate Action. Chief Ngelale informed reporters…
The Nigeria Labour Congress (NLC) has called on President Bola Ahmed Tinubu to invite the leaders of the planned protest movement for discussions to address their grievances. In a statement, NLC President Comrade Joe Ajaero emphasized the widespread anger among Nigerians over the current state of the economy. “Many Nigerian families are now forced to…
Aliko Dangote has said that a friend who warned him against investing in Nigeria is taunting him now for ignoring his advice. The President of Dangote Group disclosed this in an interview with Premium Times on Sunday, July 21. He granted the interview after reports quoted the Nigerian Midstream and Downstream Petroleum Regulatory Authority…
The Chairman of the Dangote Group, Aliko Dangote has offered to sell his $20 billion Dangote Refinery to the Nigerian National Petroleum Company Limited amid challenges. Dangote made this known in an interview on Sunday. According to him, it was unfair to label him as being a monopolist despite Dangote Refinery’s efforts aimed at solving…
A social and political critic, Aisha Yesufu has said that Nigeria kills its own. While appealing that the Dangote Refinery not be allowed to fail, Yesufu urged all hands to be on deck to ensure it succeeds. Her statement comes after the Nigerian Midstream and Downstream Petroleum Regulatory Authority said the Dangote refinery has not…
The Nigeria Security And Civil Defence Corps, NSCDC, Imo state command, and the state chapter of the Independent Crude Oil Marketers Association of Nigeria, have vowed together to fight pipeline vandals in Imo. The NSCDC state Public Relations Officer, PRO, Chmeziri Lowell, disclosed this in a statement to newsmen in Owerri on Sunday. According to…
