Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. This decision was announced in a statement by the Acting Director of Corporate Communications, Hakama Sidi Ali. “The action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management…
The Transmission Company of Nigeria has released a public notice that the Labour Union has shut down the national grid, resulting in black out nationwide. The national grid shut down occured at about 2.19am, Monday morning, 3rd June 2024. According to the press release signed by Ndidi Mbah, General Manager, Public Affairs of Transmission Company…
The federal government has been urged to reinstate the N35,000 wage award to workers, which was suspended in February 2024 pending further negotiations on a new minimum wage. This request was part of an agreement reached during a last-minute meeting convened on Sunday by Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas,…
LAGOS — Fuel distribution, health, bank and other essential services nationwide will be shut from today as organised labour begins an indefinite strike over minimum wage and the recent hike in electricity tariff. But the Federal Government in a swift reaction yesterday, warned the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, to…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured Nigerians that food prices will come down in the coming months. “We can expect that food prices will come down and food availability will increase,” Edun said on Channels Television’s Sunday Politics programme. The minister said though food insecurity is a…
The Federal Government has cautioned the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) against abandoning ongoing negotiations over the new minimum wage. The government has urged the organized labor groups to suspend their planned nationwide indefinite strike set to commence on Monday, June 3. In a statement on Sunday, Attorney General of…
The Federal Government has formalized a partnership with the Nigerian Economic Summit Group (NESG) by signing a Memorandum of Understanding (MoU) aimed at developing a framework for financing and unlocking the potential within the creative industry. The MoU, signed in Abuja, aims to revitalize the creative sector and make significant contributions to Nigeria’s Gross Domestic…
Attorney General and Minister of Justice, Prince Lateef Fagbemi, has condemned the call for industrial action by organized labour, deeming it “premature, ineffectual, and illegal.” This statement follows the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) declaration of an indefinite nationwide strike starting June 3, 2024. Prince Fagbemi pointed out that discussions on…
Ahmed Tinubu to urgently pay the three-month wage award and other arrears owed to the workers. The workers made this declaration during an online meeting of the forum held on Saturday. A communiqué issued at the end of the meeting was made available on Sunday. In the communiqué signed by its National Coordinator, Comrade Andrew…
The Federal Government has appealed to organised labour to shelve its planned industrial action and return to the negotiating table. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had on Friday declared an indefinite strike beginning from Monday over the hike in electricity tariff and the inability of a tripartite committee on…
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have announced an indefinite nationwide strike starting Monday, June 3, 2024, due to a deadlock in negotiations over a new minimum wage and increased electricity tariffs. TUC President Comrade Festus Osifo made this announcement during a joint news conference with NLC and TUC leaders…
President Bola Ahmed Tinubu has directed Federal Ministries, Departments and Agencies (MDAs) in the country to patronise technologies and products of the National Agency for Science and Engineering Infrastructure (NASENI) to support Made-in-Nigeria goods and reduce importation. The President represented by President of the Senate, Godswill Akpabio made the declaration while commissioning NASENI-Portland Compressed Natural…
The Tripartite Committee on the new minimum wage is set to reconvene on Friday, May 31, 2024, as the Federal Government and Organised Labour continue their discussions. This announcement was made by the Committee’s Secretary, Ekpo Nta. In the previous meeting held on Tuesday, labour unions revised their demands, lowering the proposed minimum wage from…
The Federal Government has arrested three suspects and sealed an illegal mining site in Gaube, Kuje Area Council of the Federal Capital Territory (FCT) in a bid to combat illegal mining and curb revenue loss in the sector. The operation, executed by the Mining Marshals under the leadership of Assistant Commandant John Onoja Attah, was…
The Federal Government has granted the International Organization of Legal Metrology (OIML) Certification System to Zonal Coordinators of Weights and Measures. This announcement was made by Nura Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, during a three-day capacity-building workshop in Nasarawa State, north-central Nigeria. Rimi emphasized that these standards are…
Free medical outreach aimed at providing essential healthcare services to 50,000 Lagos State residents is set to commence today, May 30, following a directive from Governor Babajide Sanwo-Olu. The state Commissioner for Information and Strategy, Gbenga Omotoso, who disclosed this, said that the initiative, which will hold in all six health districts, is in fulfilment…
On Tuesday, the naira traded at N1,339.33 to the dollar in the official market, maintaining the same rate as the previous day. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the naira’s value remained unchanged from Monday to Tuesday. The volume of currency traded, however, saw a…
President Bola Tinubu has announced plans to restart the conditional cash transfer program, which was previously suspended. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this announcement during a ministerial sectoral briefing marking the first year of President Tinubu’s administration in Abuja. Edun stated that the program will deliver direct…
Organised Labour has once more rejected the Federal Government’s proposal of a N60,000 minimum wage. Comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), Organised Labour has turned down the latest offer of N60,000 as the new minimum wage. In a recent development, Organised Labour reduced its demand from N497,000 to N494,000….
The Minister of Housing and Urban Development, Ahmed Dangiwa, has clarify his commitment to get rid of barriers hindering a large scale of homeownership in the country. In his speech at the unveiling ceremony for the Renewed Hope Housing Delivery Portal held at ministry headquarters in Abuja recently, the minister disclosed that the government…
The Federal Government has filed a lawsuit against the Governors of the 36 States of the Federation at the Supreme Court over alleged misconduct in the administration of Local Government Areas, LGAs. In the suit marked: SC/CV/343/2024, which was filed by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, the…
President Bola Ahmed Tinubu told a delegation of Yoruba leaders on Friday that the Nigerian system was “bleeding” when he came into office a year ago but his administration has made efforts to stop the country from bleeding. The President who lamented the state of the local government administration in the country pleaded for…
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has reaffirmed the administration’s commitment to harnessing Nigeria’s natural resources for economic prosperity, in line with President Bola Tinubu’s renewed Hope agenda. At a ministerial briefing marking the administration’s first year in office, Senator Lokpobiri addressed the challenges that have plagued the oil and gas…
A Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of $4,719,054 and N830,875,611, along with various properties, linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Yellim Bogoro issued the order on May 23, 2024, following an ex-parte application by the Economic and Financial Crimes Commission…
A former Central Bank of Nigeria governor and the 14th Emir of Kano, Muhammadu Sanusi, says it will take a while to for the Nigerian economy to bounce back from 10 years of mismanagement. He said that realistically, it requires more than six months or one year for the economic mismanagement of the last 10 years…
Super Eagles and Atalanta forward Ademola Lookman says the love and support he gets from Nigerians inspire him to do more as a player and person. Lookman scored a stunning hat-trick on Wednesday night as Atalanta ended Bayer Leverkusen’s 51-match unbeaten run to win the Europa League final 3-0 on Wednesday and claim their first…
A witness, Abraham Uwua, on Tuesday, admitted to a Benue State High Court in Makurdi that his testimony was based on information he received from his lawyer. Uwua was testifying in a suit he filed alongside Terlumun Tyav, Terwase Zeku, and Pastor Cyprian Terwase against Peter Adejoh, Engr Mike Jijingi, the Government of Benue State,…
The Minister of Budget and Economic Planning, Atiku Bagudu, tendered the apology in Abuja yesterday, May 22, at the Ministerial Sectoral Update as part of activities for the one-year anniversary of President Bola Ahmed Tinubu. He said the way-out “is to restore macroeconomic stability that will ensure that investors, both domestic and international, put…
The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent. This comes after Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices. Olayemi Cardoso, CBN’s governor, announced the monetary policy rate adjustment at…
Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, has explained why they will be investing $6 billion in energy projects in Angola instead of Nigeria. Explaining why they took the decision, Pouyanne who spoke with panellists of the Africa CEO in Kigali, Rwanda, said the inconsistency in policy making decisions led to the diversion of…
Nigerian Railway Corporation workers has issued a seven-day ultimatum to Governor Peter Mbah of Enugu State to negotiate on how to replace all the properties that was demolished illegally or be dragged to court. The workers staged a peaceful protest to register their displeasure over the demolition of their offices, staff quarters, training schools,…
