Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
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…
