In the third quarter of 2023, Nigeria experienced a remarkable 53.16% year-on-year increase in foreign trade, reaching a total of N18.80 trillion, according to the National Bureau of Statistics’ ‘Foreign Trade in Goods Statistics (Q3 2023)’ report released on Monday. … Continue reading Nigeria’s oil revenue surges by 83%, Reaches N8.5tn in Q3 – NBS
The Nigerian Upstream Petroleum and Regulatory Commission have revealed plans by the Federal Government to revoke dormant oil exploration leases granted to companies that have yet to undertake exploration activities. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream … Continue reading FG contemplates revoking dormant oil licences in industry overhaul
The Federal Government has announced its imminent commencement of fund disbursement through the Presidential Palliative Programme, aimed at mitigating the effects of the fuel subsidy removal. In a statement released on Sunday by the Minister for Industry, Trade, and Investment, … Continue reading FG set to disburse grants to SMEs in response to subsidy removal
Music streaming giant Spotify revealed its decision to trim its workforce by approximately 17%, citing the need to streamline operations in response to a notable slowdown in economic growth. Despite the positive news in October of a rare quarterly operating … Continue reading Spotify announces 17% workforce reduction in cost-cutting move
Ecobank Group has reported a substantial 59% increase in its gross earnings, reaching N1.21 trillion by the end of September 2023, compared to N761.29 billion during the same period in 2022. The Audited Consolidated Financial Statements, filed with the Nigerian … Continue reading Ecobank achieves impressive growth, records earnings of N1.21tn
A forthcoming boost in pension stipends for pensioners in the federal civil service is on the horizon, as revealed in a report on pension harmonization submitted to the Federal Government by the National Salaries, Incomes and Wages Commission. The expected … Continue reading FG considers pension increase for workers in 2024, says wages commission
United Bank for Africa (UBA), one of Nigeria’s premier financial institutions, has recently entered into a Memorandum of Understanding (MoU) totaling $6 billion with the African Continental Free Trade Area (AfCFTA) secretariat. The primary objective of this agreement is to … Continue reading UBA partners with AfCFTA in $6 billion deal to boost SME funding
The Minister of Solid Minerals Development, Dele Alake, commended the visit of investors from Mexico seeking opportunities in Nigeria’s solid minerals sector. President Bola Tinubu’s administration has implemented incentives to facilitate business for investors, including zero-duty on equipment for solid … Continue reading FG extends warm welcome to Mexican investors
The Federal Government is set to provide support for a substantial number of farmers, ranging from 150,000 to 250,000, offering a 50% input subsidy for the cultivation of 200,000 to 250,000 hectares of wheat in the upcoming 2023-2024 Wheat Irrigation … Continue reading FG commits to supporting 250,000 wheat farmers in dry season farming initiative
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reassured local shipowners that the re-establishment of national shipping lines will not adversely affect their operations. Speaking at a stakeholders’ roundtable in Lagos, Oyetola emphasized that the government’s initiative to … Continue reading FG says new shipping line won’t hurt local operators
The President of Dubai Chamber, Mohammad Lootah, has revealed that the non-oil trade between Nigeria and Dubai hit $2.1 billion in 2022. This announcement was made during the New Horizons Trade Mission in Nigeria, held in Lagos. The event, themed … Continue reading Nigeria-Dubai non oil trade surpasses $2.1 billion in 2022
The Manufacturers Association of Nigeria (MAN) has underscored the critical importance of creating a conducive business environment for the productive sector to achieve Nigeria’s aspirations of rapid industrialization and economic diversification. Francis Meshioye, the association’s President, made this assertion on … Continue reading Manufacturers in Nigeria say tough business conditions could stop growth
The winners of the hackathon segment at the Second Edition of the Zenith Tech Fair, themed “Future Forward 3.0,” have been announced. The event, held on November 23-24, 2023, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, … Continue reading Zenith tech fair crowns finalists with N59 million in prizes
Nigerian and German companies have formalized two crucial agreements in Berlin, signaling a major boost to economic ties. Valued at $500 million, the agreements involve a renewable energy pact and a gas export deal, representing a significant milestone in bilateral … Continue reading Nigeria and Germany sign $500 million deals for renewable energy
The Nigerian Exchange Limited (NGX) has urged the Federal Government and the Central Bank of Nigeria to give priority to listed corporates in their procurement processes and access to foreign exchange. Temi Popoola, the Chief Executive Officer of NGX, emphasized … Continue reading NGX urges FG to prioritize listed companies in foreign exchange access
A report obtained on Monday revealed that the Federal Government of Nigeria incurred an estimated loss of $16 trillion due to natural gas flaring over the past decade, spanning from 2012 to 2022, according to the Energy Institute’s 72nd edition … Continue reading Federal government records $16 trillion loss to gas flare over 10 years
The Adamawa/Taraba Area Command of the Nigeria Customs Service has successfully seized various items, including 15,449 liters of Premium Motor Spirit (PMS) with a combined Duty Paid Value of N13 million. The Area Controller, Salisu Abdullahi, made this revelation during … Continue reading Customs seizes fuel and goods valued at N13 million in Adamawa/Taraba area command
The Lagos State Internal Revenue Service (LIRS) has introduced an upgraded system, known as the Eco Fiscal System (EFS), for the collection of Hotel Occupancy and Restaurants Consumption Tax in the state. According to Ayodele Subair, the Executive Chairman of … Continue reading LIRS implements advanced system for consumption tax collection
Italian oil company Eni has decided to temporarily suspend arbitration proceedings related to the OPL 245 oilfield dispute with the Nigerian government. The move aims to provide room for discussions regarding the conversion of the license from prospecting to production. … Continue reading Eni temporarily halts World Bank arbitration in OPL 245 dispute
Users of the Bus Rapid Transit (BRT) system have voiced their grievances over the shortage of buses and the daily inconvenience of long queues, urging the government to address the issue by providing more buses. Several commuters expressed concerns about … Continue reading BRT commuters express frustration over bus shortage and lengthy queues
The Central Bank of Nigeria (CBN) has once again deferred the meeting of its monetary policy committee, despite the ongoing rise in inflation. The meeting, initially scheduled for Monday and Tuesday, marks the second postponement since Olayemi Cardoso assumed the … Continue reading CBN delays MPC meeting again amid soaring inflation
Starbucks Workers United, the union representing thousands of Starbucks employees in the US, is organizing a walkout on one of the coffee chain’s busiest days, coinciding with the ‘Red Cup’ day, a promotional event where holiday-themed cups are distributed. The … Continue reading Starbucks braces for walkout across hundreds of US stores amid union dispute
The Nigerian National Petroleum Company Limited (NNPC) has announced that the $2.8 billion Ajaokuta–Kaduna–Kano gas pipeline project, currently being constructed by Oilserve Limited, is set to be inaugurated next month. Oritsemiyiwa Eyesan, the Executive Vice President, Upstream, NNPC Limited, disclosed … Continue reading NNPCL set to inaugurate $2.8 billion AKK gas pipeline in December
Union Bank of Nigeria has announced an upward adjustment in the acquisition price for minority shareholders’ stakes, raising it from N7 per unit to N7.70. The disclosure came in a statement signed by Company Secretary Somuyiwa Sonubi on Tuesday as … Continue reading Union bank concludes steps to delist shares from NGX
The Minister of Power, Adebayo Adelabu, announced on Monday that the Federal Government has identified approximately $23 billion in investment opportunities in Nigeria aligned with the country’s Energy Transition Plan (ETP). Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, … Continue reading FG unveils $23 billion investment opportunities in energy transition plan
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