Foreign Direct Investment (FDI) into Nigeria fell to $29.83 million in the second quarter of 2024, marking its lowest level since 2013, according to data from the National Bureau of Statistics (NBS). This represents a 65.33% drop compared to $86.03 … Continue reading FDI crashes to record low of $29.8m
Major oil marketers will begin direct purchases of Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery between Thursday and next week. This follows the Nigerian National Petroleum Company Limited (NNPCL) stepping down as the sole … Continue reading Marketers to begin direct Dangote petrol purchase
AGS NEWS – The Federal Government has directed electricity distribution companies to replace weak distribution networks in their areas within seven days. This order was issued by the Nigerian Electricity Management Services Agency (NEMSA) after a two-month notice was previously … Continue reading Replace faulty equipment in seven days, FG orders Discos
AGS NEWS – The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Nigeria Türkiye Business Council (NTBC) have agreed to strengthen bilateral relations between Nigeria and Turkey. At the inauguration of the Independent Industrialists and … Continue reading Nigeria to strengthen economic, security ties with Turkey
Digital financial institution MoniePoint Inc. is providing community pharmacists across Nigeria with innovative payment solutions to enhance access to medication. The microfinance bank has also offered loans to pharmacists under the Association of Community Pharmacists of Nigeria (ACPN) to improve … Continue reading Moniepoint empowers pharmacists with payment solutions
AGS NEWS – Oil and gas workers, under the aegis of the Petroleum Industry Christian Fellowship International, PICFI, have raised concerns over the escalating cost of living in Nigeria. The group pointed out that the prices of staple foods and … Continue reading We also feel the hardship – Oil, gas workers go spiritual
AGS NEWS – The amount of unused social intervention funds held by nine Deposit Money Banks has decreased to N399.34 billion, despite the Central Bank of Nigeria (CBN) discontinuing the programme a year ago. As of December 31, 2023, the … Continue reading Banks disburse N132bn intervention fund despite CBN ban – Report
AGS NEWS – Meta, Facebook’s parent company, is simplifying its three monetization programs to make it easier for creators to earn on the platform. Previously, creators had to navigate separate programs for in-stream ads, Reels ads, and performance bonuses, each … Continue reading Meta to make Facebook creators earn money easily
AGS NEWS – On Friday, Justice Ayokunle Faji of the Federal High Court in Lagos ordered the remand of four bloggers at Ikoyi Correctional Centre for allegedly cyberstalking and spreading false information about Guaranty Trust Holding Company PLC CEO, Segun … Continue reading Court remands four bloggers for cyberstalking, false publications against GTCO CEO
AGS NEWS – Traders in Ose Okwodu Market in Onitsha, Anambra State, have blamed the rising cost of food items in Nigeria on the insecurity bedeviling the country. The traders stated this through their market leaders on Thursday when the … Continue reading Traders blame high cost of food items in Nigeria on insecurity
AGS NEWS – The landing cost of petrol in Nigeria has dropped to N981 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN). This is a decrease from the previous cost of N1,130 per litre, … Continue reading Petrol landing cost drops to N981/litre
AGS NEWS – The Central Bank of Nigeria (CBN) has temporarily withdrawn its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025, which was released on September 17, 2024. The bank explained that the decision was made to prevent … Continue reading CBN withdraws monetary policy document
AGS NEWS – The Nigerian equity market gained N607bn in market capitalisation last week, driven by strong buying interest in large-cap stocks like Access Corporation and MTN Nigeria. The All-Share Index rose by 1.06% to close at 97,456.62, while market … Continue reading Access Corp, MTNN drive equity market to N607bn gain
AGS NEWS – The Central Bank of Nigeria (CBN) has issued a directive requiring all Point of Sale (PoS) operators to route transactions through licensed Payment Terminal Service Aggregators (PTSA). The CBN’s circular, posted on Thursday, explained that this move … Continue reading CBN gives PoS operators one month to use aggregators
AGS NEWS – The Federal Government has unveiled a plan to generate at least $100 billion and create over two million jobs annually from Nigeria’s creative economy. Hannatu Musawa, the Minister of Art, Culture, and the Creative Economy, announced the … Continue reading FG eyes $100bn revenue from creative economy
AGS NEWS – The Naira significantly gained against the dollar at the foreign exchange market 24 hours after depreciation. FMDQ data showed that the naira appreciated to N1,555.75 per dollar on Wednesday from N1637.59 on Tuesday. This represents an N81 … Continue reading Naira gains massively against dollar
AGS NEWS – Four days before the planned start date of September 15, 2024, for lifting petrol from the Dangote Refinery, AGS NEWS has found that no commercial agreement has been finalized between the Nigerian National Petroleum Company Limited (NNPC) … Continue reading Why NNPC may not lift Dangote petrol on Sunday
AGS NEWS – Crude oil exports contributed N14.56 billion, or 74.98% of Nigeria’s total exports in the second quarter of 2024, according to the National Bureau of Statistics (NBS). The NBS report, released Wednesday, revealed that the country’s total merchandise … Continue reading Crude oil contributed N14.56bn to Nigeria’s exports in Q2 – Report
AGS NEWS – Nigerians in the Federal Capital Territory (FCT) are facing difficulties in locating sales points for the N40,000 subsidised rice launched by the Federal Government on September 5, 2024. The initiative, led by Agriculture Minister Senator Abubakar Kyari, … Continue reading Nigerians struggle to access N40,000 rice sales points
AGS NEWS – The Nigerian National Petroleum Company Limited (NNPC) and its joint venture partner, Chevron Nigeria Ltd., have completed the conversion of five joint venture assets, aligning with the Petroleum Industry Act (PIA) of 2021. NNPC’s Chief Upstream Investment … Continue reading NNPC, Chevron target 165,000 bpd in JV assets conversion
AGS NEWS – Financial technology companies have begun applying levies on electronic transfers into personal and business accounts, in line with Federal Inland Revenue Service (FIRS) regulations. OPay, a leading fintech, informed its customers on Saturday that, starting September 9, … Continue reading Fintechs charge N50 transfer levy on transactions above N10,000
AGS NEWS – President Bola Tinubu and Chinese President Xi Jinping, on Tuesday in Beijing, China, exchanged ideas on ways of strengthening bilateral ties for the benefit of the citizens. To this end, both leaders agreed to build a high-level … Continue reading Tinubu engages Xi Jinping in Bilateral deals, signs MOUs on Media, Nuclear Energy, others
AGS NEWS – As of June 30, 2024, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), following a significant rise in borrowing. According to a recently released financial statement, Nigeria’s debt to the IDA … Continue reading Nigeria becomes World Bank’s IDA third-largest debtor, owes $16.5bn
AGS NEWS – Dangote Industries Limited and MTN Nigeria have been named Nigeria’s most valuable brands in the 2024 Top 50 Brands Nigeria ranking. Announced during a media briefing in Lagos, Dangote Industries secured the top spot for the seventh … Continue reading Dangote, MTN maintain lead in top brand rankings
AGS NEWS – The Federal Government is committed to reducing the rising cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, according to Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas). Ekpo made this statement on … Continue reading FG plans intervention as cooking gas hits N1,300/kg
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