The Federal Airports Authority of Nigeria (FAAN) has taken the decision to suspend airport taxi services at Nnamdi Azikiwe International Airport, Abuja, due to ongoing factional disputes among car hire operators. These disputes have been negatively impacting the smooth operation … Continue reading FAAN announces suspension of taxi services at Abuja airport
The National Directorate of Employment (NDE) has recruited over 50 youths in Gombe State for the Rural Employment Promotion Department’s Post-Sustainable Agricultural Development Training Scheme. The goal of this initiative is to enhance food security in the region. During a … Continue reading NDE employs 50 Gombe youths to enhance food security
The United States Agency for International Development (USAID) has issued a warning to Nigeria and other African nations about the potential rise in food prices due to the temporary suspension of Ukraine’s food exports to Africa. Isobel Coleman, USAID’s Deputy … Continue reading USAID warns Nigerians of impending high food prices
West African petrol imports experienced a significant decline of 56% in the second quarter, based on data from Refinitiv Eikon. Loadings from the Amsterdam-Rotterdam-Antwerp hub to West Africa dropped to 629,000 tonnes in June from 895,000 tonnes in the previous … Continue reading West Africa petrol imports declined by 30% in Q2 – Reports
Nigerian Breweries Plc, a prominent beverage company, has issued a notice of price change for its stock-keeping units (SKUs) with effect from August 10. The announcement, conveyed in a letter signed by the Sales Director, Ayo Lawal, cited the need … Continue reading Nigerian breweries implements price increase on products
After four consecutive days of bearish trading, the Nigerian Exchange Limited experienced a bullish upturn on Wednesday, resulting in investors gaining N41 billion. Both the market capitalization and All-Share Index saw a 0.12 percent rise, closing at N34.973 trillion and … Continue reading Equity market rebounds with N41bn gains after four day dip
Oil Marketers Foresee Significant Savings on Petrol Price through Local Refining” Oil marketers in Nigeria have asserted that local refining of petroleum products will lead to substantial cost reductions for consumers. Mike Osatuyi, the National Controller Operations of the Independent … Continue reading Local refining to slash petrol price by N70 per liter
Data from the Federation Account Allocation Committee revealed that states and local governments received a total of N2.59tn from the federation account in the first half of 2023, indicating a significant 27.62% rise compared to the N2.03tn received during the … Continue reading States and local councils receive N2.59tn amid deepening economic hardship
A recent study conducted by the National Bureau of Statistics and the Financial Access Initiative research center of New York University has unveiled that many small businesses in Nigeria generate an average monthly revenue of N223,250. The study compared Nigerian … Continue reading Study reveals many small businesses earn less than N223,250 monthly, according to NBS
The Africa Leadership Group (ALG) has appealed to the Nigerian Federal Government to adopt a gradual approach in alleviating the immediate hardships faced by citizens following the recent removal of petroleum subsidy. ALG emphasized the need to prioritize the well-being … Continue reading ALG calls on FG to review petrol subsidy removal amid hardships
Around 7,000 additional filling stations across Nigeria have registered their outlets to dispense autogas, including Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) into vehicles. Oil marketers have engaged Asian manufacturers of conversion kits to convert petrol-run vehicles to … Continue reading 7,000 filling stations join autogas dispensing register in Nigeria
The Nigerian Communications Commission (NCC) has put forward a proposal to shorten the time taken to block a Subscriber Identity Module (SIM) card of a reported stolen phone from 30 minutes to just five minutes. The proposition was revealed during … Continue reading NCC proposes reducing SIM blocking time to five minutes for stolen phones
According to data from the Central Bank of Nigeria, the country’s external reserves declined by $167.2 million in July, causing the naira to further depreciate against the dollar. The reserves, which stood at $34.12 billion on June 30, 2023, dropped … Continue reading Nigeria’s external reserves decline by $167.2 million as naira continues to weaken
Lagos State Government Slashes Transportation Costs Amid Fuel Subsidy Removal, Promises Food Distribution to Vulnerable. Governor Babajide Sanwo-Olu announced that the state will reduce transportation costs of all state-owned transport systems by 50% to cushion the impact of fuel subsidy … Continue reading Lagos slashes transportation fares by 50%
Recent data from the international market has shown a significant 20% increase in the price of petrol, raising concerns that prices may continue to rise. At the beginning of 2023, Brent crude was trading at approximately $78 per barrel, but … Continue reading Global petrol prices surge by 20%
Transnational Corporation Plc (Transcorp), a prominent indigenous conglomerate with investments in power, hospitality, and oil sectors, has revealed significant growth in its H1 2023 financial results. According to its Unaudited Condensed Consolidated Financial Statements for the period ending June 30, … Continue reading Transcorp achieves 31% revenue growth, surpassing N82 billion mark
Wema Bank has announced a remarkable 97% increase in its profit after tax during the first half of the 2023 financial period, reaching N10.48 billion compared to N5.30 billion in H1 2022. The unaudited financial statements for the period ended … Continue reading Wema bank reports 97% profit surge, records N10.48bn
During the Russia-Africa Summit and Russia-Africa Economic and Humanitarian Forum in St. Petersburg, Russian President Vladimir Putin announced that his country would offer preferential loans to enable African companies to purchase industrial goods from Russia and benefit from after-sales services. … Continue reading Russia unveils plans for special loans to Nigerian companies and others
The Nigerian Content Development and Monitoring Board (NCDMB) revealed that Nigeria suffered a loss of more than $380 million prior to the enactment of the Nigerian Oil and Gas Industry Content Development Act in 2010. The Executive Secretary of NCDMB, … Continue reading Nigeria lost over $380 million before local content act – NCDMB
The World Bank Group has advised Nigeria to reduce the government’s borrowing from the Central Bank as part of its efforts to address inflationary pressure on the economy. During an economic review session at the Lagos Business School, the World … Continue reading World bank urges Nigeria to reduce government borrowing from CBN
Shell Petroleum Development Company of Nigeria Ltd (SPDC) has issued a warning against sabotage and crude oil theft as three host communities in Delta State—Ogulagha, Iduwini Delta, and Iwereland—inaugurated their development trusts in Warri. The Petroleum Industry Act, which became … Continue reading Sabotage and oil theft must stop – Shell issues warning
The Corporate Affairs Commission (CAC) has announced its decision to remove 100,000 registered companies from its database due to their failure to file annual returns. Alhaji Garba Abubakar, the Registrar-General and Chief Executive Officer of CAC, made this disclosure during … Continue reading CAC Set to remove 100,000 companies from database
Airtel Africa Plc has reported a loss of $151 million resulting from the harmonization of foreign exchange rates in Nigeria. The telecom company disclosed this information in its second-quarter report filed with the Nigerian Exchange Limited. The loss was primarily … Continue reading Airtel loses $151 million due to Nigeria’s FX rates harmonization
Brent, the international benchmark for crude oil, surged to $84 per barrel on Wednesday, leading to speculations that Nigeria may experience another hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming weeks. … Continue reading Crude oil hits $84 per barrel
The Sub-Saharan African Skills and Apprenticeship Stakeholders Network (SASASNET) provided insight into why the Dangote refinery chose to hire 11,000 skilled workers from India instead of employing youths from Nigeria and other African nations. The network stated that Nigerian youths … Continue reading SASASNET reveals why Dangote employed 11,000 workers from India
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