The Nigerian government has officially issued and signed licences for the establishment of two crude oil export terminals, with the potential to generate $11 billion in revenue for the country each year. The licences were granted by the Nigerian Midstream … Continue reading FG grants licences for two oil export terminals, aims for $11bn revenue
Following the suspension of the Central Bank Governor, Godwin Emefiele, the Nigerian stock market experienced a surge, reaching its highest level since July 2008. Investors are speculating on a potential currency devaluation, which contributed to the rise in the main … Continue reading Nigerian stock market soars to a 15 year high following suspension of Emefiele
The National Union of Textile Garment and Tailoring Workers of Nigeria has expressed its willingness to collaborate with Governor Uba Sani and his administration in reviving the dormant textile industries in Kaduna state. The President of the Textile Workers Union, … Continue reading Textile workers extend partnership to Kaduna government for revival of ailing industry
According to the Advisory Council of President Bola Tinubu’s Energy and Natural Resources subcommittees, Nigeria suffered a staggering loss of $46.16bn due to crude oil theft between 2009 and 2020, along with an annual loss of $10.7bn due to petrol … Continue reading Presidency reveals loss of over $56 billion to oil theft and subsidy
President Bola Tinubu has taken the decision to suspend Godwin Emefiele from his position as the governor of the Central Bank of Nigeria (CBN). The suspension was announced by Willie Bassey, the Director of Information in the Office of the … Continue reading Tinubu suspends CBN governor
According to recent statistics released by the National Bureau of Statistics (NBS), the telecommunications and information services sector in Nigeria made a significant contribution of N2.508 trillion to the country’s Gross Domestic Product (GDP) in the first quarter of 2023. … Continue reading Telecoms sector contributes N2.5 trillion to Nigeria’s GDP in Q1 2023, says national bureau of statistics
Investors in the Nigerian Exchange experienced a loss of N37 billion on Thursday, attributed to declines in the share prices of Stanbic IBTC Holdings, Wapic, GlaxoSmithKline, FCMB, and other companies. This led to a 0.12 percent decrease in both the … Continue reading Stock investors suffer N37bn loss on Nigerian exchange
Glo has announced the launch of data roaming plans specifically tailored for Nigerians undertaking the 2023 pilgrimage in Mecca. The aim is to provide pilgrims with the opportunity to stay connected, capture memorable moments, and share them with loved ones … Continue reading Glo introduces data plans for pilgrims on Mecca pilgrimage
Oil marketers in Nigeria are currently modifying their trucks to transport gas and supply Compressed Natural Gas (CNG) to filling stations for vehicles that run on gas. Approximately 800 tankers that were previously used for transporting petrol to filling stations … Continue reading Marketers convert 800 petrol tankers for gas supply operations
A recent report by McKinsey titled “Reimagining economic growth in Africa: Turning Diversity into Opportunity” reveals that Nigeria, Egypt, and South Africa were responsible for 65% of Africa’s Gross Domestic Product (GDP) slowdown. The report indicates that if these three … Continue reading Nigeria and other countries contribute to 65% slowdown in Africa’s GDP growth
Governor Dapo Abiodun of Ogun State has engaged in discussions with labor leaders to explore possibilities of creating palliatives in response to the removal of fuel subsidy on Premium Motor Spirit (PMS). The meeting took place at the governor’s office … Continue reading Dapo Abiodun and labor leaders discuss palliatives in response to fuel subsidy removal
According to recent findings, the 10 poorest states in Nigeria are burdened with a debt totaling approximately N1.18tn. The National Bureau of Statistics (NBS) provided data on the poverty rates, while the Debt Management Office supplied the debt figures. The … Continue reading 10 poorest Nigerian states owe N1tn while granting governors lavish packages
The International Finance Corporation (IFC), a member of the World Bank Group, has announced a $500 million investment in BUA Cement Plc, marking the largest-ever investment in northern Nigeria. The funding will assist BUA Cement in the development of two … Continue reading BUA cement secures $500 million facility from IFC and AfDB to establish new cement plants in Sokoto
According to a statement from the World Bank’s Ghana office, the organization has provided $150 million in funding to assist the Ghanaian government in fulfilling its obligations in poverty alleviation. The funding aims to support the country, which is currently … Continue reading World bank allocates $150 million to Ghana for poverty alleviation efforts
A syndicate composed of Citibank, Standard Chartered Bank, Stanbic Bank, and RMB Holdings Ltd has provided the Kenyan government with $500 million in response to its request for $600 million. The loan was confirmed by Haron Sirma, the director-in-charge of … Continue reading Kenya secures $500 million loan from global banks
First Bank has announced a 12.4% increase in its profit before tax, reaching N147.0 billion by the end of 2022 compared to N130.9 billion in the same period of 2021. The bank’s profit after tax also grew by 9.8% to … Continue reading Firstbank records 12.4% growth in profit
The International Air Transport Association (IATA), a global airline body based in Switzerland, has raised concerns over the escalating levels of blocked funds, posing a significant threat to airline connectivity in Nigeria and other affected nations. In April 2023, the … Continue reading Foreign airlines seek meeting with Nigerian government to address trapped funds issue
The Nigerian National Petrol Company (NNPC) has officially announced an increase in petrol prices following President Bola Tinubu’s declaration of an end to subsidies. Mele Kyari, the first group CEO of NNPC, explained that the price hike is a result … Continue reading Kyari: Nigerians are lucky petrol price remains below N1000 per litre
The Central Bank of Nigeria (CBN) has refuted claims that it has devalued the country’s currency, the naira. In a statement issued by the Acting Director of Corporate Communications, Isah AbdulMumin, the CBN clarified that the exchange rate for the … Continue reading CBN refutes reports of naira devaluation, stresses stable exchange rate
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), addressed concerns over the increasing prices of petrol, also known as Premium Motor Spirit (PMS), across the country. Kyari stated that competition among major players … Continue reading Petrol price will reduce as subsidy measures take effect – NNPC boss
The Lagos State Ministry of Women Affairs and Poverty Alleviation (MWAPA) has commenced a poverty alleviation program that will span 10 days and take place across various locations in the state. The current initiative focuses on catfish production and is … Continue reading Lagos state collaborates with GIZ to empower fish farmers through poverty alleviation program
The Edo state government has issued a warning, stating that any fuel station discovered hoarding petrol will have its land ownership revoked. The country witnessed fuel scarcity in various regions on Monday, May 29, shortly after President Bola Tinubu declared … Continue reading Edo state government threatens land revocation for fuel stations engaging in petrol hoarding
According to a statement released by Linkage Assurance Plc, the company experienced a 16% increase in its gross written premium, reaching N12.98 billion in the 2022 financial year. This achievement is notable considering the challenging operating environment during that period. … Continue reading Linkage Assurance Plc reports 16% growth in gross written premium
The Osun State Government issued a warning on Tuesday, stating that it would take action to seal off filling stations in the state that are found to be hoarding petrol. The statement, signed by the governor’s spokesman, Olawale Rasheed, emphasized … Continue reading Osun state government threatens to seal off fuel stations engaging in petrol hoarding
Recent data from the Central Bank of Nigeria (CBN) reveals that the Federal Government borrowed a total of N6.07tn from the CBN through Ways and Means Advances in 2022. This resulted in an increase in the Federal Government’s borrowing from … Continue reading FG 2022 borrowing from CBN reaches N6 trillion – CBN
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