AGS NEWS – The Nigerian Ports Authority (NPA) reported a significant rise in exported twenty-foot equivalent units (TEUs) through the Lagos Port Complex (LPC) in Apapa, Lagos. The number of TEUs increased by 40%, from 50,000 in 2022 to 70,000 … Continue reading Exports via Apapa Port rise by 40 %, says NPA
AGS NEWS – In June, Nigeria’s inflation rate soared to 34.19%, the highest in 28 years, exacerbating economic difficulties for many citizens. The situation was further aggravated by a 40.87% rise in food inflation, primarily due to insecurity in agricultural … Continue reading Nigerians turn to local foods amid soaring inflation
AGS NEWS – On August 6, 2024, the Central Bank of Nigeria (CBN) auctioned $876.26 million to end users through 26 commercial banks. This move aimed to bolster the ailing naira and enhance foreign exchange liquidity. The auction process, part … Continue reading CBN dumps 12-month forex policy with $876m auction
AGS NEWS – A Federal High Court in Lagos has halted the sale of Nigeria Air to Ethiopian Airlines. The court nullified the sale of Nigeria Air shares to Ethiopian Airlines, ruling in favor of the plaintiffs in the case. … Continue reading Court stops Nigeria Air shares’ sale to Ethiopian Airlines
AGS NEWS – Former President Olusegun Obasanjo has warned that those benefiting from the profitable fuel importation business may try to hinder the operations of the Dangote Petroleum Refinery. This statement follows allegations from Aliko Dangote, President of the Dangote … Continue reading Why fuel importers will frustrate Dangote – Obasanjo
AGS NEWS – Nigeria’s Financial and Insurance sector experienced significant growth, rising from 10.1% in 2021 to 31.2% in the first quarter of 2024, as reported by Afrinvest in its latest report, “Bank Recapitalisation Catalyst for a $1 Trillion Economy,” … Continue reading Financial sector grows by over 20% in three years – Afrinvest Reports
AGS NEWS – The Minister of Digital Economy, Bosun Tijani, has denied directing telecom companies in the country to tamper with networks as the nationwide protests began on Thursday. Nigerians using MTN, Airtel and other networks began to complain on … Continue reading Protest: I didn’t ask MTN, Airtel to tamper with network – Tinubu’s Minister, Tijani
AGS NEWS – The Federal Government’s electricity subsidy obligation soared from N252.76 billion to N633.30 billion in the first quarter of 2024, according to a report by the Nigerian Electricity Regulatory Commission (NERC). NERC revealed that the subsidy increased to … Continue reading Monthly power subsidy soars by 151% to N211bn
AGS NEWS – Banks and other financial institutions in the country will be closed on Thursday, August 1, 2024, as the planned hunger strike begins across the country. While none of the banks outrightly announced a closure, chats with different … Continue reading Banks, others shut as hunger protest holds
AGS NEWS – AXA Mansard has emphasized the urgent need to address climate change’s impact on humanity. During the launch of Shared Value Nigeria, Chief Client Officer Rashidat Adebisi highlighted the significant and widespread effects of climate change on the … Continue reading AXA Mansard highlights climate change threat
AGS NEWS – The Nigerian National Petroleum Company Limited (NNPC) aims to boost crude oil production to two million barrels per day by the end of the year. According to the Nigerian Upstream Petroleum Regulatory Commission, the country’s daily production … Continue reading NNPC targets two million barrels oil production daily
AGS NEWS – On Tuesday, many Arik Air passengers were stranded at Murtala Muhammed Airport in Lagos and Nnamdi Azikiwe Airport in Abuja after the Nigerian Airspace Management Agency (NAMA) grounded an Arik aircraft. The grounding was due to a … Continue reading Passengers stranded as court grounds Arik Air
AGS NEWS – Zenith Bank Plc plans to raise approximately N290bn in fresh capital, exceeding the N230bn required by the Central Bank of Nigeria for recapitalization. The bank announced this at a rights issue and public offer signing ceremony in … Continue reading Zenith Bank to raise N290bn fresh capital
AGS NEWS – President Bola Tinubu’s approval for selling crude oil to the Dangote Petroleum Refinery in naira is expected to lower the prices of locally refined petroleum products, according to oil marketers and experts. Industry operators praised the decision, … Continue reading Tinubu orders naira crude sale to Dangote, marketers project price crash
AGS NEWS – The importation of vehicles into Nigeria fell sharply from 28,024 units in the first quarter of 2023 to 10,991 units in the same period of 2024, marking a 60.8% decrease, according to a Nigerian Ports Authority report. … Continue reading Vehicle import crashes by 61%, operators blame forex crisis
AGS NEWS – Despite government efforts to attract foreign investment in the oil and gas sector, Nigeria’s foreign capital investments in the industry plummeted from $720 million in 2016 to just $3.64 million in 2023. The National Bureau of Statistics … Continue reading Oil sector’s foreign investments drop from $720m to $3.64m
AGS NEWS – Many depots for Premium Motor Spirit (petrol) are currently dry, leading to fuel scarcity and long queues in Lagos, Ogun, Abuja, Niger, and other states. Black marketers have taken advantage of the situation, selling petrol for as … Continue reading Fuel rises to N1,300/litre as depots run dry
AGS NEWS – The Federal Government raised approximately N4.13tn from bonds in the first half of 2024, according to the FMDQ Exchange Financial Markets Monthly Report for June 2024. The bond issuance in June, valued at N297.01bn, was the lowest … Continue reading FG raised over N4tn via bonds in six months – Report
AGS NEWS – Despite facing accusations of attempting to monopolize Nigeria’s oil sector, Alhaji Aliko Dangote, President of Dangote Industries Limited, has received an invitation from President Brice Nguema of Gabon to invest in the country’s cement and fertilizer production … Continue reading Dangote invited to invest in Gabon amid accusation of monopoly
AGS NEWS – Tesla’s second-quarter profits dropped significantly due to price cuts and heavy spending on technology, including autonomous driving. The company, led by Elon Musk, reported a profit of $1.5 billion, down 45%, on revenues of $25.5 billion, up … Continue reading Tesla reports profit drop on price cuts, lower vehicle sales
AGS NEWS – Gabon’s President has invited Africa’s richest man, Aliko Dangote to explore investment opportunities in their country’s Cement and Fertiliser sectors. This comes amidst his row with Nigerian authorities over the operation of his private refinery. The Dangote … Continue reading Gabon’s President invites Dangote to explore investment opportunities in their country’s Cement and Fertiliser sectors
AGS NEWS – The Central Bank of Nigeria’s Monetary Policy Committee has raised the benchmark lending rate to 26.75 percent. This decision was announced by CBN Governor Olayemi Cardoso after the 296th MPC meeting in Abuja on Tuesday. The committee … Continue reading BREAKING: CBN raises interest rate to 26.75%
AGS NEWS – Senior Advocate of Nigeria, Olisa Agbakoba, has advised the Nigerian National Petroleum Company Limited (NNPCL) against taking over the Dangote Refinery. This follows businessman Aliko Dangote’s suggestion that NNPCL should buy the refinery if it would end … Continue reading Agbakoba warns NNPC against taking over Dangote refinery
AGS NEWS – Billionaire business mogul, Femi Otedola, has called on the Nigerian government to support Aliko Dangote, Chairman of Dangote Group, by creating a conducive environment for business growth. In a post on his X account on Tuesday, Otedola … Continue reading JUST IN: Why Nigerians should support Dangote — Otedola
AGS NEWS – Nigeria earns about $1.2 billion annually from exporting hides and skin from the livestock sector, according to the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN). The association, which advocates for the welfare of pastoralists, announced that … Continue reading Nigeria generates $1.2bn annually from animal skin export – MACBAN
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