Nigeria Selects 139 Companies to Commercialize Gas Flaring.
Nigeria, the largest economy in Africa, has been attempting to capture the gas emitted from its oil fields for export. In an effort to cut carbon emissions, the chief executive…
Why Nigerian Ships are Unable to Lift Crude-Ex-COMD-NNPC.
According to Kon Bob-Manuel, a former general manager of shipping and terminal operations for the Nigerian National Petroleum Corporation’s crude oil marketing division, Nigerian vessels are unable to participate in…
Nigeria FG Orders NNPC to Lower Fuel Prices.
According to Chief Timipre Sylva, the Minister of State for Petroleum Resources, the Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, also known as gasoline, at a loss…
Airtel Receives a 5G License, and Mafab Starts Testing.
In order to deploy a fifth-generation network, Airtel Networks Limited has paid the Nigerian Communications Commission $316. 7 million for 100 MHz of spectrum in the 3500 MHz band and…
Nigeria Records N170.2 Trillion In Foreign Trade In 5 Years.
According to analysis of National Bureau of Statistics (NBS) reports, trade between Nigeria and other nations reached N170. 265 trillion over the five-year period from 2018 to 2022. Due to…
Nigeria Misses 70% Vaccination COVID-19 Goal.
Despite efforts on the part of the federal government to fully immunize 55.3 percent of the country’s eligible population against COVID-19 by the end of 2022, there is still a…
CBN: Banks are free to use ATMs to Pay Any denomination.
The Central Bank of Nigeria (CBN) may have rescinded its earlier order prohibiting banks from loading higher denomination banknotes into Automated Teller Machines (ATM), saying financial institutions are free to…
Microsoft Plans to Invest $10 billion in ChatGPT Owner.
Microsoft Corp. (MSFT. O) is in discussions to invest $10 billion in OpenAI, the company that owns ChatGPT a chatbot, valuing the San Francisco-based company at $29 billion, according to…
Ventures Platform Fund Exceeds $40 million Goal.
Ventures Platform, a pan-African venture capital firm that supports the next generation of African technology entrepreneurs, closed its early-stage and international fund at $46 million. This not only exceeds the…
TLG and UGFS: First Close for Tunisia-based Empower Fund.
The Empower Fund, created by the CDC Tunisia, has announced its first close, according to UGFS and TLG Capital. The fund’s mandate calls for investments in SMEs, especially those that…
Sahel Capital Withdraws its Investment in L&Z Farms.
According to a statement from L&Z Integrated Farms Limited, an integrated dairy processing business in Nigeria, Sahel Capital has left the business. In order to get out of L&Z, Sahel…
Plension Capital Firm Launches and Discloses First Transaction.
Plesion Capital announced its establishment as a social impact venture capital company dedicated to collaborating with entrepreneurs and businesses with missions to end poverty globally. In order to combat poverty…
SPE Capital Purchases the Majority of Vital to AIF I’s portfolio.
SPE Capital, an investment company with a focus on Africa and the Middle East, announces the acquisition of a majority stake in Vital, the top manufacturer of dietary supplements in…
Tanzania: Oil Traders Forecast that Local Gasoline Prices will Stabilize 2023.
The year 2023 began with petroleum products moving in a variety of directions, predictions for the stability of fuel prices are now available. While the price of diesel and kerosene…
Ghana’s Currency Depreciates Further Against the US Dollar.
Despite performing admirably over the past month, the Ghana cedi is now starting to lag behind the US dollar. According to data from the Bank of Ghana (BoG), the dollar…
Kenya: Bondholders Bid Sh39 billion at the Switch Auction.
The switch auction, which closed on November 30, 2022 was largely occupied by holders of the two-year bond that matured and served to protect the exchequer from a potential cash…
LCCI Requests that the Nigeria FG Changes the Petroleum Profit Tax Act.
The Petroleum Profit Tax Act has been requested to be amended to include the same clauses as Section 104 of the Petroleum Industry Act (PIA) by the Lagos Chamber of…
Tax Experts Disagree with The ASUU’s 10% Education Tax.
To pay for the infrastructure in Nigeria’s universities, ASUU President Prof. Emmanuel Osedeke recently proposed raising the education tax from three to ten percent. The Academic Staff Union of Universities’…
Why Increase Tax on Imported Cars? Agents Angrily Protest.
Following the Nigeria Customs Service’s decision to increase duty on imported vehicles by 10%, freight forwarders have warned that there may be a backlog of vehicles at the country’s seaports…
Nigerian Market will Benefit from Canadian Real Estate Policy.
According to stakeholders, Canada’s decision to ban foreign real estate investors will have a positive effect on the real estate market in Nigeria. On June 23, 2022, the Canadian government…
Nigeria Will Restrict Cash withdrawals from Government Accounts.
According to a statement from the head of the Nigerian Financial Intelligence Unit (NFIU), Nigerian officials will no longer be permitted to withdraw money from government accounts as of March…
NIMASA: The Key to Effective Port and Flag Administration is Standardized Digital Communication.
According to Dr. Bashir Jamoh, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), international cooperation to achieve standardized digitalization is crucial for maritime administrations around the world…
Nigeria’s Oil Output Reaches its Highest Level in Nine Months Due to Crude Oil Theft.
According to data released by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria’s crude oil production increased to 1. 235 million barrels per day in December 2022. This was the country’s…
The closure of Naira Cards alarms Traveling Bank Customers.
Nigerians won’t be able to use their Naira debit cards for international transactions as the continent’s largest economy and top oil exporter experiences a worsening cash shortage. This change comes…
2022 Saw a Record-breaking Global Food Prices.
The average price index of the UN food agency reached its highest level ever last year, according to Reuters, as the disruption brought on by Russia’s invasion of Ukraine sparked…
Inflation in the Euro Zone Drops To 9.2% as Energy Prices Stabilize.
The European Central Bank is not expected to change its stance in response to the euro zone’s inflation declining for a second consecutive month in December, according to economists. In…
The Niger Government Enacts a N243 billion Appropriation Bill.
The 2023 appropriations bill, totaling more than N243 billion, has been signed into law by Niger State Governor Abubakar Sani-Bello. The budget was N5 billion more than the N238 billion…
Customs Seize 156 Trailers Carrying Grains, PMS, and Other Items.
According to the Federal Operations Unit, Zone A of the Nigeria Customs Service, 93,102 bags of 50kg rice—equivalent to 156 trailer loads of rice—have been confiscated. The authority added that…
NNPC Denies Exporting 17.88m Barrels Crude Oil without Proper Documentation.
The Nigerian National Petroleum Company Limited disputed claims that the oil company illegally exported 17.88 million barrels of crude oil. “The public should not believe the allegations”, according to Garba-Deen…
Alleged Attack on the CBN Headquarters by a Group.
The Coalition of National Interest Defenders, a human rights group, alerted authorities to a new scheme to launch what it called a concerted attack and smear campaigns against Godwin Emefiele,…