NNPCL to Stop Importing Petroleum in August.
The Nigerian National Petroleum Company (NNPCL) has stated that it would reduce its imports of Premium Motor Spirit, more commonly known as gasoline, once the Dangote Refinery begins producing refined…
The central bank of Nigeria permits the naira to fall 2% to a historic low.
On Wednesday, the naira was permitted to reach a record low on the official market by around 2%, although the rate of the currency remained higher than where it trades…
Marketers Struggle to Get N10 billion for New Purchases of Fuel.
The Nigerian National Petroleum Company Limited has a new financial need of around N10 billion to cover the cost of lifting petroleum from its ships, and many depot owners may…
Nigeria Launches MNVO Operations and Issues Licenses to 25 Enterprises.
The Nigerian Communications Commission (NCC) may have authorized 25 businesses to operate as Mobile Virtual Network Operators (MVNO) in Nigeria. The licensing comes nearly two years after the NCC initially…
ART seeks a crude oil swap to release $810 million in blocked funds for airlines.
Dr. Gabriel Olowo, president of the Aviation Roundtable and Safety Initiative, yesterday urged Mr. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), to take into account a barter…
Marketers Claim that Subsidy Removal has Increased Depot Gasoline Prices.
Since May 29 when subsidies were formally eliminated, gas prices at the pump have climbed by more than 100%. On Tuesday, Mike Osatuyi, the national controller of operations, said many…
World Bank: Nigeria’s Economic Expansion is too Sluggish to Combat Poverty.
The World Bank issued a warning Monday, stating that Nigeria’s economic expansion is too sluggish to deal with the issue of severe poverty in the nation. The bank has maintained…
Stakeholders Expect an Increase in Call Costs Due to the Telecom Tax.
Muhammadu Buhari, the former president of Nigeria, put a 5% excise levy on telecommunication services into law in spite of opposition, which might result in higher call, data, and SMS…
Reps Call on the Government to Contract Out Refineries to IOCs.
The House of Representatives urged the Federal Government and Nigerian National Petroleum Corporation Limited (NNPCL) yesterday to contract with reputable international oil companies (IOCs) to operate and maintain the nation’s…
Exposure of Nigerian Banks to $13 billion Eurobond for Ghana Set at $1.7 Billion.
According to a research published by Agusto &Co, Nigerian banks have a significant amount of exposure to the economic and fiscal problems in Ghana due to their subsidiaries operating there…
Nigeria Air: Representatives Urge that the Main Perpetrators be Charged.
The House of Representatives Committee on Aviation has demanded the detention, criminal prosecution, and punishment of everyone engaged in the contentious introduction of Nigeria Air as a potential national carrier.…
Kaspersky claims Nigeria has the second-highest number of cyberattacks in Africa.
According to a Kaspersky research, Nigeria experiences the second-highest number of cyberattacks in Africa. Only Kenya, which was rated 35th internationally, was ahead of Nigeria, which was placed 50th globally…
Nigeria’s BUA Receives $500 million to Build New Cement Lines.
The International Finance Corporation (IFC) and other lenders have provided $500 million in finance to Nigeria’s BUA Cement (BUACEMENT.LG) to increase output. In a joint statement, the IFC and BUA…
Nigeria’s Labour Congress to Call Off Strike Over Gasoline Subsidies.
A signed resolution of the agreement stated that Nigeria’s largest labor union had decided, following a meeting with the government on Monday evening, to postpone an upcoming indefinite strike in…
With the acquisition of Africa Matters Limited, J.S. Held expands its strategic advisory for the African market.
The international consulting firm J.S. Held announced the acquisition of Africa Matters Limited, a strategic advising company with an emphasis on Africa that offers business intelligence, stakeholder engagement, and sustainability…
Accra Medical Center and IFC collaborate to increase access to affordable healthcare in Ghana
IFC announced a partnership with Accra Medical Centre Ltd. (AMC) to assist the health service provider expand its operations in Accra and Takoradi in the Western Region of Ghana, where…
New Integrated Payment Platform in Africa to Launch by Multichoice, Rapyd, AND General Catalyst.
An integrated payment platform for Africa is being developed through a joint venture announced by MultiChoice Group, Rapyd, and General Catalyst. The joint venture will be managed by Moment, a…
The 89MW Castle Wind Farm’s Financial Close has been Announced by AIIM Consortium.
Through an Eskom wheeling agreement, the AIIM consortium has completed the financial close on the 89 MW Castle Wind Farm (Castle), which will provide clean energy to Sibanye-Stillwater’s South African…
Pension funds investments in FGN securities rise – Report.
At the conclusion of the first quarter of 2023, the portion of the Pension Fund’s assets held in Federal Government Securities increased by 5.73 percent to N10.196 trillion (from N9.644…
Stakeholders Criticize the FG Regarding the $3.2 billion Project to Modernize Customs.
Stakeholders in the nation’s marine sector have criticized the Federal Government over the $3.2 billion Nigeria Customs Service modernization project. Saleh Ahmadu, the Chairman of the Trade Modernization Project Limited,…
In Seven Years, Nigerias Debt has Outspaced its Revenue by 13million.
Nigeria’s overall debt in seven years exceeded Federal Government revenue by N13.26 trillion. The conclusions were based on information from the Debt Management Office and the Central Bank of Nigeria.…
NBS: Due to Lack of FX, International Trade Falls by 2.6trillion.
The value of international commerce has decreased overall by N2.55 trillion as a result of decreasing exports from Nigeria over the past year. According to the National Bureau of Statistics’…
Restructuring of Ghanas’ Debt: Lowers Bank Earning Due to Increase in Loans.
Although Ghana may now breathe a sigh of relief after the IMF approved its $3 billion loan request, some Nigerian banks’ financial records were hurt by the country’s debt restructuring.…
NCC: 22.3 million jobs and $13.2 trillion in economic output will be created by 5G technology.
By 2035, the introduction of 5G technological services, according to the Nigerian Communications Commission (NCC), will increase global economic value by $13.2 trillion and create 22.3 million jobs. During a…
CBN Reports a 27% Decrease in Electricity Export Revenue.
According to The PUNCH, Nigeria’s electricity export fell by $58.1 million in a single year due to grid failure. According to data from the Central Bank of Nigeria, Nigeria exported…
Price-fixing and petroleum equalization eras are finished, according to NMDPRA.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has declared that the era of price fixing and obtaining foreign exchange for imports at the official Central Bank of Nigeria…
Market expansion and diversification will lead to growth.
In an effort to increase wealth for investors and residents as well as spur economic progress, the Securities and Exchange Commission has stated its intention to deepen and diversify Nigeria’s…
Nigerian Stocks Exhibit the Region’s Greatest Returns.
The majority of quoted securities in Nigeria outperformed their peers in Sub-Saharan Africa despite the country’s high inflation and negative economic indicators, with a month-to-date gain of 6.4% at the…
The SEC takes Action to Monitor Capital Market Delisting.
The Securities and Exchange Commission has stated that it is prepared to address and resolve the issues that lead companies to withdraw from the capital market. Lamido Yuguda, the director…
NNPC will stop using crude swaps and focus on cash payments for imported gasoline.
The Nigerian National Petroleum Company Limited (NNPC) plans to stop using crude oil swaps in favor of cash payments for petrol imports once the country’s gasoline subsidies are eliminated. As…