Ukraine and the west’s double standard
Multilateralism did not die with the invasion of Ukraine by Russia. It died a long time ago. It died when George Bush’s United States attacked a sovereign country called Iraq…
Lagos airport, three others to get concessionaires next week
The Federal Government has finalized plans to announce approved concessionaires for the quadrupling of Lagos, Abuja, Port Harcourt, and Kano airports the following week. Murtala Muhammed International Airport (MMIA) will…
Nigeria borrowed N6.64tn, serviced debt with N2.93tn in 2021, says DMO
The debt management office announced on Thursday that Nigeria’s total public debt stock will rise to N39.56 trillion in 2021 from N32.92 trillion in 2020. The Director-General, DMO, Patience Oniha,…
Nigeria Pays Price for First Eurobond Since Start of Ukraine War
Nigeria raised $1.25 billion in foreign debt to become one of the first sovereigns to tap the Eurobond market since Russia’s invasion of Ukraine, but the funding came at a…
NUPENG cries out as cooking gas price rises again
On Wednesday, the Nigeria Union of Petroleum and Natural Gas Workers’ Liquefied Petroleum Gas Retailers Branch expressed concern about the recent increase in the price of Liquefied Petroleum Gas, also…
Telcos mull tariff hike as diesel price skyrockets
Telecommunica-tions services providers under the aegis of the Association of Licensed Telecoms Operators of Nigeria have said a tariff review for telco services may happen if the rise in the…
FG plans new trade policy, 24-hour port operations
Three weeks after the war between Russia and Ukraine began, the Federal Government says it is working on a new trade policy with nations under the former Union of Soviet…
Federal Government to auction NIMEP to fund mineral exploration
Following the sale of its National Integrated Mineral Exploration Project, the Federal Government has announced plans to conduct additional exploration activities in the nation’s mining sector (NIMEP). According to the…
FG Urged to Suspend Tax, Levies on Fuel Imports to Curb Inflation
Dr Muda Yusuf, Chief Executive of the Centre for Promotion of Private Enterprise (CPPE) and former Director General of the Lagos Chamber of Commerce and Industry (LCCI), has called for…
AfDB secures $15.6bn for Lagos-Abidjan highway corridor
Dr. Akinwumi Adesina, President of the African Development Bank, announces that the bank has secured $15.6 billion for the construction of the Lagos-Abidjan highway corridor, which will improve transportation across…
Russia Exits Council Of Europe Over Ukraine Invasion
Russia ceased to be a member of the Council of Europe on Wednesday, after more than a quarter-century membership in the pan-European rights body, the council said in a statement.…
COVID-19: UK Removes All Travel Restrictions
The United Kingdom has announced that the remaining COVID-19 international travel restrictions for all passengers will be lifted at 4 a.m. on Friday, March 18. The UK government, which made…
Deep Blue Project: House Queries NIMASA over Arms’ Procurement
The House of Representatives Committee on Navy is currently investigating the legality of the federal government’s $195,300,000 Deep Blue contract with a foreign private company. HLS International Limited, for the…
EU, IOM Facilitate Return of 500 Stranded Nigerians from Libya
The European Union (EU) and the International Organization for Migration (IOM) have announced that they have assisted in the return of over 500 stranded Nigerian migrants to their home country…
Banks’ total assets rose by N8.25tn in 2021 – CBN report
Total assets of Nigerian banks increased by N8.25 trillion to N59.24 trillion at the end of 2021. As of the end of 2020, the total assets of the country’s lenders…
FG halts N600bn electricity subsidy, confirms power tariff hike
The Nigerian Electricity Regulatory Commission announced on Wednesday that the Federal Government had discontinued power subsidies totaling approximately N600 billion over a period of time. It also revealed that electricity…
Bread, rice record 42%, 48% price hikes in five years –NBS report
The average prices of bread and rice in Nigeria have been recording significant increases in the past five years, according to data obtained from the National Bureau of Statistics. A…
Blackout as national grid collapses, minister summons emergency meeting
Power generation on the national grid collapsed to zero megawatts around 10.40am on Monday, leading to widespread blackout across the country. Different power distri-bution companies alerted their customers about the…
TANZANIA: Kenyan textile firm opens Sh5.7bn plant in Zanzibar – (THE CITIZEN)
Kenya’s firm Basra Textiles Ltd is setting up a Sh5.7 billion ($51.3 million) factory in Zanzibar as it targets to get a pie of the regions clothes market. It is…
FMDQ Exchange admits Coleman’s N6b commercial paper
The Coleman Wires and Cables (Coleman Technical Industries Limited) N6.05 billion Series 3 and 4 Commercial Paper (CP) has been admitted for listing on the FMDQ Securities Exchange Limited (FMDQ…
NDPHC Seals Power Purchase Deal with APL Electric, Eko Disco
The Niger Delta Power Holding Company (NDPHC) has signed a Power Purchase Agreement (PPA) with APL Electric Company Limited (APLE), the Abia State electricity distribution company with a franchise to…
Access Bank finalises transition to holdco
Access Bank Plc is concluding arrangements for its transition from a commercial banking group to a holding company (holdco). In a regulatory filing at the weekend, Access Bank confirmed that…
Higher oil prices will increase subsidy cost, fitech tells Nigeria
Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default rating at ‘B’ with a stable outlook. It disclosed this in its latest report released on Monday titled ‘Fitch affirms Nigeria…
Convention: Micro-zoning Tearing APC Apart Amid Leadership Crisis
The crisis in the ruling All Progressives Congress (APC) over the zoning of national offices, ahead of the party’s national convention scheduled for March 26, has shifted to the zones.…
UGANDA- Bank interest rates may have to raise to fight inflation, says experts
The bank of Uganda may gradually embark on monetary policy tightening to tame swelling inflation pressures in the economy. Monetary policies are set by the BOU with a future projection…
Experts advocate databank of indigenous technologies for SDGs
The National Centre for Technology Management has emphasised the need to develop a databank of indigenous technologies that address sustainable development. The Director-General Prof Okechukwu Ukwuoma said this would enable…
NAICOM targets N6trn GPI by 2030
Barring unforeseen circumstances of pandemic proportions, the National Insurance Commission (NAICOM) has projected the insurance industry Gross Premium Income (GPI) to grow from N630 billion in 2021 to N6 trillion…
Nearly 4.5 million Nigerians lack food security, says IMF
The International Monetary Fund estimates that the number of Nigerians lacking food security increased from about 2.5 million as of December 2019 to about 4.5 million as of September 2021.…
Investments in Economic Zones Hits $20bn in 30 Years, Says Minister
The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, has said total cumulative investments in the country’s Free Economic Zones was about $20 billion over its 30 years of…
The Foschini Group acquires Tapestry Home Brands from Actis and Westbrook Investments
Actis, Westbrook Investments and other shareholders agreed to sell their entire interest in Tapestry Home Brands, a South Africa-based home furnishings company, to Johannesburg-listed The Foschini Group for US$150 million.…