Price of Local Rice increases by 73.2% in one Year
The price of local rice in Nigeria has surged by 73.2% in one year, reaching between N55,000 and N60,000 for a 50kg bag. Despite efforts by the Central Bank of…
Naira Faces Decline, Closes Above N1,000/$: World Bank Urges Increased FX Supply for Stability
The naira, Nigeria’s currency, closed trading at N1035.12/$ on the official Investor and Exporter foreign exchange window, marking a 4.72% decline from the previous day’s rate of N988.46/$. This is…
Obasanjo Warns of Debt Trap for Africa as Nigeria’s Public Debt Hits N87.91tn
Former President Olusegun Obasanjo has expressed concern that Nigeria and other African countries may face challenges in securing debt relief due to their substantial debt profiles. He highlighted that the…
DVCF Oil & Gas Plc Sells TIP Shares Worth N10.131m
DVCF Oil & Gas Plc, a significant shareholder in waste management and industrial cleaning company has sold 9,468,900 units of its shareholding, valued at about N10.131 million. The sale was…
“Nigerdock Partners with UNIDO, Boost Green Energy Adoption and Foreign Investments in Nigeria”
Nigerdock, the promoters of Snake Island Integrated Free Zone, have highlighted that their partnership with the United Nations Industrial Development Organisation (UNIDO) aims to boost the adoption of green energy…
Manufacturers Lament over FGN’s 7BN Debt
The Manufacturers Association of Nigeria (MAN) predicted a tough start for manufacturers in 2024, especially in the first six months. They express concern about the sector’s challenges, emphasizing the need…
Nigerians Express Disappointment on Transportation Cost Despite FGN’s Directives
Despite the Federal Government’s initiative to provide a 50% fare rebate from December 21 to January 4, 2024, passengers are expressing disappointment as the anticipated relief in transportation costs has…
NNPC and Marketers Clash Over Petrol Subsidy, PMA Proposes N1,200/Litre
Tensions have risen between the Nigerian National Petroleum Company Limited (NNPC) and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, due to the ongoing debate on the…
Nigeria’s External Reserve Declines by $77m- CBN
In December 2023, Africa’s largest economy, Nigeria, witnessed a decline in its external reserves, dropping by approximately $77.23 million or 0.23%. According to data from the Central Bank of Nigeria,…
Nigeria Borrows $1.71 Billion: Impact on Exchange Rates
In the first nine months of 2023, Nigeria secured $1.71 billion in foreign loans to enhance the country’s foreign exchange inflow. According to data from the National Bureau of Statistics,…
NAFDAC Reduces Licencing Fees to N44, 200
The National Agency for Food and Drug Administration and Control (NAFDAC) has announced a significant reduction in processing fees for the renewal of registration of locally manufactured products. The Director-General,…
SON Intensifies Fight Against Substandard Goods: A Commitment to Quality
The Standards Organisation of Nigeria (SON) is ramping up efforts in the battle against fake and substandard goods across the country. Dr. Ifeanyi Okeke, the Director General of SON, expressed…
Pledge to Boost Agriculture and Trade for Economic Growth- Ekiti State’s Gov.
In a New Year statewide broadcast, Ekiti State Governor, Mr. Biodun Oyebanji, affirmed his administration’s commitment to partnering with the Federal Government to enhance agriculture and trade, driving economic growth…
Niger State Governor Seals TGI’s Partnership Over Food Security
In a significant move to bolster food security and stimulate economic growth, Governor Mohammed Umaru Bago of Niger State has finalized a Framework Agreement forged between the state-owned Niger Food…
Assessing Nigeria’s Economic Performance in 2023: A Year of Challenges and Reforms
The Nigerian economy faced a challenging year in 2023, marked by a notable decline compared to the previous year. The impact rippled into the banking sector, influenced by policy changes…
Bitcoin Surges Above $45,000 in New Year Rally
Bitcoin made a strong start to the New Year by surpassing $45,000 on Tuesday, marking its highest point since April 2022. The surge is attributed to optimism surrounding the potential…
BYD Produced 3 Million New Energy Vehicles in 2023, Challenging Tesla’s Dominance
Chinese electric car giant BYD announced on Monday that it produced over 3 million new energy vehicles in 2023, setting the stage to outpace Tesla’s production for a second consecutive…
Tensions in Red Sea Elevate Oil Prices in Iran
Oil prices surged on Tuesday as Iran deployed a warship to the Red Sea amidst ongoing tensions in this crucial global shipping route, where Yemen’s Houthi rebels have targeted vessels.…
Global Regulatory Landscape for Cryptocurrencies in 2023
In 2023, regulators worldwide, including those in Europe and Asia, intensified their efforts to establish formal laws governing digital currencies. However, the United States stood out by taking some of…
“Tough Time Never Last”- Tinubu Addresses Nigeria’s Socio-economic Issues
During the New Year address delivered by the president, Bola Ahmed Tinubu, he identified six socio-economic challenges in Nigeria, reassuring the public of his commitment to resolving them. He added:…
Dangote Refinery Recieves Fourth Supply of Crude Oil
To enhance the commencement of Dangote Petroleum Refinery and petrochemicals, NNPC supplied one million barrels of crude to the refinery. According to the information gathered from Dangote Refinery, “the fresh…
President Tinubu Signs N28.78 Trillion Budget: Charting Priorities for 2024
On January 1, 2024, President Bola Tinubu signed the N28.78 trillion budget for the year, marking a pivotal moment in Nigeria’s fiscal trajectory. The President, in his New Year’s message,…
Nigerian Banking Stocks Maintain Positive Trend Amidst Market Dip
On the first trading day post-Christmas, the Nigerian Exchange Limited witnessed a decline of N139 billion in market capitalization. Despite this downturn, banking stocks on the exchange continued their positive…
World Bank Disburses $1.45 Billion to Nigeria from States Fiscal Transparency Program”
In a significant financial development, the World Bank has announced the disbursement of $1.45 billion to Nigeria as part of the States Fiscal Transparency, Accountability, and Sustainability (SFTAS) Program. This…
NAFDAC Director-General Highlights Challenges in the Fight Against Fake Products
Moji Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has revealed that inadequate funding and a shortage of staff are hindering efforts to…
Bismarck Rewane Forecasts 3.3% Economic Growth for Nigeria in 2024
Bismarck Rewane, the Chief Executive Officer at Financial Derivatives Company, has made a projection that Nigeria’s economy is set to grow by 3.3% in 2024, up from the expected 2.61%…
Manchester City Fined £120,000 for Player Misconduct Toward Referee in Tottenham Draw
Manchester City has been fined £120,000 ($152,000) by the Football Association after their players surrounded referee Simon Hooper in protest of a contentious decision during their 3-3 draw with Tottenham.…
Peter Obi Advocates Attracting Foreign Investors Over Chasing Them: A Counter Perspective to Nigeria’s Investment Approach
The presidential candidate of the Labour Party, Peter Obi, has expressed his view that Nigeria should focus on attracting foreign investors rather than actively pursuing them. Obi’s statement, made during…
Joint National Assembly Committee Fast-Tracks 2024 Budget Passage: N27.5 Trillion Set for Approval
The Joint National Assembly Committee on Appropriation has announced its commitment to passing the 2024 appropriation bill before the week concludes. Chairman of the appropriation committee, Senator Solomon Adeola, set…
President Tinubu Mediates Political Crisis in Rivers State: Stakeholders Sign Peace Agreement
President Bola Tinubu took proactive steps to address the political crisis in Rivers State by convening a meeting with key stakeholders, including Governor Siminalayi Fubara, former governor Peter Odili, and…