Economy

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Dangote: Ojulari pledges to revive NNPC’s refineries, position them for Optimum Performance

By Obinna Uballa The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr Bashir Bayo Ojulari, has countered Africa’s richest man, Aliko Dangote, over the future of Nigeria’s government-owned refineries. While Dangote recently cast doubt on the viability of the Port Harcourt, Warri, and Kaduna refinerie, stating they may never work…

AfDB’s Adesina Warns: Africa loses N300trillion Yearly over poor governance 

By Obinna Uballa Outgoing president of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, has warned that African countries are losing about $100 billion annually as a result of poor governance and weak legal frameworks in Africa. Adesina argued that the rule of law with its consequential protocols of good governance, strong legal and…

MAN Raises Alarm! 767 Companies Dead, Over 300 Currently Going Under!

*Says Expatriate Employment Levy 'II Kill Investors Confidence  By Ken Afor Due to the unfavorable economic environment, the Manufacturers Association of Nigeria (MAN) reported that 335 manufacturing companies faced financial difficulties, while 767 ceased operations in 2023. The association, while reacting to the newly introduced Expatriate Employment Levy (EEL) by the administration of President Bola…

Nigeria’s Economy Grows Steadily As oil Output Rises

By Agency Report Nigeria's economy grew 3.46% in the fourth quarter (NGGDPQ=ECI), opens new tab, a similar pace as it did a year earlier, data showed on Thursday, as oil output picked up and government reforms to boost growth began to take effect. Gross domestic product grew quicker than in the two previous quarters of…

FAAC Shares N1.1trn To FG, States, LGs From Federation Account

By Louis Achi A total sum of N1.1trn from the federation account has been shared by the Federation Account Allocation Committee (FAAC) as allocation to the three tiers of government for the month of August. The disbursement is contained in a communique issued by FAAC at its September 2023 meeting. The N1.1trn revenue comprised statutory…

Naira Stabilisation: NEC Confirms CBN Will Deploy $3Bn Loan

By Ayo Yusuf The National Economic Council on Thursday confirmed that the $3bn emergency loan-for-crude oil the Federal Government secured in August would be deployed to stabilise the naira. The value of the nation’s currency has continued to fluctuate in the Investors & Exporters’ window, a situation made worse by the fact that the Naira…

UK Cuts Tariffs on Nigerian Exports

The UK government on Wednesday said it had cut tariffs and extended duty free trade in goods exported from Nigeria Mr Ben Llewellyn-Jones, Deputy British High Commissioner to Nigeria said this at the launch of the Developing Countries Trading Scheme (DCTS) which took place at Eko Hotel and Suites, Victoria Island, Lagos. Llewellyn-Jones said the…

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Dangote: Ojulari pledges to revive NNPC’s refineries, position them for Optimum Performance

By Obinna Uballa The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr Bashir Bayo Ojulari, has countered Africa’s richest man, Aliko Dangote, over the future of Nigeria’s government-owned refineries. While Dangote recently cast doubt on the viability of the Port Harcourt, Warri, and Kaduna refinerie, stating they may never work…

AfDB’s Adesina Warns: Africa loses N300trillion Yearly over poor governance 

By Obinna Uballa Outgoing president of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, has warned that African countries are losing about $100 billion annually as a result of poor governance and weak legal frameworks in Africa. Adesina argued that the rule of law with its consequential protocols of good governance, strong legal and…

MAN Raises Alarm! 767 Companies Dead, Over 300 Currently Going Under!

*Says Expatriate Employment Levy 'II Kill Investors Confidence  By Ken Afor Due to the unfavorable economic environment, the Manufacturers Association of Nigeria (MAN) reported that 335 manufacturing companies faced financial difficulties, while 767 ceased operations in 2023. The association, while reacting to the newly introduced Expatriate Employment Levy (EEL) by the administration of President Bola…

Nigeria’s Economy Grows Steadily As oil Output Rises

By Agency Report Nigeria's economy grew 3.46% in the fourth quarter (NGGDPQ=ECI), opens new tab, a similar pace as it did a year earlier, data showed on Thursday, as oil output picked up and government reforms to boost growth began to take effect. Gross domestic product grew quicker than in the two previous quarters of…

FAAC Shares N1.1trn To FG, States, LGs From Federation Account

By Louis Achi A total sum of N1.1trn from the federation account has been shared by the Federation Account Allocation Committee (FAAC) as allocation to the three tiers of government for the month of August. The disbursement is contained in a communique issued by FAAC at its September 2023 meeting. The N1.1trn revenue comprised statutory…

Naira Stabilisation: NEC Confirms CBN Will Deploy $3Bn Loan

By Ayo Yusuf The National Economic Council on Thursday confirmed that the $3bn emergency loan-for-crude oil the Federal Government secured in August would be deployed to stabilise the naira. The value of the nation’s currency has continued to fluctuate in the Investors & Exporters’ window, a situation made worse by the fact that the Naira…

UK Cuts Tariffs on Nigerian Exports

The UK government on Wednesday said it had cut tariffs and extended duty free trade in goods exported from Nigeria Mr Ben Llewellyn-Jones, Deputy British High Commissioner to Nigeria said this at the launch of the Developing Countries Trading Scheme (DCTS) which took place at Eko Hotel and Suites, Victoria Island, Lagos. Llewellyn-Jones said the…

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