business
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Oil marketers raised anxieties recently, expressing fear that the Naira’s depreciation against the dollar (currently around N1,450/USD) could translate to higher pump prices for petrol. They questioned how the Nigerian National Petroleum Company Limited (NNPCL) could maintain current subsidized fuel costs with increasing import costs. However, at an event in Abuja, the Minister of State […]
Bureau de Change (BDC) operators in Abuja have pulled down their shutters, citing a critical shortage of US dollars. This announcement, made by association chairman Abdulahi Dauran, comes as the Nigerian Naira continues to depreciate against the greenback. The Naira hit an all-time low of N1,482 per dollar on the official market on Tuesday. Meanwhile, […]
The Lagos State government is gearing up for a major infrastructure push in 2024, allocating a whopping 550.68 billion naira to develop and maintain critical projects across the state. This ambitious plan, announced by Commissioner of Economic Planning and Budget Ope George, represents 24.28% of the entire budget and reflects a strong commitment to improving […]
The Independent Media and Policy Initiative (IMPI), an advocacy group, voiced support for President Bola Tinubu’s ambitious plan to cultivate 500,000 hectares of land across the country, potentially aiding in lowering food costs. At a press conference in Abuja, the group’s Chairman, Niyi Akinsiju, lauded the collaboration between the federal government and state governments on […]
The Nigerian National Petroleum Company Limited (NNPCL) held promising talks with a South Korean consortium led by Daewoo E&C, aiming to tap into Nigeria’s vast gas resources. These discussions, held in Seoul, South Korea, signify NNPCL’s strategic drive to leverage its gas reserves and become a leading supplier of clean, affordable energy to the global […]
The Central Bank of Nigeria (CBN) and international airlines operating in the country are at odds over the remaining amount of unpaid ticket revenue trapped in Nigeria. While the CBN claims to have settled all verified claims, amounting to $136.73 million, the International Air Transport Association (IATA) insists approximately $700 million remains outstanding. On Tuesday, […]
Renewed violence in Mangu, Plateau State, threatens the production of a staggering 477,900 metric tonnes of maize – enough to fill 24,000 18-wheeler trucks. This, if lost, could have rippling effects across the nation, impacting everything from flour to beer. Mangu, home to the state’s largest maize market, has faced ongoing attacks for over a […]
The $20 billion Dangote Refinery is set to shake up the oil market, announcing its first-ever import of crude oil from the United States. This groundbreaking move signifies a shift in the global energy landscape, with Nigerian refineries tapping into the abundant US oil supply. Trafigura Group, a major commodities trader, has reportedly sold two […]
The Nigerian naira has plunged to a record low of N1348.63 per dollar, marking a staggering 51.21% depreciation since last Friday and raising alarm bells across the nation. This historic low defies ongoing efforts by the Central Bank of Nigeria (CBN) and the federal government to stabilize the currency, leaving many wondering what lies ahead […]
The Central Bank of Nigeria’s (CBN) controversial plan to relocate some departments to its Lagos office is gaining momentum, with 1,500 staff members scheduled to begin working there this Friday. While the bank touts increased staff safety, boosted productivity, and decongestion as key motivators, the move has sparked heated debate. Proponents, aligned with the new […]
