business
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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 […]
Nigeria’s Federal Government is aiming for a record-breaking N19.4 trillion in tax revenue for 2024, buoyed by a successful 2023 that saw the Federal Inland Revenue Service (FIRS) surpass its target by exceeding N12.37 trillion. This ambitious target represents a significant 56.9% increase from the previous year’s actual revenue and a 67.91% increase from the […]
Frustrations are bubbling over at the pump again, with independent petroleum marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) accusing the Nigerian National Petroleum Company Limited (NNPCL) of causing delays in fuel supply. The result? Boycotts of NNPCL and forced reliance on pricier private depots, pushing pump prices up and squeezing wallets across […]
In a pivotal move to boost trade and investment, the Federal Government of Nigeria and the Indian government signed two Memoranda of Understanding (MoUs) on Monday, January 22nd, 2024. The ceremony, held at the Indian High Commission in Abuja, witnessed the exchange of letters of intent that further solidify the bilateral relationship between the two […]
The British Council has dealt another blow to Nigerian students and professionals aiming to study or work abroad, announcing a second hefty increase in IELTS examination fees within five months. Effective February 1, 2024, the cost of taking the English Language Testing System for both computer academic and general training modules will hike by a […]
Amidst revenue pressures facing the 2024 national budget, the Federal Government, has indicated that it would no longer allow Central Bank of Nigeria, CBN, to print money by Ways and Means to fund the budget deficit. Disclosing this in a chat with journalists in Lagos, the Minister of Budget and National Planning,, however, indicated that the […]
