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Niyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), has emphasized the need for responsible and inclusive AI adoption in the banking sector. He highlighted the importance of trust in banking, advocating for explainable, transparent AI systems and local innovation to foster inclusion. According to Yusuf, trust is crucial in banking, and AI systems […]
Nigeria and Egypt have agreed to enhance their diplomatic relationship and establish a comprehensive partnership aimed at addressing shared challenges and fostering development. The agreement was reached during the third round of political consultations between Yusuf Tuggar, Nigeria’s Minister of Foreign Affairs, and Badr Abdelatty, Egyptian Foreign Minister, in Cairo, Egypt. *Key Highlights:* – […]
The Lagos State Safety Commission has sealed Monterosa Construction site following a serious crane incident which occurred at the site involving crane operations at 7:30a.m. In a release signed by Lagos State Safety Commission’s Mrs. Adewunmi Okoh, DD, Public Affairs, preliminary investigation from officials of the Commission who promptly arrived at the site reveals that […]
US President Donald Trump has reignited tensions with the BRICS nations, threatening to impose a 10% tariff on countries aligning with the bloc’s “anti-American” policies. The Trump administration released tariff letters detailing punitive tariff rates for 14 countries, with tariffs ranging from 25% to 40%. The move has sparked concerns over rising tariffs, trade wars, […]
Dangote Refinery and other major fuel distributors in Nigeria have reduced petrol prices following a decline in global crude oil prices. The price drop reflects improved global oil supply stability, benefiting Nigerian consumers. *Price Details:* – *New Prices*: Petrol is now sold at N875 to N890 per litre in Lagos and Ogun States. – […]
The Federal Government of Nigeria has launched a $32.8 billion initiative, dubbed Mission 300, to provide electricity to 300 million unserved Africans. Minister of Power, Chief Adebayo Adelabu, announced that $15.5 billion of the investment is expected from the private sector. The plan aims to transition the sector to a cost-reflective tariff system while introducing […]
The Nigerian Postal Service (NIPOST) has pledged to intensify its efforts to combat the use of courier services for illicit activities, including drug trafficking. In a recent statement, NIPOST’s Director of Corporate Communications, Franklin Alao, emphasized the agency’s commitment to regulating the sector with integrity, transparency, and accountability. *Key Highlights:* – *Crackdown on Illicit […]
The Nigeria Labour Congress (NLC) is set to intensify enforcement of the N70,000 national minimum wage, targeting non-compliant employers in the private sector. According to Assistant Secretary-General Onyeka Christopher, the NLC has observed significant violations in the unorganized private sector, where some workers earn as low as N15,000 monthly. *Key Highlights:* – *Private Sector […]
The Federal Government’s electricity subsidy obligation has reached N536.4 billion in Quarter 1 of 2025, a 64.7 billion naira increase from Quarter 4 of 2024. This amount covers 59.16% of power generation companies’ invoices, exacerbating the government’s struggle to clear over N4 trillion in debts owed to GenCos. The Nigerian Electricity Regulatory Commission (NERC) has […]
The Federal Government of Nigeria has announced a strategic summit scheduled for July 23–24, 2025, aimed at addressing the ongoing challenges surrounding petrol pricing and distribution. This crucial forum will be hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) as part of the Nigeria Oil and Gas Energy Week. Speaking during the […]
