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Imported food inflation in Nigeria rose to its highest level, reaching 29.8% in February 2024 from 26.3% recorded in the previous month, which represents a 352 basis points increase. This is according to analysis by journalists. Further analysis showed that imported inflation has increased consecutively for over 4 years, largely driven by both internal and […]
Governor Chukwuma Soludo of Anambra State believes Nigeria’s biting economic situation is an “inevitable” phase for the betterment of the nation. Soludo stated this in an interview on Channels Television’s Sunday Politics. Recall that Nigeria’s inflation level rose to 31.70 per cent in February with the cost of living shooting up in the wake of […]
The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, has said the Port Harcourt refinery will commence operations in about two weeks time. According to Kyari, mechanical works have been completed on the Port Harcourt, Warri, and Kaduna refineries, stressing that the Kaduna refinery will commence operations in December. Kyari […]
In a bid to ensure food security, the Niger Delta Development Commission has partnered with the Rice Farmers Association of Nigeria. According to a statement by the NDDC Director of Corporate Affairs, Pius Ughakpoteni, the commission’s Managing Director, Dr Samuel Ogbuku, stated this during a strategic meeting with a delegation of the farmers association, led […]
The Central Bank of Nigeria has handed over N100bn worth of fertilisers to the Federal Ministry of Agriculture and Food Security to boost food production across the country. CBN Governor, Olayemi Cardoso, handed over the 2.15 million bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, at the headquarters of the […]
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An international business research firm, the Economist Intelligence Unit (EIU), has declared that indigenous oil companies acquiring the assets of divesting international oil companies will not be able to match their investing power. The EIU, in its latest Country Report on Nigeria, observed that the indigenous companies would not have the same financial power to […]
The Federal Government has enlisted the expertise of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Incorporation, to guide its forthcoming Eurobond issuance. It also appointed Standard Chartered Bank and the Lagos-based financial advisory firm Chapel Hill Denham to consult on this venture. The Eurobond issue which would […]
For February, Nigeria’s crude oil production dropped to 1.32 million barrels per day from the 1.42-million-barrel oil daily production- a drop of 104,000 barrels per day. This is according to OPEC’s monthly oil market report (MOMR). The figure for the month was based on direct communication from Nigeria to OPEC’s authorities. However, based on secondary […]
The World Trade Organisation (WTO) says Nigeria has lost its leading position in the agriculture export markets because its agricultural commodities do not meet the sanitary and phytosanitary requirements of the foreign markets. According to WTO, despite the abundance of arable lands and increased investments, the nation has transitioned into a net importer of farm […]
The National Automotive Design and Development Council (NADDC) has announced plans to validate its National Occupational Standards for the conversion and maintenance of electric vehicles and Compressed Natural Gas vehicles. The Director-General of NADDC, Joseph Osanipin disclosed this during the validation workshop exercise for the draft of the national standards for auto gas vehicles in […]