Economy, markets, finance, CBN policy, energy, and industry.
The Nigerian National Petroleum Corporation (NNPC) is set to sell petrol at landing cost to mitigate the recent volatility in global oil prices. This announcement has sparked discussions about the implications for fuel subsidies in Nigeria.
The Federal Government highlights a staggering $2 billion loss each year from inadequate cocoa processing capabilities, urging for increased local value addition. Minister of Agriculture Abubakar Kyari emphasizes the need for investment in processing to enhance Nigeria's position as a cocoa exporter.
The Central Bank of Nigeria has enhanced its financial connectivity with Asia by signing a Memorandum of Understanding with the Global Finance & Technology Network in Singapore. Governor Olayemi Cardoso emphasized the importance of international partnerships for Nigeria's financial sector development.
In response to escalating global crude oil prices, the Federal Government is negotiating a ceiling of ₦1,350 per litre for petrol to mitigate price fluctuations. This move aims to address the pressing concerns of affordability for Nigerians amidst ongoing oil market volatility.
AELEX has successfully completed the $1.5 billion Initial Public Offering for Dangote Petroleum Refinery, marking a significant milestone in Nigeria's capital markets. This IPO is the largest of its kind in Africa and represents a new avenue for Free Zone entities to access public capital.
The Federal Government has dismissed calls to reinstate fuel subsidies, citing staggering costs that could exceed N20 trillion each year. Officials warn that such a move could lead to extreme fluctuations in the exchange rate and petrol prices.
In a surprising move, Moove has decided to exit the Nigerian market, transferring ownership of vehicles valued at over N35 billion to its customers at no cost. The decision comes as a gesture of gratitude for the support received from its clientele during its operations in the country.
Sierra Leone's President Julius Maada Bio and Nigerian entrepreneur Tony Elumelu have united in a call to the West African private sector, urging them to harness the region's potential for job creation and economic growth. Their collaboration emphasizes the critical role of private investment in addressing youth unemployment across the region.
The Abuja Electricity Distribution Plc has unveiled new digital platforms, MyPower Mobile and Web Apps, aimed at enhancing customer service and convenience. This initiative allows users to manage their electricity needs remotely, streamlining processes like bill payments and outage reporting.
Professor Uwaleke emphasizes the need for a significant redesign of the Federal Government's cash transfer programme to enhance its effectiveness in alleviating poverty. Speaking in Abuja, he outlines critical areas for improvement that could lead to better outcomes for beneficiaries.
Former Vice President Atiku Abubakar's recent proposal for a capped production subsidy has reignited debates on Nigeria's economic policies, raising questions about the intersection of politics and economics. As the nation reflects on his Independence Day announcement, stakeholders are urged to critically assess the implications of such a subsidy on Nigeria's financial landscape.
As Ekiti State marks its 30th anniversary, the government reveals a significant boost in its annual Internally Generated Revenue (IGR), surpassing ₦50 billion. This achievement highlights the state’s economic diversification efforts, reducing its reliance on agriculture from 80% to 40% over the past two decades.
