The Central Bank of Nigeria (CBN) has revised the timeline for issuing letters of credit from 24 hours to five working days, aiming to address challenges posed by the ongoing foreign exchange scarcity in the country. The move is a departure from the previous 2020 service charter, which set the timeline at 24 hours for…
Consumer goods giant Procter & Gamble (P&G) has announced plans to restructure its operations in Nigeria, transitioning the country into an import-focused market. The revelation came during a presentation by the Chief Financial Officer, Andre Schulten, at the Morgan Stanley Global Consumer & Retail Conference. Schulten cited the challenging business environment in Nigeria, particularly as…
The Nigerian National Petroleum Company Limited (NNPC) is set to change the pricing methodology for its crude oil cargoes, a move that traders believe could elevate the risk associated with handling Nigeria’s oil shipments. According to a circular from the NNPC seen by Bloomberg News, the state-owned company will transition from pricing based on the…
The Minister of Justice and Attorney General of the Federation, Mr. Lateef Fagbemi, has emphasized the need for stakeholders to collaborate in developing Nigeria’s copyright system to enhance the country’s creative economy. Speaking at a seminar on Copyright Law and Policy for officials of the Federal Ministry of Justice in Abuja, the minister, represented by…
A recent report by SB Morgen Intelligence has raised concerns that over-the-counter medications may become unaffordable for many Nigerians due to economic challenges, potentially limiting access to healthcare. The report, titled “Paying the Price on Health,” analyzes the impact of Nigeria’s economic conditions and foreign exchange crisis on essential medicine prices, covering categories such as…
In a significant development, the Supreme Court has imposed a hefty fine of N40 million on Chief Mike Ozekhome, a prominent human rights activist and constitutional lawyer, for filing what the court deemed a frivolous motion related to the Imo Governorship tussle, decisively settled in 2019. The ruling, delivered by Justice Tijani Abubakar, mandated Ozekhome…
A recent report, titled the “State of Entrepreneurship” and published by the Fate Foundation, has shed light on the substantial negative impact of President Bola Tinubu’s fuel subsidy removal on businesses in Nigeria. Surveying over 10,000 businesses across all 36 states and the FCT, the report indicates that a staggering 90% of businesses experienced adverse…
Nigeria’s Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled the NMDPRA Industry Sustainability Initiative (NISI), envisioning a massive $575 billion in capital investment opportunities. The initiative, discussed at the UN Climate Change Conference 2023 (COP28) in Dubai, aims to propel Nigeria towards achieving Net Zero carbon emissions by 2060 through innovative strategies. Dr. Mustapha…
Customers in Osogbo, the capital of Osun State, were left dissatisfied over the weekend as Automated Teller Machines (ATMs) in several commercial banks failed to dispense cash. The situation, reminiscent of challenges faced in the first quarter of 2023, caused inconvenience for many customers relying on ATMs for their financial transactions. Daily Post’s investigation revealed…
Nigeria’s Federal Government has set an ambitious target of N7.69 trillion as oil revenue to contribute to its proposed N27.5 trillion budget for 2024, according to the Breakdown & Highlights of the executive budget proposal presented by Minister of Budget and Economic Planning, Abubakar Atiku Bagudu. This projected oil revenue is more than triple the…