The Nigerian National Petroleum Company Limited (NNPC Ltd) has refuted claims of a clash with petroleum marketers regarding the removal of petrol subsidies. In a statement released by Olufemi Soneye, the chief corporate communications officer of the company, NNPC Ltd clarified that there was no confrontation with petroleum marketers, particularly the Independent Petroleum Marketers Association…
Over 45,000 hopefuls applied for 2,000 positions in the recently concluded Ogun Teach intern program of the Ogun State government, as revealed by the State Commissioner for Education, Science, and Technology, Prof Abayomi Arigbabu. This staggering number of applications indicates fierce competition for the coveted spots, ensuring that only the most outstanding candidates will be…
Nigeria has secured the first tranche of a US$2.5 billion facility arranged by the African Export-Import Bank (Afrexim Bank), with United Bank for Africa (UBA) acting as the local arranger. UBA, a prominent member of the FUGAZ group, has been designated as the mandated local arranger for this significant liquidity support facility. Afrexim Bank, as…
The Nigerian Investment Promotion Commission (NIPC) has urged the media to play a pivotal role in portraying Nigeria in a positive light to attract more investments to the country. Aisha Rimi, the Executive Secretary/Chief Executive Officer (CEO) of NIPC, made this appeal during a media “Meet and Greet” event organized by the Commission in Abuja…
A surge in demand for Nigerian grains by merchants from neighbouring African countries and beyond has led to soaring prices, according to a recent investigation by Daily Trust Saturday. The scramble for farm produce like maize, millet, sorghum, rice, ginger, hibiscus (zobo), soybeans, and sesame has resulted in record-high prices, even during harvest periods. This…
Despite facing significant economic challenges and grappling with a record-high inflation rate, President Bola Tinubu’s administration has secured several positive economic deals and investments in 2023. These deals, totaling billions of dollars, are expected to have a significant impact on Nigeria’s economic outlook for 2024. Here are the top five major deals signed by the…
The Ministry of Petroleum Resources has presented its budget of N9.641bn to the Joint Committees of Senate and House of Representatives on Petroleum Resources (Upstream and Downstream, as well as Gas Resources) as part of the ongoing budget implementation and 2024 budget defence by Ministries, Departments and Agencies (MDAs) to the relevant National Assembly Committees….
The increasing cost of living has driven Nigerians to borrow approximately N740 billion from banks between January and September this year. An analysis of the Central Bank of Nigeria’s (CBN) quarterly economic reports reveals that consumer credit surged from N2.31 trillion in the fourth quarter of 2022 to N3.05 trillion by the end of the…
The National Pension Commission (PenCom) has released data showing that Nigeria’s pension fund assets surged to N17.658 trillion as of October 31, 2023. This represents a significant increase of about 1.78% compared to the N17.349 trillion reported in September 2023. The details of this growth were outlined in PenCom’s monthly report for October 2023. The…
Nigerian stocks have concluded the year 2023 with a remarkable surge, gaining 46.6% or N13 trillion in the Lagos market. This surge signifies a substantial improvement in the market value of equities compared to the previous year. The total value of the 155 equities at the close of trade on Friday stood at an impressive…