The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has raised concerns about the availability of enough crude oil locally for the production of petroleum products by refineries and modular refineries in Nigeria. He emphasized that without an increase in production in the sector, these facilities may not receive adequate crude oil. Speaking at…
The Nigerian currency, the naira, has been on an upward trajectory against the dollar, evidenced by the fifth reduction in the exchange rate for customs import duties and cargo clearance in less than a fortnight. The rate plummeted from N1,612 per dollar as of March 15th to a current rate of N1,405.46 per dollar. This…
During a recent retreat held in Abuja, Rt. Hon. Ekperikpe Ekpo, the Minister of State for Petroleum Resources focusing on Gas, highlighted Nigeria’s vast natural gas reserves as a critical solution to the country’s energy challenges. Addressing attendees at the Ministry of Petroleum Resources 2024 Retreat under the banner “Building Synergy for Enhanced Development in…
The Aliko Dangote Foundation (ADF) took a significant step towards alleviating the economic difficulties faced by many Lagosians by donating 80,000 bags of rice on Wednesday. This philanthropic effort was unveiled at the State House, Ikeja, Lagos, in a ceremony attended by notable figures including Governor Babajide Sanwo-Olu and Aliko Dangote himself, the chairman of…
The Central Bank of Nigeria (CBN) has taken a significant step towards enhancing liquidity in the retail segment of the forex market by issuing a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,251/$1. This move marks the resumption of dollar sales…
President Bola Tinubu has approved the creation of the Renewed Hope Infrastructure Development Fund, aimed at addressing Nigeria’s infrastructural deficits. The Fund, modeled after the Lagos Metropolitan Area Transport Authority, will focus on key sectors such as agriculture, transportation, ports, aviation, energy, healthcare, and education. According to Zacch Adedeji, Chairman of the Federal Inland Revenue…
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) is set to convene for its 294th meeting today, amidst growing concerns over the impact of its recent policy decisions on businesses and the economy. Led by Mr. Olayemi Cardoso, the committee faces the challenge of balancing the need to control inflation with the imperative of…
The Minister of Works, David Umahi, has announced significant cost savings for Nigeria due to the redesigned plan for the Onitsha axis of the second Niger bridge. During an inspection tour of the bypass to the bridge down to Onitsha in Asaba, Delta, Mr. Umahi revealed that the new design had saved the nation up…
The power supply situation in Nigeria has deteriorated significantly, marking perhaps the most challenging period in the country’s recent history. The nation is grappling with widespread blackouts, affecting every facet of life and drawing severe criticism towards the Federal Ministry of Power. After nine months at the helm, the ministry’s tendency to offer excuses rather…
President Bola Tinubu has called on Nigerians to support the economy by purchasing locally-made goods, citing it as a way to strengthen the Naira and boost economic growth. The president’s Special Adviser on Media and Publicity, Ajuri Ngelale, conveyed this message, emphasizing the administration’s commitment to maintaining a strong Naira against the dollar. Ngelale highlighted…