Nigeria’s ceramic industry was flourishing, riding high on a wave of abundant raw materials, a skilled workforce, and robust technology. This golden era of ceramics thrived during the 1970s and 1980s, contributing significantly to Nigeria’s construction industry, export revenues, and employment. However, fast forward to today, and the picture is vastly different. The once-vibrant ceramic…
The Federal Government of Nigeria has called upon oil and gas experts to provide lasting solutions to challenges facing the local oil industry. These challenges include low productivity, oil theft, pipeline vandalism, and gas flaring. The call was made by Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), during the third Biennial International…
Lagos, Rivers, and the Federal Capital Territory (FCT) have maintained their positions as the top states in terms of internally generated revenue (IGR) for 2022, just as they did in 2021, according to a report by the National Bureau of Statistics (NBS). In 2022, Lagos, Rivers, and FCT generated ₦651.1 billion, ₦172.8 billion, and ₦124.4…
Nigeria is anticipating foreign exchange inflows totalling $10 billion in the near future, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The minister made this announcement during a panel session at the Nigeria Economic Summit (NES) in Abuja. This development comes as the country seeks to address ongoing forex…
The Federal Executive Council (FEC) has given its approval for a $3.45 billion World Bank loan application to finance five projects. According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the zero-interest loan will be repayable over 40 years with a 10-year moratorium, commencing payments in 2033. The projects to…
President Bola Tinubu assured the business community of his administration’s commitment to enhance foreign exchange liquidity during the 29th Nigerian Economic Summit (NES) in Abuja. He emphasized that his government would uphold the sanctity of every legitimate contract and honour all foreign exchange obligations. Addressing the audience at the summit, President Tinubu expressed confidence in…
Leaders from diverse fields such as media, business, government, technology, and community sectors will gather in Cape Town, South Africa, for the annual Africa Business Media Innovators (ABMI) forum from October 30 to November 1. Co-hosted by M. Scott Havens, CEO of Bloomberg Media, Matthew Winkler, Editor-in-Chief Emeritus of Bloomberg News, and Erana Stennett, Corporate…
A fantastic opportunity for young entrepreneurs in Nigeria is on the horizon as the MTN Foundation concludes its sixth phase of ICT and Business Skills training. A total of 300 budding entrepreneurs are set to receive N90 million in equipment grants. The names of the fortunate recipients were revealed during a virtual closing ceremony graced…
Banks have their fingers on the pulse of global finance, and the latest report from Bank of America suggests that fund managers are feeling a bit more optimistic about the global economy. In the October 2023 Global Fund Manager Survey, it was revealed that 50% of those surveyed are expecting a weaker global economy in…
Lamido Sanusi, the 14th Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), has expressed his perspective on how to address the petrol subsidy removal crisis. He believes that reducing the nation’s dependence on petrol will be the long-term solution to this issue. Speaking at the Distinguished Lecture Series of the…