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Business
The presidency has defended the 50 percent hike in tariff approved for telecommunications operators by the Nigerian Communications Commission (NCC). It argued that the tariff hike was necessary to address the critical challenges in the sector. The presidency, however, noted that the approval does not mean that the telecom operators must immediately increase their tariffs ...
Business
...As AfDB calls for urgent action on electrification The Federal Government, represented by Nigeria’s Minister for Finance and Coordinator of the Economy, Mr Wale Edun, has underscored the vital role of energy access in driving economic growth and sustainable development. This message comes as the President and Chairman of the Board of Directors of the ...
Money market
The Federal Government, through the Debt Management Office (DMO), has offered three FGN bonds for subscription by interested investors. The DMO, in its offer circular on Monday, said that the first offer was an April 2029 FGN bond, valued at N100 billion at an interest rate of 19.30 per cent per annum. (5-year re-opening) It ...
Energy
The Tinubu Media Volunteers (TMV), has commend the 6.7 billion dollars investment in the country's energy sector in the year 2024 In a statement signed by Mr Chukwudi Enekwechi its Chairman, TMV noted that the investment inflow was a consequence of the incentives introduced by the President Bola Tinubu administration. The group referenced a report ...
Capital Market
The Nigerian equities market rebounded from two consecutive losses with a N497 billion gain for investors at the close of trading on Friday. This followed a surge in the share prices of stocks Guinness, Chellaram, and SCOA amongst others on the trading floor. After five hours of trading at the capital market, the equity capitalization ...
Issues of the Moment
On January 22, 2025, President Bola Tinubu appointed Dr. Kayode Opeifa as the Managing Director of the Nigerian Railway Corporation (NRC). This decision is seen as a significant step towards revitalising the country’s railway sector and addressing its operational challenges. Dr. Opeifa, a seasoned transportation expert, brings extensive experience to the role. He holds a ...
Capital Market
Nigeria’s equities market recorded another session of negative close on Thursday amid scarcity of positive triggers capable of keeping the market on the positive path. The market decreased by 0.05 percent on Thursday, thereby strengthening the previous day’s negative. The market’s year-to-date negative return increased to 0.13 percent. Though this week, the market has risen ...
Aviation
The Minister of Aviation and AeroSpace Development, Festus Keyamo recently during the week said the Ministry has rejected an outrageous contract variation from N90billion to N532billion to construct the Second Runway of the Nnamdi Azikiwe International Airport, Abuja. Keyamo disclosed this while answering questions from members of the Joint National Assembly Committee on Aviation and ...
News
...Proffers actionable solutions to drive economic growth, devt The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to ensure there are no avoidable delays in the implementation of the 2025 budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” The LCCI also proposed a range of actionable solutions aimed at enhancing ...
Business
...As ATCON, Airtel hail approval Following the approval of a 50% arrival hike by the Nigerian Communications Commission (NCC), the Federal Competition and Consumer Protection Commission (FCCPC) has tasked telecom operators to improve on service delivery and infrastructural development. The FCCPC in a statement on Wednesday hailed the Nigerian Communications Commission (NCC) for approving a ...
Business
The Managing Director, Wema Bank, Mr Moruf Oseni, on Wednesday disclosed the bank’s plan to raise N200 billion in fresh capital to complete its capital raise exercise. Oseni, who made this known in a statement in Lagos, said that the fresh capital would be raised through a combination of a rights issue and special placement. ...
Money market
The Central Bank of Nigeria (Central Bank of Nigeria) on Wednesday said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025. The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers in the Nigerian ...
Economy
The Managing Director, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has said that Federal Government borrowing is not for the economy. Speaking on a webinar Hosted by Nigerian NewsDirect themed: Nigeria's Economic Outlook 2025: Trends, challenges, and opportunities for growth. He said Government needs to stop borrowing and look elsewhere to ...
Maritime
The Nigerian Maritime Administration and Safety Agency (NIMASA) has set an ambitious revenue target of N560 billion for 2025, reflecting a significant increase from previous projections. The Director General of NIMASA, Dr. Dayo Moboreola, announced this during the agency’s budget defence before the National Assembly Joint Committee on Finance in Abuja recently. “This represents an ...
Aviation
…Airport will create more jobs in agriculture, commerce, tourism — Oyebanji The Minister of Aviation and Aerospace Development, Mr Festus Keyamo (SAN) on Tuesday said the Ekiti State Agro- Allied International Cargo Airport, Ado-Ekiti is ready for full commercial operations. The Minister disclosed this to journalists shortly after inspecting facilities at the airport in company ...
Money market
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth. The Deputy Governor, Economic Policy Directorate, CBN, Muhammad Abdullahi revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications ...
Business
The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, has announced a policy review of the “I Am Alive” confirmation solution, introducing a mobile version to accommodate pensioners unable to validate their life status through facial recognition or fingerprint scanning due to disabilities or health challenges. Odunaiya outlined the new process, which ...
Business
The Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour ultimatum to the Federal Government and telecommunications companies (telcos) to reverse the recent 50% hike in the cost of calls and data. SERAP made this demand via a tweet on Tuesday, describing the tariff increase as “unlawful” and promising to take legal action if ...
Maritime
The Nigerian Ports Authority (NPA) and the Nigerian Liquefied Natural Gas (NLNG) have resolved to continue to uphold their operational collaboration necessary to grow Nigerian export trade. Speaking when he was received by the Managing Director of Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho at NPA Headquarters in Marina, the Chief Executive Officer of NLNG, ...
Maritime
Following the voluntary resignation of Commodore Emmanuel Effedua (rtd) as the Rector of the Maritime Academy of Nigeria (MAN), Oron, Akwa Ibom, Dr Kevin Okonna has been appointed as the Acting Rector. Dr Okonna, who serves as the Coordinator of the Specialised Seafarers Training Centre, is the most senior director at the Academy. According to ...
