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Maritime
As the global spotlight intensifies on sustainable economic growth, Nigeria is seizing the potential of its vast marine and blue economy resources. Under the leadership of Adegboyega Oyetola, Minister of Marine and Blue Economy, significant strides have been made to unlock the country’s maritime and aquatic potential in 2024. Through a series of targeted policies, ...
News
...Refinery operating at 60% capacity — Kyari ...Our plan to ensure energy efficiency and security on course — President Tinubu The Warri Refinery has started producing Automated Gas Oil (AGO) and kerosene, a major step towards increasing the country’s refining capacity and reducing reliance on imported fuel. With the reopening, the refinery is expected to ...
Money market
Despite economic crunch in 2024, the Central Bank of Nigeria (CBN) implemented significant reforms aimed at stabilising and revitalizing the nation’s economy. These measures have been pivotal in addressing longstanding economic challenges and setting the stage for sustainable growth in the year under review. Foreign Exchange Liberalisation One of the most impactful reforms was the ...
Business
Despite facing significant macroeconomic challenges in 2024, Nigeria demonstrated resilience with a 3.6% growth in Gross Domestic Product (GDP), aligning with the International Monetary Fund’s (IMF) forecast for Sub-Saharan Africa and surpassing the global average of 3.2%. However, structural and sectoral disparities continue to impede broad-based economic progress. The services sector led the economic growth, ...
Energy
In an alarming turn of events, Nigeria’s national power grid collapsed 12 times in 2024 under President Bola Tinubu’s administration, leading to widespread power outages that disrupted lives and crippled businesses across the country. This marks a 43.9 percent increase in grid collapses compared to 2023, when the power sector faced a major crisis despite ...
News
The Nigeria Customs Service (NCS) has said that it will auction 15,325 litres of seized premium motor spirit (PMS), popularly called petrol, to ease transportation during the festive period. The National Coordinator of the service’s operation whirlwind, Hussein Ejibunu made the announcement on Saturday at a press briefing held at the Customs Training College, Ikeja, ...
Money market
Despite economic crunch in 2024, the Central Bank of Nigeria (CBN) implemented significant reforms aimed at stabilising and revitalizing the nation’s economy. These measures have been pivotal in addressing longstanding economic challenges and setting the stage for sustainable growth in the year under review. Foreign Exchange Liberalisation One of the most impactful reforms was the ...
Maritime
...As NIMASA DG, Mobereola dedicates award to staff The Nigerian Maritime Administration and Safety Agency (NIMASA) has recently been honoured with the SERVICOM Award for exceptional service delivery. This prestigious recognition underscores NIMASA’s ongoing commitment to elevating service standards, enhancing transparency, and ensuring operational efficiency. In a statement provided to NewsDirect by the Head of ...
Aviation
The Federal Government, through the Nigeria Civil Aviation Authority (NCAA), has launched enforcement action against five airlines—two international and three domestic operators— for violating Part 19 of the NCAA Regulations of 2023. According to the NCAA, the violations include failure to refund passengers within the stipulated timeframe, non-responsiveness to the authority’s directives, incidents of missing ...
News
…Calls for Passage of Coastal Guards Bill The National Inland Waterways Authority (NIWA) has called on Nigerians to avoid using substandard and poorly maintained boats while urging the National Assembly to expedite the passage of the Coastal Guards Bill to enhance safety and security across the nation’s waterways. Speaking at a technical meeting with boat ...
News
...PMS sells for N990, N935 across states ...As Dangote showers praises on Tinubu As Christmas approaches, Nigerians are breathing a collective sigh of relief as fuel pump prices experience a significant drop across the nation. The unexpected decline, attributed to a combination of oil price adjustments and strategic government interventions, comes as a welcome development ...
News
The National Inland Waterways Authority (NIWA) has issued a safety and security alert, urging Nigerians to prioritize safety while using the country’s inland waterways during the festive season. In a statement released by NIWA management, the Authority highlighted the importance of adhering to the Transportation Code, 2023, which has been gazetted and will be strictly ...
Maritime
The Federal Ministry of Marine and Blue Economy has highlighted the adoption of modern audit techniques as a crucial strategy to boost revenue generation, reduce wastage, and enhance efficiency in the sector. This was the focus at a two-day workshop titled “Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue” held in Abuja. ...
Maritime
A tragic boat accident on December 15, 2024, claimed several lives when a wooden boat carrying about 70 to 80 passengers capsized on the River Benue while travelling from Agatu Local Government Area of Benue State to Nasarawa State. The passengers, mostly traders, were returning to Odenyi in Nasarawa Toto Local Government Area after attending ...
Top Story
The Federal Government has approved free train rides nationwide for commuters from December 20, 2024, to January 5, 2025. This announcement was made by the Minister of Information and National Orientation, Mohammed Idris, during a press briefing following the Federal Executive Council (FEC) meeting, which was presided over by President Bola Ahmed Tinubu at the ...
News
In a landmark achievement, the Advisory Board of the African Sustainability Awards in partnership with United Nations Educational, Scientific and Cultural Organization (UNESCO) has selected the ECOWAS Bank for Investment and Development (EBID) as the winner of the Financial Institution of the Year — Africa category at the Africa Sustainability Awards. The award will be ...
Business
Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that an oil spill occurred at the Shell Petroleum Development Company (SPDC) loading terminal, SMI, in Bonny, Rivers State on Saturday, December 14, 2024. The incident resulted from a ruptured pipeline. SPDC has promptly shut down the affected pipeline and deployed containment booms to protect the ...
Business
Minister of Marine and Blue Economy, Adegboyega Oyetola, has stated that sustainable fisheries management is a vital pathway to economic growth and food security in West Africa. Speaking at the 15th session of the Conference of Ministers of the Fisheries Committee for the West Central Gulf of Guinea (FCWC) in Monrovia, Liberia, Oyetola emphasised that ...
Money market
The Central Bank of Nigeria (CBN) has vowed to impose a N150 million fine per branch on any bank releasing naira notes to currency hawkers in the country. The CBN gave the warning in a circular signed by its Acting Director of Currency Operations, Mohammed Olayemi, over the weekend in Abuja. The apex bank decried ...
Business
The Federal Airports Authority of Nigeria, FAAN, has said over the last five years, it remitted over N218 billion in Internally Generated Revenue, IGR, into the country’s Consolidated Revenue Fund, CRF. The Managing Director of FAAN, Mrs Olubunmi Kuku, disclosed this during a presentation to the Senate committee on Finance in Abuja. Kuku, who said ...
