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By Seun Ibiyemi In a bid to maintain operational consistency, the Nigeria Customs Service (NCS) has annulled all import declarations made during the brief implementation of the 4 per cent Free-on-Board (FOB) charge. This decision follows the earlier suspension of the charge and aims to prevent disruptions in the clearance of imported goods. In a ...
By Seun Ibiyemi MultiChoice Nigeria has once again announced a price increase for its DStv and GOtv subscription packages, just months after the last adjustment. The pay-TV giant attributes the latest hike to rising operational costs, inflation, and the depreciation of the naira. According to a statement released by MultiChoice, the new tariffs will take ...
By Seun Ibiyemi The Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO), and the Association of Maritime Truck Owners (AMATO) have issued a three-day ultimatum to the Lagos state government, threatening to withdraw their services and shut down port operations. The action is in response to alleged indiscriminate arrests ...
By Seun Ibiyemi In its 299th meeting held on February 19-20, 2025, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) unanimously decided to retain the Monetary Policy Rate (MPR) at 27.5.per cent. This decision comes in the context of a significant decline in food prices across the country, following the National Bureau of ...
Nigeria’s business environment showed signs of improvement in January 2025, but businesses continued to struggle with profitability due to the high foreign exchange rate and rising import costs. This is according to the latest Business Confidence Monitor published by the Nigerian Economic Summit Group in collaboration with Stanbic IBTC. The report indicated that while commercial ...
The Ogun State Government is set to be one of the beneficiaries of a $2.5 billion by the largest protein producer in the world, JBS of Brazil in Nigeria. This was disclosed when the Controlling Shareholder of the company, Wesley Batista, alongside Controlling Shareholder of EMN, Mr. John Coumantaros and the Chief Executive Officer of ...
The African Development Bank Group has taken a major step in combating financial crime and corruption in Africa by signing a Letter of Intent with the International Criminal Police Organisation. The historic agreement, the first of its kind between a multilateral development bank and Interpol, “aims to curb illicit financial flows estimated at nearly $90 ...
The Federal Government has officially launched the Industrial Revolution Work Group (IRWG) as part of efforts to drive Nigeria’s industrial revitalisation and broader economic transformation. The Minister of State for Industry, Trade and Investment, Senator John Enoh, inaugurated the group on Thursday in Abuja. Enoh explained that the initiative aims to reposition Nigeria’s industrial sector ...
The Federal Government has reiterated its commitment to addressing industrial challenges, ensuring access to funding, and creating a more conducive business environment for manufacturers and small businesses. Senator John Enoh, Minister of State for Industry, Trade and Investment, made this assertion during the inauguration of the Industrial Revolution Work Group in Abuja on Thursday. Enoh ...
The Nigerian government has urged its Chinese counterpart to remove trade tariffs for Nigeria. China only recently announced the removal of trade tariffs for 33 African countries. The Minister of State, Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, according to a statement by her media aide, Magnus Eza disclosed this during an audience with the Chinese Ambassador ...
The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the Federal Government’s commitment to strengthening Nigeria’s tax system by ensuring the curtailment of tax evasion. He made this known during the inauguration of the newly appointed 50 Tax Appeal Commissioners in Abuja on Wednesday. He highlighted the crucial role ...
...How we arrived at 24.48% rebased inflation figure — Statistician General ...MAN, LCCI lament as raw materials imports rise 119% to N4.53trn ...Inflation rate decline influenced by change in computation base year — CPPE By Seun Ibiyemi The sharp drop in Nigeria’s inflation rate from 34.8% in December 2024 to 24.48% in January 2025 has ...
President of the Dangote Group, Alhaji Aliko Dangote has retained his spot as Africa’s richest man in the latest Forbes ranking. Dangote in the latest report saw his wealth nearly double to $23.9 billion, making him rank as the wealthiest person in Africa and 86th in the world. Recall that Forbes ranked Aliko Dangote as ...
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has commented on the sharp decline in Nigeria’s inflation rate, cautioning that while the figures show a significant drop, the cost of living remains a major concern. According to CPPE, headline inflation fell from 34.8% in December 2024 to 24.48% in January 2025. ...
By Omolola Dede Adeyanju The Manufacturers Association of Nigeria (MAN) has released its Manufacturers CEO Confidence Index (MCCI) Report for the fourth quarter of 2024, highlighting a modest increase in the Aggregate Index Score (AIS) from the third quarter. The report, signed by MAN’s Director General, Segun Ajayi-Kadir, and made available to Nigerian NewsDirect, presents ...
By Seun Ibiyemi The African Union (AU) has endorsed Nigeria as the Digital Trade Champion for the continent under the Africa Continental Free Trade Area (AFCFTA) Digital Trade protocol. The endorsement follows the impressive record of the Federal Government in promoting digital enterprise and innovation, Bayo Onanuga, Special Adviser to President. Bola Tinubu on Information ...
By Seun Ibiyemi Nigeria’s foreign reserves have surpassed the $40 billion mark for the first time in nearly three years, signalling a crucial milestone in the country’s economic recovery efforts. The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed this development during a high-level meeting with Talal Al-Humond, Assistant Governor for Monetary ...
By Seun Ibiyemi Guaranty Trust Bank Ltd has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions. This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving ...
The United Bank for Africa (UBA) has donated $500,000 to the African Union Peace Fund to boost peacekeeping and security affairs in African nations. This was disclosed by Chairman of Heirs Holdings and UBA Group, Tony Elumelu, on the sidelines of the 38th ordinary session of the African Union (AU) in Addis-Ababa, Ethiopia. The donation ...
By Seun Ibiyemi Solewant Group, a leader in steel pipe manufacturing, pipe coating solutions, metal fabrication, and energy training, has reinforced its commitment to innovation, sustainability, and long-term solutions for Africa’s energy transition at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC 2025). The prestigious event, held at the Eko Hotel Conference Hall in ...
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has said that Nigeria’s 2025 budget faces uncertainty as global oil price fluctuations threaten revenue projections. The budget, anchored on a $75 per barrel oil price benchmark, may be difficult to sustain due to the impact of U.S. President Donald Trump’s energy policies, ...
By Seun Ibiyemi The Federal Government, through the Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that President Bola Tinubu has decided to suspend the proposed merger between the Nigeria Civil Aviation Authority (NCAA) and the Nigerian Airspace Management Agency (NAMA), as recommended in the Steve Oronsaye report. Keyamo also disclosed that the ...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant reduction in crude oil theft, which has now decreased to 5,000 barrels per day (bopd) due to both kinetic and non-kinetic interventions. The Commission’s Chief Executive, Engr Gbenga Komolafe, highlighted these reforms and achievements in Nigeria’s oil and gas sector during his presentation at ...
