Category: Economy - Page 4 - People&Politics

Feb

01

2025

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Nigerian Shippers’ Council Highlights Kebbi’s Economic Potentials As Local Businessman Exports $40m Onions

Economy

By John Bassey, Birnin Kebbi The massive economic potentials of Kebbi State took centre stage when top officials of Nigerian Shippers' Council came calling to the North-West Nigerian State. Aspects of the potentials, particularly the vast water body located in Dolekaina, Dandi Local Government Area (LGA), suitable for shipping and fishing activities, were highlighted. Nigerian Shippers’ Council was established under military rule in 1978 but the decrees governing its existence later became Act Cap. N133, Laws of the Federation of Nigeria 2004,under civilian democratic rule. The Council is Nigeria's port economic regulator. A delegation from the Council held a town…

Jan

15

2025

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Inflation Rate Keeps Rising In Nigeria, Hits 34.80% -NBS Releases Latest Figures

Economy

By our reporter Nigeria's National Bureau of Statistics (NBS)said on Wednesday, January 15 that the nagging inflationary spiral in the country had reached 34.80%,as of December,2024. It was 33.60% in November, 2024. NBS disclosed these in its latest Consumer Price Index (CPI). On its official Facebook account,which has a modest 15,000 followers, NBS said:"In December 2024, the Headline inflation rate was 34.80% relative to the November 2024Headline inflation rate of 34.60%. "Looking at the movement, the December 2024 Headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headlineinflation rate. This was due to December festive…

Jan

13

2025

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Northerners, South-Westerners Don’t Own Properties In South-East,But I’ll Break The Ice,Says Senator Sani

Economy

By Achadu Gabriel, Kaduna Frank-talking Senator Shehu Sani, who represented Kaduna Central senatorial district in the 8th Senate, has regretted that many persons from the Northern and South-Western parts of Nigeria do not own properties in the South-East of the country. While not blaming the South-Easterners for the development, Sen. Sani described the South-East as beautiful. He opted to purchase a piece of property there, periodically visit the place for holidays, and thus encourage persons from the North and South-West to do same. Sen. Sani, in his verified X (formerly Twitter) handle, posted that Northerners and South-Westerners do not usually…

Aug

28

2024

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NCC: September 14, 2024 Is Final Deadline for NIN-SIM Linkage Compliance

BREAKING, Economy

The Nigerian Communications Commission (NCC) has announced September 14 this year as deadline for full compliance with the NIN-SIM linkage policy. It has therefore directed all Mobile Network Operators (MNOs) to complete the mandatory verification and linkage of SIMs to NINs by that date. In a statement signed by its Director of Public Afdairs, Reuben Muoka, the Commission said significant progress has be recorded in the Federal Government’s 2020 policy to link all Subscriber Identification Modules (SIMs) to National Identity (NINs). To date, over 153 million SIMs have been successfully linked to a NIN, reflecting an impressive compliance rate of 96 per…

Aug

22

2024

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Wale Tinubu’s Oando Completes $783m Acquisition Of Nigerian Agip Oil Company

Economy

Oando PLC has finalised its acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy major Eni, marking a significant achievement in its long-term growth strategy. The total consideration for the deal is $783 million, which includes reimbursement and consideration for the asset, as confirmed by Oando in a press release. The landmark transaction, according to Mr. Wale Tinubu, Group Chief Executive, Oando PLC, is the "culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio". The Nigerian…

Aug

03

2024

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What Nigerians Expect From President Tinubu’s Nationwide Broadcast

Economy

By SHEDDY OZOENE After three days of nationwide protests over bad governance in the country, President Bola Ahmed Tinubu has scheduled to address the nation on Sunday. Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced this in a statement, on Saturday. The spokesman said the broadcast would hold at 7am. The Protesters had requested that the President address the nation on the many demands they have laid out. There is so far no insight into what the broadcast will contain and it is doubtful that Tinubu chose to address the nation because the protesters said…

Jul

26

2024

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NNPC Exonerated From Financial Misgivings Alleged By SERAP

Agro, Economy, News

By Hadiza Suleman The National Civil Society Council of Nigeria (NCSCN), Friday, said corruption allegations against the the Nigerian National Petroleum Company Limited (NNPCL) were untrue. Recall that the Socio-Economic Rights and Accountability Project (SERAP) claimed there was missing $2.04bn and N164bn in oil revenues. The executive director of NCSCN, Comrade Blessing Akinlosotu, told newsmen in Abuja that the group conducted investigations, which exonerated NNPCL. Quoting him, "Right from the days of NNPC till this era of metamorphosis to a largely private sector driven business organization, the NNPCL carries a negative public image of corruption and distrust by the Nigerian…

Jul

19

2024

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Dangote Refinery Substandard, Unlicensed – NMDPRA

Economy, News

By Hadiza Suleman The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, says the standard of petroleum products refined by the Dangote Refinery is inferior to imported ones. NIMDPRA further downplayed petroleum products refined by Watersmith, Aradel, and other modular refineries. The chief executive of NMDPRA, Farouk Ahmed, said this in a recent interview with journalists, a video of which was published by TVC. Mr Ahmed debunked reports that some elements within the oil and gas sector were trying to scuttle the Dangote Refinery. He said the 650,000 barrel-per-day refinery had not been issued an operational licence by NMDPRA. According…

Jul

17

2024

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Chamber Of Commerce Recommends Security For Nsukka’s Economic Emancipation

Economy, News

By Johnson Nwankwo The insecurity in Nsukka Cultural Zone of Enugu State is retarding the economic potentials of the area. This was disclosed by the Director General of Nsukka Chamber of Commerce, Industries, Mines and Agriculture, Mr Uchenna Nnadi, during an interview on Wednesday. Nnadi, a financial and business management consultant with speciality in governance and risk management, said the zone, being the gateway of Eastern Region from the North, has arable land, waterways and research institutions to move the zone to the international limelight if its perennial security challenges were tackled. According to him, "The zone is experiencing heavy…

Jul

15

2024

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NNPC Has Only 7.2% Stake In Dangote Refinery – Aliko Dangote

Economy, News

By Jonathan Okpanachi The Nigerian National Petroleum Corporation Limited’s stake in Dangote Refinery has nosedived to 7.2 per cent from the initial 20 per cent, according to Aliko Dangote, chief executive officer the refinery. Dangote stated this in on Sunday during a parley with some media executives on a facility tour of the refinery. He said the NNPCL only owns 7.2 per cent stake in the refinery due to its failure to pay the balance of its share, which was due in June this year. Quoting him, "NNPC no longer owns a 20% stake in the Dangote refinery. They were…