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Italian divers discover 2,000-year-old Roman shipwreck

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FG to invest $13.5bn in energy companies - Report
Energy

FG to invest $13.5bn in energy companies – Report

Nigerian energy firms anticipate $13.5 billion in investments over the course of the next 12 months, according to information released by the government. The Times reported that this was said by the Special Adviser to the President on Energy, Olu Verheijen, in her goodwill message at the 2023 Annual Dinner of the Independent Petroleum Producers Group, which […]

Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises.
Business

Inflation hits 28.20% in November – NBS

The total rate of inflation increased to 28.20% in November 2023, above the rate of 27.33% in October 2023. This suggests a rise of 0.87% from month to month. The headline inflation rate for November 2022 was significantly greater than it was for the same month the previous year, rising by 6.73% points from 21.47%. […]

Imo state approves N592bn 2024 budget
Business

Imo state approves N592bn 2024 budget

The Imo State House of Assembly has given its approval to the state’s N592 billion fiscal year 2024 appropriations bill. The bill was effectively approved through its Second and Third Readings during the plenary session on Thursday. Known as the “Budget of Renewed Economic Growth,” the budget designates N491.200 billion, or 83% of total expenditure, […]

SEC closes down firm over illegal investments
Business

SEC closes down firm over illegal investments

The Securities Exchange Commission has claimed that due to unlawful investment and other capital market operations, it has closed Ready Finance Investors Limited’s locations. The Punch reported that the action, according to a statement released by the commission on Thursday, was a component of efforts to purge dishonest capital market operators from Nigeria’s capital market and provide genuine […]

Business

IMF seeks tougher crypto regulations

The Managing Director of the International Monetary Fund, Kristalina Georgieva, has emphasized the importance of comprehensive regulation in the cryptocurrency area in order to protect global financial stability. According to The Punch, Georgieva raised concerns about the influence of broad cryptocurrency adoption on macro-financial stability during her speech at a digital currency conference in Seoul on Thursday. […]

Custom to free detained vehicles, amid FX crisis
Business

Customs made 70% revenue from Lagos – Comptroller-General 

Seventy percent of the Nigeria Customs Service’s revenue came from Lagos State, according to Comptroller General Adewale Adeniyi. The Punch reported that he claimed that the Lagos State Government is planning new partnerships to boost the country’s overall economic growth and prosperity. The CGC 2023 Conference, with theme “Leveraging Data Analytics for Secure and Efficient Trade Facilitation […]

FG targets 6500 megawatts power generation in six months
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Power sector cash flow hits N900bn – FG

Nigeria’s power industry saw a rise in liquidity from N282 billion in 2015 to N900 billion as of Thursday. The Federal Government also reported that the industry’s financial burden had decreased by around N373 billion. The Punch revealed that this information was revealed during the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
Business

Inflation, exchange rate to drop in 2024 – CBN

The Governor of the Central Bank of Nigeria, Yemi Cardoso, has remarked that rising inflation and exchange rates are projected to drop in 2024. The chief of the central bank also predicted that oil export earnings would decline in the coming year. The CBN governor gave these observations on Thursday in Abuja when he addressed the Joint […]

Former NNPC GMD, Thomas John, passes away at 84
News

Former NNPC GMD, Thomas John, passes away at 84

The former Group Managing Director of the Nigerian National Petroleum Company Limited, Dr. Thomas Maurice Asuquo John, died today, December 14, 2023. This was revealed by the NNPC Ltd. Chief Corporate Communications Officer, Olufemi O. Soneye who signed a statement on Thursday afternoon via X. Dr. John was the Acting Alternate Chairman of the Board of the now-defunct […]

NNPCL fuel subsidy gains not fully remitted - World Bank
Business

Debt crisis looms for developing countries — Report

Nigeria and 121 other developing nations paid over $443.5 billion in interest on their public foreign debt in 2022, according to a recent World Bank analysis. The Times reported that these nations spread across Europe, East and Central Asia, Latin America, North Africa, and Sub-Saharan Africa. The world’s poorest nations are facing a debt crisis, […]

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