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Naira holds steady at ₦1,368/$ in official FX market

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World Bank approves $300m support package for Ghana's economic recovery
Banking

Why Nigeria’s expenditure on capital is very low – W’Bank

The World Bank Country Director for Nigeria, Mr. Shubham Chaudhuri, has stated that the country’s public spending is among the lowest in the world. According to The Punch, he said this during his keynote talk at the annual banking and finance conference in Abuja on Tuesday. “Public spending by the Nigerian government, both at the federal and […]

OPEC+ weighs 2027 production baselines, potential hike
Oil and Gas

Nigeria’s refining output falls to 6,000 b/d – OPEC

Data from the Organisation of the Petroleum Exporting Countries shows that Nigeria’s capability for processing crude oil has further decreased to just 6,000 barrels per day. The Punch received OPEC’s most recent Annual Statistical Bulletin 2023, which stated that the country’s capacity to refine its crude oil decreased from 33,000 bpd in 2018 to 6,000 bpd […]

USAID promotes $205m investments in Nigerian agricultural enterprises
Business

USAID promotes $205m investments in Nigerian agricultural enterprises

In the last five years, the United States Government has supported $205 million in debt and equity investments for Nigerian agribusinesses through the United States Agency for International Development. According to The Punch, the organization made this information public on Tuesday in a statement advertising the USAID-funded West Africa Trade and Investment Hub workshop with […]

Nigerians spent N509.84bn on electricity in Q4 2024 - NERC
Electricity

Consumers protest as FG raises price of electricity meters by 40%

The Federal Government announced a price rise for single-phase and three-phase pre-paid electricity meters on Wednesday, with the increase taking effect on September 6, 2023. The Punch reported that the Nigerian Electricity Regulatory Commission made this announcement in an order that was issued with the NERC/2023/020 number and was jointly signed by the commission’s Chairman, […]

Gas production drops despite FG's N250bn intervention fund - Report
Oil and Gas

Gas revenue falls by N3trn in one year – Report

Data from the Energy Institute, a global professional organization for the energy sector, show that the Federal Government lost N3.3 trillion in gas revenue last year as a result of a decline in exports due to poor output. According to The Punch, in its most recent report on the Statistical Review of World Energy, which was […]

NNPCL condemns reported sale of NAOC assets to Oando
News

NNPCL condemns reported sale of NAOC assets to Oando

      The reported sale of Oil Mining Licences 60, 61, 62, and 63 to Oando Oil Limited by the Nigerian Agip Oil Company has been criticised by the Nigerian National Petroleum Company Limited. In a letter dated September 4, 2023, and written to the managing director of Nigerian Agip Oil Company Limited, Maitama, […]

FG loses N335m to oil spillage - Report
featured

FG loses N335m to oil spillage – Report

          Data from the National Oil Spill Detection and Response Agency indicates that Nigeria lost almost N335m to oil spills between January and August of 2023. According to NOSDRA’s oil spill data for the time period in question, oil businesses in the country lost a total of 5,520 barrels of crude […]

EU antitrust boss warns Apple, Meta over new fees
Business

EU rules threaten Big Tech’s core businesses

Alex Omenye The European Union has singled out 22 “gatekeeper” services run by six of the largest digital corporations in the world to be subject to new Digital Services Act regulations. Alphabet, Amazon, Apple, Meta, Microsoft, and ByteDance services will all be covered by the comprehensive Digital Markets Act. The DMA was created to level […]

Nigeria has best return on investments, Tinubu tells Indian investors
Business

Nigeria has best return on investments, Tinubu tells Indian investors

Kazeem Owoseni President Bola Ahmed Tinubu has commended the new Indian investors who have made pledges to invest about $14 b in the Nigerian economy, during the ongoing Nigeria-India Presidential Roundtable and Conference in New Delhi, India. While lauding the new investors for their brilliant decisions, President Tinubu urged them against procrastination, saying that the […]

SpaceX commits $2bn to xAI in bold push
News Tech

Elon Musk’s SpaceX set for second test flight

Elon Musk, CEO of SpaceX, has officially declared that the Starship rocket is prepared for launch. However, before the launch, the Federal Aviation Administration must first give SpaceX permission to conduct the eagerly awaited launch. The Super Heavy rocket tested its first flight in April of this year, but a technical problem during the test […]

Spotify launches 'Concerts Near You' playlist for event discovery
News Tech

Spotify removes song lyrics option for free users

Streaming platform, Spotify has disclosed that it has begun testing a feature that prevents certain of its free customers, including Nigerians, from seeing song lyrics. To that end, some users of Spotify’s free tier received an email that read, “Enjoy lyrics on Spotify Premium.” According to Spotify PR executive, CJ Stanley, this adjustment is “just […]

Tinubu considering ‘temporary subsidy’ on petrol - Reports
Economy

Nigeria has best return on investments, Tinubu tells Indian investors

Kazeem Owoseni     President Bola Ahmed Tinubu has commended the new Indian investors who have made pledges to invest about $14 b in the Nigerian economy, during the ongoing Nigeria-India Presidential Roundtable and Conference in New Delhi, India.   While lauding the new investors for their brilliant decisions, President Tinubu urged them against procrastination, […]

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