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Nigeria secures $155m clean energy investments

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Why Nigeria must save oil revenues - IMF
Economy

Rising crude oil prices will worsen inflation, IMF warns

The International Monetary Fund has said rising oil prices may lead to high inflation and slow growth across the world. It stated that the rising oil prices may echo the 1970s when geopolitical tensions caused fossil fuel prices to spike. It disclosed this in a new report titled, ‘Lower oil reliance insulates world from 1970s-style […]

Nigeria needs debt relief - AfDB
Transportation

AfDB gets $15.6bn for Lagos-Abidjan highway construction

The President, African Development Bank, Dr Akinwumi Adesina, says the bank has secured $15.6bn investment for the construction of the Lagos-Abidjan highway. Adesina tweeted this on his Twitter handle @akin_adesina obtained by the News Agency of Nigeria on Friday in Abuja. He said that the investment would strengthen regional trade and integration in West Africa […]

Electricity

FG hikes electricity tariff, consumers condemn power sector privatisation

The Federal Government through its Nigerian Electricity Regulatory Commission on Thursday officially released different documents indicating the approved power tariff increase payable by consumers to various electricity distribution companies in Nigeria. In different orders to the 11 Discos operating in Nigeria, the commission stated that the tariff hike was based on the extraordinary review of […]

Transportation

FG reconnects bombed train line, airlines decry fuel hike

The Federal Government through the Nigeria Railway Corporation on Thursday announced that it had reconnected the Abuja-Kaduna Train Service line that was bombed by terrorists on March 28, 2022, in Kaduna. It made this public just as domestic airlines raised an alarm on Thursday over the hike in aviation fuel and its impact on airfares […]

Customs, FAAN ranked worst-performing agencies in May 2024
News

Customs intercept 12 trucks of imported poisonous rice

THE Federal Operations Unit, Zone A, of Nigeria Customs Service, says it intercepted 7,259 bags of 50kg of foreign parboiled rice which is equivalent to 12 trucks in April. The service said 12 suspects had so far been arrested by the unit in connection with the seizure of different contrabands and others. Addressing journalists at […]

Trapped funds: CBN to give foreign airlines $150m
News

Forex remittances crash by 48% amid dollar shortage – CBN report

The country’s total direct remittances dropped by $119.4m to $130.12m as of January 2022 from $249.52m as of December 2021, figures obtained from the Central Bank of Nigeria have revealed. The development indicates a 48 per cent over a period of one month. According to the CBN’s record on weekly international payments, the country recorded […]

OPEC+ lacks capacity to raise oil prices, says expert
Oil and Gas

OPEC raises Nigeria’s oil production quota despite low output

The Organisation of Petroleum Exporting Countries on Thursday raised the crude oil production quota approved for Nigeria again, as it increased it from 1.753 million barrels per day in May 2022 to 1.772 million barrels per day in June. OPEC had earlier raised Nigeria’s oil production quota from the 1.735 million barrels per day target […]

Telecommunications

Subscribers reject planned tariff hike, vow to oppose telcos

Telecommunication subscribers under the aegis of the National Association of Telecoms Subscribers have rejected the planned 40 per cent tariff hike by telecommunication operators, vowing to oppose the telcos’ move to introduce a new price regime for data, calls and SMS. The telecom consumer group said it was insensitive for any organisation to consider a […]

X to offer paid users xAI chatbot - Musk
Crypto

Binance to finance Elon Musk’s Twitter takeover with $500m

Cryptocurrency giant, Binance, has pledged $500 million equity to help finance Elon Musk’s takeover of Twitter. This is according to Cryptobriefing.com which cited an amended 13-D schedule filed with the U.S. Securities and Exchange Commission on Wednesday. The publication reported that Binance had the fourth-largest commitment among a dozen equity investors financing Elon Musk’s takeover […]

Customs, FAAN ranked worst-performing agencies in May 2024
Economy

Border reopening: Experts predict 60% rise in vehicle smuggling

Few days after the Federal Government announced the reopening of four land borders, stakeholders, including clearing agents and car dealers, have predicted a 60 per cent increase in the smuggling of vehicles into the country. The Federal Government had, last weekend, approved the reopening of Idiroko, Jibia, Kamba and Ikom land borders. This is coming […]

Energy

After spending over $8bn on Ajaokuta, Nigeria imports N837bn steel

Steelmakers are sceptical about the planned concession of Ajaokuta Steel Company Limited after Nigeria imported iron, steel, and metals valued at N837.761bn in the third and the fourth quarters of 2021. According to the National Bureau of Statistics, Africa’s most populous nation brought in basic metals, iron, and steel products with 6000mm in width, rolled, […]

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