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Nigeria secures $155m clean energy investments

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Economy

Nigeria’s equities market to remain positive in 2022, say analysts

Parthian Securities’ analysts have predicted that the Nigerian equities market will remain positive due to the increased participation of domestic players in 2022, despite being a pre-election year. Parthian Securities said in a statement that four months after the maiden edition of its free investment clinic tagged ‘Bears and bulls series’, it had held another […]

Transportation

FG threatens port terminal operators over service fee

The Federal Government has said that proper implementation of the Practitioners Operating Fee will promote global competitiveness, threatening sanctions on operators who fail to comply with its collection. It said POF would build capacity for effective participation of Nigeria in the African Continental Free Trade Area Agreement. The Permanent Secretary, Federal Ministry of Transportation, Mrs […]

X to offer paid users xAI chatbot - Musk
News

Twitter won’t be free for commercial, govt users, says Elon Musk

Elon Musk, on Wednesday, said Twitter commercial and government users may have to pay to use the micro-blogging platform. Twitter on Monday, April 25, confirmed the selling of the platform to Musk in a deal valued at $44 billion. The sale was a dramatic shift for the board, which had originally manoeuvred to block Musk […]

World Bank punishes Nigerian firms, individuals for corruption
Economy

World Bank to review poverty index over inflation, others

The World Bank plans to revise the global poverty line from $1.90 to $2.15 due to increases in the costs of basic food, clothing, and shelter across the world. This was contained in a Fact Sheet post titled ‘An Adjustment to Global Poverty Lines’, which was published on the bank’s website on Monday. The post […]

Energy

Cooking gas: Nigeria needs $750m for 5MMT annual consumption

NIGERIA requires about $750m investment in the transportation and retailing infrastructure for Liquefied Petroleum Gas, popularly called cooking gas, to achieve the target of five million metric tonnes of annual consumption, operators in the LPG space have said. Speaking at the 2nd Annual Virtual LPG workshop organised by the African Refiners and Distributors Association, which […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Power firms owe banks N861.14bn amid electricity crisis

THE debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago, according to the Central Bank of Nigeria data. In July 2020, core investors in the […]

Telecommunications

Nigerians to pay more as telcos plan 40% tariff hike

Telecommunication companies are proposing a 40 per cent increase in the cost of calls, SMS, and data to the Nigerian Communications Commission as a result of the rising cost of running a business in the nation. Based on their proposal, the price floor of calls will increase from N6.4 to N8.95 while the price cap […]

Transportation

50 passengers rescued as fire guts aircraft tyres in Port Harcourt

At least 50 passengers were rescued when fire gutted the tyres of an aircraft operated by Dana Airlines Limited in Port Harcourt. The incident occurred on Monday evening at the Port Harcourt airport, our correspondent learnt. It was also gathered that no life was lost and no passenger was injured as first responders including operatives […]

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100% cashless economy possible in Nigeria - Emefiele
Economy

External reserves fall by $196m in eight days

Nigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria. The CBN revealed that the reserves, which had earlier gained $243.83m in 19 days from $39.54bn as of April 1, 2022 and rose to $39.78bn as of April 19, […]

Transportation

700 companies jostle for N12bn railway projects – NRC

THE Nigerian Railway Corporation has said that about 700 companies applied for its N12bn capital projects procurement. Speaking during the exercise in Lagos, the Director of procurement, NRC, Mr Benjamin Iloanusi, said that the bidding process was purely for capital projects. “We have over 700 companies that submitted their documents. That is the number of […]

News

Overdue debt repayment weak in most states, DMO warns

The Director-General, Debt Management Office, Ms Patience Oniha, has said that many state governments still struggle to pay arrears, a development that threatens the level of debt sustainability in states. She said this in a presentation document titled ‘Paths to sustainable debt management: the SFTAS approach’, which was obtained by our correspondent on Monday. It […]

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