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Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
Economy

Commodity price surge to become global problem – World Bank

The World Bank on Monday said that recent commodity price shocks, particularly in food and energy, are likely to be felt by people around the world. This was disclosed in the international financial institution’s Commodity Markets Outlook cited by AMBusiness. According to World Bank’s Senior Economist, Peter Nagle, Ukraine and Russia are both large exporters […]

News

Nigeria eligible for preferential access to US market – Ambassador

The United States of America Ambassador to Nigeria, Mary Beth Leonard, at the weekend, disclosed that Nigeria would continue to be eligible for preferential trade access to the US market under the African Growth and Opportunity Act. A statement by the Ministry of Industry, Trade and Investment said that Leonard, on a visit to the […]

Ports and Airports

NPA has no right to concession barging – Operators

The Barge Operators Association of Nigeria has said that the Nigerian Ports Authority, NPA, does not have the right to concession barging because they are owned by individuals and not the agency. The National President of BOAN, Bunmi Olumekun, said this in a telephone conversation with our correspondent in Lagos on Sunday. He noted that […]

Energy

Cabals benefit from petrol imports, frustrate local refineries –IPMAN

The massive imports of Premium Motor Spirit, popularly called petrol, using the United States dollar, will continue to put pressure on the naira and cause a further devaluation of the local currency, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, explains in this interview  The amount spent as subsidy […]

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

Banks tighten access to forex as reserves hit seven-month low

The country’s external reserves hit a seven-month low after falling to $38.57bn as of May 25, 2022, figures obtained from the Central Bank of Nigeria have revealed. Findings have shown that the continuous decline in the country’s external reserves used to defend the naira value is making the banks tighten access to foreign exchange to […]

News

New law’ll curb money laundering in real estate –SAN

The International Real Estate Federation, FIABCI-Nigeria, has expressed optimism that the recently passed Money Laundering Act will curb the rate at which funds are siphoned through the real estate sector. The group stated this during its just-concluded networking meeting held in Lagos on Thursday. In his speech, keynote speaker, Kayode Adeluola, SAN, said the real […]

News

Lagos to inaugurate Imota rice mill in 10 weeks

The Lagos State Government has assured that the 32-metric tons per hour Rice Mill in Imota, Ikorodu division, will be ready for inauguration in 10 weeks. Ms Abisola Olusanya, the state Commissioner for Agriculture gave the assurance in an interview with the News Agency of Nigeria on Sunday in Lagos. According to her, the contractors […]

Energy

Marketers clash over price as cooking gas demand falls by 38%

National cooking gas demand has dropped by 38 per cent, according to the Nigerian Association of Liquefied Petroleum Gas Marketers. The revelation came on the heels of clamours by a group of experts on Tuesday that demand for Liquefied Natural Gas, popularly known as cooking gas, had dropped to a record low across the country. […]

Flights to South-South most expensive - NBS
News

Lagos runway repairs delayed, flights diverted to Ghana, others

There was pandemonium at the Murtala Muhammed Airport, Lagos on Saturday night as a seven-hour closure of the international runway for repairs later turned to a total closure of the Lagos airspace for several hours due to unexpected delays in the rehabilitation work on the Runway 18R. The seven-hour closure of the Runway 18R ( […]

Economy

Experts warn Nigeria as World Bank predicts global recession

Economic and financial experts have warned that Nigeria could face serious economic consequences if the global economy contracts into a recession, as predicted by the World Bank. The President of the World Bank Group, David Malpass, told a United States business event on Wednesday that it was difficult to “see how we avoid a recession.” […]

100% cashless economy possible in Nigeria - Emefiele
Economy

CBN loans to farmers hit N1tn amid high default rate

The total amount disbursed under the Anchor Borrowers Programme of the CBN rose to N1.01tn as of the end of April. Figures obtained from the CBN’s reports from members of its Monetary Policy Committee said, “Between January and February 2022, the bank disbursed N29.67bn under the Anchor Borrowers’ Programme for the procurement of inputs and […]

X to offer paid users xAI chatbot - Musk
News

Elon Musk’s Starlink to operate in Nigeria

Elon Musk, the billionaire tech entrepreneur, has announced that his satellite Internet service, Starlink, has been granted approval to begin operations in Nigeria. Musk made this known via his Twitter account on Friday, stating that Starlink had been licensed to operate in Nigeria and Mozambique. “Starlink approved by Nigeria and Mozambique,” he simply wrote. This […]

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