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Domestic transactions on NGX hit record ₦10.68trn in July

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Oil and Gas

TotalEnergies proposes measures to revive Nigeria’s oil sector

Multinational energy giant, TotalEnergies outlined five key proposals on Tuesday to help revive Nigeria’s oil and gas sector, which has been struggling with underinvestment, stagnation, and declining production for over a decade. The company emphasized the need for more attractive investor entry costs and market-reflective signature bonuses for oil block bids. Additionally, TotalEnergies called for […]

Oil and Gas

Nigeria’s crude output rises over 1m barrels daily

Nigeria’s crude oil production rose by 35,000 barrels per day in October, reaching approximately 1.085 million bpd, as reported by the Organisation of Petroleum Exporting Countries. According to OPEC’s Monthly Oil Market Report, secondary sources indicated that Nigeria’s output for the month was 1.434 million bpd, up from 1.399 million bpd in September. However, direct […]

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28m Nigerians lack access to formal financial services – CBN

The Central Bank of Nigeria announced on Tuesday that despite a significant reduction in the country’s financial exclusion rate, from 46.3% in 2010 to 26% in 2023—over 28 million Nigerians still lack access to formal financial services and products. This underscores the continued challenges in achieving full financial inclusion, even with notable progress in reducing […]

News

Power minister inaugurates 240KW solar car park at UNN

The Minister of Power, Adebayo Adelabu, has inaugurated a N900 million solar car park at the University of Nigeria, Nsukka, Enugu State, donated by Azura Power West Africa. During the ceremony, which took place at the university’s main campus, Adelabu highlighted the commitment of companies like Azura Power West Africa to addressing the challenges in […]

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Electric vehicles could cut 70% maintenance costs, says Nedcomoaks DG

The Group Managing Director of Nedcomoaks Group, Dr. Ned Okonkwo, said that adopting electric vehicles could reduce vehicle maintenance costs by up to 70%. He made this disclosure during an agreement signing ceremony in Lagos, where CIG Motors, Nedcomoaks, and Fidelity Bank committed to acquiring 2,000 EVs. Okonkwo emphasized that this partnership was driven by […]

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FG releases 25% of pension arrears allocation

The Federal Government has released about 25 per cent of the total amount allocated for pension arrears this year, with a commitment to settle the full N88 billion earmarked for pension arrears in the 2024 budget. The pledge was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday […]

News

NCAA bans pilots from working for multiple airlines

The Nigeria Civil Aviation Authority has issued a stern warning to flight crew members, particularly pilots, regarding the practice of working for multiple airlines simultaneously with the same approved privileges, including simulators and proficiency checks that are endorsed on their licenses. The NCAA emphasized that this practice poses a serious safety risk and will be […]

News

How Naira instability, inflation affected businesses in Oct – Report

The Nigeria Economic Summit Group in partnership with Stanbic IBTC has listed high inflation, rising interest rates, and the instability of the Naira in the foreign exchange market as contributors to challenges faced by businesses in Nigeria. The NESG-Stanbic IBTC Business Confidence Monitor for October revealed that the business environment remains weak, with a bleak […]

News

FG eyes domestic, foreign investments to boost economy

The Minister of Industry, Trade, and Investment, Jumoke Oduwole, has stated that the ministry will focus on retaining domestic investment while also attracting foreign direct investment to enhance Nigeria’s economic competitiveness. She noted that this dual approach would create a stronger business environment and elevate Nigeria’s global appeal. Oduwole made this disclosure in an interview […]

News

FG secures $1.2bn deal to revive aluminium smelting plant

The Federal Government has signed a $1.2 billion agreement with Chinese state-owned CNCEC to revamp a crucial gas processing plant at Ikot Abasi, Akwa Ibom State to boost Nigeria’s aluminium production. This was disclosed in a statement by the Minister of State for Petroleum (Gas), Epkerikpe Ekpo on Tuesday. The Minister said the contract signed […]

Google to pay $30m to settle YouTube children’s privacy lawsuit
News Tech

European firms move to break Google’s dominance

Ecosia and Qwant have announced a partnership to create a European search index, aiming to reduce their reliance on major U.S. tech companies like Google. The joint venture, named the European Search Perspective, will be equally owned by both companies, according to CNBC. Scheduled for launch in France in early 2025, the initiative will focus […]

News

Lagos needs $33bn investments in energy – Official

Ecosia and Qwant have announced a partnership to create a European search index, aiming to reduce their reliance on major U.S. tech companies like Google. The joint venture, named the European Search Perspective, will be equally owned by both companies, according to CNBC. Scheduled for launch in France in early 2025, the initiative will focus […]

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