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FG, Moroccan firm partner to explore electric vehicle production

The Federal Government, via the National Automotive Design and Development Council, is set to initiate local manufacturing and assembly of electric vehicles. This initiative includes a planned partnership with a Moroccan firm to boost EV production in Nigeria. The NADDC Director-General/CEO, Joseph Osanipin, shared these details in an interview after attending the Nigeria-Morocco business forum, […]

White House leads TikTok acquisition deal
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French families sue TikTok for exposing children to ‘harmful content’

Seven French families have filed a lawsuit against TikTok, claiming the platform exposed their adolescent children to harmful content, which contributed to two of them tragically taking their own lives at age 15, their lawyer announced on Monday. The lawsuit alleges that TikTok’s algorithm directed the seven teens toward videos that promoted suicide, self-harm, and […]

Minister threatens to revoke Kogi-Benin Road contracts
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Lagos-Calabar highway: Property owners to get N18bn, says Umahi

The Federal Government has increased compensation for property owners impacted by Section 1 of the Lagos-Calabar Coastal Highway project from N8 billion to approximately N18 billion. This was disclosed by the Minister of Works, Dave Umahi, during a stakeholder engagement in Lagos on Sunday. He said that independent assessments highlighted the need for the increase […]

Dangote Refinery loses N32.5bn after petrol price cut
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New depot blending substandard fuel – Dangote refinery

The Dangote Petroleum Refinery has issued a warning to Nigerians regarding a newly established depot, reportedly leased by an unnamed international trading company, which is allegedly blending substandard petroleum products. The company stated that the depot, located near Dangote’s facilities, poses a risk as it aims to introduce these inferior products into the market, potentially […]

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Oil prices surge amid OPEC+ output delay

Oil prices surged on Monday, with Brent futures rising by $1.18, or 1.61%, to $74.28 per barrel, and U.S. West Texas Intermediate crude increasing by $1.21, or 1.74%, to $70.70 per barrel. This uptick followed OPEC+’s decision to postpone plans to increase output by a month, extending an output cut of 2.2 million barrels per […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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W’Bank projects drop in global commodity prices by 2025

The World Bank has projected a significant decline in global commodity prices, expecting them to reach a five-year low in 2025, driven largely by a substantial oil glut. This surplus is anticipated to mitigate the price impacts that might arise from escalating conflicts in the Middle East. These insights are detailed in the World Bank […]

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Lagos, developers meet over distressed buildings redesign

The Lagos State Government has announced plans to hold a meeting with developers and owners of distressed buildings to discuss strategies for redesigning and remodeling these structures by November. Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, shared this update during a recent event in Alahusa, Lagos, according to The Punch. He expressed concern […]

Dangote Refinery loses N32.5bn after petrol price cut
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Dangote refinery releases fuel price, tackles marketers

The Dangote Refinery has announced a price reduction for petrol, now available at N960 per litre for shipments via ships and N990 per litre for truck deliveries. The company’s Spokesperson, Anthony Chiejina made this disclosure in a statement on Sunday, following tensions with fuel marketers who claim that imported petrol is priced lower than the […]

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Operators eye 80% soybean use in Nigeria

The Nigeria Soybean Stakeholders Coalition aims to boost the country’s protein sufficiency by increasing soybean usage in livestock and human diets to 80%. During the coalition’s inauguration in Lagos, Chairman, Dr. Joe Dada emphasized the importance of enhancing soybean’s role across sectors to address Nigeria’s nutritional deficiencies, according to The Punch. Dr. Dada expressed the […]

Google to pay $30m to settle YouTube children’s privacy lawsuit
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Google cloud records 35% growth in 2024 Q3

Google’s cloud business has shown impressive growth, achieving a 35% increase year over year in Q3, reaching $11.35 billion. This growth rate has accelerated from 29% in the previous quarter, signaling to investors that Google is successfully gaining ground in the competitive cloud computing and artificial intelligence markets, according to CNBC. Amazon Web Services, which remains […]

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Nigeria, Morocco plan $26bn African Atlantic gas project

The Nigerian National Petroleum Company Limited and Morocco’s Office National des Hydrocarbures et des Mines made significant progress on Friday toward the realization of the African Atlantic Gas Pipeline, a project estimated to cost around $26 billion. This collaboration aims to enhance gas supply and infrastructure across Africa, furthering regional energy integration, according to Arise […]

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Oil marketers may sell below Dangote’s price – Report

Oil marketers announced that the price of petrol from the Dangote Petroleum Refinery ranges from N1,015 to N1,028 per litre, depending on the quantity purchased. In response on Friday, dealers plan to import petrol and sell it below both the Dangote price and that of the Nigerian National Petroleum Company Limited, according to The Punch. […]

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