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CPPE warns reversing economic reforms could harm Nigeria’s

  • 23rd August 2026

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CPPE warns reversing economic reforms could harm Nigeria’s economy

Business

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NESG reveals how govs spent $50bn in excess crude funds

The Nigerian Economic Summit Group has revealed details about the expenditure of the country’s $50 billion Excess Crude Account in 2010, funds that could have been utilized as a financial buffer for subsidies and other national needs. This was disclosed by the Chief Executive Officer of NESG, Dr Tayo during a courtesy visit to the […]

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Customs blame foreign exchange for surge in fuel smuggling

The Nigeria Customs Service’s Operation Whirlwind Taskforce has attributed the increasing rate of fuel smuggling in the country to fluctuations in foreign exchange. This was disclosed in a statement by the coordinator of the taskforce, Husseini Ejibunnu during a press briefing where seized premium motor spirit was displayed. Ejibunnu explained that the demand for foreign […]

News

Ogun, NEPC partner to boost cashew industry

The Ogun State Government has maintained its commitment to partnering with the Nigerian Export Promotion Council and other stakeholders to enhance the cashew industry. This was highlighted in a statement on Wednesday by the State Head of Service, Mr. Kehinde Onasanya, during a one-day intervention programme and distribution of cashew seedlings to farmers, organised by […]

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NNPC reports destruction of 134 illegal refineries in one week

The Nigerian National Petroleum Company Limited announced the destruction of 134 illegal refineries over the past week and the discovery of 63 unauthorized pipeline connections. In a detailed visual report, the NNPC revealed that on Sunday at approximately 2 a.m., a joint team of security agents intercepted a large wooden boat illicitly loading stolen crude […]

Samsung reports profit amid AI-driven chip demand
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Samsung plans 30% cut in global staff across divisions

Samsung Electronics, a global leader in smartphones, TVs, and memory chips, is set to reduce its overseas workforce by up to 30% across certain divisions, according to sources familiar with the matter. This move will affect sales and marketing positions by approximately 15% and administrative roles by up to 30%, according to Reuters. The South […]

Europe’s largest asset manager warns against US stablecoin boom
News

US election: Crypto market tumbles as Trump’s odds of winning decrease

Cryptocurrency stocks in the U.S. saw declines in early trading on Wednesday following a contentious presidential debate where Democratic contender Kamala Harris challenged her Republican rival, Donald Trump, who is known for his pro-crypto stance. Trump, who has championed Bitcoin and positioned himself as a friend to the crypto industry, had previously criticized the current […]

News

Nigeria posts trade surplus of N6.95tn in Q2 2024

Nigeria achieved a trade surplus of N6.95 trillion in the second quarter of 2024, reflecting robust export performance despite a slight decline in overall merchandise trade. This surplus represents a 6.60% increase from the N6.52 trillion surplus recorded in the previous quarter. According to the National Bureau of Statistics report released on Wednesday, Nigeria’s total […]

Innoson unveils first locally-made electric vehicle
News

Innoson unveils first locally-made electric vehicle

Innoson Vehicle Manufacturing Company has proudly announced the launch of its first locally produced electric vehicle. Cornel Osigwe, Head of Communications and Corporate Affairs at IVM, shared the milestone on Facebook, highlighting the significance of this achievement for the Nigerian automotive industry. According to Isigwe, the electric vehicle was manufactured at IVM’s state-of-the-art production facility […]

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Flights canceled as Kenya airport workers protest Indian firm takeover

Workers at Nairobi’s Jomo Kenyatta International Airport began a strike on Wednesday, protesting against an Indian company linked to significant flight cancellations and delays. The strike, marked by workers blowing plastic trumpets and clashing with police, is directed at a proposed 30-year lease deal with the Adani Group, according to Reuters. This deal, involving a […]

News

Tech community blasts minister over ‘mediocre’ N100m Google AI fund

The announcement of a N100 million AI Fund by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani has drawn sharp criticism from the Nigerian tech community. Critics argue that the fund, backed by Google, is too modest to significantly impact AI development in Nigeria. The criticism stems from the comparison with Google’s individual […]

News

Nigeria’s oil production hit 1.35 mbpd in August – OPEC

Nigeria’s crude oil production saw a modest increase in August, rising from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd, according to the latest report from the Organisation of the Petroleum Exporting Countries. The increase of 45,000 barrels per day was revealed in OPEC’s September Monthly Oil Market Report, based on direct […]

Huawei’s artificial intelligence research arm, Noah’s Ark Lab, has denied allegations that its Pangu Pro Moe large language model copied elements from Alibaba’s Qwen 2.5-14B model.
Tech

China celebrates Huawei’s tri-foldable phone as Apple rival

Huawei’s latest innovation, the Mate XT tri-foldable smartphone, has stirred nationalistic fervor in China, with social media buzzing over its perceived superiority over Apple’s new iPhone 16 lineup. The Mate XT, unveiled on Tuesday, has been hailed as a breakthrough despite the high $2,800 price tag, which many find steep. Huawei’s launch of the Mate […]

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