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CPPE warns reversing economic reforms could harm Nigeria’s economy

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Starlink ‘complying’ with order to block X in Brazil

Elon Musk’s satellite broadband company, Starlink, announced on Tuesday that it is complying with an order from Brazil’s top court to block access to the social media platform X (formerly Twitter). The order was issued by Supreme Court Judge Alexandre de Moraes. In a post on X, Starlink confirmed that it has initiated legal proceedings […]

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Nigeria becomes third-largest borrower from World Bank’s IDA

Nigeria has become the third-largest debtor to the World Bank’s International Development Association as of June 30, 2024. This significant development underscores a major shift in the nation’s financial dynamics under President Bola Tinubu’s administration. The latest financial statements from the World Bank reveal that Nigeria’s debt to the IDA has surged by 14.4%, increasing […]

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NNPC raises petrol price to N897 per litre

The Nigerian National Petroleum Company has raised the price of Premium Motor Spirit to N897 per liter nationwide. This increase is already in effect at some NNPC filling stations. Prices are expected to be higher at independent and major marketer outlets, with NNPC’s prices varying by location: N897 per liter in Abuja, N904 in Kano, […]

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Nigeria can now track daily petrol consumption, says Dangote

The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has stated that with the refinery’s new gasoline production, Nigeria is now poised to accurately track its daily petrol consumption. This was disclosed by Dangote while addressing pressmen on Tuesday at the petrochemical plant in Lagos, according to Nairametrics. He emphasized that the $19 billion refinery […]

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NMDPRA, NNPC seal deal to sell crude oil in Naira

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has reached an agreement with the Nigerian National Petroleum Corporation Limited to conduct transactions with Dangote Refinery using the naira. This was disclosed by NMDPRA in Abuja on Tuesday, aligning with the recent federal executive council’s approval, according to Nairametrics. Under the new arrangement, NNPC will sell […]

News

Firm reports industry-wide efforts to reduce drug prices

May & Baker Nigeria Plc has revealed that pharmaceutical companies in Nigeria have been reducing their profit margins to help lower the high cost of medications. This was disclosed by the CEO of May & Baker, Patrick Ajah on Monday, according to The Punch. Ajah said the company has increased drug prices only about three […]

News

FRC boss calls for passage of actuarial practice bill

The Executive Secretary/Chief Executive Officer of Financial Reporting Council of Nigeria, Dr Rabiu Olowo, has called on the House of Representatives Committee on Commerce to support the passage of the Nigerian Actuarial Chartered Bill. Olowo sought the backing of the legislators recently during an oversight function visit to the FRC office in Lagos, according to […]

Nigerian startups receive $220k grant from NSIA
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Nigerian fintech captures 14% share as African startups raise $56m

Nigerian fintech Waza has significantly impacted the continent’s startup funding landscape, securing $8 million in August and capturing a 14% share of the $56 million total raised by African startups for the month. This information comes from the latest report by research firm ‘Africa: The Big Deal’, which monitors fundraising activities across Africa. Waza, a […]

Economy News

CBN, SEC, NDIC team up to streamline bank recapitalization

The Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigeria Deposit Insurance Corporation have united to streamline the bank recapitalization process, aiming to boost efficiency and transparency in the financial sector. This was revealed in a statement by the Director General of SEC, Emomotimi Agama, according to The Punch. In the statement, […]

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Dangote refinery oil will match US quality, others – Dangote

The president of the Dangote Group, Aliko Dangote has boasted that the quality of Dangote Refinery’s Premium Motor Spirit will match that of the United States, and other parts of the world. Dangote said this on Tuesday during a press conference to announce the official petrol production at the 650,000 barrels per day facility. “Our […]

News

FG concedes Tincan water system to Sandust for N11bn

The Federal Government, through the Nigerian Ports Authority has officially handed over the Tincan Island Water System facilities to Sandust Tincan Water Project Limited under a 16-year concession agreement valued at N11 billion. The NPA announced that the concessionaire will spend the remainder of this year on rebuilding and rehabilitating the facility, with the agreement […]

News

Banks’ deposits with CBN soar to N3.42tn – Report

Deposits held by banks with the Central Bank of Nigeria surged to a weekly record of N3.42 trillion at the end of the last week. This spike follows the CBN’s recent adjustment of the Standing Deposit Facility (SDF) asymmetric corridor, raising it to +500/-100 basis points from +100/-300 basis points around the monetary policy rate, […]

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