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CPPE warns reversing economic reforms could harm Nigeria’s

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Embrace skills, entrepreneurship, over white-collar jobs, Kwara urges

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CPPE warns reversing economic reforms could harm Nigeria’s economy

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US bans, fines Nigerian fintech CEO $250m over asset fabrication

A Nigerian fintech executive, Dozy Mmobuosi, has been fined over $250 million by a US federal court after being accused of fabricating the financial performance of his companies. The court barred Mmobuosi from serving as a director of any public company. The judgment follows a civil complaint filed by the US Securities and Exchange Commission […]

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Nigeria’s foreign trade payments plummet by 57%

Nigeria’s payments through Letters of Credit have significantly declined, dropping by 57.04% to $391.91 million in the first seven months of 2024, compared to $912.35 million during the same period in 2023. This reduction, as reported by the Central Bank of Nigeria, highlights a sharp decrease in the use of this payment method for the […]

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NNPC admits debts to suppliers amid escalating petrol scarcity

The Nigerian National Petroleum Company Limited has confirmed that it owes suppliers of premium motor spirit commonly known as petrol. This was disclosed in a statement by NNPC Chief Corporate Communications Officer, Olufemi Soneye via the company’s official X handle on Sunday. In the statement, the company disclosed that the financial strain from high petrol […]

Power crisis worsens as National grid collapses again
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FG to allocate $800m for new power substations, distribution networks

The Federal Government has announced plans to release $800 million for the construction of new power substations and distribution networks under the Presidential Power Initiative. This move is part of ongoing efforts to enhance Nigeria’s power infrastructure and address chronic electricity supply issues. The Minister of Power, Adebayo Adelabu, made this announcement during a facility […]

Emirates to resume Nigerian flights Sept 11
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Nigerian travel agencies, Emirates to discuss dollar airfare dispute

The National Association of Nigeria Travel Agencies is scheduled to meet with representatives of Emirates to discuss the airline’s recent decision to sell tickets in U.S. dollars to Nigerian customers. The move by Emirates has raised concerns among travel agencies and travelers alike, prompting NANTA to seek clarification and explore potential solutions during the upcoming […]

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Non-oil export hits $510m in April – CBN

The Central Bank of Nigeria’s April 2024 Monthly Economic Report reveals that Nigeria’s non-oil export sector saw a 2% increase in revenue, rising to $510 million in April 2024, compared to $500 million in March. This indicates a slight improvement in the sector’s performance. The report read “Higher commodity prices boosted earnings from non-oil export. […]

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Nigeria’s FX drops $505.68m in August, worst since April

Nigeria’s foreign exchange reserves saw a decline of $505.68 million, or 1.37%, in August 2024, according to the latest data from the Central Bank of Nigeria. The reserves dropped from $36.827 billion on August 1 to $36.321 billion by August 29, marking the steepest monthly decline since April 2024. This decline coincides with the Nigerian […]

Port Harcourt refinery begins operation in Rivers
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NNPCL pushes to privatise Warri and Kaduna refineries

The Nigerian National Petroleum Company Limited has announced plans to privatise the operation and maintenance of the Warri and Kaduna refineries. The company made the announcement on Friday via its official X account. The national oil company invited bids from interested private firms to take over Operations and Maintenance services for both the Warri Refining […]

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Financial expert Rewane doubts Tinubu’s five-year $1trn economy target

Renown economist and Managing Director of Financial Derivatives Company, Bismarck Rewane has expressed skepticism about the current administration’s goal of achieving a $1 trillion economy within the next five to six years. Speaking on Arise TV’s morning show, Rewane discussed the recently approved windfall tax and the GDP figures for the second quarter of 2024. […]

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High cost of training data hinders Nigeria’s AI development – Expert

The Founder of Hyperscale, the company behind Neural AI, Dr. Oluseyi Akindeinde has highlighted the high cost of training data as a significant obstacle to AI development in Nigeria. This was disclosed by Akindeinde at the Nigerian Information Technology Reporters Association ICT Growth Conference 4.0 in Lagos, according to Nairametrics. Akindeinde noted that many Nigerian […]

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Enugu launches asphalt production plant, targets 3,200 tons daily

The Enugu State Governor, Peter Mbah, has inaugurated a new asphalt production plant in Emene on Thursday. The state-owned facility boasts a production capacity of 160 tons per hour and is set to cut road construction costs significantly. This was disclosed in a statement by the governor’s Special Assistant on Media, Dan Nwomeh via his […]

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