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Tag: Nigeria

Nigeria's mineral production rose by 39% in 2021 - NBS
Business

Nigeria’s GDP drops to 2% – NBS

Nigeria’s overall economic output, known as Gross Domestic Product, grew by 2.31 per cent year-on-year in the first quarter of 2023. However, this growth rate is lower than the 3.11% recorded in the first quarter of 2022 and the 3.52 per cent growth rate in the last quarter of 2022. The decline in growth according […]

Aliko Dangote
Business

Dangote Refinery opens Monday

The Dangote Petroleum Refinery in Nigeria is set to be officially opened on Monday, bringing hope of resolving the country’s frequent fuel shortages. According to information obtained from the company, the Dangote Refinery has the potential to support the establishment of 26,716 filling stations, generate 100,000 jobs both directly and indirectly, and create a $21 […]

President of the Nigerian Association of Resident Doctors of Nigeria, Dr Emeka Orji
Business

Resident doctors, FG sign MOU to end strike

The Nigerian Association of Resident Doctors and the Federal Government have reached an agreement, as they signed a Memorandum of Understanding to bring an end to the ongoing strike. A five-day warning strike started on May 17 to emphasize their demands after the 14-day ultimatum given to the government elapsed. The doctors are requesting an […]

Manufacturing Association of Nigeria
Business

FG’s excise duty hike will cause job losses – MAN

The Manufacturers Association of Nigeria has expressed concern that the recent increase in excise duty for beverage and tobacco products will force businesses to reduce their operations, which may lead to the closure of factories, job losses, and a decrease in exports, among other negative consequences. According to The Punch, the President of MAN, Francis […]

Minister of Science, Technology and Innovation, Dr Olorunnimbe Mamora
Business

Ban import of goods Nigeria can produce, Innovation Min tells FG

The Minister of Science, Technology and Innovation, Dr Olorunnimbe Mamora, has proposed a ban on the importation of foreign goods that can be made locally in Nigeria. Channels reported that the minister made this statement on Tuesday during the 71st Ministerial Media Briefing at the Presidential Villa, Abuja, stating that the ban will protect domestic […]

Director-General of the World Trade Organization, Ngozi Okonjo-Iweala
Business

Watch your debt profiles, Ngozi Okonjo-Iweala advises Nigerian govs

The Director General of the World Trade Organization, Ngozi Okonjo-Iweala, has cautioned the governors of Nigeria’s 36 states to avoid taking on debt that could impede their efforts to deliver the benefits of democracy to their constituents. According to The Punch, Okonjo-Iweala made this statement during the Nigeria Governors’ Forum’s induction program for newly elected […]

Globacom logo
Business

Glo encourages females to pursue ICT career

Nigerian telecommunications company, Globacom has urged females who desire to be in the Information and Communication Technology sector to keep up with the drive as it is a rewarding career path. According to This Day, Globacom identified focus and persistence as crucial success factors for girls aspiring to pursue careers in the information and communications […]

Naira and Dollar displayed
Business

Naira falls at parallel market, gains on I&E window

Naira experienced a decline of 0.54 per cent against dollar, closing at ₦750 on the black market while it slightly strengthened by 0.06 per cent closing at ₦462.73/USD at the Investor and Exporter window. Data from the Financial Market Dealer Quotations revealed that the Nigerian naira had a trading range as low as N460 and […]

Business

KPMG faults FG’s tax rate increase

The financial advisory giant, KPMG has faulted the Federal government’s increase in excise duty, stating “Tax increases are better introduced at a time of economic boom”. KPMG however shared different ways the government can generate revenue to bridge the widening gap in its financing deficit rather than the tax raise. It made this clear in […]

The vice president of Nigeria, Prof. Yemi Osinbajo
Business

Nigeria on track to full electrification – Osinbajo

Vice President, Prof. Yemi Osinbajo has stated that Nigeria is on track to achieving national energy access in the next decade. Osinbajo made this statement on Tuesday during the commissioning of the Afam3 Fast Power 240-megawatt turbine in Rivers State. The project, which was executed in collaboration with General Electric and the Federal Government is […]

Naira and Dollar displayed
Business

Naira drops as forex market records 29% decline

The value of the naira dropped against US Dollar due to a decline in the daily foreign exchange turnover by 29.15% in the official market. According to the data obtained by Business Day from the FMDQ on Monday, the market turnover declined to $99.33 million from $128.29 million on Friday. A financial market dealer whose […]