The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has announced its intention to join an indefinite nationwide strike, which has been called by the Organised Labour, starting Monday. In a statement issued on Saturday, NUPENG General Secretary Afolabi Olawale confirmed the union’s commitment to fully participate in the strike. This move follows the … Read more
The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement to Nigeria under a $3.3 billion crude oil-backed prepayment facility arranged for the Nigerian National Petroleum Company Limited (NNPCL). This latest disbursement for Project Gazelle Funding Limited brings the total funded facility size to $3.175 billion. Afreximbank, acting as the Mandated Lead Arranger, … Read more
The Nigeria Customs Service (NCS) has revised the foreign exchange (FX) rate for import duties, setting it at N1,474.69 per dollar as of Friday. This new rate signifies an increase of N278, or 23.2 percent, compared to the previous rate of N1,196.61/$ that was in place on Thursday, May 30. Reports indicate that the updated … Read more
The Federal Government of Nigeria has successfully secured a $500 million loan from the World Bank aimed at enhancing the performance of electricity Distribution Companies (DisCos). This was disclosed in a press release from the Bureau of Public Enterprises (BPE) by Amina Othman, Head of Public Communication. Approved on February 4, 2021, by the World … Read more
Power Minister, Adebayo Adelabu, assured Nigerians on Friday that the current high electricity tariffs are a temporary issue and will eventually decrease, akin to the trend seen in telecom tariffs in the country. Addressing criticism from consumers about recent tariff hikes and poor power supply, Adelabu expressed optimism about the future. “Though it seems costly … Read more
The International Monetary Fund (IMF) has issued a stark warning to President Bola Tinubu, urging him to take decisive action to remove implicit fuel and electricity subsidies in Nigeria. In a recent report, the IMF highlighted the substantial impact of these subsidies, estimating that they would consume three percent of the nation’s Gross Domestic Product … Read more
The Nigerian currency, Naira, breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria’s fragile FX market, defying efforts by the Federal Government to shore up its value. Market fundamentals affirm that the naira lost its support at N1450, setting up a new wave of free decline, continuing … Read more
Separatist group, the Indigenous People of Biafra (IPOB) has threatened to shut down the Enugu Electricity Distribution Company over poor power supply in the South-East. The group called on the Chairman of the Enugu DisCo, Emeka Offor, and its management to “stop defrauding” the people, adding that residents had been compelled to pay “illegal estimated … Read more
The Federal Government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday. Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of … Read more
The Chief Executive Officer of one of the leading cryptocurrency platforms in Nigeria, NoOnes, Ray Youssef, has revealed that peer-to-peer popularly known as P2P is probably like $500bn business in Nigeria alone. Youssef said this in an interview with Techpoint Africa on the heels of an imminent ban on cryptocurrency in the country. Speaking on … Read more