The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 150 basis points, from 24.75% to 26.25%. This decision is part of ongoing efforts to achieve price stability and curb inflation. The committee also maintained the asymmetric corridor at +100 and -300 basis points, with the … Read more
After several delays, the 210,000-barrel-per-day Port-Harcourt refinery is expected to commence operations by the end of July 2024. Chief Ukadike Chinedu, the National Public Relations Officer of the Independent Marketers Association of Nigeria (IPMAN), confirmed this development on Monday. Chinedu highlighted that the refinery’s operation would stimulate economic activities, lower petroleum product prices, and ensure … Read more
The naira appreciated further to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday, reflecting a 1.34 percent increase from the N1,510/$ rate recorded on May 17. Currency traders in Lagos, known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,450 and the … Read more
In a significant policy reversal, the Central Bank of Nigeria (CBN) has withdrawn its directive for banks and payment service providers to collect and remit the cybersecurity levy as stipulated in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This announcement came through a revised circular issued on May 17, 2024. The updated circular, … Read more
President Bola Tinubu has appointed The Infrastructure Corporation of Nigeria as the Lead Developer of Evergreen City, Nigeria’s green industrial zone, signaling his commitment to sustainable industrial growth. The appointment aims to meet both present and future industrial demands, according to a statement by Ajuri Ngelale, the Special Adviser to the President on Media and … Read more
The Dangote Refinery is poised to halt Nigeria’s monthly importation of approximately one billion liters of premium motor spirit, signaling a significant shift in the nation’s fuel landscape. Aliko Dangote, Chairman of the Dangote Group, announced that Nigeria will cease petrol imports once the refinery begins selling the product in June. This development follows the … Read more
Aliko Dangote, Africa’s wealthiest individual and the Chairman of Dangote Group, has announced that Nigeria will stop importing fuel next month, thanks to the operationalization of the Dangote Refinery. This development was shared during the Africa CEO Forum Annual Summit held in Kigali on Friday, where Dangote expressed optimism about reshaping Africa’s energy sector. Dangote … Read more
Chairman of the China Railway Construction Corporation (CRCC), Mr. Dai Hegen, says the company has paid a whopping sum of $125 million in taxes to the Nigerian government. Hegen, who disclosed this during a visit to President Bola Tinubu at the State House, Abuja, on Friday, said the corporation has signed investment cooperation agreements with … Read more
In a strategic move to address the persistent power outages plaguing Nigeria, President Bola Tinubu has approved a phased repayment plan for the power sector’s outstanding debts, totaling over N3.3 trillion. The initiative will see the federal government disburse approximately N1.3 trillion to power generating companies (Gencos) through a combination of cash payments and promissory … Read more
Minister of Finance, Wale Edun, has addressed concerns regarding the government’s purported plan to utilize the N20 trillion Pension Fund for infrastructure and housing financing. Edun emphasized that such claims are unfounded, stating that the federal government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to … Read more