Economy
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FG, Stellar Steel ink $450m deal to revive local steel industry
The Federal Ministry of Steel Development has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited to establish a $450 million steel plant in Ogun State. The initiative aims to revive Nigeria’s steel industry and reduce reliance on imported steel products. The agreement, signed in Abuja on Tuesday, will see Stellar Steel — a Nigerian-based subsidiary backed by…
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Tinubu pledges stronger economic ties with Denmark
Welcomes Danish billionaire to Nigeria By Kunle Sanni – President Bola Tinubu has reaffirmed Nigeria’s commitment to strengthening economic and investment ties with Denmark, assuring Danish investors of a stable, reform-oriented business environment. The President gave the assurance on Tuesday while receiving Danish billionaire Anders Holch Povlsen, Chief Executive Officer of Bestseller and Chairman of the Bestseller Foundation, at the…
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CBN denies disbursing $1.25bn for importation of petrol, other items in Q1 2025
The Central Bank of Nigeria (CBN) has denied disbursing $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items in the first quarter (Q1) of 2025. A report that circulate the social media on Monday stated that the apex bank disbursed $1.25 billion for oil and gas imports. In a statement on Tuesday,…
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Police seal Nestoil HQ as court orders asset takeover over $1bn debt
By Kunle Sanni – Security operatives on Tuesday sealed off the corporate headquarters of Nestoil Limited on Victoria Island, Lagos, following a court order placing the company under receivership after it defaulted on a debt estimated at over $1 billion. The action followed a ruling by the Federal High Court in Lagos, presided over by Justice D. I. Dipeolu, who…
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NUPRC, Bank of America explore partnership to enhance Nigeria’s oil production
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is stepping up efforts to attract foreign investments and enhance crude oil production as its Chief Executive, Engr. Gbenga Komolafe, met with the Managing Director and Head of Investment Banking, Sub-Saharan Africa, Bank of America, Mr. Chuba Ezenwa, on Tuesday in Abuja. The meeting, which took place at the NUPRC corporate headquarters, focused…
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We’re ensuring reform gains touch the poor, vulnerable, says Wale Edun
The Minister of Finance Wale Edun has assured Nigerians that the Federal Government’s ongoing economic reforms are being implemented with a strong focus on easing the hardships faced by ordinary citizens, particularly the poor and vulnerable. Speaking at the Oxford Global Yhink Tank Leadership Conference on Tuesday in Abuja, the minister acknowledged the economic challenges confronting Nigerians, including rising food…
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Tinubu’s $1trn economy by 2030 achievable, says Bagudu
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said the $1 trillion economy target set by the President Bola Tinubu administration for 2030 is achievable. The minister expressed this confidence in Abuja on Monday during a courtesy call by the European Union Parliamentary Committee on Foreign Affairs, led by Mr David McAllister. “Our President has set…
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Collaboration key to efficiency in energy sector, says NNPC GCEO
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Engr. Bayo Ojulari, has said that collaboration, sustainability, and resilience are essential to achieving efficiency in the energy sector. Ojulari stated this on Monday at the opening ceremony of the 2025 OTL Africa Downstream Energy Week in Lagos, where he reaffirmed NNPC’s commitment to developing and…
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Tax clarity, investor confidence depend on judiciary’s insight, says FIRS Boss
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji has praised the Nigerian judiciary for its “sound and consistent” tax rulings that have helped shape the nation’s fiscal landscape. Speaking at a capacity-building workshop for Justices of the Supreme Court, Court of Appeal, and Judges of the Federal High Court on new tax laws, the FIRS Chairman…
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Wale Edun presides over historic Afreximbank leadership handover in Cairo
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has presided over the investiture of Dr. George Elombi as the fourth President and Chairman of the Board of Directors of the African Export–Import Bank (Afreximbank) at a ceremony held in Cairo, Egypt. This according to statemenntt issued by Director, Information and Public Relations, federal ministry of…
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