Economy
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FG unveils fresh incentives to improve agricultural investment
By Kunle Sanni – The Federal Government has introduced new incentives aimed at attracting investment into Nigeria’s agriculture sector, focusing on boosting food production, creating jobs, and improving rural livelihoods under President Bola Ahmed Tinubu’s Renewed Hope Agenda. Vice President Kashim Shettima announced the initiative on Tuesday in Abuja at the UN Food and Agriculture Organisation (FAO) National and Subregional…
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FG urges JICA to woo Japanese investors to Nigeria
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has urged the Japan International Cooperation Agency (JICA) to attract Japanese investors to Nigeria. Bagudu spoke during a courtesy call on him by the new Chief Representative of JICA in Nigeria, Mr. Ishigame Keiji, who replaces Mr. Yuzurio Susumu, who served as the Chief Representative of JICA in Nigeria for three…
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UBA clears air on fire outbreak in Lagos
United Bank for Africa Plc (UBA) on Tuesday reacted to reports of a fire outbreak at one of its branches in Lagos. In a report, chaos broke out on Lagos Island as a fire engulfed the pan-African financial institution branch, forcing some staff to leap from the upper floors in a desperate attempt to escape. Responding, the bank in a statement stated…
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FG partners global platform SOOP to strengthen nation’s digital creative ecosystem
The Federal Ministry of Art, Culture, Tourism and the Creative Economy has signed a Memorandum of Understanding (MoU) with SOOP Co. Ltd, a global leader in live-streaming and digital content, to enhance Nigeria’s digital creative industry. The development was disclosed by the Honourable Minister, Barrister Hannatu Musa Musawa, in a post on Tuesday via the X platform (formerly Twitter). She…
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Nigerian indigenous company unveils $400 million crude oil export terminal
Nigerian indigenous oil and gas exploration and production (E&P) company Green Energy International Limited (GEIL) has completed the construction of the Otakikpo Crude Oil Terminal in Rivers State — Nigeria’s first fully indigenous onshore crude oil export terminal. At a media briefing in Abuja, GEIL Chairman and CEO, Professor Anthony Adegbulugbe, described the $400 million facility as a game changer…
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Nigeria reaffirms commitment to Africa’s energy security at APPO CEOs Forum
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Engr. Bashir Bayo Ojulari, has reaffirmed Nigeria’s commitment to working with other African nations to achieve sustainable energy security across the continent. Speaking at the 7th African Petroleum Producers’ Organisation (APPO) National Oil Companies CEOs Forum, held on Monday, Ojulari emphasized the urgency for Africa to…
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Africa loses $200bn annually to poor sanitation, says World Bank
The World Bank has raised alarm over the growing global sanitation crisis, warning that nearly two out of five people worldwide lack access to safe sanitation, with dire consequences for public health, economic growth, and the environment. The global lender also raised an alarm that Africa is losing as much as $200 billion annually in economic gains, due to poor…
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Dangote denies DAPPMAN allegations of cheaper petrol sales in Togo
The Dangote Group has denied allegations by the Depot and Petroleum Product Marketers Association of Nigeria (DAPPMAN) that its refinery sells petrol to international traders at cheaper rates than those offered to Nigerian marketers. DAPPMAN’s Executive Secretary, Olufemi Adewole, had alleged in an interview that members of the group purchased Dangote’s petrol through international traders in Lome, Togo, at prices…
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Dangote defends fuel price cut, slams NUPENG over ‘Greek gift’ remark
President of the Dangote Group, Aliko Dangote, has responded sharply to criticism from the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) over his refinery’s recent fuel price reduction and deployment of compressed natural gas (CNG) trucks. Speaking on Monday during the first anniversary of petrol production at the Dangote Refinery, he described NUPENG’s remarks as misleading and unpatriotic.…
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FG suspends 4% FOB levy on all imports
The federal government, through the Ministry of Finance, has suspended the implementation of collection of the four per cent Free On Board (FOB) charge on all imports, citing potential disruptions to trade in Nigeria. The FOB charge, passed as law, is calculated based on the value of imported goods, including transportation costs up to the port of loading. The NCS…
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