Economy
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BREAKING: NNPC Ltd secures $3bn loan from AFREXIM Bank
The Nigeria National Petroleum Corporation Limited (NNPC Ltd) has secured an “emergency crude oil repayment loan” to the tune of $3bn from AFREXIM Bank. NNPC Ltd announced this on a statement on Wednesday. According to the statement, the loan will help “support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”.…
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PSV 2025: payment system stakeholders to discuss digital Infrastructure at FICAN conference
In view of the challenges that emerged from the electronic payment system in the first quarter of 2023, stakeholders are set to provide solutions in line with Nigeria’s Payment System Vision (PSV) 2025. The Central Bank of Nigeria (CBN) in December 2022 released the Payments System Vision (PSV) 2025 to be driven by contactless payments, big data. and open: banking,…
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Oshiomhole defends Tinubu, says ‘no quick fix’ to economy
Former Edo State Governor Adams Oshiomhole has said there is “no quick fix” to the present economic situation in the country. Speaking to journalists after meeting with Vice President Kashim Shettima on Tuesday, Oshiomhole said it was evident to all that Tinubu enhirited a “terrible economic situation”. Drawing from his experience as the former governor of Edo, Oshiomhole acknowledged that…
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One dead, 3 missing as Seplat oil rig capsizes in Delta
One person was confirmed dead when a Seplat Energy oil rig capsized during drilling in Delta State. In a statement released by Seplat Oil on Tuesday, another three members of the crew of 96 are the still missing, while the other 92 are “accounted for and save”. The statement read, “Seplat Energy regrets to to announce a serious incident on…
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No fuel price increase, Tinubu reiterates NNPCL earlier stand
President Bola Tinubu has reiterated an earlier statement by the Nigeria National Petroleum Corporation Limited (NNPCL), saying there will be no increase in price of petrol price in the country. There had been widespread reports across the country over planned increase in petrol price across the country. This was promptly denied by the NNPC Limited in a statement on Monday.…
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Shettima lauds Google’s N1bn grant initiative
The Vice President, Sen. Kashim Shettima, has lauded Google’s N1.2 billion grant initiative for the Tinubu administration’s 1 million jobs scheme. The Vice President stated this today when he received in audience some executives of Google – a leading global technology company, at the Presidential Villa. According to the Vice President, the announcement of a grant of N1.2 billion to…
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No plans to increase fuel price – NNPCL
The Nigerian National Petroleum Company Limited says it has no price of increasing the pump price of petrol in the country. The NNPCL made this known in a post on its official X (formerly Twitter) handle on Monday evening, while reacting to speculations by Nigerians over a possible fuel increase in the week. “Dear esteemed customers, we at NNPCL Retail…
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ARCON dissolves Advertising Standards Panel over ‘all eyes on the judiciary’ advert
…suspends regulations director, deputy The Advertising Regulatory Council of Nigeria (ARCON) has dissolved the Advertising Standards Panel over its approval of the “all eyes on the judiciary” advert. This was contained in a statement by ARCON Director General Dr. Olalekan Fadolapo. The advert billboards were seen across the country on Monday. Fadolapo in the statement, said the “advertisement failed vetting…
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Speculators will have hands burnt with new FOREX policy – Acting CBN Governor
Deeply concerned about recent developments in the foreign exchange market, President Bola Tinubu has approved measures to stabilise and enhance liquidity in the market, including the parallel market. The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, who disclosed this to journalists at the Presidential Villa, Abuja, after meeting with President Tinubu, also noted that the…
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Agora Policy recommends holistic approach for naira stability
Agora Policy, an Abuja-based think-tank led by Waziri Adio, has proposed a comprehensive approach to address the weakening currency’s stability. This comes in the wake of the naira’s significant devaluation by more than 40% since its transition to a floating exchange rate. In their recent policy brief titled “Steadying Nigeria’s Fledgling Foreign Exchange Reform,” the organization questions the swift move…
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