Economy
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Mobil Nigeria, PENGASSAN reach agreement to end industrial action
Mobil Nigeria and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have reached an agreement to end the industrial action that has been affecting the company’s production and export activities since April 13. The dispute led to a reduction of 300,000 barrels of oil per day and forced Mobil to declare force majeure across all its facilities.…
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NCC clarifies reports of N17bn deficit in 2021 budget
The Nigerian Communications Commission (NCC) has dismissed an online publication claiming that it incurred a deficit of N17billion in its 2021 budget. According to the publication, the NCC spent N35.2billion on personnel and consultancy fees, leading to the deficit. However, in a statement, the Director of Public Affairs, NCC, Reuben Muoka, said: “The Commission incurred a surplus/(deficit) of N17.3billion for…
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Nigeria faces surging energy costs as subsidy removal nears
By Folasade Kolawole As the average cost of a litre of petrol reaches nearly N400 in several states in Nigeria, while the price of diesel reaches nearly a thousand naira, Nigerians are bracing for a challenging year as energy costs is expected to skyrocket when the Federal Government finally scraps fuel subsidy payments. Last month, Nigerians paid N264.29 as the…
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Foreign portfolio investments drop by 53% in Nigerian bourse
By Folasade Kolawole Investors in the Nigerian market have kept their exit streak in place, as foreign portfolio investments or FPIs have plummeted by a further 53% in one month, new data from Nigerian Stock Exchange shows. Of the total investment into the country, foreign investors contributed only 6% of the investment volume at N9.19 billion in March this year,…
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Ajaokuta-Kaduna-Kano Gas Pipeline Project nears 70% completion
Nigerian National Petroleum Company Limited (NNPCL) has revealed that the ongoing Ajaokuta-Kaduna-Kano Pipeline Gas project is nearing completion. On Monday, the Group Managing Director/Chief Executive of the national oil company, Mallam Mele Kyari led some management team to inspect the project. Kyari who inspected the AKK Gas Pipeline project sites in Ahoko, Kogi State, said the project is almost at…
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Nigeria boost non-oil exports to China with new trade house
Nigeria has launched the Nigerian Export Trade House in China, a facility aimed at boosting the country’s range of non-oil exports to the Asian country. The facility, located in Changsha, Hunan Province, was unveiled by Nigerian agro-processing company Zeenab Foods Limited in collaboration with the Nigerian Export Promotion Council (NEPC). The launch of the facility is part of NEPC’s Export…
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Latest inflation numbers show CBN is not winning the fight despite hawkish stance
The Central Bank of Nigeria (CBN) is not winning the fight against a pesky inflation that has eroded purchasing power in Africa’s biggest economy, nearly a decade after it said it would bring inflation numbers down to a single digit of 9% at the most. Latest data from the country’s National Bureau of Statistics which showed that inflation rose to…
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NBS reaffirms quality of statistical reports, announces changes to job survey methodology
The Statistician-General of the Federation (SGF)/Chief Executive, National Bureau of Statistics (NBS), Mr. Semiu Adeniran, has reaffirmed the quality and reliability of statistical reports by the bureau, stating that all methodology aligns with global best practices. “We don’t just wake up at NBS to say we want to change the definition or methodology of unemployment on our own. Methodology is…
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Passengers stranded as aviation unions shut down flight operations
Air travellers were on Monday stranded at the Murtala Mohammed Airport (MMA) terminal as aviation unions began their two-day warning strike. Members of the union blocked the entrance of the MMA, leaving passengers stranded. Officials of the various aviation agencies, including owners of businesses and staff within the airport, didn’t have access to their offices. Flight operations were grounded at…
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FAAN advises travellers to make contingency plans ahead of aviation unions’ planned strike
Travellers and stakeholders have been advised by the Federal Airports Authority of Nigeria (FAAN) to make contingency plans to avoid missing their flights due to a planned strike by aviation unions which could affect scheduled flight operations. In a statement issued on Monday in Abuja, the management of Nnamdi Azikiwe International Airport (NAIA) warned that passengers may experience “disruptions in…
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