Economy
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Analysts raise concern over N107trn money supply
A group of analysts at CFG Advisory have raised concern over 100 per cent increase in money supply in 2023 to N107 trillion as of August 2024. Nigeria’s money supply surged to a new high of N107. 1 trillion in August 2024, marking a 0.75per cent month-on-month (M-o-M) increase from N106. 3 trillion in July and a 5.6per cent rise…
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TCN speaks on national grid collapse
The Transmission Company of Nigeria (TCN) has reacted to reports of the breakdown of the national grid on Saturday, describing it as a ‘temporary grid disturbance’. The reaction comes after the grid broke down for the third time this week. The grid collapse occurred early Saturday morning, with many states reporting total blackouts. Data obtained from the Nigerian System Operator’s…
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National grid collapses third time in one week
Nigerians are once again reeling in darkness following the collapse of the national power grid for the third in one week. The grid collapse occurred early Saturday morning, with many states reporting total blackouts. Data obtained from the Nigerian System Operator’s portal (niggrid.org), revealed that the grid recorded an unprecedented zero Megawatts (MW) as of 8:16 am today. Data showed…
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Petrol import into Nigeria drops in October
The importation of premium motor spirit (PMS), commonly known as petrol, into Nigeria, has significantly declined in the first two weeks of October as the Dangote Refinery increased production to meet local demand. This is according to S&P Global Commodity Insights ship-tracking report published on Tuesday. Data from S&P Global Commodities at Sea shows that only 280,400 barrels of gasoline…
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MTN launches 5G digital experience centre in Abuja
MTN Nigeria has unveiled a fully digitized experience centre in Abuja, driven by advanced 5G technology. This innovative facility aims to enhance customer experience by providing a range of digital services and solutions, showcasing the company’s commitment to leveraging advanced technology to meet the growing demands of its users in the region. Speaking during the unveiling ceremony at its Regional…
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Power grids in regions will end incessant collapse- Adelabu
The Minister of Power, Adebayo Adelabu, on Wednesday said there is a need to have power grids in different regions or states to put an end to incessant grid collapses. The minister stated this when he unveiled Hexing Livoltek, an electricity meter manufacturing company in the Lekki area of Lagos State. Adelabu also said grid collapses are almost inevitable in…
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Tinubu has halted the nation’s economic decline, says Bagudu
President Bola Tinubu’s administration has halted the nation’s economic decline and repositioned it for stability, growth and development, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said. The minister spoke on Wednesday at the close of the 30th National Economic Summit organised by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group and…
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IMPI backs deregulation of petroleum sector, insists Nigeria’s economy is on course
The Independent Media and Policy Initiative (IMPI) has reaffirmed its support for the full deregulation of Nigeria’s downstream petroleum sector, asserting that the nation’s economy is moving in the right direction under the current reforms. This endorsement comes amid widespread reactions from Nigerians to the recent surge in fuel prices following the removal of the subsidy on Premium Motor Spirit…
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Edun highlights Nigeria’s roadmap towards macro-economic stability, growth
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has highlighted Nigeria’s roadmap that enforced macro-economic stability and growth under President Bola Tinubu’s Administration. The Minister at the 30th Nigeria Economic Summit, with themed: Collaborative Action for Growth, Competitiveness, and Stability, stressed the necessity of immediate and comprehensive economic reforms The Summit held recently in Abuja…
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Restoration of National Grid ongoing- TCN
The Transmission Company of Nigeria (TCN) on Tuesday said the ongoing restoration of the national grid which collapsed on Monday is ongoing and almost completed. In a statement on Tuesday, the Public Affairs General Manager of TCN, Ndidi Mbah, said that the national grid experienced a partial disturbance, on Monday, 14th October 2024 at about 6:48 pm. “The statement said…
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