Economy
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IMF backs Nigeria’s single window project
The International Monetary Fund (IMF) has expressed support for Nigeria’s Single Window (NSW) Project, an evolving initiative designed to streamline trade processes, reduce bottlenecks, enhance transparency, and increase government revenue. IMF’s backing for the NSW project was conveyed on Thursday in Abuja by its Technical Assistance Advisor for Revenue Administration 2, Marco Antonio. Antonio led a delegation from the IMF…
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IMPI criticizes Peter Obi’s economic proposals, defends Tinubu’s policies
By Kunle Sanni The Independent Media and Policy Initiative (IMPI) has dismissed the economic proposals of Peter Obi, the Labour Party’s 2023 presidential candidate, calling them simplistic and misleading. In a statement issued on Thursday, IMPI criticized Obi’s recent remarks during a television interview, where he accused President Bola Tinubu’s administration of economic mismanagement. The group argued that Obi’s suggestion…
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U.S. imposes 14% tariff on Nigerian imports amid global trade shake-up
U.S. President Donald Trump has imposed sweeping tariffs on imports into the country, including a 14% tariff on Nigerian goods, as part of a broader effort to reshape global trade. Announced on Wednesday evening, the policy introduces a baseline 10% tariff on all imports, with higher rates targeting over 60 countries. Trump described the move as necessary for restoring America’s…
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Nigeria, UNIDO sign agreement to accelerate industrial development
The Federal Ministry of Industry, Trade, and Investment, in partnership with the United Nations Industrial Development Organization (UNIDO), has launched the Programme for Country Partnership (PCP), a strategic initiative aimed at driving inclusive and sustainable industrial development in Nigeria. Speaking at the event, Minister of State for Industry, Trade, and Investment, Senator John Owan Enoh, emphasized that the PCP aligns…
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Profiles of new NNPCL Group CEO, Bayo Ojulari, Board Chairman, Musa Kida
By Kunle Sanni President Bola Tinubu on Wednesday appointed Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) and Ahmadu Musa Kida as the new non-executive chairman of Nigeria’s state-owned oil and gas company. This appointment follows the removal of Mele Kyari, the former NNPCL Group Managing Director (GMD), along with…
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Drill or drop, FG set to compell IOCs to optimise oil wells
The federal government has announced plans to begin enforcing the ‘drill-or-drop’ provisions of the Petroleum Industry Act (PIA), compelling international oil companies (IOCs) to either commence production on inactive oil wells or relinquish them. Minister of State for Petroleum Resources, Heineken Lokpobiri, disclosed this during the Cross Industry Group (CIG) meeting in Florence, Italy, on Tuesday. He emphasized that reviving…
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Edun applauds indigenous oil sector firm, assures FG support
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, recently visited the operational base of Lee Engineering & Construction Company Limited in Warri, Delta State. Under the leadership of Founder and Group Chairman, Dr. Leemon Ikpea, Lee Engineering is a leading indigenous firm specializing in Engineering, Procurement, Construction, Operations, and Maintenance (EPCOM) services in Nigeria’s…
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FG to lunch N1trn low-interest mortgage fund
The Federal Government on Saturday disclosed a plan to lunch a N1 trillion low-interest mortgage fund that is backed by both public and private financing to stimulate the housing sector. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun The minister emphasised that the next phase of economic growth will be driven…
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Saint Kitts and Nevis PM seeks stronger economic ties with Nigeria
By Kunle Sanni Prime Minister of Saint Kitts and Nevis, Dr. Terrance Michael Drew, has expressed a strong interest in fostering investments in agriculture and energy as part of efforts to strengthen economic ties between his country and Nigeria. During a courtesy visit to President Bola Ahmed Tinubu at the Presidential Villa on Saturday, Dr. Drew emphasized the need for…
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Japan invests 15billion Yen to boost food security in Nigeria
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, hosted Mr. Takao Shimokawa, Director General of the Economic Development Department at the Japan International Cooperation Agency (JICA), to reaffirm Nigeria’s partnership with Japan in advancing agricultural transformation and food security initiatives. During the meeting, held at the ministry’s conference room, Senator Kyari commended JICA for over four decades of…
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