Economy
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137 LGAs in Lagos, other South West states share N63.95bn from FAAC allocations
A total of 137 Local Government Areas (LGAs) in Lagos, other South Western states shared N63.95 billion out of the N278.88 billion Federation Accounts Allocation Committee (FAAC) allocations in July 2024. Other South Western states include: Ogun, Oyo, Osun, Ondo and Ekiti. The FAAC allocation report obtained by WESTERN POST revealed that Lagos with 20 LGAs, followed by Oyo States…
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Oil cabals in Nigeria frustrating $20bn Dangote refinery, says Obasanjo
Former President Olusegun Obasanjo has diisclosed that cabals benefiting from the lucrative business of fuel importation are going to make efforts to frustrate the $20billion Dangote Petroleum Refinery. Obasanjo stated this in the wake of allegations by the President of the Dangote Group, Alhaji Aliko Dangote, that some ‘mafias’ were making efforts to frustrate the $20 billion refinery. This came…
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Protest: Minister of Industry laments, says N52bn worth of looting a setback to businesses
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has lamented the looting of businesses and livelihoods that took place in some states at the weekend. Saying that the loss of 21 lives is saddening, she condemned the miscreants who used the opportunity of the protest to loot businesses and people’s homes. According to her, approximately N52 billion worth of…
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FG launches CLAP to boost Nigeria’s creative economy
By Tosin Brown The Federal Ministry of Art, Culture, and the Creative Economy has launched an ambitious plan to position Nigeria as a global leader in the art, culture, and creative sectors. This initiative, the Creative Leap Accelerator Program (CLAP), was recently unveiled by Minister Barr. Hannatu Musawa. At the launch, Musawa highlighted CLAP’s vision to contribute $100 billion to…
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Power Ministry to prioritize expanding energy access for national development – Adelabu
By Kunle Sanni The Minister of Power, Adebayo Adelabu, has announced that expanding energy access will be the primary goal of the power sector, aiming to drive economic growth and national development. This comprehensive target will be pursued through both grid and off-grid solutions, including industrial grid connections and renewable energy sources like mini-grids and solar power for rural and…
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Nigeria needs $47.6bn annually to accelerate economic transformation, says AfDB
Nigeria will need $47.6 billion annually until 2030 to accelerate its structural transformation process adding that the bulk of these needed resources are in supporting SDG9 on industry, innovation and infrastructure ($19.6 billion in 2030 and $ 3.4 billion in 2063). This is as continuous increase in food prices and inflation would constitute major setbacks to achievement of the 3.2…
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Ongoing empowerment initiatives will bolster Lagos economy, says Sanwo-Olu
Governor Babajide Sanwo-Olu has emphasized the importance of ongoing empowerment initiatives in Lagos State to build a resilient economy fit for a modern mega city. He made these remarks on Wednesday at the 2024 Micro Enterprise Support Initiative (MESI) event organized by the Lagos State Ministry of Women Affairs and Poverty Alleviation (WAPA) in Lagos. “This Micro Enterprise Support Initiative…
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FG inaugurates family homes funds board to promote affordable housing
The Federal Government has taken a significant step towards addressing the housing needs of low-income earners in Nigeria with the inauguration of the Board of Family Homes Funds Limited. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while inaugurating the Board Members in his office in Abuja, stated that the Fund’s mandate which aims…
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FG pays N633.30bn electricity subsidy in Q1 2024
The Federal Government paid over ₦633.30bn on electricity subsidy in the first quarter of 2024, findings have shown. According to the Nigerian Electricity Regulatory Commission quarterly report, the sum represented a 150.5 per cent increase from ₦252.76 billion in Q4, 2023. The sum paid in the first three months of the year is higher than ₦628.61bn paid from January to…
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FG suspends import duties on essential food items
By Kunle Sanni The Federal Government, has announced the suspension of import duties on rice, flour, wheat, and other essential food items in an effort to reduce the high costs of food amidst widespread hunger in Nigeria. This disclosure was made by the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, on Tuesday. The NCS CG emphasized the government’s…
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