Economy
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CBN pays $2bn to clear outstanding Forex liabilities
The Central Bank of Nigeria said it paid approximately two billion dollars to clear the backlog of outstanding foreign exchange liabilities across various sectors. According to a statement by CBN’s Acting Director, Corporate Communications Department, Hakama Sidi-Ali in Abuja on Thursday, the benefiting sectors include manufacturing, aviation, and petroleum. Mrs Sidi-Ali said that the apex bank had also cleared up…
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FG says it’ll continue electricity subsidy to ease burden on Nigerians
The Nigerian government has announced that it will continue to subsidize electricity in order to ease the financial burden on its citizens in the face of economic challenges. Sanusi Garba, the chairman of the Nigerian Electricity Regulatory Commission (NERC), made this announcement during a news conference held in Abuja on Wednesday. “Government has decided for now, arising from the cost…
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Equities market appreciates by 2.38% to cross 90,063.25 basis points
The equities market of the Nigerian Exchange Limited (NGX) on Wednesday gained 2.38 per cent to cross the 90,000 basis points amid its third consecutive gain this week driven by sustained bargain hunting in Dangote Cement Plc and 46 others. The Nigerian Exchange Limited All Share Index (NGX ASI) rose by 2,092.15 basis points or 2.38 per cent to close…
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Dabiri-Erewa congratulates Ogunlesi on joining African billionaires club
Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, has congratulated Mr Adebayo Ogunlesi,a renowned Nigerian in the diaspora, a global banker and entrepreneur as he joins the feat of the African billionaires club. Dabiri-Erewa in a congratulatory message by the Director of Media and Public Relations of NIDCOM, Abdur-Rahman Balogun, described Ogunlesi as a pride to Nigeria and Africa with…
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Okonjo Iweala extols Bank of Industry CEO, Supo Olusi, seeks collaboration on SMEs funding
Director General of World Trade Organisation, Ngozi Okonjo-Iweala has praised the Chief Executive of Bank of Industry, Supo Olusi extending her good wishes for his success in his new role. Olusi who met the WTO DG and former Minister of Finance of Nigeria in Geneva at the Headquarters of the global trade Organisation worked with her when she worked for…
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Sanwo-Olu signs N2.267 trillion 2024 budget
By Adeola Ogunrinde Governor Babajide Sanwo-Olu, on Monday, signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law, ushering in a new expenditure cycle. The Governor, at a ceremony held in the State House, Alausa, assented to the “Budget of Renewal” days after the House of Assembly passed the proposed expenditure bill and transmitted it to the executive…
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Mining Operations: FG Seeks to Minimize Impact on Environment
The Federal Ministries of Solid Minerals Development and Environment are strengthening collaboration to ensure that mining operations in the country have minimal adverse impact on the environment, in line with international best practices. Speaking while receiving the Minister of Environment, Balarabe Abbas Lawal, in his office, the Minister of Solid Minerals Development, Dr. Dele Alake reiterated the commitment of the…
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BREAKING: Inflation rate closes 2023 at 28.92%, highest since 2003
The National Bureau of Statistics (NBS) on Monday revealed that inflation increased to 28.92 per cent in December 2023, gaining 7.58 percentage points from 21.34 per cent reported December 2022. The reported 28.92 per cent is the highest since 2003 as Nigeria economy suffered effect of war between Russia and Ukraine, insecurity, among others. In 2023, the push in inflation…
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Shell reaches agreement to sell Nigeria onshore oil business for $1.3bn
Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion. The conclusion of the deal remains pending until government approval. Shell’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed this in a statement on Tuesday, where he highlighted the significance of the deal, emphasizing the company’s focus on streamlining…
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Budget 2024: We are laying a clear path to accelerated growth, says Bagudu
Minister of Budget and National Planning, Abubakar Atiku Bagudu, in this interview, defends the 2024 budget as a catalyst for economic growth. He acknowledges the challenges of low tax revenue and poor infrastructure spending, but he clarifies that the total capital expenditure, including statutory transfers, is almost N11 trillion. He also challenges some economists who view the budget from an…
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