Economy
-
ARCON warns against using Army uniforms for adverts without approvals
The Advertising Regulatory Council of Nigeria (ARCON) has warned against advertising agencies using the uniform of the Nigerian Army or any of the other security agencies for an advertisement without formal approval from the concerned authority. The ARCON Director-General, Olalekan Fadolapo, said this in a statement he personally signed on Wednesday. “This is to reiterate that it is illegal to…
Read More » -
Nigeria drops $1.1bn lawsuit against Eni over OPL 245 oil block
Nigeria has dropped its $1.1 billion lawsuit against Eni over the disputed OPL 245 oil block, Bloomberg reported, citing a letter from the justice ministry. The letter, dated November 15, said Nigeria will withdraw the case from Italy’s highest court and give up any further legal action against Eni, its subsidiaries, and its current and former executives in relation to…
Read More » -
Nigeria cannot rely on borrowing to fund budget, says Edun
The minister of finance and coordinating minister for the economy, Wale Edun, has warned that Nigeria cannot afford to borrow more money to finance its budget, as it is already facing a high debt burden and a challenging economic environment. Edun made this statement on Thursday at a senate joint committee meeting on the 2024-2026 medium-term expenditure framework (MTEF) and…
Read More » -
Energy Commission, UNEP collaborate on training standard regulators on new air-conditioning standards
As part of its mandate of promoting sustainable energy development in the country, the Energy Commission of Nigeria (ECN) has held a one-day training workshop on Air Conditioners Monitoring, Verification and Enforcement (AC-MVE). The training which was in collaboration with the UN Environment Programmme (UNEP) was designed to build the capacity of relevant government institutions to effectively enforce energy efficiency…
Read More » -
Mining sector reforms: FG launches revised guidelines for community development agreement
The Federal Government, through the Ministry of Solid Minerals Development (MSMD) on Thursday, launched the revised guidelines for Community Development Agreement (CDA) in the mining sector. Giving the keynote address at the event, the Minister of Solid Minerals Development, Dr. Dele Alake emphasised that the essence of the revised guidelines is to ensure host communities derive maximum benefits from the…
Read More » -
Customs decries huge revenue loss from investors’ waivers
The Nigeria Customs Service (NCS) has lamented the loss of N1.3tn in 2023 due to the import duty waivers, concessions and grants given to investors by the Federal Government. It also stated that it was not aware of the details of the Customs $3.2bn modernisation project. The Comptroller General of the NCS, Adewale Adeniyi, revealed this at the National Assembly…
Read More » -
Afreximbank has made lot of difference in Africa, says Okwuoza
The Chief Executive Officer of Oilserv Limited, a leading EPC company in Nigeria, Emeka Okwuoza, in this interview with journalists at the recently concluded Intra-African Trade Fair 2023 in Cairo, Egypt gave kudos to the organisers of the fair, Afreximbank, charging the continental bank to scale up its initiatives to promote intra-African trade. Excerpts: You are a participant in the…
Read More » -
FG committed to creating enduring structure for mining sector development – Alake
The Minister of Solid Minerals Development, Dele Alake, has affirmed the commitment of the Federal Government to creating an enduring governance structure to herald sustainable development in the mining sector. Speaking on the topic, “Strengthening Policies to promote Sustainable Environment for Mining Host Communities” at the 2023 West African Mining Host Communities INDABA, Alake emphasised that the administration is reviewing…
Read More » -
BREAKING: At 27.33%, Nigeria’s inflation rate hits highest peak since 2005
Nigeria’s inflation rate hits 27.33 per cent in October 2023, making it the highest record since August 2005 when it was at 28.2 per cent. This is disclosed by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) on Wednesday. According to NBS, “In October 2023, the headline inflation rate increased to 27.33per cent relative to the…
Read More » -
Housing minister unveils N50m mortgage scheme for Nigerians in diaspora
As the 6th edition of Nigeria Diaspora Investment Summit (NDIS), opens in Abuja, the Minister of Housing and Urban Development Architect Ahmed Dangiwa, has launched the Diaspora Housing Schemewith a promise for Diasporas access up to N50 Million loan for mortgage with an interest rate of 6.9%, to be paid over a period of 10 years. The Minister who initiated…
Read More »
Follow our WhatsApp Channel