Economy
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New DG Energy Commission assumes office, vows seemless implementation of Tinubu’s energy agenda
Newly appointed Director General of the Energy Commission of Nigeria (ECN) Dr Mustapha Abdullahi has assumed office with a promise to vigorously drive President Bola Tinubu’s energy transition plan. Speaking at the commission’s Head office on Tuesday in Abuja, Abdullahi also expressed a readiness to look into welfare issues with a view to boosting staff morale. The energy expert described…
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Reps summon CBN governor over new forex policy
The house of representatives has asked Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), to explain why he lifted the forex ban on 43 items that were previously restricted from accessing foreign exchange. The items, which include rice, cement, poultry products and others, were banned in 2015 to encourage local production and save foreign reserves. However, the…
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Crude Oil: If we don’t diversify, Nigeria would find itself in dire straits, says Alake
The Minister of Solid Minerals Development Dele Alake says Nigeria would face severe economic difficulties if it does not diversify its revenue sources away from its unduly reliant oil supply. Alake said this in Abuja while speaking to State House correspondents at the end of the council meeting chaired by President Bola Tinubu. Before the discovery of oil in the…
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We’ll honour legitimate foreign exchange obligations, restore market confidence – Tinubu
President Bola Tinubu has allayed the concerns of the business community, assuring them that crucial plans are underway to improve foreign exchange liquidity. The President said his administration will honour every legitimate contract with respect to the nation’s foreign exchange obligations. Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, on Monday, President Tinubu said he is confident that…
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UK court rules in favour of Nigeria in P&ID contract case
Nigeria has finally won a long legal battle to stop the enforcement of a massive $11 billion arbitration award in favour of P&ID, a company that claimed to have a gas processing contract with the country. The Commercial Courts of England and Wales, in a judgment delivered by email, agreed with Nigeria’s argument that the contract was a fraud and…
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FG, PWC to partner on Solid Minerals Roadmap
The Federal Government, through the Ministry of Solid Minerals Development, will work with foremost consulting firm, PricewaterhouseCoopers (PwC), to execute the policies under the seven point roadmap to transform the sector. Receiving the PWC partner on mining , Mr. Habeeb Jaiyeola in his office, Minister of Solid Minerals Development commended the company for its role in the just-concluded Nigerian Mining…
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Ag FIRS Chairman seeks Senate’s support for fiscal policy, tax reforms
The Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has called on the Senate to support the fiscal policy and tax reforms initiated by President Bola Tinubu to boost Nigeria’s economic development and social welfare. Adedeji made this call in his goodwill message at the Retreat on Fiscal Policy and Tax Reforms for Senators in Ikot Ekpene,…
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Tinubu confers with South Korean envoy on trade and investment
President Bola Tinubu on Friday in Abuja met with Mr. Won Hee-Ryong, the Special Envoy of the President of South Korea, to discuss the areas in which a further expansion of investment and trade ties across key sectors of Nigeria’s economy can expeditiously occur. The meeting at the State House was a follow-up to productive discussions between President Tinubu and…
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Welding sparks minor fire at Warri Refinery
The Warri Refinery and Petrochemical Company Limited (WRPC) experienced a minor fire incident on Thursday afternoon, which was quickly put out by the refinery’s safety officers. The fire, which started at about 15:02hrs, was triggered by “ongoing welding activity at the top of the cooling tower”, according to a press statement from the management of NNPC Limited, the owner of…
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Tinubu confirms Adeniyi’s as Customs CG
President Bola Tinubu has approved the confirmation of the appointment of Adewale Adeniyi as the Comptroller-General of the Nigeria Customs Service. Adeniyi’s confirmation was contained in a statement by the Director, Information, Office of the Secretary to the Government of the Federation, Willie Bassey on Friday. The statement said the appointment takes effect from 19th October, 2023 and his tenure…
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