Economy
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NMDPRA commences rollout of gas licenses to offtakers
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has commenced the rollout of gas licenses to qualified players in the sector, following frequent collapse of the national grid. A statement on Monday by NMDPRA’s media unit and signed by Jemilah Adama, said the development is in line with President Bola Tinubu’s directive to ensure all power generation assets receive the gas…
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Nigeria Solid Minerals Corporation to significantly transform mining sector, Alake assures
The Minister of Solid Minerals Development, Dr. Dele Alake has assured Nigerians that the establishment of the Nigeria Solid Minerals Corporation will significantly transform the mining sector and lay the foundation for its sustainable development. Speaking on Monday while receiving the British Deputy High Commissioner to Nigeria, Jonny Baxter, in his office, Alake disclosed that initial set up of the…
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GDP rebasing, CPI reports to ensure clear indicators of Nigeria’s economy, says NBS
The rebasing of Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) will ensure that economic indicators accurately reflect the country’s current realities. This assurance was given by Semiu Adeniran, the Statistician General of the Federation and head of the National Bureau of Statistics (NBS), during a special session with the Civil Society Organization (CSO) community in Abuja on…
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Wale Edun announces Nigeria’s electricity sector open for investment
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has declared the country’s electricity sector open for investment at the ongoing #Mission300 African Energy Summit in Dar es Salaam, Tanzania. Addressing selected investors and development partners on Sunday evening, Edun highlighted Nigeria’s electricity sector as a prime opportunity for investment. He emphasised the nation’s commitment to macroeconomic…
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Nigeria Customs Service destroys illicit Pharmaceuticals nationwide
In collaboration with other regulatory agencies, the Nigeria Customs Service (NCS) has commenced the nationwide destruction of expired and fake pharmaceutical products, a concerted effort to combat the proliferation of unapproved and harmful substances. Assistant Comptroller General of Customs, (ACG) Timi Bomodi, from the Enforcement, Inspection, and Investigation Department, led the initial phase of the operation on Thursday at the…
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DAVOS 2025: Nigeria, DP World explore infrastructure investment opportunities
On the side-line of the ongoing World Economic Forum (WEF) 2025, the Federal government of Nigeria disclosed a partnership with DP World to explore infrastructure investment opportunities. The Nigeria Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun met with Group Chairman and CEO of DP World, Sultan Ahmed Bin Sulayem to discuss infrastructure investment opportunities that…
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Telecos 50% tariff increase must result in significant service improvements, says FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) on Wednesday stated that the Nigerian Communications Commission (NCC) 50 per cent tariff increase for telecommunications operators must result in significant service improvements. The Commission said it acknowledged the economic pressures faced by telecos operators, including increasing operational costs, and unequivocally state that consumer interests remain paramount. FCCPC in a responding to…
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FRC insists Nigeria not yet hyperinflation economy
The Financial Reporting Council of Nigeria (FRC) on Wednesday pointed out that Nigeria was not yet a hyperinflation economy. Owing to this, the Council, in a press statement signed by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, noted that the International Accounting Standard (IAS) 29 which borders on Financial Reporting in Hyperinflationary Economies should not be applied in the…
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Nigeria’s public debt increases to N142.3trn in Q3 2024, says DMO
Nigeria’s total public debt rose to N142.3 trillion as of September 30, 2024, representing an increase of 5.97per cent or N8.02 trillion compared to N134.3 trillion in June 2024. This is according to the latest data released by the Debt Management Office (DMO). Data from the DMO showed that Nigeria’s external debt in dollar terms grew marginally by 0.29pe cent,…
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Shettima engages Botswana’s President, WTO DG to strengthen African cooperation
By Kunle Sanni Vice President Kashim Shettima and President Duma Boko of Botswana convened a bilateral meeting on Tuesday, focusing on areas of mutual interest and reinforcing their commitment to strengthening partnerships across Africa, the presidency has announced. According to a statement by Stanley Nkwocha, spokesperson to the Vice President, the discussion took place on the sidelines of the ongoing…
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