Economy
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Nigeria, Japan strengthen bilateral ties to boost trade, development, food security
By Kunle Sanni Nigeria is set to strengthen its ties with Japan in a bid to enhance trade relations and explore opportunities in critical areas such as infrastructural development, food security, and healthcare. Vice President Kashim Shettima made this commitment during a meeting with a Japanese delegation at the Presidential Villa, Abuja, on Monday. The delegation, led by the outgoing…
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Osun/Segilola tussle: Alake reiterates States lack powers to arbitrarily shut down mining operations
Over Osun Government and Segilola Resources Operating Limited (SROL) tussle, the Minister of Solid Minerals Development, Dr. Dele Alake on Wednesday restated that states lack powers to arbitrarily shut down mining operations, The Minister inaugurated fact-finding team constituted in the heat of the face-off. It will be recalled that the minister last week announced the constitution of a fact-finding committee…
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Oyo, Osun, Ondo, Ogun fail to attract capital importation in Q2 2024, says NBS
The National Bureau of Statistics (NBS) has revealed that Ogun, Oyo, Osun and Ondo are the four western states that have failed to attract capital importation in second quarter of 2024. The “Nigeria capital importation” report revealed that “Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $1,367.84 million, accounting…
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FG rallies stakeholders to accelerate SAPZ-1 implementation
A high-level dialogue aimed at accelerating the implementation of Nigeria’s Special Agro-industrial Processing Zones (SAPZ-1) programme convened recently at the African Development Bank (AfDB) Country Office in Abuja. The “SAPZ-1 High-Level Implementation Acceleration Dialogue and States Steering/Technical Committee Workshop” brought together key stakeholders from state governments, the private sector, and development partners to address implementation challenges and drive progress in…
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Lokpobiri denies directing NNPCL to stop operating refineries
Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri on Tuesday denied a statement that he directed Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries. The Minister in a swift response to a statement made by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum…
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Capital importation rises by 152.8% to $2.6bn, says NBS
Foreign Capital importation into the country rose by 152.8 per cent Year-on-Year, YoY, to $2.6 billion second quarter of the year, Q2’24, from $1.03 billion in same period of 2023, Q2’23. However, on quarter-on-quarter, QoQ basis, Capital Importation fell by 22.85 percent from $3.37 billion in Q1’24. The National Bureau of Statistics (NBS) disclosed this on Tuesday in its Capital…
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NNPCL steps aside as middleman for Dangote Refinery PMS
The Nigerian National Petroleum Company Limited (NNPC) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery. This means NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This development aligns with the current practices for fully deregulated…
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Nigeria commences crude oil sales in naira
In a ground breaking move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of…
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UI-LISA report highlights optimism in President Tinubu’s independence day address
By Kunle Sanni A new report from the University of Ibadan’s Laboratory for Interdisciplinary Statistical Analysis (UI-LISA) reveals that President Bola Tinubu’s 64th Independence Day address conveyed a message of optimism and trust in the Nigerian people. The report, authored by Professor Olusanya Olubusoye, highlighted the President’s confidence in Nigeria’s ability to navigate its current challenges. Phrases such as “better…
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Nigeria targets 4m bpd of oil production, 10bcf of gas production by 2030
Nigeria government has revealed that it is targeting four million bpd of oil production, and 10bcf of gas production by 2030, stressing on its commitment to reform agenda, unveils unprecedented incentives for oil and gas production. In a major move to advance ongoing structural reforms in Nigeria’s oil and gas industry, President Bola Tinubu has approved the issuance of two…
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