Economy
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Abdullahi reiterates on $410bn Nigeria’s Energy Transition Plan by 2060
The Director-General/Chief Executive Officer, Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi has reiterated that Nigeria projected an estimated $410billion to deliver improved Energy Transition Plan (ETP) by 2060. He made this assertion at the ongoing summit of the G20 Energy Transition Working Group meeting in Foz Do Iguaçu, Brazil. Abdullahi while alluding to Nigeria being the first African country…
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FG exempts insurance premium, others from new withholding tax regulations
The Federal Government has exempted insurance premium, compensating payments under a Registered Securities Lending Transaction, among others from its new withholding tax regulations commencing January 2025. Other notable exclusion in distribution or dividend payment to a Real Estate Investment Trust or Real Estate Investment Company, across-the-counter transactions and interest and fees paid to a Nigerian bank by way of direct…
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Global oil prices up by $1 over Iran attacks on Israel
Oil prices surged by more than a dollar in early trading today amid growing concerns that escalating tensions in the Middle East could disrupt crude production, following Iran’s most significant military strike against Israel. Brent futures rose by $1, or 1.36per cent, to $74.56 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $1.07, or 1.53per cent, to…
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Kogi to train 250 youths in CNG conversion, solar system installation
The Governor of Kogi State, Mr Usman Ododo has announced the establishment of the Ododo Youth Empowerment and Skill Acquisition Programme as part of his youth empowerment initiatives. He announced this on Tuesday in his statewide broadcast to mark the country’s 64th Independence Day Anniversary. Under this new initiative, 250 youths selected from across the 21 local government councils of…
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Our economic reforms attracted over $30bn FDIs- Tinubu
KUNLE SANNI President Bola Tinubu has announced that his administration’s economic reforms have attracted more than $30 billion in foreign direct investments over the past year. The president made this revelation during his Independence Day address on Tuesday. Tinubu also underscored his administration’s success of key fiscal and economic policies aimed at stabilizing and growing Nigeria’s economy. Speaking further, he…
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We’ve invested over $25bn in oil, other sectors in Nigeria, says Dangote
The founder and president/chief executive of the Dangote Group, Aliko Dangote has disclosed that his business conglomerates have invested over $25 billion in sectors such as oil and gas, cement, and sugar in the last seven years in Nigeria. Dangote made this statement while speaking on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in…
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World Bank okays $1.57bn support fund for Nigeria
The World Bank has approved three operations for a total of $1.57bn to support the Federal Government in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change, such as floods and droughts through improving dam safety and irrigation. The new financing includes $500m for addressing governance issues that constrain…
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NDIC, others support banks, Fintech collaboration towards Nigeria’s $1trn economy
For Nigeria to achieve the $1trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC), among other stakeholders, have emphasized on the need for banks and Fintech companies to collaborate and drive the real sector growth. Delivering a keynote address at the 2024 annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos over the…
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Unpaid royalties, taxes: Oil, gas companies owe FG N8.89trn, says NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that outstanding revenues due to the Federal Government in the oil and gas industry rose to N8.89trillion as of June 2024. The breakdown showed a $6.071 billion or N8.82trillion ( At N1470.191 per dollar as of June 2024) and N66.4 billion, respectively the oil and gas industry owed the FG. NEITI…
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84% of working-class Nigerians are self-employed, says NBS
The National Bureau of Statistics (NBS) has disclosed that 84per cent of Nigeria’s working-class population is self-employed in the first quarter of 2024, reflecting a decrease from the 87.3per cent recorded in Q3 2023. This is according to the Nigeria Labour Force Survey (NLFS) Q1 2024 report by the NBS. The report indicates a decline of 3.3percentage points in the…
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