Economy
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FG suspends import duties on essential food items
By Kunle Sanni The Federal Government, has announced the suspension of import duties on rice, flour, wheat, and other essential food items in an effort to reduce the high costs of food amidst widespread hunger in Nigeria. This disclosure was made by the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, on Tuesday. The NCS CG emphasized the government’s…
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NERC orders MO to invoke rules as Niger, others fail to remit $14.2m tariffs
The Nigerian Electricity Regulatory Commission (NERC) has ordered the electricity Market Operator (MO) in Nigeria’s power sector to activate the relevant market rules to ensure the payment of $14.2 million (about N21.3 billion) owed Nigeria by international customers in first quarter (Q1 2024). The countries involved include: Niger Republic, through its power generation and transmission utility, NIGELEC; Benin Republic through…
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Hundreds of Dollars laundered out of Nigeria hourly- Interpol
The International Police Organisation’s investigation has shown that every hour, hundreds of thousands of dollars are being laundered out of Nigeria across the world. This disclosure was made in Abuja on Monday by the Interpol Vice President for Africa, Garba Umar, while declaring open a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission…
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At N7,241.67, average price of refilling 5kg gas most expensive in South West
A report has revealed that the price of average cooking gas in South West increased to N7,41.67 in June 2024 from N7,593.93 in May 2024, to become the most expense across the region in Nigeria. This is 4.64 per cent Month-on-Month decline. The high price of cooking gas in Nigeria can be attributed to hike in global oil and gas…
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LAAC 28th annual conference: Stakeholders identify innovation, collaboration, key to sustain aviation sector
The 28th Annual Conference of the League of Airport and Aviation Correspondents (LAAC) commenced with a powerful call for strategic innovation and collaboration to ensure the future of Nigeria’s aviation sector is protected. Held in Lagos on Friday July 26, the conference themed: “Aviation Sustainability Amidst A Challenging Macro-Economic Environment”, drew industry leaders, stakeholders, and experts to discuss pressing issues…
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SERAP asks CBN to account for missing N100bn dirty notes
The Socio-Economic Rights and Accountability Project (SERAP) has asked the Central Bank of Nigeria (CBN) to account for “over N100 billion ‘dirty and bad notes’ and ‘other large sums of cash awaiting examination’ which are kept in various branches” of the apex bank. A statement issued on Sunday by Kolawole Oluwadare, the Deputy Director of SERAP, criticized the apex bank…
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Nigeria partners World Bank to unlock $300 billion in capital
By Kunle Sanni The Federal Ministry of Housing and Urban Development has unveiled plans to partner with the World Bank Group on a National Land Documentation and Titling Programme in Nigeria. During the “Nigerian Livable Cities” workshop, organized by the Ministry in collaboration with the World Bank, Minister Ahmed Dangiwa highlighted the initiative’s potential to transform land into a significant…
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FG, UN move to boost intra-African trade, sustainable growth at Africa Caucus 2024
The Deputy Secretary-General of the United Nations, Dr. Amina Mohammed on Friday met with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to discuss preparations for the forthcoming Africa Caucus 2024 with a view to boosting Intra-African Trade and Sustainable Growth. Director, Information and Public Relations, Federal Ministry of finance, Mohammed Manga in a…
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FG’s direct cash transfer programme benefits 600,000 households, says Finance Minister
By Kunle Sanni The Federal Government’s direct cash transfer programme has provided financial relief to over 600,000 households, according to Minister of Finance Wale Edun. Speaking at a half-year review ministerial press briefing in Abuja on Thursday, themed “Economic Recovery and Growth: Progress and Prospects 2024,” Edun emphasized the programme’s crucial role in aiding vulnerable families and supporting economic recovery…
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Repositioning the economy, what the numbers are saying
By Temitope Ajayi On Thursday in Abuja, Minister of Finance Mr. Wale Edun addressed a press conference, providing a mid-year report on the economy. The Minister outlined the measures President Tinubu’s administration has taken over the past year to address structural imbalances, working closely with fiscal and monetary authorities. The Minister, who will now hold quarterly media briefings on the…
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