Economy
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President Tinubu launches agricultural empowerment programme in Yobe
…Restates firm resolve to create jobs, diversify Nigeria’s economy By Kunle Sanni As part of efforts to ensure food security and stimulate economic growth across Nigeria, President Bola Ahmed Tinubu on Saturday launched the Yobe State Agricultural Empowerment Programme in Damaturu, the state capital. The initiative, which includes the provision of agricultural machinery and implements, is part of a broader…
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At $35.93bn, Nigeria’s foreign reserves hit record high since 2023
The Central Bank of Nigeria (CBN) has disclosed that Nigeria foreign reserves reached record high of $35.93 billion as of June 18, 2024. Foreign reserves, also known as foreign exchange reserves, are assets held by a country’s central bank in foreign currencies. These reserves are used to back liabilities and influence monetary policy. For Nigeria, the CBN manages the country’s…
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Average price of petrol grew significantly in Ekiti, Ondo states
A latest report by National Bureau of Statistics (NBS) has revealed that Ekiti and Ondo states led other South West states in average price of Premium Motor Spirit (PMS) or petrol as of June 2024. NBS in iits “PMS or (Petrol) Price Watch” for the month of June 2024, disclosed that average price of PMS in Ekiti stood at N747.22…
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FG fines Facebook, WhatsApp $220m for violating consumer, data laws
The Federal Competition and Consumer Protection Commission (FCCPC) has imposed a $220 million penalty against Meta Platforms Incorporated over alleged discriminatory practices against Nigerian data and consumers. The penalty is contained in a signed statement by the Acting Chief Executive Officer, FCCPC, Dr. Adamu Abdullahi on Friday. The action followed a joint investigation conducted by the Commission and the Nigeria…
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Customs hands over 59 sacks of seized donkey meat to NESREA in Akure
The Ondo/Ekiti Area Command of the Nigeria Customs Service, has handed over 59 sacks of dried donkey meat and skin, weighing a total of 936.5 kg, to the National Environmental Standard and Regulation Enforcement Agency (NESREA), in Akure, Ondo State. A statement issued by the Public Relations Officer of the Command, Deputy Superintendent of Customs, Aondoakura Dzungwenen, on behalf of…
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Nigeria advances $100 million Mangrove Regeneration Project
By Kunle Sanni Special Presidential Envoy on Climate Action, Ajuri Ngelale, led a significant virtual discussion on Tuesday with Michael Uwemedimo, the head of the $100 million Global Environment Facility (GEF) project. This initiative, conducted in collaboration with the United Nations Development Programme (UNDP), seeks to revitalize mangrove forests in the Niger Delta and counteract carbon emissions. The conversation between…
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IOCs frustrating crude supply, Dangote refinery insists
The Management of Dangote Industries Limited has insisted that the international oil companies are still frustrating crude supply to its 650,000-capacity refinery. The management said this even as it commended the Nigerian Upstream Petroleum Regulatory Commission for its various interventions in the oil company’s crude supply requests from IOCs, and for publishing the Domestic Crude Supply Obligation guidelines to enshrine…
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FG mulls temporary suspension of sugar-sweetened beverage tax
The minister of finance and coordinating minister of the economy, Wale Edun said the Federal Government is considering a temporary suspension of the sugar tax. He spoke on Wednesday when the National Action on Sugar Reduction (NASR), a coalition of non-governmental organisations, visited him in Abuja. On January 5, 2022, the FG introduced an excise duty of N10/litre on all…
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Nigeria attracts over $2 Billion in renewable energy investment, says Tinubu
By Kunle Sanni The Nigerian government announced on Wednesday that the country has attracted over $2 billion in investments in the renewable energy sector. President Bola Tinubu, represented by Vice President Kashim Shettima, disclosed this at the opening ceremony of the 3rd edition of the Africa Natural Resource and Energy Investment Summit (AFNIS) in Abuja. “Over the past decade, Nigeria…
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Nigeria calls on diaspora to aid in combating food crisis
…As ECN chief advocates for investment, knowledge sharing to tackle crisis In a bid to address the escalating global food crisis, Dr. Mustapha Abdullahi, the Director-General and CEO of the Energy Commission of Nigeria (ECN), has called on Nigerians living abroad to leverage their expertise to help mitigate the impact of skyrocketing food prices. Speaking at a Northern Powerhouse Stakeholders’…
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