Economy
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PHOTO: Canadian investors meet Bagudu, Edun to explore investment opportunities
The Minister of Finance, Mr Wale Edun and the Minister of Budget and Economic Planning, Senator Abubakar Bagudu on Tuesday, met with a delegation of Canadian investors as part of a visit to explore investment opportunities in Nigeria. The African Capital Alliance hosted the visit. It was led by its Chairman, Mr Okey Enelamah, a former Minister of Industry, Trade…
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NUPRC extends deadline for 2024 licencing bid registration by 10 days
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced an extension to the 2024 licensing bid round registration by 10 days. Commission Chief Executive Officer, Engr. Gbenga Komolafe, who shared this in Abuja on Tuesday, said the extension is to allow interested investors to take advantage of the expanded opportunities. Komolafe explained that in pursuit of the commission’s commitment to…
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JUST IN: Inflation rate increases to 33.95% in May 2024, says NBS
The National Bureau of Statistics (NBS) on Saturday disclosed that headline inflation rate in Nigeria increased to 33.95per cent in May 2024 relative to the April 2024 head line inflation rate which was 33.69per cent. According to NBS, the movement of inflation rate in May 2024 showed an increase of 0.26percentage points when compared to the April 2024 headline inflation…
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Wale Edun announces $2.25bn World Bank support for Tinubu’s economic reforms
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced on Thursday on Thursday approval of $2.25 billion financial support packages by the World Bank. The Director, Information and Public Relations, Mohammed Manga, in a statement stated that the financial support is part of President Bola Tinubu’s ongoing efforts to stabilize the economy, reposition it for…
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Nigeria’s crude oil production fell to 1.25mbpd in May, says OPEC
Nigeria’s average crude oil production in dropped to 1.25 million barrels daily in May from 1.28 million bpd recorded in April 2024. This represents a decline of 30 thousand bpd when compared to the 1.28 million bpd recorded in the previous month of April and the second lowest in 2024. This is according to the OPEC Monthly Oil Market (MOMR)…
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How to develop Nigeria’s economy – Prof. Olaopa
The Chairman, Federal Civil Service Commission (FCSC), Prof. Tunji Olaopa, on Tuesday outlined some measures to develop the nation’s economy. The renowned bureaucrat and professor of public administration spoke at the maiden international conference of the Faculty of Management Sciences, Federal University, Lokoja, Kogi State on the “Future of the Nigerian Economy”. In Olaopa’s lecture entitled “Achieving a Robust and…
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FG, States, LGCs share N1.14trn May 2024 revenue
A sum of N1.14 triillion May 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country. The revenue was shared at the June 2024 meeting of the Federation Accounts Allocation Committee (FAAC), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. A communiqué issued by the…
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Lagos Govt orders aditional 100 trucks from Dangote’s Trucks assembly Plant
…Gov, Senators hail Dangote on impactful facility Leadership of the Senate at the weekend unveiled the multi-million dollar world-class Dangote Sinotruk West Africa Ltd CKD Plant established by the business mogul, Aliko Dangote with a call on other eminent Nigerians to emulate him in using their wealth to benefit the nation. This is just as the excited Governor of Lagos…
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Edun meets Microsoft delegation, assures conducive business environment
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has assured of government’s dedication and commitment towards creating a conducive business environment that will enable multinational companies to expand their investments in the country with a view to contributing to the nation’s economic growth and development. He gave the assurance when he received and met with…
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IMF projects Nigeria’s economy to reach $1.85 trillion by 2029
By Innocent Raphael The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow to at least $1.85 trillion in purchasing power parity (PPP) terms by 2029. PPP is a metric used to compare the value of different currencies and their ability to buy the same goods and services, thereby assessing economic productivity and living standards across countries. According…
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