Economy
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NUPRC summons investors to bid for 12 oil blocks, seven offshore assets
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has invited investors to bid for 12 oil blocks and seven deep offshore assets in the 2024 marginal bid round. The chief executive officer (CEO), NUPRC, Mr. Gbenga Komolafe spoke on Tuesday on the sidelines of the ongoing Offshore Technology Conference (OTC) in Houston, US. Komolafe said Nigeria has 37.5 billion barrels of…
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Oil block: FG cancels signature bonus to lure investors
In order to encourage new investments and increase oil production, the Federal Government announced yesterday the elimination of the need to pay a signature bonus when bidding for oil blocks. The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, shared this information while attending the 2024 Offshore Technology Conference (OTC) in Houston, Texas. He said: “Historically, no source of…
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Communication minister visits Finland, promises enhanced partnership in digitalisation infrastructure
Kunle Sanni Minister of Communications, Innovation and Digital Economy, Bosun Tijani has announced plans to strengthen partnership with the Finnish government by enhancing longstanding ties in EdTech, digitalisation, Innovation and connectivity infrastructure. The minister made this known in a post via his X account on Wednesday. According to the post, the minister had just completed a two day visit to…
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FG will partner builders to revive Ajaokuta, says Steel Minister
By Mosunmola Ayobami, Ilorin The Minister of Steel Development, Prince Shuaibu Abubakar has said the Nigerian government would partner both foreign and local builders to revive the moribund Ajaokuta Steel Company located in Kogi State. The Minster disclosed that funding is delaying the revival of the company, saying that it would gulp about $2 billion. Abubakar stated this in Ilorin…
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Reps vow legislative action to curb soaring cement prices
The House of Representatives has pledged to enact legislation aimed at curbing the skyrocketing prices of cement across Nigeria. Speaker of the House, Tajudeen Abass, made this declaration during a public hearing held on Tuesday in Abuja to investigate the persistent surge in cement costs in the country. Addressing attendees, Speaker Abass emphasized the significance of the public hearing in…
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Minister of Finance lauds World Bank impact on Nigeria’s economy
The Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has commended the World Bank’s crucial role in promoting socio-economic sustainability and enhancing Nigeria’s economic competitiveness. He commended the outgoing World Bank Country Director, Dr. Shubham Chaudhari for his significant contributions to Nigeria’s economic growth At an event held in Abuja, hosted by the Honourable Minister in…
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Ensure swift action on national minimum wage decision, NECA tells FG
By Innocent Raphael The Nigeria Employers’ Consultative Association (NECA) has issued a plea to the federal government, urging prompt action from the tripartite committee responsible for determining the national minimum wage. The association expressed deep concern over the prolonged delay, warning that it is fueling agitation and distrust among stakeholders. In a statement, NECA’s president, Adewale-Smatt Oyerinde, highlighted the urgency…
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Shell Nigeria Gas, OYSG seal deal to boost gas infrastructure
By Innocent Raphael Shell Nigeria Gas (SNG) and the Oyo State Government have sealed an agreement to develop a robust gas supply and distribution infrastructure across the state. The agreement, announced in a statement on Friday by Shell Nigeria’s Media Relations Manager, Abimbola Essien-Nelson, outlines SNG’s commitment to constructing and operating a gas distribution network spanning Oyo State for the…
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Minimum Wage Increase: Governors to review states’ fiscal capacity
By Innocent Raphael Governors under the umbrella of the Nigeria Governors’ Forum (NGF) have announced plans to reassess their fiscal capacities in order to implement an enhanced minimum wage for workers. The decision was made during a meeting chaired by AbdulRahman AbdulRazaq, the Governor of Kwara State. The governors, while praising Nigerian workers for their resilience amidst challenges, emphasized their…
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NLC insists States can pay N615,000 minimum wage
The Nigeria Labour Congress (NLC) has insisted the proposed N615,000 minimum wage is realistic, dismissing claims that some states cannot pay such an amount if approved. It would be recalled that the NLC proposed a N615,000 monthly salary for workers, a jump from the current N30,000. Although many believe it is unrealistic, the labour union believes many states can pay…
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