Economy
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Dangote Petroleum Refinery crashes diesel price to N1,000/ litre
Dangote Petroleum Refinery on Tuesday, announced a further reduction of the price of diesel from N1,200 to N1,000 per litre. While rolling out the products three weeks ago, the refinery supplied at N1,200 per litre, representing over 30 per cent reduction from the previous market price of about N1,600 per litre. The refinery stated that “this significant reduction in the…
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Nigeria’s economy moving in right direction, says Minister of finance
Minister of finance and coordinating minister of the economy, Wale Edun has said Nigeria’s economy is moving in the right direction as policies of the current administration are having positive impact. The minister spoke on Channels Television’s programme on Tuesday from Washington DC. Edun alongside other key ministers as well as Olayemi Cardoso, governor of the Central Bank of Nigeria…
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National Single Window Project to contribute 7% annually to GDP growth, says FIRS chairman
The Chair of Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji on Tuesday revealed that the recently launched National Single Window Project will have a significant impact on the Nigerian economy. Adedeji, who briefed journalists at the state house following the launch of the project by President Tinubu in Abuja, also mentioned that the project is expected to generate an…
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BREAKING: TCN restores national grid, says ‘fire disaster caused collapse’
The Transmission Company of Nigeria (TCN) has successfully restored the national grid after its sixth collapse in 2024. The company disclosed this in a statement issued on Monday afternoon by the General Manager, Public Affairs, Ndidi Mbah. Mbah said that the facility was successfully restored to its full capacity following a fire incident at the Afam Power Generating Station. The…
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Hike in food prices pushes Nigeria’s inflation rate to 33.20% in March
With the hike in food prices, Nigeria’s inflation rate has increased to 33.20 per cent in March 2024, up by 1.50per cent compared to the February 2024 rate of 31.70per cent. The latest Consumer Price Index (CPI) report by National Bureau of Statistics (NBS) on Monday stated that year-on-year comparison reveals a substantial increase in the headline inflation rate for…
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Nigeria’s electricity grid collapses sixth time in 2024
Nigeria’s electricity grid has collapsed again. This would be the sixth time the national grid will collapse in 2024. The grid was said to have collapsed around 2:42 am on Monday, with generation dropping to 64.70megawatt. Only one generation company, Ibom Power, was active according to data from the Independent System Operator (ISO), a branch of the Transmission Company of…
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FG targets $2.5bn investment, 25,000 jobs through gas initiative in 4 years
Kunle Sanni The Federal Government said it is targeting over 25,000 jobs and $2.5 billion worth of investment over the span of four years through the Presidential Compressed Natural Gas Initiative. The initiative is focused on promoting the use of compressed natural gas as an alternative fuel for vehicles, which is expected to reduce greenhouse gas emissions and improve the…
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Patronise local metre manufacturers to ease pressure on Naira, says Minister of Power
Minister of Power, Chief Adebayo Adelabu has said that patronising local metre manufacturers in Nigeria to ease the pressure on local currency, expressing satisfaction at what he saw at Protogy Global Services, a company that produces local metre. The Minister who recently visited his host, Chairman and Managing Director of Protogy Global Services, Ademola Agoro, in his metre manufacturing factory…
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Report unjust price hike on goods to authorities- FCCPC tells Nigerians
By Innocent Raphael The Federal Competition and Consumer Protection Commission (FCCPC) has emphasized its firm stance against businesses involved in price fixing, urging citizens to report instances of price fixing and related misconduct. In a statement released on its official X platform on Sunday, the FCCPC highlighted the adverse impact such practices have on consumers’ well-being and economic stability. Recognizing…
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Kristalina Georgieva to serve second term as IMF Managing Director
The Executive Board of the International Monetary Fund (IMF) on Friday selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024. The Board’s decision was taken by consensus. In line with the selection process it had established on March 13, 2024 (See Press Release No. 24/86), the Board held several discussions,…
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