Economy
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CBN’s FX backlog clearance good news for Nigerian economy, says Rewane
The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismark Rewane, said the continued Naira appreciation, foreign exchange backlog clearance, and refinancing of existing bond obligations are good news for Nigeria’s economy. Rewane disclosed this on Thursday as a Channels Television’s Politics Today guest. According to him, Nigeria’s economy is moving in the right direction. He, however, stated that…
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Ministry of steel committed to delivering on mandate, says Minister
Kunle Sanni The Minister of Steel Development, Prince Shuaibu Audu has assured Nigerians of the Ministry’s commitment to deliver on President Bola Ahmed Tinubu’s key priority of growing the Gross Domestic Product (GDP) of the country for sustainable economic and infrastructural greatness through the Steel sector. The Minister gave this assurance while delivering his keynote address at the 2-Day Ministerial…
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N32bn meter fund held by a private company, Adelabu claims
By Innocent Raphael Minister of Power, Adebayo Adelabu, has revealed that a private company held onto N32 billion intended for the supply of three million prepaid meters since 2003. Special Adviser to the Minister on Strategic Communications and Media Relations, Bolaji Tunji, disclosed this in a statement on Wednesday, while addressing concerns over a controversial N40 billion meter contract awarded…
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FG in talks with ITU on digital infrastructure
The Federal Government and the International Telecommunication Union (ITU) have resumed discussion targeted at protecting submarine cables and other digital infrastructure. Minister of Communications and Digital Economy, Bosun Tijani, disclosed this on his X handle. ITU, which is headquartered in Geneva, is a specialised agency of the United Nations responsible for matters related to information and communication technology. The move…
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Minister charges mining professionals to groom new cadres
Minister of Solid Minerals Development, Dr. Dele Alake has charged mining professionals to groom younger cadres to sustain the development of the nation’s mining sector. Giving the keynote address at the annual conference of the Nigerian Mining and Geosciences Society (NMGS), Alake who was represented by the Director-General of the Mining Cadastral Office (MCO), Engr. Obadiah Nkom, hailed the professional…
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Afreximbank unveils FEDA posed to tackle Africa’s $110bn equity financing shortfall
The African Export – Import Bank (Afreximbank) has officially unveiled its Fund for Export Development in Africa (FEDA) office in Kigali, Rwanda. FEDA was established to tackle Africa’s $110 billion financing gap for intra-African trade, value-added export development, and industrialisation value chains, with Rwanda being the first among fifteen African nations to ratify its establishment agreement. The event was graced…
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NBS: 13% derivative fund to oil-producing states rise to N85bn
Funds earmarked to nine oil-producing states as the 13 per cent derivative from oil and gas revenue, rose to about N85bn in February 2024, according to data sourced from the National Bureau of Statistics (NBS). According to the Bureau, NBS the N85bn 13 per cent oil derivative in February increased from about N58bn shared in January 2024. Nigeria’s revenue-sharing formula…
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Against all odds, Nigerian companies continue to record big strides- IMPI
The Independent Media and Policy Initiative (IMPI) on tuesday asserted that some Nigerian companies were thriving against all economic odds, saying that companies have continued to record big strides. The body in a statement signed by its Chairman, Niyi Akinsiju, said that so much remain to be garnered from Nigeria’s abundant human capital and natural resources but that there must…
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Mobereola to resume work this week as NIMASA boss
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola will resume duty this week, Westernpost can authoritatively reveal. Westernpost investigation indicates that politics and high intrigue had preceded his appointment, and even after it was made public, people opposed to him persisted in their efforts. However, a reliable source told Westernpost he will receive the final…
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BREAKING: Voice, Data services affected by undersea cable cuts restored, says NCC
The Nigerian Communications Commission (NCC) has announced that voice and data services affected by undersea cable cuts have now been restored to approximately 90% of their peak utilisation capabilities. NCC, in a statement issued on Monday by its Director, Public Affairs, Reuben Muoka, said all operators who were impacted by the cuts have taken recovery capacity from submarine cables which…
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