Economy
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UPDATED: CBN dissolves boards, managements of Union, Keystone, Polaris banks
The Central Bank of Nigeria (CBN) on Wednesday said iit has dissolved the board and management of Union Bank of Nigeria, Keystone Bank, and Polaris Bank. The Acting Director, Corporate Communications, CBN, Mrs. Sidi Hakama in a statement said, the action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c),…
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Tinubu orders ITF to train 20 million local artisans for exportation across Nigeria
President Bola Ahmed Tinubu has instructed the Industrial Training Fund (ITF) to improve the skills of at least twenty million craftsmen over the course of the next five years in an effort to realign the economy. Speaking at ITF’s corporate offices in Abuja, the organisation Director General, Afiz Oluwatoyin, stated that the initiative’s goal was to make sure that domestic…
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Nigeria, Saudi Arabia pledge collaboration on mining sector development
Nigeria and the Kingdom of Saudi Arabia have resolved to strengthen collaboration between both countries to enhance the development of solid minerals as the world transitions from fossil fuels to cleaner energy. Meeting on the sidelines of the Future Minerals Forum (FMF) holding in Riyadh, Saudi Arabia, the Minister of Solid Minerals Development, Dr. Dele Alake and his Saudi Arabian…
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No price increase during Ramadan, sugar refineries commit to trade minister
In a commendable alignment with the Federal Government’s agenda for food security and economic stability, major sugar refineries across the nation have pledged to not increase sugar prices during the Ramadan. This decision resonates strongly with the objectives of President Bola Ahmed Tinubu’s 8-Point Agenda and was highlighted during the recent tour by Dr. Doris Uzoka-Anite, MD, CFA, the Honorable…
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We will tackle pressure on foreign exchange- FG
The Federal Government has said it is working round the clock in ensuring that the pressure on foreign exchange is tackled. Minister of Industry,Trade and Investment, Dr. Doris Uzoka-Anite stated this on Tuesday during the commissioning of two new factories and extension of the Tropical General Investment Group (TGI), at the Sagamu Inter-change, Ogun State. Uzoka-Anite said that the Federal…
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Abiodun seeks FG’s approval of FTZ for Remo Economic Zone
By Kolawole Olayinka, Abeokuta The governor of Ogun State, Prince Dapo Abiodun, has pleaded with the federal government to approve the operation of the Remo Economic Zone as a Free Trade Zone. Abiodun, who made the plea when he received the Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite and her team in his office at Oke-Mosan, Abeokuta,…
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Obi raises concerns over FG’s N7.3trn ways & means
The presidential candidate of the Labour Party (LP) in the last election, Mr. Peter Obi has raised concerns over the recently approved N7.3 trillion Ways and Means debt balance. Ways and Means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the government’s budget shortfalls; while securitisation is the practice of pooling…
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Global economy set for weakest half-decade performance in 30 years, says World Bank
As the world nears the midpoint of what was intended to be a transformative decade for development, the global economy is set to rack up a sorry record by the end of 2024—the slowest half-decade of Gross Domestic Product (GDP) growth in 30 years, according to the World Bank’s latest Global Economic Prospects report. By one measure, the global economy…
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EFCC invasion of Dangote, others sends negative signals to investors, says Kadri
The Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Kadri has stated that the way and manner the Economic and Financial Crimes Commission (EFCC) is carrying out its investigation on Dangote and other companies in the country sends a negative signal to investors. Last week, officials of the EFCC stormed the office of Dangote Group headquarters as part…
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Trade minister’s industry tour strengthens collaborations, unveils strategic initiatives for manufacturing sector
The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, has commenced a tour of prominent manufacturing companies such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, Golden Sugar Company, and the Coca Cola Hellenic Bottling Company (CHBN). The tour, spanning from Monday, January 8, 2024, to Thursday January 11, 2024, will showcase the…
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