Category: Business
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G-20 Summit: OPS urges Tinubu to attract international investors.
The Organised Private Sector of Nigeria (OPS) has urged President Bola Ahmed Tinubu to capitalize on the G-20 Summit in India by promoting foreign investment opportunities in Nigeria. As global leaders gather to address pressing challenges, the OPS believes that the president should showcase Nigeria’s investment potential. Segun Ajayi-Kadir, the Director-General of the Manufacturers Association…
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“Legal Battle Over Tanzania-Dubai Port Deal Takes a Turn as Tanzania Withdraws Proposed Rule Changes”
By Milcah Tanimu The legal battle surrounding the Tanzania-Dubai port deal has experienced a significant shift as the Tanzanian government has decided to abandon proposed rule changes that were meant to benefit the contentious agreement with DP World. Attorney General Eliezer Feleshi announced on Tuesday that the government had withdrawn proposed modifications to two laws…
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Fuel Prices Could Drop to N200 per Litre with Operational Local Refineries, Says IPMAN
By Milcah Tanimu Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) for Rivers State Chapter, has asserted that the price of Premium Motor Spirit (PMS), commonly known as petrol, could decrease to N200 per litre if the country’s refineries are effectively repaired and brought into operation. Obele made this statement…
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88.2% of labor workers don’t have salaried positions, according to a report.
In the first quarter of 2023, only 11.8% of Nigerians of working age had salaried jobs, according to data from the National Bureau of Statistics (NBS). This signifies a decline from 13.4% in the last quarter of 2022. The definition of wage employment encompasses any paid position, regardless of its formality. The report from the…
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CBN challenges JP Morgan’s $3.7 billion valuation of Nigeria’s foreign reserves.
The Central Bank of Nigeria (CBN) has taken issue with JP Morgan’s recent valuation of Nigeria’s foreign reserves. JP Morgan claimed a drop from $14 billion in 2021 to $3.7 billion by 2022’s end. Hassan Mahmud, CBN’s Director of Monetary Policy Department, addressed these allegations on Money Line Africa Independent Television. Here are the main…
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JP Morgan Forecasts: Nigerian Government Could Earn $17bn from Oil Assets Sale
The Federal Government might generate up to $17 billion by reducing its shares in many joint-venture oil and gas assets, according to a projection by the US-based bank, JP Morgan. This estimate emerges as the Nigerian government strategizes to amplify its foreign exchange revenues and fortify its external reserves, aiming to alleviate forex strain. In…
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Currency circulation decreases for the first time in five months.
The country’s currency in circulation saw a decline from N2.6tn at the end of June 2023 to N2.59tn by July 2023’s conclusion. This marked the first decrease since February 2023, with a one-month drop of N7.51bn, as per data from the Central Bank of Nigeria (CBN). Currency in circulation refers to all legal tender outside…
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Misusing official hours for personal ventures is subject to penalty – CCB.
The Code of Conduct Bureau (CCB) has cautioned Federal Capital Territory Administration employees to follow the public service code of conduct, emphasizing the importance of asset declaration. Non-compliance can lead to penalties. Suleiman Usman, the State Director of FCT CCB, informed many civil servants on Thursday in Abuja that conducting personal business during work hours…
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CBN launches portal for verifying FX prices.
The Central Bank of Nigeria has launched a new system for verifying foreign exchange prices, primarily for importers seeking forex access. The top-tier bank, in a statement from its Trade and Exchange Department, mentioned that starting from August 31, 2023, a verification report from this system will be essential for all Form M applications. According…
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FG set to divest shares in NNPC and 19 other enterprises.
The Federal Government contemplates selling shares in approximately 20 state-run firms to bolster funds and enhance company governance, as stated in a Bloomberg article. The list includes the Nigerian National Petroleum Corporation (NNPC). Armstrong Takang, CEO at the Ministry of Finance Incorporated, conveyed the government’s inclination towards strategic sales and IPOs, with a projected timeline…