Category: Business

  • Nigeria Earns N23bn from Electricity Exports, Local Consumers Frustrated by Outages

    Nigeria Earns N23bn from Electricity Exports, Local Consumers Frustrated by Outages

    Consumers Upset as Nigeria Exports N23.13bn Worth of Electricity while Dealing with Widespread Outages Power consumers expressed their dissatisfaction on Wednesday with the export of approximately N23.13 billion worth of electricity from Nigeria to neighboring countries in 2022, despite the prevalent darkness experienced in many Nigerian communities. The Nigerian Electricity Regulatory Commission (NERC) provided the…

  • Central Bank of Nigeria to Intervene as Point of Sale Operators Implement Rate Hike

    Central Bank of Nigeria to Intervene as Point of Sale Operators Implement Rate Hike

      The Central Bank of Nigeria (CBN) has expressed its intention to intervene in resolving the ongoing issues surrounding the new charges introduced by Point of Sale (PoS) operators in the country. Following the recent increases in PoS charges in Lagos, Ogun, and Edo states, PoS agents have been engaging with stakeholders nationwide to discuss…

  • Ensuring the Resilience of Nigeria’s Fragile Reforms: A Necessity

    Ensuring the Resilience of Nigeria’s Fragile Reforms: A Necessity

    The fragility of reforms, particularly those that are contentious, requires careful attention and protection to ensure their successful implementation and desired outcomes. Reforms often come with challenges and may not immediately yield the anticipated benefits. When faced with the persistent difficulties of change, the vision of a brighter future alone may not be enough to…

  • Institution advocates for increased adoption of liquefied gas

    Institution advocates for increased adoption of liquefied gas

    The Lagos Chapter of the Nigerian Institution of Mechanical Engineers is actively promoting the adoption of liquefied gas as a means to create a more sustainable environment in Nigeria. During a recent business luncheon with a focus on refilling plants, industry experts highlighted the advantages of using liquefied gas, particularly in the reduction of gas…

  • Economists call for tax incentives and import duty reduction in Nigeria

    Economists call for tax incentives and import duty reduction in Nigeria

    The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government to take immediate action by introducing tax incentives for low-income employees and small businesses, as well as reducing import duties on specific products. These measures are seen as crucial in mitigating the impact of recent reforms and alleviating the inflationary…

  • Bloomberg Challenges Forbes: Dangote Rated Africa’s Richest Man, Elon Musk Maintains World’s Top Position

    Bloomberg Challenges Forbes: Dangote Rated Africa’s Richest Man, Elon Musk Maintains World’s Top Position

    Aliko Dangote Retains Title as Africa’s Richest Man, Bloomberg Billionaires Index Confirms According to the Bloomberg Billionaires Index (BBI), Aliko Dangote, the President of Dangote Group, has been reaffirmed as the richest man in Africa, despite the fluctuations in the Nigerian currency against the US dollar. In the recent daily release of the top billionaire…

  • Nigeria’s intra-African trade drops 12% in Q1’23

    Nigeria’s intra-African trade drops 12% in Q1’23

    Nigeria’s intra-African trade has failed to meet expectations despite the introduction of the African Continental Free Trade Area (AfCFTA). In the first quarter of 2023 (Q1’23), the trade value experienced a significant decline of 11.95%, dropping to N842.6 billion from N956.93 billion in Q1’22. The AfCFTA aims to facilitate the free movement of goods and…

  • NNPCL and Shell provide complimentary eye care services in Bayelsa and Rivers states

    NNPCL and Shell provide complimentary eye care services in Bayelsa and Rivers states

    Shell Petroleum Development Company-operated joint venture, along with Nigerian National Petroleum Company Ltd, TotalEnergies, and NAOC, has launched the “Vision First Initiative” as part of their Corporate Social Responsibility. The initiative aims to provide free eye care services, including surgeries, in Bayelsa and Rivers states. The programme, which is an extension of SPDC’s Health-in-Motion medical…

  • Bayern Munich terminates contentious partnership with Qatar Airways

    Bayern Munich terminates contentious partnership with Qatar Airways

    Bayern Munich announces the conclusion of their contentious partnership with Qatar Airways Bayern Munich confirmed on Wednesday that they have chosen not to renew their sponsorship deal with Qatar Airways, which has been a subject of controversy due to human rights concerns in Qatar. The agreement, which lasted for five years, will come to an…

  • Central Bank of Nigeria (CBN) adjusts restrictions on contactless transactions

    Central Bank of Nigeria (CBN) adjusts restrictions on contactless transactions

    The Central Bank of Nigeria (CBN) has introduced new guidelines that set limits on contactless payments, as revealed in circulars issued on Tuesday. The guidelines, aimed at standardizing operations in the payments system and promoting innovation while maintaining financial system stability, require banks, financial institutions, and payments service providers to adhere strictly to the regulations.…