The Public Accounts Committee of Nigeria’s House of Representatives announced on Sunday that it has successfully recovered N28.7 billion from two oil companies that owe money to the country’s Federation account. Akin Rotimi, the spokesperson for the Green Chamber, shared this information in a statement on Sunday. This recovery is part of the larger $1.7…
Nigeria’s external reserves have experienced a notable decline of approximately $1.19 billion over the past three weeks. This information comes from the Central Bank of Nigeria (CBN), which has released data on gross external reserves. As of January 31, 2025, the reserves stood at $39.723 billion, down from $40.877 billion at the end of December…
The Securities and Exchange Commission (SEC) has urged Capital Market Operators (CMOs) to renew their registrations by January 31, 2025. A circular from the commission outlines that the annual registration renewal period will run from January 1 to January 31, 2025. This initiative is designed to ensure that only qualified individuals operate within the Nigerian…
International lender, the World Bank, is expected to meet and approve a $500 million loan to Nigeria on Friday to boost rural access and agricultural marketing in the country. This is according to information received on Thursday from the Washington-based institution. World Bank a decision on the loan application is expected by the Nigerian Government…
The Statistician General of the Federation, Adeyemi Adeniran, has announced that Nigeria’s Gross Domestic Product (GDP) growth rate in real terms (constant prices) rose by 3.46% in the third quarter (Q3) of 2024 compared to the same period last year. In a statement released on Monday, Adeniran noted that this growth represents an increase of…
Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, has announced that the agency has successfully met its revenue generation target of N5.07 trillion for 2024. Adeniyi made this announcement during the Comptroller General of Customs’ Conference held in Abuja on Wednesday. As of November 12, 2024, the service has collected a total of…
Ngerian businesses faced a notable decline in October 2024, with the purchasing manager index (PMI) falling to 46.9, down from 49.8 in September. This information comes from the Stanbic IBTC Purchasing Managers’ Index (PMI) for October. The data highlights the challenges that many businesses in Nigeria are encountering due to escalating inflation, which reached 32.70…
ISSUES IN MY COUNTRY WITH LAI OMOTOLA. Topic: Five Reasons Why a Refinery May Never Work in Nigeria. Introduction A lot of independent businessmen and women secured licences and licences to refine crude oil in Nigeria. Motivation for this licence has always been the crude oil. Some even thought that once they secured licences, they…
On Tuesday, the Naira experienced a substantial decline against the dollar in both the official and parallel foreign exchange markets. According to FMDQ data, the Naira dropped to N1637.59 per dollar, down from N1580.46 on Monday. This marks a notable depreciation of N57.13 against the dollar, compared to the previous day’s exchange rate of N158.46….
Olabode Sowunmi, Chairman of the Energy Transition Study Group at the Nigerian Gas Association, has cautioned Nigerians against placing excessive expectations on the Dangote Refinery. He emphasized that the refinery is a business venture, not a non-governmental organization (NGO), and its primary goal is to generate profit. During an appearance on Arise Television on Wednesday,…
