The federal government has announced a $3.5 billion agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on X on Tuesday. Uzoka-Anite said the deal was signed with the international financial institution during 31st Afreximbank Annual Meeting in Nassau, The Bahamas. She stated that the agreement will help realize President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy. “I am pleased to report that a groundbreaking $3.5 billion MOU agreement between…
Author: Temitope N.
Five individuals, including three brothers from Fouani Nigeria Limited, a prominent electronics distributor, have regained their freedom four days after being abducted in Lagos last Friday. A ransom of $1.5 million was reportedly demanded by their abductors for the release of the Lebanese nationals. The spokesperson for the Lagos State Police Command, Benjamin Hundeyin, on Tuesday confirmed that a joint rescue operation by the Marine Police and the Nigerian Navy in the Orugbo Iddo area of Epe successfully secured the release of the abducted victims on Monday night. Among those freed were three Lebanese nationals: Abbas Fouani, Youssef Fouani, and…
Nigeria has been projected to lose 300 millionaires at home to another country in 2024, according to a report on migration by Henley & Partners. According to the report, approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the United Arab Emirates (UAE) and the USA topping the list of destinations by these millionaires from Nigeria and others. The report states that millionaire migration is a leading indicator of the overall health of a country and its economy. Henley & Partners is a British investment migration consultancy that runs the world’s leading government advisory practice…
The Senate President, Godswill Akpabio, has announced that more than 30,000 Nigerian students have been selected to benefit from the student loan scheme introduced by President Bola Tinubu. Akpabio said this in a statement on Tuesday during his visit to the Nigeria Institute of Legislative and Democratic Studies in Abuja. He said the Student Loan bill was one of the most significant pieces of legislation passed by the tenth Assembly of the country. He stated that the bill allows underprivileged children to pursue higher education without the burden of financial constraints. Accordingly, Akpabio said that was what made the legislature…
Hollywood action comedy “Bad Boys: Ride or Die,“ starring Will Smith, has grossed N167 million at the Nigerian box office in its first 11 days. The film, which premiered on June 7, 2024, is currently the top Hollywood movie in Nigeria, according to data from Film One Entertainment. Starring and produced by Will Smith, alongside Martin Lawrence, “Bad Boys: Ride or Die” made N68.94 million in its opening weekend (June 7-9, 2024), making it the most-watched movie in Nigerian cinemas during that period. Six days later, it surpassed the N100 million mark, grossing over N104 million. Directed by Adil & Bilall and written by…
The Manufacturers Association of Nigeria (MAN) has warned that the continued abductions of company executives could undermine confidence in the Nigerian economy. Mr. Segun Ajayi-Kadir, the Director-General of MAN, made this statement on Tuesday in Lagos. His remarks came following the successful rescue of the Managing Director of Fouani Group, Mohamed Fouani, and four others by the Lagos State Police Command. Ajayi-Kadir emphasized that the issue of insecurity poses a significant threat to the business community and the overall economic development of Nigeria. He praised the security agencies for the safe release of Mr. Fouani, noting that their efforts were…
President Biden of the United States (U.S.) has unveiled a major immigration initiative designed to offer legal status and a streamlined pathway to U.S. residency and citizenship for approximately half a million illegal immigrants married to American citizens. President Biden stated that these measures would take effect “later this summer.” This new policy will allow eligible immigrant spouses and children of U.S. citizens, who have resided in the country for at least a decade, to apply for lawful permanent residence without the current requirement of leaving the U.S. first—a process that could previously separate families for years. Previously, marrying a U.S. citizen…
The Federal Government has expressed concern over the impact of lower crude oil production volumes on its revenues, which is jeopardizing its ability to achieve the N19 trillion revenue projection in the 2024 budget. This was outlined in the Accelerated Stabilisation and Advancement Plan (ASAP), developed by the federal government’s Economic Management Team (EMT) Emergency Taskforce (EET), and presented by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. According to Minister Edun, the federal government’s retained revenue for January and February 2024 was approximately 60.0 percent of the budget, mainly due to lower crude oil production…
Investors showed strong interest in the one-year Open Market Operations (OMO) bills auction held on Wednesday, with yields climbing to an attractive 28.55 percent. The auction for the 357-day OMO bills was oversubscribed by N487.95 billion, which was more than three times the N150 billion offered. This auction marked the first OMO bill sale following the Monetary Policy Committee’s decision to increase interest rates by 150 basis points to 26.25 percent, resulting in real returns narrowing to a negative 2.3 percent. Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) had earlier outlined strategies to combat Nigeria’s high inflation…
Households in Nigeria are finally experiencing some relief as the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has dropped to N900 per kilogram (kg). This reduction marks a significant decrease from the previous price of N1,500 per kg, which had placed a heavy burden on many families’ budgets. Oladapo Olatunbosun, the president of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), highlighted the impact of the federal government’s decision to suspend LPG exports, which was announced on February 22, 2024, aimed at stabilizing the cost of cooking gas. During a meeting with Ekperikpe Ekpo, the…
Livestock Feeds Plc, a prominent manufacturer of animal feeds in Nigeria, has reported a remarkable surge in earnings, with its after-tax profit soaring by 774.4 percent in just one year, according to its latest financial statement. The company’s financial report reveals that its after-tax profit jumped to N181 million in the first quarter of this year from N20.7 million in the same period of 2023. A deeper analysis of the statement shows that Livestock Feeds recorded a significant increase in revenue from contracts with customers, climbing to N7.14 billion from N4.8 billion. This increase was primarily driven by robust sales…
Global energy investment this year is on track to exceed $3 trillion, with around $2 trillion directed towards “clean energy” financing, according to the International Energy Agency (IEA). This amount is double the investment being made in fossil fuels. The IEA defines clean energy to include renewables, electric vehicles, nuclear power, electricity grids, storage, heat pumps, and efficiency improvements. It also encompasses “low-emissions fuels” such as bioenergy, low-emissions hydrogen, and carbon capture, use, and storage (CCUS) associated with fossil fuels. The remainder of the energy investment, just over $1 trillion, is allocated to coal, gas, and oil. For the first…
It has been a week of red eyes. Everybody’s eyes are red in Nigeria at the moment. While the eyes of workers are red as a result of hunger and suffering, driving the agitation for an increased minimum wage, the Federal Government’s eyeballs are like red charcoal. The dingdong between the Organised Labour and the FG, which started as an ordinary push, entered into shove on Monday. Nothing has been settled, except that Abuja cried out, begging for two days to make use of its calculator in order to be well advised. Labour is anxiously waiting on the wings of…
The International Air Transport Association (IATA) has revealed that passenger demand has been on a consistent upward trajectory for 36 consecutive months. The IATA Passenger Survey highlights that 88% of respondents believe that “air travel makes my life better.” Willie Walsh, IATA’s Director General, commented on this positive sentiment: “As our members prepare for the IATA Annual General Meeting and World Air Transport Summit in Dubai next week, this strong endorsement of air connectivity’s ability to enhance lives and economies is significant. However, it underscores the critical need to achieve net-zero carbon emissions by 2050, ensuring that the benefits of…
Renowned Nigerian chess prodigy Tunde Onakoya is gearing up for an epic showdown against Deborah Quickpen in what is being dubbed as a ‘mother of chess battle’ scheduled for Tuesday, June 11, 2024. The much-anticipated chess match aims to advocate for education and unearth the latent potential of numerous children across Nigeria. Onakoya, holder of the Guinness World Record for the longest marathon chess game, in anticipation of the formidable challenge posed by 12-year-old women’s candidate master Deborah Quickpen, described the upcoming three-hour chess duel as his ‘hardest match yet.’ In a statement posted on his official X account on…
The presidency has refuted claims regarding documents suggesting ongoing N5.4 trillion fuel subsidy expenditures, emphasizing that the costly venture ceased on the day President Bola Tinubu declared its end. Bayo Onanuga, the special adviser to the president on Information and Strategy, clarified in a Thursday post on his X account that the viral documents were not approved by the federal government but were rather policy proposals under review. One of the leaked documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” and the other, a 65-page draft document labeled “Accelerated Stabilisation and Advancement Plan (ASAP),” containing…
The Nigerian naira maintained its stability on Thursday, exchanging at N1,495 against the dollar on the parallel market, also known as the black market. This steady rate represents a marginal change of 0.33 percent compared to the previous day’s exchange rate of N1,490. The data, sourced from online trading platforms and street traders, indicates a consistent performance in the currency market. Meanwhile, at Broad Street Lagos, the dollar was observed selling at N1,475. This attracted a considerable crowd around some banks, reflecting the ongoing demand for the greenback. Despite an increase of 1.45 percent in foreign currency reserves within a…
The Maritime Workers Union of Nigeria (MWUN) announced it will join the indefinite strike action declared by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Monday, June 3rd. The strike is in response to the Federal Government’s refusal to raise the proposed minimum wage from N60,000. Kennedy Ikemefuna, spokesman for MWUN, stated on Saturday that the strike would affect port operations nationwide. “The Maritime Workers Union of Nigeria has directed its members in all ports, jetties, terminals, oil and gas platforms to ensure total compliance with the strike as directed by the NLC and TUC,” Ikemefuna…
Nigeria’s oldest financial institution, First Bank, recently appointed a risk expert as Chief Executive Officer, highlighting its increased focus on controls. This comes after a staff member reportedly embezzled a staggering forty-four billion Naira over a two-year period. The immediate past Chief Executive Officer, Adesola Adeduntan, suddenly resigned in April with a brief letter sent from Washington during the annual World Bank/IMF meetings. “I have, however, decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” said Adeduntan, who joined the bank in 2014. First Bank has not explained the circumstances of Adeduntan’s departure. However,…
Flight delays and cancellations are expected on Monday, June 3rd, as aviation workers join the indefinite strike action declared by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). The strike is in response to the Federal Government’s refusal to raise the proposed minimum wage from N60,000. In a letter from the Association of Nigeria Aviation Professionals (ANAP), signed by Secretary General Abudul Rasaq Saidu, the association expressed solidarity with the complaints and hardships faced by the working class. “Despite the masses’ outcry, the federal government did not take the necessary steps to pay acceptable wages,” Saidu stated.…