The Nigeria Customs Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority are teaming up to solve the issue of fuel that is supposed to be used locally but is diverted elsewhere. This partnership is a key part of Nigeria’s bigger strategy to improve energy security and boost fuel
By Kadiri Abdulrahman, News Agency of Nigeria (NAN) Monetary and fiscal policies are considered crucial for establishing a robust financial system; hence the need to align them, especially in Nigeria. Experts believe that when these two major macroeconomic levers work in harmony, they create a stable, predictable economic environment that
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN) has retained the country’s headline lending rate known as the Monetary Policy Rate (MPR) at 27 per cent. In a communiqué issued at the end of the 303rd meeting of the MPC on Tuesday, the CBN Governor, Yemi
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, says the Monetary Policy Department (MPD) of the apex bank has made valuable contributions to its landmark achievements over the years. Cardoso said this on Tuesday in Abuja at MPD 20th Anniversary Colloqium with the theme, Monetary Policy
Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, on Monday launched a N235 billion offer for subscription on the floor of the Nigerian Exchange Ltd. (NGX). The event took place during a Facts Behind the Offer presentation at the Exchange in Lagos. The initiative reinforced NGX’s role as a catalyst
Wale Edun, Nigeria’s Finance Minister, has urged banks and financial institutions to simplify the loan process for small and medium-sized businesses (SMEs). This initiative is part of a larger strategy to boost the country’s economy and generate more job opportunities. During an event in Lagos, where new members of the
The Dangote Petroleum Refinery has reportedly reduced the amount of crude oil it purchases this month. This decision was made due to the refinery facing some challenges that are affecting its production levels. As a result, it is struggling to provide enough fuel to meet local demand. Recent data shows
The Centre for the Promotion of Private Enterprise (CPPE) has called for urgent laws that protects rights of local investors and labour employers to foster sustainable economic growth and social stability. Dr Muda Yusuf, CPPE’s Director/Chief Executive Officer made the call in a policy statement on Sunday in Lagos. Yusuf
President Bola Tinubu is set to inaugurate the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8. This marks the first new crude oil export facility built in Nigeria in over fifty years. The terminal was constructed by Green Energy International Limited, which manages the
Nigeria’s gross external reserves have reached $42 billion, marking their highest level since September 2019, according to new data from the Central Bank of Nigeria (CBN). The significant increase is being attributed to a rise in hydrocarbon export revenues and a consistent inflow of foreign exchange. Data from the Central