BUSINESS
Find Out Why Our Refineries Are Not Working, Joe Igbokwe Tells Tinubu
Joe Igbokwe, a leader of the All Progressives Congress (APC), has requested President Bola Tinubu to investigate why Nigeria’s refineries are not operating. Igbokwe questioned what had become of Nigeria’s four dormant refineries. He was responding to a comment made by Nigerian Finance Minister Wale Edun, who stated that the country spends $600 million each month on petroleum imports. Edun stated that...
El-Gato Delegation Participates in 2024 SPE-NAICE Conference in Lagos
El-Gato Global Limited, a leading player in the oil and gas industry, is currently participating in the 2024 Society of Petroleum Engineers (SPE) National Annual International Conference and Exhibition (NAICE) taking place in Lagos State. Led by its Chief Executive Officer/Managing Director, Engr. Ekpen O. Kenneth, the company's delegation includes Engr. David Salami, General Manager; Engr. Ekata Samson, Confidential Secretary/Logistics...
Nigeria Spending $600m Monthly On Fuel Importation
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the country currently spends $600 million monthly on fuel imports. He attributed the high cost to neighboring countries, extending to Central Africa, benefiting from the nation’s fuel imports. Edun shared this information during an interview on AIT’s Moneyline program, which was posted on its YouTube channel...
Be Patient With Tinubu’s Govt, Innoson Vehicle CEO Urges Nigerians
The Chief Executive Officer of Innoson Vehicle Manufacturing (IVM), Chief Innocent Chukwuma, has urged fellow Nigerians to be patient with President Bola Ahmed Tinubu’s administration. He expressed confidence that the country would witness positive changes soon. The IVM boss described the Federal Government’s CNG policy as the “best idea for transportation” in Nigeria, citing numerous benefits for the citizens. Chukwuma said this...
How To Use Business Development Tools To Enhance Your Small Business
It is no secret that using business development tools can make the process of streamlining your business operations smoother and enhance your productivity. Using such tools can give you important insights into the market and how to stay relevant and grow as a small business. We will discuss some steps that will show you how to develop your small...
Nigeria’s Inflation Drops For First Time Since 2022
Nigeria’s inflation fell to 33.40 percent in July 2024 from 34.19 percent in June on a year-on-year basis. This is the first time the country’s inflation has cooled down since December 2022 when it stood at 21.34 percent. The National Bureau of Statistics disclosed this in its latest Consumer Price Index and Inflation for July released on Thursday. This represents a 0.79...
Nigeria, Equatorial Guinea Sign Gas Pipeline Deal
Nigeria and the neighbouring Equatorial Guinea have sealed a deal on the Gulf of Guinea Pipeline Project, further affirming the partnership for mutual development, Nigeria's presidency announced on Thursday. Nigerian leader, Bola Tinubu and his Equatorial Guinean counterpart, Teodoro Mbasogo signed the agreement on Wednesday evening in Malabo, spokesman of Tinubu, Mr. Ajuri Ngelale said in a statement on Thursday. The...
US Court Authorizes Chinese Firm To Seize Nigerian Properties Over $70 Million Debt
An appeal court in the United States (US) has authorised Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese firm, to final charging orders over two residential properties owned by Nigeria. This comes as the Chinese firm seeks to enforce a $70 million arbitration award against the Nigerian government. The majority ruling, in a verdict delivered on August 9, affirmed the judgment...
FG Considers $500m Loan From World Bank To Boost Education, Health Care
The Federal Government is targeting a $500m loan from the World Bank to tackle inadequate human resource issues in the country’s education and healthcare systems. The proposed loan, part of the Nigeria Human Capital Opportunities for Prosperity and Equity Governance Programme, is intended to tackle long-standing staffing gaps and enhance the performance management of basic education teachers and primary healthcare...
NERC Grants Permit To MTN, Others To Generate Electricity
The Nigerian Electricity Regulatory Commission has issued permits to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and others for mini-grid electricity generation. The NERC said it issued nine new off-grid generation licences in the first quarter of 2024 with a gross capacity of 109.69 megawatts and three new trading licences. According to a report by the commission, Golden...
