Category: Economy
Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment
In a significant move aimed at reviving Nigeria’s oil and gas industry and bolstering its contribution to the economy, Wale Edun, OFR, Minister of Finance and Coordinating Minister of the Economy, presided over a signing ceremony endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector. The ceremony took…
Over 1,500 Benefit from Ogun State Free Surgery Programme as Government Rolls Out Welfare Initiatives
The Ogun State Government has announced that over 1,500 individuals have benefited from the ongoing Free Surgery Intervention Programme as part of its commitment to providing accessible healthcare services to residents. The disclosure was made during the flag-off of the sale of discounted rice to civil servants at the State Secretariat, Oke-Mosan, Abeokuta, underscoring the…
Northwest Governors Forge Partnerships at Nigerian Embassy in Washington, United States
A delegation of Northwest Governors, led by Katsina State Governor Malam Dikko Umaru Radda, recently convened at the Nigerian Embassy in Washington, United States, alongside governors from Niger, Plateau, and Benue States in the North Central region. The meeting, hosted by Acting Ambassador of Nigeria to the United States, Mrs. Uzoma Emenike, aimed to foster…
Nigeria Ranks Third in 2024 IMF Growth Forecast
As the global economy gradually rebounds from the aftermath of the COVID-19 pandemic, Nigeria emerges as a frontrunner in economic growth, according to the 2024 International Monetary Fund (IMF) growth forecast. The forecast reveals that only India and China surpass Nigeria in projected economic growth rates for 2024, positioning the country as a key player…
Nigeria Poised to Become Global Economic Powerhouse Under President Tinubu – VP Shettima
In a resounding endorsement of Nigeria’s economic potential, Vice President Kashim Shettima has expressed confidence that Nigeria will emerge as a major global economic force under the leadership of President Bola Ahmed Tinubu. Speaking from his office at the Presidential Villa, Vice President Shettima conveyed his optimism during a meeting with a delegation from the…
Nigeria Implements New Regulations to Boost Domestic Refining Capacity In a bid to enhance its domestic refining capacity and reduce dependence on imported refined products, Nigeria has introduced new regulations mandating local oil producers to prioritize supplying crude oil to domestic refineries. The regulations, initiated by the Nigerian Upstream Regulatory Commission, require all oil companies…
Federal Government Increases Spending on Fuel Subsidy, Says El-Rufai
In a recent statement, Governor Nasir El-Rufai of Kaduna State highlighted the Federal Government’s increased expenditure on fuel subsidy, pointing out that many Nigerians are unaware of the current situation. Addressing journalists in Maiduguri, the capital of Borno State, El-Rufai emphasized the necessity of fuel subsidy despite previous attempts to remove it. “Fuel subsidy is…
EFCC to Prosecute More Celebrities for Naira Abuse, Following Bobrisky’s Case
In the wake of ongoing investigations into Naira abuse, the Economic and Financial Crimes Commission (EFCC) has announced its intent to prosecute additional celebrities for misusing Nigerian currency. Citing rising public awareness regarding the sanctity of the national currency, the EFCC emphasized the need for collaborative efforts to combat financial crimes. Notably, the Commission has…
Dangote Predicts Decreasing Fuel Prices from Refinery to Aid in Inflation Reduction
In a recent statement, Alhaji Aliko Dangote, Chairman of the Dangote Group, highlighted the potential impact of decreasing fuel prices sourced from the Dangote Petroleum Refinery on Nigeria’s inflation rate. He emphasized that once the refinery becomes fully operational and begins offering diesel at significantly reduced prices, it will play a crucial role in alleviating…
CBN Announces Additional Staff Layoffs, Sources Reveal
In a recent development at the Central Bank of Nigeria (CBN), sources report that more than 50 staff members were terminated from various departments on Monday, April 8, 2024. This latest wave of layoffs targeted employees in the Department of Development Finance, Procurement and Support Services, and the Medical Services Department. According to insider information,…