Category: Economy
Naira Depreciates to N1,502/$ in Parallel Market Amid Slight Gain in Official Market
The Nigerian Naira experienced a slight depreciation in the parallel market yesterday, trading at N1,502 per dollar compared to N1,500 per dollar on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira showed a marginal appreciation, closing at N1,501.5 per dollar, according to data released by the Central Bank of Nigeria (CBN). The…
Kogi State Secures Major Chinese Investment for Free Trade Zone, Set to Boost Industrial Growth
The Kogi State government has announced a landmark partnership with the People’s Republic of China for the establishment of the Kogi Hunan Special Economic Zone, a Free Trade Zone poised to transform the state into a hub of industrial and economic activity. The agreement was formalized during a high-level meeting between Kogi State Governor Ahmed…
Nigeria’s GDP Grows by 3.84% in Q4 2024, Driven by Strong Services Sector Performance
Nigeria’s economy maintained its upward trajectory in the final quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.84% year-on-year in real terms, according to the latest data released by the National Bureau of Statistics (NBS). This growth rate marks an improvement from the 3.46% recorded in the same period in 2023 and…
NNPC Ltd Leads Africa’s Gas Infrastructure Expansion at NIES 2025, Highlights Tinubu’s Reforms as Key Driver for Investment
The Group Chief Executive Officer of NNPC Ltd, Mele Kyari, has declared that Africa is poised to become the next frontier for global energy investment, with Nigeria at the forefront of this transformation. Speaking at the opening ceremony of the 2025 Nigeria International Energy Summit (NIES) in Abuja, Kyari emphasized Nigeria’s pivotal role as Africa’s…
NNPC, Stena Bulk, and Caverton Launch Joint Venture to Transform Africa’s Energy and Maritime Sectors
In a landmark move set to revolutionize Nigeria’s maritime and energy sectors, the Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have announced the formation of a new joint venture. The partnership, formalized in London last week, aims to establish a world-class tanker operation to serve Nigeria and West Africa’s crude…
President Tinubu Flags Off Lagos-Ibadan-Sagamu Expressway Reconstruction
On Saturday, the 22nd of February 2025, President Bola Ahmed Tinubu officially flagged off the reconstruction of section one of the Lagos-Ibadan and Lagos-Sagamu Expressways. During the Flag-off ceremony which took place in Sagamu, Ogun state, President Tinubu stated that the reconstruction and expansion project would include features such as underpasses and pedestrian bridges at…
Anambra 2025: Prof. Obiora Okonkwo Declares Governorship Bid Under APC
United Nigeria Airlines Chairman Vows to Unseat Soludo in November Election Prominent businessman and Chairman of United Nigeria Airlines, Prof. Obiora Okonkwo, has officially declared his intention to contest the Anambra State Governorship Election scheduled for November 8, 2025. Okonkwo, who is running under the All Progressives Congress (APC), made the announcement at the inauguration…
Mission 300 Africa Energy Summit: Advancing Universal Energy Access by 2030
The Mission 300 Africa Energy Summit, held in Dar es Salaam, Tanzania, on January 27-28, 2025, convened African leaders, development partners, and private sector stakeholders to advance the ambitious goal of providing electricity access to 300 million people by 2030. This initiative, launched by the World Bank and the African Development Bank (AfDB), aims to…
President Tinubu Appoints Abba Abubakar Aliyu as Managing Director of Rural Electrification Agency
President Bola Ahmed Tinubu has appointed Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA), effective January 23, 2025. Aliyu has been serving as the acting Managing Director of the REA since March 2024. Prior to this role, he was the Head of the Nigeria Electrification Project (NEP) at the…
EFCC Acknowledges Auction Irregularities, Pledges to Address Complaints
The Economic and Financial Crimes Commission (EFCC) has acknowledged technical issues during its recent online auction of forfeited vehicles and has committed to reviewing public complaints to ensure transparency and fairness in the process. Participants reported several challenges, including difficulties accessing auctioneers’ websites, being locked out after submitting bids, and concerns over unusually high bid…