Category: Economy
Nigeria Takes Major Step Toward Energy Self-Sufficiency: Diesel and PMS Now Manufactured Locally
In a historic move, Nigeria has successfully commenced the local production and sale of Diesel and Premium Motor Spirit (PMS) for the first time in years, marking a significant milestone in the nation’s journey toward energy self-sufficiency. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Chairman of the…
Nigeria Takes Major Step Towards Energy Self-Sufficiency: Crude Purchase and Product Sales in Naira Commence
Abuja, Nigeria – September 13, 2024 In a landmark development aimed at reducing pressure on the naira, eliminating transaction costs, and enhancing the availability of petroleum products, the Federal Government has officially launched the sale of crude oil to local refineries and the corresponding purchase of petroleum products in naira. The Honourable Minister of Finance…
Federal Government Inaugurates Committee to Review Salary Adjustments Following New Minimum Wage
In a move aimed at implementing the recently enacted National Minimum Wage Act, the Federal Government has inaugurated a 16-member committee tasked with reviewing and negotiating salary adjustments in line with the newly established minimum wage of ₦70,000. The inauguration took place on Thursday, signaling the government’s commitment to ensuring fair wage increases across various…
Dangote Refinery Agrees to Sell Crude and Buy Fuel in Naira Amid Potential Losses
In a bold move aimed at supporting Nigeria’s economy, Aliko Dangote, Africa’s richest man and owner of the Dangote Refinery, has agreed to the federal government’s proposal to sell crude oil in naira and buy fuel in the local currency, despite the likelihood of incurring significant financial losses. The Vice President of Dangote Group, Edwin…
IPMAN: Fuel Pricing to Be Driven by Competition Between NNPC and Dangote Refinery
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that the price of petrol will determine whether its members purchase from the Nigerian National Petroleum Company (NNPC) or Dangote Refinery. According to Ukadike Chinedu, the National Publicity Secretary of IPMAN, marketers will seek the most cost-effective source as competition between local suppliers sets in….
“We Must Take Hard Decisions to Pave the Way for a Better Future” – President Tinubu Hails ‘Very Successful’ China Visit
Beijing, China — President Bola Tinubu has described his official visit to China as “very good and successful,” emphasizing the strong strides made in strengthening cooperation in infrastructure, trade, finance, energy, green economy, and mining. Speaking to members of the Nigerians in Diaspora Organization (NIDO) and the Nigerian community in China on Friday at the…
NNPC Clarifies PMS Price Fluctuations Amid Forex Challenges
Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that the recent fluctuations in the price of Premium Motor Spirit (PMS), commonly known as petrol, are primarily due to foreign exchange (forex) illiquidity, as well as the influence of free market forces, in line with provisions of the Petroleum Industry Act…
FCCPC Issues One-Month Deadline for Traders to Reduce Prices Nationwide
Abuja, August 29, 2024 — The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month deadline for traders and market participants across Nigeria to reduce the prices of goods, following concerns about exploitative pricing practices. The announcement was made by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during…
Nigeria’s GDP Grows by 3.19% in Q2 2024, Driven by Services Sector
Abuja, August 27, 2024 — Nigeria’s Gross Domestic Product (GDP) recorded a notable year-on-year growth of 3.19% in real terms for the second quarter of 2024, reflecting an uptick in the nation’s economic performance. This growth surpasses the 2.51% growth rate recorded in the corresponding quarter of 2023 and also marks an improvement from the…
Minister of Agriculture Responds to Devastating Floods and Drought Affecting Farming Communities
August 27, 2024 The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has expressed deep concern over the recent floods that have ravaged farming communities across Nigeria, as well as the drought that has further strained the agricultural sector. Despite these challenges, the Minister assured the nation that food security targets will still be…