Category: Economy
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…
House of Representatives Calls for Suspension of NMDPRA Chief Executive Amid Investigation
Abuja, Nigeria – In a decisive move, the House of Representatives has called for the suspension of the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) pending a thorough investigation into allegations against the Authority. The decision came after Honorable Esosa Iyawe raised a motion of urgent public importance regarding the need…
Minister of State Petroleum Resources Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership
Abuja, Nigeria – Distinguished Senator Heineken Lokpobiri, the Honourable Minister of State Petroleum Resources [Oil], hosted a high-level meeting with key stakeholders to address and resolve ongoing issues surrounding the Dangote Refinery. Attending the meeting were prominent figures in Nigeria’s oil and gas sector: The stakeholders expressed their gratitude to the Honourable Minister for his…
Agriculture Minister Predicts Significant Decrease in Food Prices Within 6 Months
Abuja, Nigeria – The Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced on Wednesday that the Federal Government expects a substantial decrease in food prices over the next 180 days. This forecast follows the unveiling of several strategic measures aimed at addressing the high food prices currently affecting the nation. Among the initiatives,…
CBN Expected to Ease Interest Rate Hikes Soon, Says Cardoso
Lagos, Nigeria – The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, announced that the bank will soon implement measures to ease the upward trajectory of the benchmark interest rate. The announcement was made on Saturday during the unveiling of the book ‘The Power of One Man: How Soludo’s Consolidation Revolutionized Nigerian…