The Petroleum Products Retail Outlets Owners Association of Nigeria says the Dangote Petroleum Refinery is inconsiderate for selling petrol at N990/litre, stressing that the company enjoyed massive concessions while accessing foreign exchange during its construction. PETROAN also insisted that imported petrol was cheaper than the N990/litre price of Dangote petrol. Major marketers recently revealed that…
In an address during the 30th Nigerian Economic Summit held in Abuja, the World Bank has called on Nigerians to support and sustain ongoing economic reforms for the next 10 to 15 years. Senior Vice President of the World Bank Group, Indermit Gill, highlighted that these reforms are essential for transforming Nigeria’s economy and positioning…
In a development for Nigeria’s economy, foreign capital inflows from BRICS countries have surged by 189% over the past six months. This remarkable increase reflects a growing interest in Nigeria as a viable investment destination, particularly amid the global economic shifts and the ongoing efforts to diversify the nation’s economic partnerships. Key Statistics According to…
During the ongoing 79th United Nations General Assembly (UNGA), Nigerian President Bola Tinubu has made a compelling appeal to world leaders for comprehensive debt forgiveness for Nigeria and other developing countries. Speaking at the high-level meeting, Tinubu underscored the urgent need for financial relief to enable sustainable economic progress in nations facing crippling debt burdens….
The Federal Government of Nigeria has approved a series of comprehensive tax relief measures aimed at supporting businesses and boosting employment. This initiative is part of an overarching strategy to encourage investment, economic growth, and job creation in the face of Nigeria’s current economic challenges. Key Provisions of the Tax Relief Package The newly introduced…
Former Kogi State Governor Yahaya Bello has been arrested following a midnight sting operation conducted by the Economic and Financial Crimes Commission (EFCC). The arrest comes amidst ongoing investigations into allegations of money laundering and fraud involving a staggering ₦80.2 billion. Details of the Arrest Bello’s arrest was executed after months of evasion, during which…
Uganda Airlines has officially commenced direct flight operations between Entebbe International Airport in Uganda and Nnamdi Azikiwe International Airport in Abuja, Nigeria. The inaugural flight, which took place on September 12, 2024, marks a significant milestone in enhancing connectivity between East and West Africa. Inaugural Flight and Reception The inaugural flight, designated UR 900, departed…
The Dangote Petroleum Refinery, Africa’s largest oil refinery, is contemplating the export of its refined products, including Premium Motor Spirit (PMS), following a lack of support from local petroleum marketers. This decision comes as the refinery has begun producing petrol but faces significant hurdles in selling its products domestically. Local Market Resistance According to Devakumar…
The Nigerian economy is facing significant challenges as global oil prices have dropped below $70 per barrel, further straining the value of the naira. This decline in oil prices, which are critical to Nigeria’s revenue generation, raises concerns about the country’s economic stability and the currency’s future. Decline in Oil Prices Recent market trends indicate…
The Economic and Financial Crimes Commission (EFCC) has announced its intention to prosecute significant financial fraud cases involving banks and high-ranking officials. This declaration comes amid concerns over the prevalence of financial crimes in Nigeria. Rising Financial Fraud Cases A recent report indicates a 77.62% decline in financial fraud losses among Nigerian banks in Q1…
