President Tinubu woos German investors at G20 Summit

BusinessEconomyNewsNigeriaPresident Tinubu woos German investors at G20 Summit

By Ezinwanne Onwuka (Senior Reporter)November 22, 2023

President Bola Tinubu, on Monday, enthusiastically marketed Nigerians to the international community at the G20 Compact with Africa summit taking place in Berlin. According to the President, beyond the abundant natural resources in the country, Nigeria’s young population makes it an attractive investment destination. “We are eager and ready to partner with you,” President Tinubu said at a panel discussion titled, “Fostering Local Value Chains and Investments in Africa – The Role of the German...

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Inflation rate jumps to 27.33%, food inflation falls to 1.91%

EconomyNewsNigeriaInflation rate jumps to 27.33%, food inflation falls to 1.91%

By Ezinwanne Onwuka (Senior Reporter)November 17, 2023

Nigeria’s inflation rate jumped in October to 27.33 per cent, which is a 0.61 per cent rise from September’s 26.72 per cent. On a year-on-year basis, the inflation rate is 6.24 per cent higher than the 21.09 per cent recorded in October 2022. The data is from the Consumer Price Index, CPI, report for October 2023 published on Wednesday by the National Bureau of Statistics, NBS, Nigeria’s statistical office. The latest figure marks the tenth...

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FG set to partner PricewaterhouseCoopers on solid minerals

EconomyNewsNigeriaFG set to partner PricewaterhouseCoopers on solid minerals

By Uzoamaka Ikezue (Staff Reporter)October 23, 2023

In a bid to enhance solid minerals development in Nigeria, the Federal Government (FG), through the Ministry of Solid Minerals Development, is set to work with foremost consulting firm, PricewaterhouseCoopers (PwC), to execute policies under the seven point roadmap to transform the sector. Receiving the PWC partner, Mr. Habeeb Jaiyeola in his office, the Minister of Solid Minerals Development, Dr, Dele Alake commended the company for its role in the just-concluded Nigerian Mining Week and the...

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Inflation rate in Nigeria jumps to 26.72%

EconomyNewsNigeriaInflation rate in Nigeria jumps to 26.72%

By Ezinwanne Onwuka (Senior Reporter)October 17, 2023

Nigeria’s annual inflation rose in September to its highest level in about two decades at 26.72 per cent, amid a worsening cost-of-living crisis in Africa’s largest economy. The September inflation rate is a 0.92 per cent increase from August’s 25.80 per cent, the National Bureau of Statistics [NBS] said on Monday in its Consumer Price Index [CPI] report for September 2023. Food inflation, making up the bulk of Nigeria’s inflation basket, rose to 30.64 per...

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Alake enumerates  role of solid minerals in diversifying economy

EconomyNewsNigeriaPoliticsAlake enumerates  role of solid minerals in diversifying economy

By Uzoamaka Ikezue (Staff Reporter)October 12, 2023

Mr. Dele Alake, the Minister of Solid Minerals Development, yesterday enumerated the role solid minerals play in diversifying the nation’s economy and employment generation opportunities. The Minister made the disclosure at the second press conference, marking the preparations for the 8th Edition of the Nigeria Mining Week, 2023. Alake noted that beneath Nigeria’s soil lie vast mineral resources that harbor tremendous potential for growth and prosperity, stressing that the potential extends not only to the nation but also to...

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Coal Mining Firm To Pay N1billion For Remediation Of Enugu Environment

EconomyNewsNigeriaCoal Mining Firm To Pay N1billion For Remediation Of Enugu Environment

Ije Ulasi (Regional Correspondent)October 12, 2023

Following an agreement with the Enugu State Government, Milhouse Energy Services Ltd, a coal mining firm at Awhum in Udi Local Government Area is to pay the sum of one billion naira only into the Enugu State Environmental Remediation Trust Fund; the company will also pay a hundred thousand naira only (N100,000) for tax on every truckload of coal evacuated from the site. The Fund will be managed by an independent committee of professionals and...

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FCTA sets to develop innovative strategies to boost agricultural productivity

EconomyNewsNigeriaFCTA sets to develop innovative strategies to boost agricultural productivity

By Uzoamaka Ikezue (Staff Reporter)September 19, 2023

The Federal Capital Territory Administration (FCTA) through its Agriculture and Rural Development Secretariat (ARDS) is set to develop innovative strategies to enhance agricultural efficiency and productivity in the nation’s capital. Mr. Lawal Geidam, the secretary of the secretariat, stated this in Abuja, after receiving briefs from different departments in the secretariat on their operations, achievements, and challenges. The secretary noted that the secretariat would also educate and equip residents, particularly the youth, with the necessary...

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Anambra State Government Signs MoUs With Thirteen Organizations To Boost Development

EconomyNewsNigeriaAnambra State Government Signs MoUs With Thirteen Organizations To Boost Development

PilotnewsSeptember 8, 2023

Anambra State Government has signed memorandum of understanding with thirteen organisations across different economic sectors including commerce and automobile. The MOU signing ceremony was highpoint of the Anambra Investment Summit, ANINVEST 2023, held at Anambra International Convention Centre, Awka. The MoUs were signed with Universal Elysium Ltd for the development of Onitsha River Port, Birds Water Ltd and Neni Development Union for the development of Neni Water Scheme, OMAA Global Engineering and Tech for the...

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Central Bank Of Nigeria To Stabilise Foreign Exchange Market

EconomyMoneyNewsCentral Bank Of Nigeria To Stabilise Foreign Exchange Market

Hassan Umar Shallpella (Regional Correspondent)August 15, 2023

The Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shunobi says the Apex Bank has taken appropriate measures to stabilise the unfavourable fluctuations in the foreign exchange market. Shunobi, told State House Correspondents in Abuja after his meeting with President Tinubu that the situation was arbitrary, and warned the offenders about the consequences of their actions. He said they have discussed the effective measures to be taken to stabilise and improve the liquidity...

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Price of Star, Life, other products by Nigerian Breweries to skyrocket

EconomyEducationNewsPrice of Star, Life, other products by Nigerian Breweries to skyrocket

By Ezinwanne Onwuka (Senior Reporter)August 5, 2023

Starting from August 10, 2023, there will be an upswing in the price of some Nigerian Breweries’, NB, products. NB announced the upward price review of its products via a memo to customers by the company’s sales director, Ayo Lawal on Tuesday, August 1. Lawal explained that the review has become necessary because of “continued rising input cost and the need to mitigate the impact.” The NB is the producer of major alcoholic products like...

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