Against the backdrop of the N5 reduction in the price of Premium Motor Spirit (petrol) announced by the Federal Government, fuel marketers have said it is not possible to sell the product... Read more »
Following the resumption of talks between the Federal Government (FG) and the leadership of the Organised Labour over the recent hike in the price of fuel and electricity tariff, the FG has agreed to... Read more »
The world’s largest foodmaker Nestlé is to spend €3bn equivalent of about $3.6bn in the next five years on measures to cut its greenhouse gas emissions, in the biggest financial commitment to... Read more »
The best New Year Sale comes every year and it provides exclusive discount offers and other deals for the customers. The sale gives you the best opportunity to take benefit of the... Read more »
The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce... Read more »
The pressure by organised Labour on the Federal Government to reverse the pump price of Premium Motor Spirit (PMS) back to N160 per litre seems to be yielding fruits. At the end... Read more »
The Central Bank of Nigeria (CBN) has devalued the Naira by N6 to Dollar. This brings the Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF)... Read more »
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, said the corporation deliberately shut down the nation’s refineries because they no longer make sense to be operated. The... Read more »
Nigeria’s land borders, closed since August 2019, may soon be reopened, the Minister of Finance, Budget and National Planning, Zainab Ahmed said during an interview with State House correspondents on Wednesday. Ahmed... Read more »
Nigeria’s federal government has announced plans to end fish importation in the next two years as it asked fish importers to consider producing fish locally. The Minister of Agriculture and Rural Development,... Read more »
Reduction in duties on tractors from 35% to 10%. Reduction in duties on motor vehicles for the transportation of goods from 35% to 10%. Reduction of levy on motor vehicles for the... Read more »
The Federal Government, yesterday, signed a Memorandum of Understanding, MoU, with the Republic of Niger for the transportation and storage of petroleum products. In a statement in Abuja, Group General Manager/Special Adviser... Read more »
The Nigerian National Petroleum Corporation (NNPC) has said it remitted N47.42 billion (about $122m) to the Federation Account Allocation Committee (FAAC). “From August 2019 to August 2020, total NNPC remittances to FAAC is... Read more »
The Nigerian Stock Exchange (NSE) has strengthened its position in providing quality data and creating innovative products that would help investors to make informed investment decisions. Chief Executive Officer of the NSE,... Read more »
Nigeria’s inflation rate increased by 14.23% (year-on-year) in October 2020, this is 0.06% higher than the rate recorded in September 2020 (13.71%). Rising food prices continued to be the primary driver of... Read more »
Federal Government on Tuesday disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5%... Read more »
The Federal government has said it has plans to borrow $750 million from the World bank, in order for some states to stimulate local economies in Nigeria. Minister of Finance, Budget, and... Read more »
The Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price of petrol earlier announced on Friday. With this new price, a litre of petrol will now sell at between... Read more »
The Peoples Democratic Party (PDP) has urged President Muhammadu Buhari to reverse the increase in the pump price of fuel which increased from N159 to N170 per liter.The party in a statement... Read more »
Nigerian Economy Is Rigged In Favour Of A Handfy Of Well-Connected Persons” – Atedo Peterside Frowns At Reopening Border Only For Dangote Nigerian entrepreneur and investment banker, Atedo Peterside, has kicked against... Read more »
The African Development Bank has signed a grant agreement with the Ministry of ICT and Innovation in Rwanda to support the Rwanda Coding Academy, set up to develop top technology talent to... Read more »
Nigeria’s federal government will Thursday sign an agreement with Transcorp Consortium, the preferred bidder of Afam Power Plant, with a bid sum of N105 billion (about $272m). The Director-General of the Bureau... Read more »
The National Bureau of Statistics on Monday said the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N 424. 71 bn was... Read more »
Equity trading on the Nigerian Stock Exchange recorded a gain of N2.75tn in the last two months (September and October 2020) following investors’ high demand for undervalued stocks. Akelicious gathered that despite... Read more »
Capital market operators have expressed worry that the prolonged coronavirus pandemic and attendant Foreign Exchange (Forex) illiquidity may cause investors to lose their dividends this year. The pandemic and the accompanying shutdown... Read more »
Niger, Benin, Togo – who purchase power from Nigeria remitted a total of N2.04bn in the first quarter of this year as their outstanding electricity bill to the Market Operator of the... Read more »
Residents of Abuja, Nigeria’s capital, are witnessing long queues at the fuel stations, as most filling stations are under lock and few pumps selling at the few stations that are opened for... Read more »
Nigeria’s economy, following weeks of youth protests, faces more economic risks in areas of unemployment, capital flight, and cost of living. Tension continues to build across the country as protests against bad... Read more »
The Board of Directors of the African Development Fund (ADF) has approved a loan of UA 36 million ($50.7 million) to Tanzania, to finance the nation’s response to the COVID-19 pandemic. The... Read more »
International Business Machines Corp edged past Wall Street estimates for quarterly revenue on Monday, bolstered by higher demand for its cloud computing services from companies speeding up their digital shift due to... Read more »
Despite continued #EndSARS protest in major cities of the country, the Nigerian Stock Exchange (NSE) closed flat yesterday as investors repositioned for the third quarter result release. At the close of transactions... Read more »
The Federal Government and the Organized Labour, on the completion of the two weeks suspension of electricity tariff have resolved to provide tariff relief of N10.20 per kilowatt hour for Nigerians for... Read more »
The index in Tuesday’s report revealed that the IGR of Lagos State, put at N204 billion, is higher than that of at least 29 states put together. The quartet of Lagos, Rivers,... Read more »
A former President of the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN) has disclosed that Nigeria is losing N20b daily at the nation’s ports, which amounts to N7.2tr yearly. He said a... Read more »
The pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices, oil marketers said on Sunday. According to them, since the cost of petrol... Read more »
Oil prices slumped by about three per cent yesterday, hours after the President of the United States, Donald Trump announced that he tested positive for COVID-19. Trump tweeted news of his positive... Read more »
As Nigerians grapple with the recent increase in electricity tariff, the Federal Government, Tuesday, in Abuja, said a coordinated approach is being planned to de-risk and optimize renewable energy investment, especially for... Read more »
First Bank of Nigeria Limited, a leading financial inclusion services provider, recently announced that loans in excess of N17 billion had been disbursed to individuals, across the country. The loan disbursement is carried-out... Read more »
The stock market sustained its bullish trend yesterday as buying interest in bellwethers such as Dangote Cement Plc, MTN Nigeria Communications Plc and Guaranty Trust Bank Plc drove indicators to new highs.... Read more »
Citing the over 33 fertiliser blending plants across the country, currently producing about five million metric tonnes (MT) of fertilizer annually, with many more underway, the Minister of Agriculture, Sabo Nanono, has... Read more »
President Muhammadu Buhari has ordered the reduction of the cost of fertilizer from N5,500 to N5,000 naira per bag. The reduction was announced by the Vice Chairman of the National Food Security... Read more »
The Central Bank of Nigeria (CBN), yesterday, lowered the Monetary Policy Rate (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent. It, however, retained the Cash Reserve Ratio... Read more »
Although the Nigerian National Petroleum Corporation (NNPC) and Department of State Services (DSS) intervention has forestalled the tanker owners warning strike, stakeholders have raised concerns over the policy on haulage of petroleum... Read more »
The Livestock Industry Foundation for Africa (LIFA), a non-profit organisation whose obejectives are geared towards rural development and transformation amongst rural farmers, has been called upon to collaborate with stakeholders on animal... Read more »
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, said yesterday that the federal government removed subsidy on Premium Motor Spirit (PMS) also known as petrol... Read more »
The Organisation of Petroleum Exporting Countries (OPEC) has said oil demand growth in China is currently the only certainty for rebound, with consumption in the country rising through the remainder of 2020,... Read more »
Oil and gas marketers as well as fuel users were on Monday excited at the move by the Federal Government to convert cars and generators in the country to run on gas.The... Read more »
World Bank on Monday said the Nigerian central bank needs to step up efforts to ease pressure on the foreign exchange market to meet the high demand for hard currency in the... Read more »
The Nigerian Electricity Regulatory Commission has said the power distribution companies will be liable to capacity charge for failure to take their entire load allocation caused by constraints in their networks. NERC... Read more »
Production of cocoa as cash crop has dropped due to inadequate financing, among other factors. This is despite that cocoa is the nation’s leading cash crop in terms of export and second... Read more »
Nigeria’s total public debt stock increased from N28.628 trillion ($79.303 billion) as at March 31, 2020 to N31.009 trillion ($85.897 Billion) by June 30, 2020, according to latest statistics released by the... Read more »
The attention of the Central Bank of Nigeria (CBN), has been drawn to a recent press release titled “Matters of Urgent Attention” by the Nigerian Economic Summit Group (NESG), which calls into... Read more »
Traders associations in Abuja have said the recent hike in the two major facilitators of economic activities will greatly impact on the family with serious consequences. National President, Association of Women in... Read more »
The Naira on Thursday gained one point to appreciate against the dollar at the parallel market in Lagos. Akelicious reports that the Naira exchanged at N439 to a dollar at the parallel... Read more »
The Board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, have announced the appointment of Mr Innocent Ike, as the Acting Managing Director/CEO of Polaris Bank Limited,... Read more »
The leading pan-African banking group, Ecobank, has announced that it has won the Award for Innovation in Financial Services at the 2020 edition of the prestigious African Banker magazine Awards. The Awards,... Read more »
The Central Bank of Nigeria (CBN) yesterday, announced that it will commence sales of dollars to Bureau de Change (BDC) operators next week to enable travellers have more access to foreign exchange ... Read more »
The domestic bourse halted its bullish run on Thursday to record first loss in six consecutive trading sessions. Consequently, market capitalisation shed N13 billion to close N13.201 trillion against N13.214 trillion achieved... Read more »
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has appealed to the Federal Government to ensure urgent passage of the Petroleum Industrial Bill (PIB). Mr Ndukaku Ohaeri, PENGASSAN President, who made... Read more »
Following the directive by the Central Bank of Nigeria’s (CBN) to authorized dealers to only open Forms M (a mandatory statutory document to be completed by all importers in Nigeria) for payments... Read more »