Economy - Page 14

The Minister of Marine and Blue Economy, Gboyega Oyetola has announced that the Federal Government’s plan to implement the National Single Window (NSW) aimed at reducing the cost of doing business at the Nigerian Ports. The Nigerian Ports Authority in a statement

The Federal Government said it has deployed an e-border solution in 40 per cent of the country’s borders. The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in Abuja, during a media parley and interactive session on Tuesday. According to him, the move

To promote the utilization and expansion of gas in the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted 10 Gas Distribution Licenses (GDLs) to six companies.  This includes a subsidiary of the Nigerian National Petroleum Company Limited. The

Cadbury Nigeria PLC has announced a pre-tax profit of N2 billion for the fourth quarter of 2024.  In its recently released financial statement on the Nigerian Exchange (NGX) on January 27, 2025, the company highlighted a significant recovery of 111.73% from the

The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 non-refundable annual license renewal fee for Bureau De Change (BDC) operators. In a circular dated January 24, 2025, signed by John S. Onojah, Acting Director of the Financial Policy

The Governor of the Central Bank, Olayemi Cardoso, has disclosed that the forensic verification process to resolve all outstanding foreign exchange backlogs has been completed, and payments will begin shortly.  During the launch of the foreign exchange code, Cardoso expressed his disappointment

Zenith Bank Plc has raised N350.4bn through its recently concluded hybrid Rights Issue and Public Offer. In a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, the Bank announced that it has secured the full regulatory approval

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has begun issuing gas licenses to qualified industry players due to the frequent failures of the national grid. The grid that has so far recorded one collapse this year after more than 10

The Financial Reporting Council (FRC) has explained that Nigeria has not attained the point of a hyperinflationary economy. The Council, in a press statement signed by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, added that International Accounting Standards, IAS 29, is

The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.  The SEC in a circular issued in Abuja disclosed

Guinness Nigeria Plc notified the Nigerian Exchange Limited (NGX) and the investing public about recent updates to its Board of Directors. These changes, approved by the Board, include the retirement of Dr. Omobola Johnson as Board Chair and Independent Non-Executive Director and

The Central Bank of Nigeria (CBN) has said it has approved the release of the Nigerian Foreign Exchange (FX) Code. The apex bank also announced that the Code would be formally launched next week in Abuja. According to CBN in a statement,

Nigeria’s total public debt climbed to N142.3 trillion as of September 30, 2024, marking a 5.97 percent increase from N134.3 trillion in June 2024, according to the Debt Management Office (DMO). This surge underscores the country’s growing reliance on borrowing to finance

The Federal Government has disbursed N22 billion for the payment of pension accrued rights to employees who retired from October 2023 to January 2024. This latest release raises the total amount allocated from the 2024 Appropriation for accrued rights settlement to N66