To address the growing transportation challenges in Lagos State, the National Union of Road Transport Workers (NURTW) has introduced 3,000 Compressed Natural Gas (CNG) tricycles, valued at ₦10.2 billion. The goal is to provide more affordable transportation options and reduce residents’ financial stress, particularly due to expensive fuel prices. Alhaji Azeez Abiola, the Zonal Chairman of the Tricycle …read more →
Economy
Solid Minerals Ministry Probes Segilola Taxation Dispute
The Ministry of Solid Minerals Development said it is probing the claims and counter-claims of Osun State Government and Thor Explorations Limited, owners of the Segilola Resources Operating Limited over taxation and operational matters. The Minister of Solid Minerals Development, Dr. Dele Alake announced on Friday that a fact-finding team has been set up to …read more →
FG Begins Naira-for-Crude Sale with Dangote Refinery
The Minister of Finance, Wale Edun, has announced that the Nigerian government has begun the Naira-for-crude sale deal with Dangote Refinery from October 1, 2024. The minister disclosed this in a statement released on the official X account of the Ministry of Finance on Saturday. According to Edun, the commencement was in line with in …read more →
Prolonged Monetary Tightening May Discourage Investment, Slowdown Growth, Rewane Warns
The Managing Director/Chief Executive Officer of the Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, has warned that sustained monetary tightening could discourage investments and slow down economic growth. Rewane, therefore, called for an urgent handshake between the fiscal and monetary authorities to avert a situation where continued monetary tightening would lead to economic recession. …read more →
African Oil Producing Countries Raise $5bn Capital for Abuja-Based Energy Bank
African oil-producing nations planning to launch a $5 billion energy bank next year in Abuja have already secured 45 per cent of the required startup capital. The bank aims to address the funding gap created by traditional investors shifting their focus from crude oil to low-carbon energy. According to Omar Farouk Ibrahim, Secretary General of the African …read more →
FG Plans Tax Incentives for MSMEs
The Federal Government has reaffirmed its commitment to supporting micro, small, and medium enterprises through tax incentives aimed at fostering growth and sustainability in the sector. This was disclosed recently by the Executive Chairman of the Federal Inland Revenue Service, Executive Chairman, Zacch Adedeji, who was represented by his special adviser, Collins Omokaro, at the …read more →
Multi-Sectoral Leaders to Grace 8th ACT Foundation Breakfast Dialogue
After seven (7) remarkable years of inspiring actionable solutions, and driving sustainable development in Africa, Aspire Coronation Trust (ACT) Foundation prepares to convene another transformative Breakfast Dialogue (BFD) on Thursday, October 10, 2024. Breakfast Dialogue has earned its place as a leading platform for thought leadership, and a cornerstone of meaningful conversations, drawing stakeholders …read more →
Subsidy Savings: MAN Urges FG to Improve Infrastructure for Enhanced Manufacturing
The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to utilize savings from subsidy reforms to improve infrastructure within industrial hubs, such as roads, electricity, and rail, to enhance manufacturing productivity. MAN made this call through the document signed by the Director General, Mr Segun Ajayi-Kadir, while reacting to the recent monetary …read more →
FG to Increase Investments in New Technologies, Alternative Fuels for Better Shipping Operations – Oyetola
The Minister for Marine and Blue Economy, Adegboyega Oyetola, CON, has assured that the Federal Government will increase investments in new technologies and alternative fuels to ensure safe shipping operations in the country. Oyetola, who was represented by the Ministry’s Permanent Secretary, Mr. Oloruntola Olufemi, spoke during the celebration of World Maritime Day (WMD) 2024 …read more →
NNPC Ltd/Chevron JV Concludes Conversion of Assets into PIA Terms
…As Partners Eye JV’s 165,000 bopd Oil Production Target by Dec 2024 In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its …read more →