Business & Economy

Business

Rising Food Prices Leave Abia and Imo Residents Struggling During Yuletide

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As Christmas approaches, residents of Abia and Imo states are grappling with a sharp rise in food prices, making basic items increasingly unaffordable for many families. A market survey in Umuahia revealed significant price hikes for essential items such as rice, chicken, vegetable oil, onions, and tomatoes. At Isi-gate Market, a 50kg bag of local […]

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Nigeria Pursues Tax Reforms to Unlock $750M World Bank Loan

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The Federal Government of Nigeria is pressing ahead with critical tax reforms aimed at boosting revenue and efficiency, in a bid to access a $750 million loan from the World Bank. The loan is part of a broader $2.25 billion package approved by the World Bank to bolster Nigeria’s economic stability and support its vulnerable

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IFC and CBN Partner to Boost Local Currency Financing in Nigeria

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The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing in Nigeria. This partnership aims to unlock over $1 billion in investments across key sectors, including agriculture, infrastructure, housing, energy, small and medium enterprises, and the creative and youth industries. The agreement will provide

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Nigerian Government Proposes 50% Tax Relief for Companies Increasing Salaries

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The Nigerian government has introduced a bill that proposes a 50% tax relief for companies that increase salaries or offer transportation allowances to low-income workers. This bill aims to reform Nigeria’s tax system and provide income tax exemptions to incentivize salary adjustments. Companies will be allowed an additional 50% deduction in their relevant years of

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Ogun State Government Renews Commitment to Reduce Soaring Food Prices

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The Ogun State Government has reaffirmed its dedication to addressing the challenge of high food prices in the country. During the harvest of fish by Ado-Odo/Ota Fish farmers’ clusters, Commissioner for Agriculture and Food Security, Bolu Owotomo, disclosed that the government has implemented various interventions and support for farmers to boost food production and supply,

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Minister of Agriculture and Food Security Reveals 30 Million Hectares of Farmland Lie Unused in Nigeria

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The Minister of State for Agriculture and Food Security, Senator Aliyu Abdullahi, disclosed that approximately 30 million hectares of arable land in Nigeria remain unused. This revelation came during a visit from the President of the National Tomato Growers, Processors, and Marketers Association of Nigeria to Abdullahi’s office in Abuja. Abdullahi highlighted that Nigeria boasts

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Central Bank of Nigeria clarifies validity of old Naira notes

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The Central Bank of Nigeria (CBN) has reaffirmed that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely, contrary to claims that they would cease to be legal tender by December 31, 2024. This clarification comes after speculation and concern in the media over the validity of old naira notes. The

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FBN Holdings Appoints Adebowale Oyedeji as New Group Managing Director

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FBN Holdings has announced the appointment of Adebowale Oyedeji as its new Group Managing Director, effective November 13, subject to Central Bank of Nigeria approval and shareholder ratification. Oyedeji will replace Nnamdi Okonkwo, who will retire after completing his term. Femi Otedola, Group Chairman of FBNHoldings, expressed pleasure in welcoming Oyedeji, stating that the board

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Nigerian States Paying Above the Minimum Wage of N70,000

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President Bola Tinubu’s approval of a new minimum wage of N70,000 for Nigerian workers in July 2024 has seen varying levels of implementation across states. Lagos State Governor, Babajide Sanwo-Olu, announced a new minimum wage of N85,000 for state workers, citing the high cost of living in Lagos. The governor aims to raise the minimum

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Davido’s father, Adedeji Adeleke, shares his story of overcoming obstacles to build Nigeria’s largest power plant

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Adedeji Adeleke, father of award-winning artist Davido, has shared his experience securing a permit for his $2 billion power plant. Adeleke, a billionaire industrialist, faced difficulties with government officials who initially denied his environmental permit. Despite the setbacks, Adeleke persevered and prayed, believing that God would intervene. His Chinese engineering partners were worried about the

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