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Business

Nigeria to Invest $2 Billion in 90,000km Fibre-Optic Project

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The Federal Government has announced plans to invest $2 billion in a 90,000km fibre-optic project to expand Nigeria’s fibre optic cable capacity from 35,000km to 125,000km. According to the Minister of Communications, Innovation & Digital Economy, Bosun Tijani, the project aims to provide meaningful connectivity to communities, enabling schools, hospitals, government establishments, and businesses to […]

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NNPC’s Fuel Price Fixing Declared Illegal by Femi Falana

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Nigerian lawyer and human rights activist Femi Falana has criticized the Nigerian National Petroleum Company (NNPC) for fixing fuel prices, stating that it is illegal and unconstitutional. According to Falana, the NNPC’s actions violate Section 205 of the Petroleum Industry Act, which stipulates that petroleum prices should be determined by market forces. Falana pointed out

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Nigerian Exchange Group Commends Germany’s Investment Drive in Nigeria

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The Nigerian Exchange Group Plc (NGX) has praised the German government and its development finance institution, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), for their commitment to advancing impact investing in Nigeria. This recognition comes as NGX seeks to strengthen partnerships focused on sustainable development and climate action. According to NGX Group Managing Director, Temi Popoola, DEG

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Polaris Bank Recognized as Nigeria’s Leading Bank in MSME Lending

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Polaris Bank has been awarded the “Best in MSME Lending” title at the inaugural MSME Finance Awards 2024. The award, organized by Nairametrics and The Economic Forum, acknowledges the bank’s commitment to supporting Micro, Small, and Medium Enterprises (MSMEs). The bank’s Managing Director, Kayode Lawal, expressed gratitude for the recognition, highlighting the vital role MSMEs

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World Bank approves $1.57 billion loan for Nigeria

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The World Bank has approved a total of $1.57 billion in financing for Nigeria, aimed at strengthening human capital development and climate resilience. According to the World Bank, the approved funds will support the Federal Government’s efforts to improve the delivery of essential services, particularly in education and healthcare. The loan is expected to address

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NDDC Trains 200 Farmers in Livestock Farming and Agro-Processing

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The Niger Delta Development Commission (NDDC) has successfully trained 200 women and youths in livestock farming and agro-processing in Delta State. The training, held at Okiemutie farms in Eku Amukpe, Sapele Local Government Area, aimed to address unemployment and poverty through agriculture. NDDC Managing Director, Dr. Samuel Ogbuku, emphasized the importance of agriculture in diversifying

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Minister of Finance, Wale Edun, Announces Plans to Reduce Food Imports, and Boost Agricultural Self-Sufficiency

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Nigeria’s Minister of Finance, Wale Edun, has announced plans to drastically reduce the country’s reliance on food imports, emphasizing the need for self-sufficiency. Speaking at a press conference in Abuja, Edun stated that Nigeria’s future lies in producing its own food, rather than relying on imports. The government plans to support small-scale farmers through initiatives

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Breakthrough as Nigeria achieves reduced diesel costs

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The Federal Government has successfully retrofitted train locomotives to operate on a dual-fuel system, which is expected to save over 60% on diesel costs. This significant achievement was announced by the Minister of Transportation, Said Alkali, who expressed his satisfaction with the test run at the Amina J. Mohammed Train Station in Abuja. The newly

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CBN Makes New Board Appointment for Keystone Bank

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The Central Bank of Nigeria (CBN) has reconstituted the board of directors of Keystone Bank. Lady Ada Chukwudozie has been appointed as the new board chairman, alongside five non-executive directors: Abdul-Rahman Esene, Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello. Additionally, Ladi Oluwole and Abubakar Usman Bello have been named as executive

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NNPC to Sell Dangote Petrol at Varying Prices Across Nigeria

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The Nigerian National Petroleum Company Limited (NNPC) has announced that it will sell petrol obtained from the Dangote Refinery at varying prices across different regions in Nigeria. The prices, which are above N1,000 per litre, will be highest in the far north, at N1,019 per litre in places like Borno State, and N999.22 in Abuja,

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