Ngozi Okonjo-Iweala, director-general of the World Trade Organization (WTO), has garnered support from 58 member countries for a second term. The African Group has proposed her reappointment, praising her achievements during her first term. Okonjo-Iweala, grateful for the support, will soon...
Femi Otedola has voiced his support for Aliko Dangote amid a dispute with federal officials, stressing the importance of backing Dangote’s industrial achievements for Nigeria’s economic independence. Otedola argues that supporting such visionaries is vital for national development and economic...
The Central Bank of Nigeria (CBN) has raised its key interest rate by 50 basis points to 26.75% amid economic pressures. This move, announced by CBN Governor Olayemi Cardoso, is part of ongoing efforts to stabilize inflation and the foreign exchange market, despite concerns from the business...
Akinwumi Adesina condemns the Dangote/NNPC dispute, calling it detrimental to Nigeria's investment prospects. He argues that undermining major investors like Dangote harms the country’s economic future and deters potential investment. Adesina emphasizes the need to support local industries and...
Nigeria's lawmakers have launched a probe into crude oil shortages and fuel importation issues at the Dangote Refinery. The investigation, spurred by tensions with the regulatory authority, aims to address substandard fuel imports and refinery supply problems. The findings will be reported to...
The naira surged to N1,500.32/$, marking its best daily gain since March, driven by increased inflows from the CBN and anticipated interest rate hikes. The CBN's efforts, including a $106.5 million injection, aim to stabilize the currency amid rising inflation and economic challenges.
The naira...
Heineken Lokpobiri, Nigeria's Minister of State for Petroleum Resources, met with Aliko Dangote and NMDPRA's Farouk Ahmed on July 22, 2024, to address issues affecting the Dangote Refinery. The meeting aimed to resolve conflicts and improve collaboration for the refinery's success and Nigeria's...
On July 22, 2024, the black market exchange rate for USD to NGN in Lagos is ₦1,590 buying and ₦1,598 selling. In contrast, the Central Bank of Nigeria sets its official rates at ₦1,584 buying and ₦1,585 selling. Rates may vary slightly due to market conditions.
On July 22, 2024, the black...
The IMF's latest report reveals the top African countries with the highest debts. Egypt leads with $10.2 billion, followed by Angola, Kenya, and Ghana. Nigeria ranks eighth with $1.23 billion. The report highlights the financial strain on these nations and the IMF's influential role in their...
Nigeria's House of Representatives launches probe into claims of substandard petroleum products. Investigation to cover local refineries, including Dangote, amid dispute with NMDPRA. Comprehensive testing and stakeholder involvement are planned. Aims to address fuel quality concerns and restore...
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