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Petrol depot prices eased across Nigeria’s main supply hubs as marketers implemented fresh cuts, with depots in Lagos, Warri, Calabar and Port Harcourt either lowering or holding rates and none recording an increase. In Lagos, Dangote Petroleum Refinery held its ex-depot price at ₦1,216 per litre, the lowest among major suppliers, with Pinnacle matching it […]
Former Vice President and African Democratic Congress presidential candidate Atiku Abubakar has urged President Bola Tinubu to focus on the record of his administration rather than on political confrontation. Speaking through his senior special assistant on public communication, Phrank Shaibu, Atiku responded to the President’s declaration that he would wrestle his opponents to the finish, […]
Esso Exploration and Production Nigeria Limited, an ExxonMobil affiliate, has declared force majeure after equipment damage at the floating buoy serving the Erha FPSO export facility. The Erha deepwater field sits on OML 133 roughly 100 kilometres offshore in the western Niger Delta and produces around 200,000 barrels per day, making it one of the […]
World Trade Organisation director-general Ngozi Okonjo-Iweala has urged African governments to invest boldly in artificial intelligence, renewable energy and critical mineral value chains, warning that the continent risks being left behind in a technology-driven global economy. Speaking at the 7th Africa Emerging Markets Forum in Abuja, held under the theme “Building Resilience Amidst Geoeconomic Uncertainties”, […]
The Federal Government has rejected claims that it borrowed ₦80 trillion over three years, attributing much of the rise in reported debt to currency revaluation and accounting changes rather than fresh borrowing. Finance Minister and Coordinating Minister of the Economy Wale Edun said the administration inherited about ₦75 trillion in debt. Revaluation of foreign currency […]
The Federal Government says Africa’s route to food self-sufficiency and economic prosperity depends on deliberate investment in agricultural science, technology and cross-border innovation. Speaking at the opening of the 9th Africa Agriculture Science Week and the 10th General Assembly of the Forum for Agricultural Research in Africa in Abuja, Minister of Agriculture and Food Security […]
AVA Capital Plc, an integrated financial services firm covering investment banking, asset management, securities trading and trusteeship, is set to list on the Nigerian Exchange by introduction. The move is not a capital-raising exercise; no new shares are being issued. Roughly 20 per cent of the company’s shares already sit outside the controlling shareholder structure, […]
The Association of Nigerian Licensed Customs Agents has threatened to protest over what it describes as manifest manipulation by shipping companies, naming Mediterranean Shipping Company and Hapag-Lloyd. Former ANLCA vice president Kayode Farinto alleged that electronic manifests are filed declaring that containers have been fully discharged in Nigeria, when in practice only part of the […]
The Lagos Chamber of Commerce and Industry has called on government at all levels to overhaul policies affecting the competitiveness of local manufacturers, warning that regulatory bottlenecks, an uneven import duty regime and weak support for indigenous industry are pushing up production costs and deterring investment. Presenting a review of the economy, LCCI president Leye […]