Amidst the unfolding Ukraine crisis, the African Export-Import Bank (Afreximbank) sealed a significant trade finance agreement worth $150 million with United Bank for Africa (UBA) PLC. This strategic pact falls under the Ukraine Crisis Adjustment Trade Financing Programme for Africa, aiming to bolster businesses in Nigeria amidst the crisis fallout. The agreement, formalised at the Read More…
Business
NNPC restores 275,000 BPD production following resolution of industrial action
In a recent development, Nigeria’s state oil firm NNPC Ltd announced on Sunday that it successfully restored 275,000 barrels per day (bpd) of oil production at its joint venture unit with Total Energies after resolving an industrial action by workers. According to NNPC’s statement, “The unions have agreed to suspend ongoing industrial action leading to Read More…
Saudi Arabia commits to overhaul Nigeria’s oil refineries in landmark agreement
In a groundbreaking development, Saudi Arabia has pledged a significant investment in the comprehensive overhaul of Nigeria’s ageing oil refineries. The commitment was sealed during a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the fringes of the Saudi-Africa summit in Riyadh. Under President Tinubu’s ambitious reforms, aimed Read More…
FG unveils policies to boost industries
The Federal Government has introduced two five-year policies aimed at revitalising the country’s production and investments in the industry and trade sectors. Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, revealed the policies—Nigerian Investment Policy-2023-27 and Trade Policy of Nigeria-2023-27—virtually during the closing of the 15th National Council of Industry, Trade, and Investment Read More…
Humane Unveils $699 Ai Pin Device
Silicon Valley startup Humane, backed by a team of ex-Apple veterans, has launched the Ai Pin, a $699 device aiming to integrate cutting-edge artificial intelligence seamlessly into daily life. The wearable device, designed to be worn on clothing, taps into a virtual assistant powered by OpenAI’s ChatGPT and Microsoft’s cloud computing. The Ai Pin utilises Read More…
All Naira banknotes valid for transactions – CBN
In response to cash scarcity concerns and public anxiety about the legitimacy of old Naira banknotes, the Central Bank of Nigeria (CBN) asserts that every banknote issued by them remains legal tender. The CBN, through Section 20(5) of the CBN Act, 2007, emphasises that all denominations of their banknotes should not be rejected. CBN branches Read More…
Court restrains Shoprite malls’ owners from selling assets in Nigeria
A Federal Capital Territory (FCT) High Court has issued an interim order restraining South African company Novare and its subsidiaries, owners of retail malls including Shoprite malls in Nigeria, from selling their assets in the country. The order was granted by Justice Peter Kekemeke following an ex-parte motion filed by the Nigerian partners of Novare Read More…
AfDB President: $15.5 billion investment interest secured for Abidjan-Lagos highway corridor
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced that the Abidjan-Lagos highway corridor has attracted investment interest amounting to $15.5 billion. Adesina made this announcement during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco, themed “Unlocking Africa’s Value Chains.” Adesina emphasised the transformative potential of the corridor, stating that Read More…
Sanwo-Olu, private sector advocate collaborative ESG integration for circular economy
In a private sector ESG forum in Lagos themed “Is the Private Sector Accountable: A case for sustainable practices?”, Governor Babajide Sanwo-Olu and private sector stakeholders underscored the imperative of collaboration to integrate Environmental, Social, and Governance (ESG) principles into manufacturing operations, thereby driving the circular economy. Represented by his Special Adviser on Sustainable Development Read More…
Stakeholders advocate increased local production to strengthen Naira amid volatility
As the Naira grapples with ongoing volatility, stakeholders are urging a boost in local production of goods and services as a key strategy to fortify the currency. The News Agency of Nigeria (NAN) highlights the recent breach of the N1,000 to the dollar threshold at the parallel market, coupled with significant weakening at the official Read More…