On Thursday last week, the Nigerian Naira experienced a significant drop to an unprecedented low against the US dollar in the unregulated market, as reported by currency traders nationwide. In Lagos, traders near the Ikeja area noted an exchange rate of N935.00 per dollar, while in Abuja, dealers reported trading at N950.00 per $1, a Read More…
Business
Requiem for Production?
Anyone who still wonders why Nigeria and its citizens have become mendicants in spite of their rich natural endowments should take another look at the number of manufacturing companies that have gone under or relocated from the country in the last five decades. In the 70s and 80s, Nigeria-made goods were the gold standard in Read More…
Nigeria’s economic growth slows to 2.4% in Q1 2023
Nigeria’s economic growth slowed to 2.4% in the first quarter of 2023, from 3.6% in the fourth quarter of 2022, according to the Organisation of the Petroleum Exporting Countries (OPEC). The slowdown is expected to continue in 2023, with OPEC forecasting growth of 3.3% for the year. The slowdown is being driven by a number Read More…
LPG retailers call for government action to avert price hike
The Liquefied Petroleum Gas Retailers Association (LPGAR) has called on the federal government to establish more local LPG production plants, and encourage storage and transportation of the product to avert a price hike. The association’s branch national chairman, Ayobami Olarinoye, made the remarks in an interview with the News Agency of Nigeria (NAN) in Lagos Read More…
Sanwo-Olu Urges Private Sector to Drive Africa’s Inclusive Growth and Recovery
Lagos State Governor Babajide Sanwo-Olu has urged the private sector to take advantage of enterprise-driven innovations to create impact ecosystems that will foster inclusive growth and recovery in Africa. Sanwo-Olu made the call at the second edition of the Africa Social Impact Summit (ASIS) 2023, held in Lagos on Thursday. The summit, which was organized Read More…
Nigeria Draws $1.41 Billion Inflows as Naira Shifts Gears
In a notable turn of events, Nigeria’s currency market experienced a substantial inflow of $1.41 billion in June, as disclosed by the central bank on Thursday. This surge followed the dismantling of a multiple exchange rate framework that had been artificially propping up the naira’s strength. With the central bank’s June decision to remove foreign Read More…
Nigeria LNG Maintains Force Majeure Declaration Due to Persistent Disruptions
Nigeria LNG announced on Wednesday that the force majeure, initially declared in October due to extensive flooding causing supply disruptions, remains in effect. Force majeure denotes unforeseen external circumstances that hinder a contracting party from fulfilling its obligations. “The force majeure still stands due to the continued unavailability of upstream gas suppliers’ primary liquids evacuation Read More…
World Bank to Illuminate Nigeria’s Path to Renewable Energy: A Ray of Hope for 200 Million
In a promising endeavour to alleviate Nigeria’s chronic energy crisis, the World Bank has set its sights on funding the construction of 1,000 mini solar power grids in Africa’s largest economy. The ambitious initiative, carried out in collaboration with the Nigerian government and the private sector, seeks to bring light to millions of households and Read More…
Russian Electric Car Plant Expresses Interest in Nigeria’s Rail Transportation
“TMH Actively Explores New Business Opportunities in Nigeria,” says CEO Valentin Yadritsev During an exclusive tour of the Oktyabrsky Electric Car plant, CEO Valentin Yadritsev of OEVRZ, a subsidiary of TMH and renowned producer of metro trains for St. Petersburg metro, shared TMH’s strong commitment to bolster Nigeria’s transportation sector. Select journalists from Nigeria, Algeria, Read More…
Lagos State Unveils Circular Economy Initiative to Create New Wealth and Sustainability
Governor Babajide Sanwo-Olu of Lagos State stated, “Implementing the circular economy initiative would create new wealth for the state.” He made this announcement on Wednesday during the Lagos Circular Economy Hotspot 2023 conference, which was organized in collaboration with the Circular Economy Innovation Partnership (CEIP) and the African Circular Economy Network. According to Sanwo-Olu, “The Read More…