For the fourth time since April, the Organisation of Petroleum Exporting Countries (OPEC) has lowered its estimate for how much oil the world will need in 2022. This was due to weaker economies, the return of China’s COVID-19 control measures, and high inflation. In a monthly report, OPEC predicted a 2.7% increase in oil demand Read More…
Business
2023 Appropriation Bill passes second reading as Reps kick against subsidy, debt profile
The House of Representatives passed the 2023 appropriation bill for second reading despite opposition from members about the nation’s high debt level and ongoing fuel subsidy payments. The two problems, according to the House, are the main causes that are harming the country’s economy. The breakdown of the budget was read to the House at Read More…
Lagos to become Africa’s model mega city by 2052 – Sanwo-Olu
The governor of Lagos State, Babajide Sanwo-Olu, says that there is a plan to make Lagos the model megacity for all of Africa by 2052. At the 9th Ehingbeti Lagos Economic Summit, which took place on Victoria Island on Tuesday, Sanwo-Olu revealed this. He said that the government had put in a lot of work Read More…
Sanwo-Olu gets FG’s approval to construct Lekki Airport
Hadi Sirika, the Minister of Aviation, handed the proposed Lekki-Epe International Airport’s official Letter of Approval to Lagos State Governor Babajide Sanwo-Olu on Tuesday. At the 9th Ehingbeti Lagos Economic Summit, which was held at the Eko Hotel and Suites, Victoria Island, Sirika delivered the letter to the governor on behalf of the Federal Government. Read More…
Senator charges MDAs to promote sports
In order to encourage healthy living among its employees, Sen. Obinna Ogba (PDP-Delta) has on Tuesday recommended government Ministries, Departments, and Agencies (MDAs) to ensure sports development in their organisations. Ogba, the chairman of the Senate Committee on Sports and a member of the Senate Committee on Agriculture, expressed sadness that most MDAs in the Read More…
Nigeria laments low level of trade with Egypt
Nigeria lamented her poor trade with Egypt, one of the continent’s two economic giants, on Monday. Malam Nura Rimi, Nigeria’s ambassador to the northern African nation, observed that despite the size of the two economies, the volume of trade between the two was little. He gave a speech in Cairo at the inaugural Nigeria-Egypt Trade Read More…
Flood: NACCIMA seeks support for Olam, other businesses
The Federal Government and other pertinent agencies have been urged by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) to assist Olam Limited, Nigeria and other companies that have been impacted by flooding in Nasarawa. The Director-General, Mr. Olusola Obadimu, made the appeal on Monday in Lagos in reaction to the Read More…
Nigeria considering China’s C919 plane for Nigeria Air
Nigeria is considering the purchase of China’s newly-certified C919 passenger jet as it projects to grow its new national air carrier Nigeria Air to 30 planes by around 2025, Aviation Minister Hadi Sirika said on Saturday. Sirika said the new airline would have a mixture of Airbus and Boeing planes, but added the carrier is Read More…
IPMAN advises FG to speed up full deregulation of petroleum sector
As the country marked its independence, the Independent Petroleum Marketers Association of Nigeria (IPMAN), on Saturday in Abuja, pushed for the Federal Government to accelerate full deregulation of the petroleum sector to further open up the market. Speaking through its National Public Relations Officer, Alhaji Yakubu Suleiman, IPMAN said having full deregulation would help in Read More…
NGX gains N32bn ahead Independence celebration
The Nigerian Exchange (NGX) Ltd. closed the week on a bullish note Friday, with market capitalisation gaining N32 billion or 0.12 per cent to close at N26. 451 trillion against N26.419 trillion on Thursday. Also, the All-Share Index went up by 59.33 basis points or 0.12 per cent to close at 49, 024.16 compared with Read More…