Tuesday 05th July 2022,
Hope for Nigeria

Browsing the "Economy" Category

Stakeholders fear Lekki seaport will replicate Apapa pains

Stakeholders fear Lekki seaport will replicate Apapa pains

Hours after the first vessel berthed at Lekki deep seaport, stakeholders and residents along the corridor have expressed worry with the slow response of the Federal and state governments to providing the infrastructure needed to efficiently kick-start the seaport, amid [...]

July 5, 2022 Business
Nigeria’s oil production threatened as operators shut wells

Nigeria’s oil production threatened as operators shut wells

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed concerns about the country’s production capacity, citing cases of deliberate shut of oil wells and pipelines by operators who are trying to deal with theft. According to the NUPRC, the country’s [...]

July 1, 2022 Oil & Gas
Sanwo-Olu Approves Increase In BRT Fares By ₦100

Sanwo-Olu Approves Increase In BRT Fares By ₦100

Lagos State Governor, Babajide Sanwo-Olu has approved a flat rate increase by N100 in bus fares for all Bus Rapid Transit, BRT, and Standard routes as part of measures to sustain operations. The increase, which is scheduled to commence on Wednesday, [...]

July 1, 2022 Business
State healthcare budgets dip from 11 to 4.65 per cent

State healthcare budgets dip from 11 to 4.65 per cent

Compared to last year, there is a significant drop in states’ investment in the health sector, backed by budget decrease from average 11 per cent in 2020 to 4.65 per cent in 2022. Also, a report, published, yesterday, by SBM [...]

July 1, 2022 Key sectors
Nigeria Lost N500.6bn Crude Oil In Five Months

Nigeria Lost N500.6bn Crude Oil In Five Months

Revenues accruable to Nigeria from the sale of crude oil crashed by about N500.6bn between January and May this year, findings from various oil and gas, as well as statistical reports have indicated. It was gathered on Wednesday that the [...]

July 1, 2022 Oil & Gas
Nigeria sells marginal oilfield licenses for $482m, ignores court

Nigeria sells marginal oilfield licenses for $482m, ignores court

Nigeria has raised more than 200 billion naira ($482m) from the issuance of oil prospecting licences after it offered 57 fields for bidding, the petroleum regulator has said. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Tuesday that more [...]

June 30, 2022 Business
Nigeria risks financial ‘blockade’, frosty relations with funders

Nigeria risks financial ‘blockade’, frosty relations with funders

Nigeria is gradually inching towards a financial ‘blockade’ at the international financial market, as its working relationship with international development and funding partners, including the World Bank and the International Monetary Fund (IMF), deteriorates to its worst level in recent [...]

June 30, 2022 Business
South Africa: Eskom could repeat worst power cuts in its history

South Africa: Eskom could repeat worst power cuts in its history

South African state power utility Eskom may be forced to implement power cuts lasting at least six hours a day, after 10 generation units went offline overnight and a strike disrupted its operations. The cuts could begin on Tuesday, company [...]

June 29, 2022 Africa, Power
FG targets 1.6bn litres of milk per annum – Minister

FG targets 1.6bn litres of milk per annum – Minister

The Federal Government on Tuesday said it was targeting 1.6 billion liters of milk per annum for self-sufficiency in livestock products and animal protein needs. The Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, disclosed this while inaugurating the [...]

June 29, 2022 Business
Ogun workers declare indefinite strike

Ogun workers declare indefinite strike

Organised Labour in Ogun State has declared an indefinite strike over what they termed the “pathetic plight” of workers across the state. The strike which takes effect from midnight Tuesday would affect ministries, agencies, hospitals and public schools and other government agencies [...]

June 28, 2022 Employment
FG’s autogas plan stalls amid costly diesel, poor planning

FG’s autogas plan stalls amid costly diesel, poor planning

Almost two years after the Federal Government launched the Autogas Initiative on the back of National Gas Expansion Programme, prevailing circumstances, especially with rising cost of diesel, is forcing motorists, most importantly those with high fuel-consuming vehicles, to convert their [...]

June 25, 2022 Oil & Gas
Cooking gas, kerosene prices compound households’ woes

Cooking gas, kerosene prices compound households’ woes

Nigerians are now faced with what may be termed an existential challenge as they are not just battling escalating prices of foodstuff, but also are spending more to cook. The National Bureau of Statistics (NBS) in its Liquefied Petroleum Gas [...]

June 23, 2022 Oil & Gas
FG not sincere over fuel scarcity, says PMAN

FG not sincere over fuel scarcity, says PMAN

The solution to fuel scarcity in Gombe State and the entire country may not be in sight as the Independent Petroleum Markers Association of Nigeria (IPMAN) has accused the federal government of insensitivity and double standards. The union disclosed that [...]

June 22, 2022 Oil & Gas
FG committed to quality data in agric sector

FG committed to quality data in agric sector

Zainab Ahmed, the Minister of Finance, Budget and National Planning, has reiterated commitment of the Federal Government to ensure adequate and quality data for successful policies in the agricultural sector. Ahmed, represented by the ministry’s Permanent Secretary, Mrs Olusola Idowu, [...]

June 21, 2022 Agriculture
Local airlines risk collapse as Jet-A1 hits N714/litre

Local airlines risk collapse as Jet-A1 hits N714/litre

Local airline operators, yesterday, said that a number of them now risk collapse barring availability of affordable aviation fuel to sustain commercial operations. They said besides the fuel scarcity that is disrupting scheduled operations, the prevailing market rate of N690-N714/litre [...]

June 17, 2022 Business
Fuel Queues Return In Abuja

Fuel Queues Return In Abuja

Motorists and residents of some major cities in the South-West region and in Abuja, the nation’s capital, have started to experience the return of long queues at petrol stations. Although the situation was different in the South-East states as fuel [...]

June 17, 2022 Oil & Gas
Nigeria loses N1.52 trillion yearly to overseas maintenance of aircraft

Nigeria loses N1.52 trillion yearly to overseas maintenance of aircraft

Overseas maintenance of commercial airplanes operating in the country currently costs Nigeria at least $2.5 billion or N1.52 trillion ($1:N608) in capital flight yearly. The mandatory maintenance programme, ranging from minor to complex checks per session on an aircraft, costs [...]

June 16, 2022 Business
Banks advised on small business lending, diversified operations

Banks advised on small business lending, diversified operations

As banks’ provision for loan losses continue to increase going by the results released by financial institutions on the Nigerian Exchange Limited (NGX), analysts and operators have highlighted the need for banks to increase lending to small and medium enterprises [...]

June 14, 2022 Business
Nigerian cities in darkness as electricity grid collapses again

Nigerian cities in darkness as electricity grid collapses again

Nigeria’s wobbly national electricity grid has collapsed yet again, throwing several cities including the federal capital Abuja into darkness. Electricity companies announced late Sunday that the collapse occurred just before 7pm. It is the sixth reported collapse in 2022, although [...]

June 14, 2022 Power
Politicians crowd out private businesses from FX market

Politicians crowd out private businesses from FX market

The currency market may have defied experts’ prediction that the informal segment would witness a momentary glut of dollars as political party delegates, who reportedly made a killing with hard currencies, would start offloading their foreign exchange holding after the [...]

June 11, 2022 Business
Power sector collapse imminent, stakeholders warn

Power sector collapse imminent, stakeholders warn

Stakeholder in Nigeria’s power sector has warned that the sector faces imminent collapse as a result of myriads of challenges. Speaking with journalists, yesterday, they highlighted the acute foreign exchange shortage in the country as a major challenge affecting the [...]

June 7, 2022 Power
Global food prices fall for second consecutive month in May

Global food prices fall for second consecutive month in May

Global food commodity prices fell in May for the second consecutive month, the Food and Agriculture Organisation of the United Nations (FAO) has said. The fall was led by declines in the vegetable oil and dairy price indices, while the sugar price [...]

June 4, 2022 Business
OPEC debates oil output boost amid Russian isolation

OPEC debates oil output boost amid Russian isolation

Major oil producers led by Saudi Arabia and Russia began talks Thursday on whether to adjust output, hard on the heels of an EU ban on Russian oil imports. Analysts had expected OPEC+ producers to likely stick to their policy [...]

June 3, 2022 Oil & Gas
Titan Trust Bank completes takeover of Union Bank

Titan Trust Bank completes takeover of Union Bank

TitanTrust Bank Limited has brought to closure the deal enabling it to purchase a controlling stake in Nigeria’s second-oldest lender, Union Bank of Nigeria, the latter said Thursday in a regulatory filing, almost half a year after an agreement was reached by both [...]

June 3, 2022 Business
South African carrier grounds flights after running out of funds

South African carrier grounds flights after running out of funds

Comair, the South African operator of British Airways flights, has grounded all of its planes after running out of funds, the company said. The carrier, which is under administration, also operates budget airline Kulula. Those planes are also grounded, with [...]

June 2, 2022 Africa, Business
‘81 % of Nigerians lack meaningful internet connectivity’

‘81 % of Nigerians lack meaningful internet connectivity’

Only 12.1 per cent of the Nigerian population currently enjoys Internet services (Meaningful Connectivity) quality in the country. This is according to an indepth research by the Alliance for Affordable Internet (A4AI). A4AI, which explained that 81 per cent meaningful [...]

June 2, 2022 Technology
Government Should Establish Nomadic Ministry For Herdsmen

Government Should Establish Nomadic Ministry For Herdsmen: Sheikh Gumi

Islamic cleric, Sheikh Ahmad Gumi has suggested that as part of measures to curb banditry and terrorism in the country, the Nigerian government should establish the Ministry of Nomadic Affairs. Speaking at a conference on Wednesday, Gumi said the establishment [...]

June 2, 2022 Agriculture
Okada Ban Begins Today, Lagos Deploys More Boats

Okada Ban Begins Today, Lagos Deploys More Boats

The fresh ban imposed on operations of commercial motorcycles, popularly called Okada, in six Local Governments and nine local council development areas of Lagos State by the state Governor, Babajide Sanwo-Olu, takes effect from Wednesday (today). Sanwo-Olu, had on May [...]

June 2, 2022 Business
EU Leaders Agree To Ban Majority Of Russian Oil Imports

EU Leaders Agree To Ban Majority Of Russian Oil Imports

EU leaders have struck a deal to ban most Russian oil imports as they seek to deprive Russia’s president Vladimir Putin of revenues to fund his war in Ukraine. The embargo, which was agreed after weeks of difficult negotiations, will [...]

June 1, 2022 Oil & Gas
Oyetola releases N1.1bn for payment of pension

Oyetola releases N1.1bn for payment of pension

Gov. Gboyega Oyetola of Osun has released N1.1 billion for the payment of pensions of retired civil servants in the state. A statement by the Head of Service, Dr Festus Olowogboyega, on Monday in Osogbo, said that N 600 million [...]

May 31, 2022 Employment