The National Cereals Research Institute (NCRI), Badeggi, Niger State, has embarked on an innovative research project in collaboration with farmers to develop a climate-resilient variety of Ofada rice. The project aims to empower farmers and ensure sustainable rice production in the face of climate change challenges such as erratic rainfall, prolonged droughts, and rising temperatures. … Read more
The Chartered Institute of Bankers of Nigeria (CIBN) has highlighted the significant impact of government policies such as the removal of fuel subsidies and the floating of the Naira on the Nigerian economy and banking sector in 2024. Speaking at the CIBN Abia State Branch’s end-of-year event in Umuahia, stakeholders discussed how these policies exacerbated … Read more
The Dangote Refinery, a 650,000 barrels-per-day (bpd) facility in Lagos, Nigeria, has been described as a “world miracle” by Masahiro Tsuno, Managing Director of Limited, during a recent visit by the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo. This recognition highlights the refinery’s remarkable size, automation, and innovative engineering, … Read more
In a major milestone for Nigeria’s energy sector, the Dangote Refinery has commenced the export of Premium Motor Spirit (PMS), commonly known as petrol, to Cameroon, Angola, Ghana, and South Africa. This development highlights the refinery’s growing influence in the global energy market and underscores Nigeria’s potential as a major exporter of refined petroleum products. … Read more
The Nigerian National Assembly has strengthened the Securities and Exchange Commission (SEC) by granting it expanded regulatory powers under the newly enacted Investment and Securities Bill (2024). This landmark legislation repeals the Investments and Securities Act of 2007 and introduces robust measures to regulate Nigeria’s capital markets, including online forex trading platforms and other financial … Read more
Economic analysts project that Nigeria’s trade surplus and foreign portfolio investment (FPI) inflows will persist into Q4 2024 and early 2025, driven by the weakened Naira, robust global demand for crude oil, and a high-interest-rate environment. While these factors present opportunities for foreign exchange earnings and trade balance, they pose challenges for domestic investment and … Read more
The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate surged to 34.60% in November 2024, reflecting a 0.72 percentage-point increase compared to 33.88% in October 2024. This marks a significant rise in the country’s year-on-year inflation rate, which was recorded at 28.20% in November 2023. The latest data highlights persistent economic challenges … Read more
The All Progressives Congress (APC) in Ekiti State has described the approval for flight operations at the Ekiti Cargo Airport as a remarkable Christmas gift for the state. The approval, granted by the Nigeria Civil Aviation Authority (NCAA), is set to open new economic opportunities for the state and solidify its infrastructure development under Governor … Read more
The National Information Technology Development Agency (NITDA) has reaffirmed the pivotal role of data in accelerating Nigeria’s transition to a sustainable digital economy. Speaking at the 2024 Digital Nigeria Innovation Challenge, the agency emphasized that data sovereignty, security, and privacy are central to building a robust digital ecosystem that benefits both individuals and businesses across … Read more
The Central Bank of Nigeria (CBN) has intensified its efforts to tackle the illegal trade of naira notes, imposing a hefty fine of ₦150 million on Deposit Money Banks (DMBs) involved in fueling naira hawking. This bold move is part of the CBN’s strategy to ensure effective cash distribution, discourage hoarding, and curb illegal currency … Read more