Business
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Dangote Refinery to buy 12m barrels of crude oil from U.S., says reaching 650,000bpd capacity by June sacrosanct
The Dangote Petroleum Refinery is awaiting up to 12 million barrels of crude oil from the United States. The refinery…
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Naira appreciates by 0.7% at official market
The naira appreciated at the official market on Tuesday trading at the N1,522.68 to a Dollar. Data from the FMDQ…
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CBN launches FX Code as Naira strengthens against the dollar
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Foreign Exchange (FX) Code on Monday, January 27, 2025, coinciding…
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Expert warns Trump’s trade policies neglect African economy, highlights risks of isolation
On Monday, January 27, 2025, Professor Carl LeVan, a well-known political economist, raised alarms about what he sees as the…
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FAMAD elects 3 more board members, renews shareholders’ hopes
The shareholders of FAMAD, Nigeria's foremost footwear manufacturers, recently elected three reputable professionals to its Board of Directors. They are…
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Nigeria pushes for big wins in energy and agriculture as VP Shettima meets WEF President
Nigeria is gearing up for major development breakthroughs, and Vice President Kashim Shettima is actively seeking global partnerships to help…
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South Africa’s inflation rises to 3.0% for the second straight month in December 2024
South Africa’s inflation rate, as measured by the Consumer Price Index (CPI), edged up to 3.0% in December 2024, marking…
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CBN launches new compliance department to boost financial transparency
On Thursday, January 23, 2025, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced the launch of…
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Nigeria’s economy to grow by 4.17% in 2025, inflation to ease — CBN Governor Cardoso
On Thursday, January 23, 2025, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso shared good news for the country’s economy.…
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LG autonomy: Nigerian govt directs 774 councils to open account with CBN
The 774 local government areas in Nigeria have been mandated to open dedicated accounts with the Central Bank of Nigeria,…
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Dangote seeks revocation of NNPCL, AA Rano, AYM Shafa, others import licences
The Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has told a Federal High Court in Abuja why it issued…
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AfDB partners U.S. on credit rating platform for African markets
The African Development Bank, AfDB, has signed a 700,000 dollars Donor Contribution Agreement with Prosper Africa, a U.S. Presidential initiative,…
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Tinubu: Nigeria’s Economic Reforms Have Started Yielding Positive Results
President Bola Tinubu has painted a bright picture of the Nigerian economy saying the nation’s economic reforms have started yielding…
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Nigeria earns N50tn from crude oil in 2024 despite production challenges
Nigeria's crude oil revenue reached approximately N50.88 trillion in 2024, according to data from the Nigerian Upstream Petroleum Regulatory Commission…
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Nigeria’s inflation hits new high of 34.8%, experts suggest ways to improve economy
Nigeria’s inflation rate has climbed to 34.80% in December 2024, up from 34.60% in November, according to the latest report…
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Nigerian Customs exceeds 2024 revenue target by 20.2%
The Nigeria Customs Service, NCS, says it has exceeded its 2024 revenue target of ₦5.1 trillion by 20.2 per cent.…
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CBN sanctions 9 banks for failing to dispense cash via ATMs
The Central Bank of Nigeria, CBN, says it has sanctioned some Deposit Money Banks, DMBs, for failing to make Naira…
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House leaders promise to focus on important tax reforms for a better future
On Monday, January 13, Speaker of the House of Representatives, Abbas Tajudeen, shared that the main priority for the House…
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FAMAD to hold Annual General Meetings January 16
Nigeria's foremost shoemakers, Footwear Accessories Manufacturing and Distribution (FaMaD) Plc (formerly Bata) will hold its annual general meetings on Thursday,…
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Table water producers back Lagos ban on single-use plastics
The Association for Table Water Producers, ATWAP, of Nigeria has backed the Lagos State Government ban on single-use plastics, including…
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President Tinubu departs Abuja for Abu Dhabi sustainability week
President Bola Tinubu has departed Nigeria’s capital, Abuja, to attend the 2025 Abu Dhabi Sustainability Week (ADSW) in the United…
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Tinubu calls for increased currency swap between China, Nigeria
President Bola Tinubu on Thursday urged the Chinese government to increase the two billion dollar currency swap between Nigeria and…
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Six months later, Nigeria’s food prices remain high despite government promises
On Monday, January 7, 2025, it was exactly 180 days since the Nigerian government pledged to tackle high food prices,…
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Nigeria’s Minister meets with telcos over proposed data and call tariff hikes
On Wednesday, January 8, Nigeria’s Minister of Communications, Innovations, and Digital Economy, Bosun Tijani, held a meeting with representatives from…
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Nigeria secures huge $255 million loan from China for big railway project
On Wednesday, January 8, China Development Bank (CDB) announced that it has approved the first part of a $255 million…
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FIRS chairman Zacch Adedeji clears air on 2027 Oyo governorship aspirations
Zacch Adelabu Adedeji, the current Executive Chairman of the Federal Inland Revenue Service (FIRS), has put to rest speculations about…
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Audit unveils massive N515bn financial irregularities in NNPCL’s 2021 transactions
Nigeria's Office of the Auditor-General for the Federation (OAuGF) has revealed significant financial discrepancies totaling N514 billion within the Nigerian…
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Aba Power announces significant electricity tariff hike starting January 2025
Aba Power, the electricity distribution company serving Abia State, has officially announced a more than 50% increase in electricity tariffs…
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NNPC responds to rumors about Mele Kyari’s exit
On Monday, December 30, the Nigerian National Petroleum Company (NNPC) addressed the rumors surrounding the potential exit of its Group…
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Warri refinery kicks off operations
On Monday, December 30, the Warri Refining and Petrochemicals Company (WRPC), with a capacity to process 125,000 barrels of oil…
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Vandals destroy Shiroro-Katampe power line, plunge parts of Abuja Into darkness
Some areas in the Federal Capital Territory, Abuja, have been plunged into darkness following the vandalization of the 330-kilovolt (kV)…
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Again, Dangote Refinery reduces petrol price
The Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS), also known as petrol, to N899.50k…
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Zamfara governor signs ₦546bn 2025 budget, pledges continued reforms
Governor Dauda Lawal has signed the ₦546 billion 2025 appropriation bill, titled “Rescue Budget 2.0,” into law. The signing ceremony…
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African Development Bank approves €119 million loan to Benin for rural drinking water supply
On Thursday, December 19, the African Development Bank (AfDB) approved a loan of €118.63 million to Benin to support the…
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Tyme hits $1.5B valuation as Nubank leads $250M investment into South African digital bank
On Thursday, December 19, Tyme, a South African digital bank, reached a major milestone, securing a $250 million Series D…
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CBN sets N100,000 daily withdrawal limit on PoS terminals, introduces other guidelines
The Central Bank of Nigeria (CBN) has set a daily withdrawal limit of N100,000 per customer on point-of-sale (PoS) terminals…
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Speaker Abbas meets regional caucus leaders, lobbies passage of controversial tax bills
The speaker of the House of Representatives, Tajuddeen Abbas, on Monday met with six regional caucus leaders and their secretaries…
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Nigeria’s inflation rate jumps to 34.6% in November, deepening hardship
Nigeria’s inflation rate surged to 34.60% in November 2024, up from 33.88% in October, signaling deepening economic hardship for the…
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CBN fines banks ₦150m for facilitating illegal mint naira trade
The Central Bank of Nigeria (CBN) has announced a ₦150 million fine for Deposit Money Banks (DMBs) found guilty of…
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CBN reaffirms all naira notes remain legal tender indefinitely
The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including the old and new designs…
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