The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria crude oil quota from 1.772million barrels per day for June 2022 to 1.799million barrels per day in July 2022. According to the world’s oil supply governing body, the raise was by 27,000 barrels, translating to 3.4% increase in the month of July. The cartel disclosed … [Read more…]
It is mixed blessing for the Nigerian economy as prices of crude oil further soared on Tuesday, 24 hours after the leaders of the European Union (EU) countries reached an agreement to ban 90 per cent of Russian energy imports by the end of the year. The 27-nation organisation has spent weeks haggling over a … [Read more…]
After 2 days of gains, Naira depreciates, exchanges at 418.88 to a dollar After appreciating for two days, the Naira on Thursday fell in value against the US dollar by 0. 21 per cent at the Investors and Exporters window. The local currency was exchanged at 418.88 to the dollar, compared to 418 traded on … [Read more…]
The federal government yesterday stated that Sub-Saharan Africa could require as much as $60 billion to access reliable electricity and clean cooking facilities between now and 2030. The Minister of State for Petroleum Resources, Timipre Sylva, who disclosed this, noted that an annual investment of around $35 billion could bring electricity access to 759 million … [Read more…]
Naira continues free fall; now N420 per dollar at I&E window CBN Governor, Godwin Emefiele and Bureau de Change The naira slid further on Thursday to exchange at 420.33 to the dollar at the Investors and Exporters window. This represents a 0.26 depreciation from its value on Thursday where it was traded at N419.25. The … [Read more…]
Federal Government, yesterday, clarified the reason it opted out of the global tax rule, also known as the Global Corporate Minimum Tax Agreement, signed by almost all the Organisation for Economic Co-operation and Development (OECD) members. Making the clarification at the 24th Annual Tax Conference of Chartered Institute of Taxation of Nigeria (CITN) in Abuja, … [Read more…]
The astronomical rise in the cost of cooking gas and kerosene in the country has subjected homes, particularly poor homes, in the South-East zone, to more stress, in addition to the excruciating hardship the general economic condition in Nigeria has already placed on them. The situation has forced many families to resort to alternatives such … [Read more…]
Nigerian Breweries (NB) Plc has invested N56 billion into Ama Breweries, Enugu as part of its expansion plan. In a statement, Chief Executive Officer, Heineken, Mr. Dolf van den Brink, said that the investment in Ama Breweries is a further demonstration of the long-standing history and relationship between Heineken and Nigeria, which dates back to … [Read more…]
The Central Bank of Nigeria (CBN) has said that it will include bills payment in the upgraded version of its Central Bank Digital Currency (CBDC), eNaira. The CBN said that this is part of measures to increase use of the digital currency, including sensitisation campaigns in major markets across the country. CBN Branch Controller, Lagos, … [Read more…]
Nigerian banks recorded an impressive first quarter of 2022, with 12 reporting a profit before tax of N334 billion. This was an increase of 13.7per cent when compared to N293.5 billion reported in the first quarter of 2021. However, out of the profit recorded the banks paid a combined N52.4 billion tax to the federal … [Read more…]
Geometric Power Completes Retrofitting of Power Turbine in US, Returns Equipment to Nigeria Hope for the inauguration of the Aba Power Project later this year has been rekindled as the last of the three Geometric Power Company’s thermal turbines sent to Houston, Texas, in the United States for periodic retrofitting is back in the country. … [Read more…]
Founder and former Chief Executive Officer of Twitter, Jack Dorsey, made a whooping N405.3 billion ($977.8 million) after the world’s richest man, Elon Musk, acquired the social media company on Monday. The board of Twitter met with Musk early hours of Monday, but the deal was confirmed to have been accepted later in the day … [Read more…]