Browsing: Business

I am fully occupied and unable to contemplate a second term as Director-General of the WTO

The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has expressed that she is currently too preoccupied to entertain the idea of pursuing a potential second term leading the global organization. Iweala emphasized her current focus on addressing pressing matters within the Geneva-based trade body before considering any future candidacy. “At this moment,…

Reports suggest that grains are purportedly still unavailable to Nigerians, even two weeks after President Tinubu’s directive.

Grains are reportedly still awaiting distribution to Nigerians, even two weeks after President Bola Tinubu issued a directive to the Ministry of Agriculture. Following President Tinubu’s directive two weeks ago, instructing the Ministry of Agriculture and Food Security to release 42,000 metric tons of maize, millet, and other commodities from the national strategic reserve to…

Senator Ali Ndume has alleged that the FG is profiting from the recent increase in the exchange rate between the US dollar and the Nigerian naira.

Senator Ali Ndume asserted that the depreciation of the naira against the dollar is not causing losses to the federal government; rather, it is yielding increased revenue to finance the 2024 budget. Speaking on Channels TV, Ndume emphasized that the budget presented by President Bola Ahmed Tinubu in November 2023 is predominantly dependent on dollar-denominated…

According to CBN Governor Yemi Cardoso, my profession ranks as the second most challenging globally.

At the opening of the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria (CBCN), Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), emphasized the challenges of his role, stating it to be the second most demanding globally. As the Chairman of the occasion, Cardoso expressed optimism about the Federal…

Customs officials have intercepted 15 trucks laden with food items in Sokoto.

The Nigeria Customs Service (NCS) has made a significant interception in Sokoto State, seizing 15 trucks loaded with food items. This action is part of the NCS’s ongoing efforts to curb smuggling activities that contribute to the soaring prices of essential commodities across the nation. Abubakar Chafe, the spokesperson for the NCS Sokoto Command, disclosed…

The Nigerian Army has intercepted trucks carrying cement en route to Cameroon, suspected of being used for illegal activities or smuggling.

Troops of the Nigerian Army have intercepted trucks suspected of transporting prohibited goods to the Republic of Cameroon. The trucks, each loaded with 600 50kg bags of cement, were showcased to journalists at the Nigeria Police headquarters in Yola, the capital of Adamawa State, on Friday. Adamawa State Governor, Ahmadu Fintiri, had issued an Executive…

Labour unions have declared their intention to organize a nationwide mass protest to draw attention to the prevalent economic hardship experienced by Nigerians.

Labour unions have declared their intention to organize a nationwide mass protest to draw attention to the prevalent economic hardship experienced by Nigerians. The decision to stage the protest stems from the escalating economic challenges plaguing the country, including soaring inflation rates, increased cost of living, and widespread unemployment. These issues have significantly impacted the…

Once more, the (CBN) has increased the forex rate for import duties, marking the fourth adjustment in just 10 days.

Once again, on Wednesday, February 14, the Central Bank of Nigeria (CBN) revised the Customs exchange rate from N1444.56/$1 to N1,481.482/$1. This latest adjustment represents an increase of N36.922, equivalent to 2.56 percent, compared to the previous increment. Remarkably, this marks the fifth adjustment within a span of 12 days and the ninth since the…

Following the footsteps of the (CBN)and (FAAN), the Nigerian Upstream Petroleum Regulatory Commission is contemplating relocating its office to Lagos.

Similar to the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria (FAAN), the Nigerian Upstream Petroleum Regulatory Commission is contemplating relocating some of its units to Lagos state. In a circular dated February 14, 2024, the agency stated that the decision is motivated by the desire to improve service delivery, lower…

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