The Central Bank of Nigeria (CBN) has expressed concerns over the country’s foreign exchange reserves, citing potential risks stemming from the removal of the petrol subsidy and lower crude oil earnings. As of September 12, 2024, Nigeria’s external reserves stood at $36.08 billion, according to CBN data. In its newly published ‘Monetary, Credit, Foreign…
The Nigerian National Petroleum Company Limited (NNPCL) has announced it purchased petroleum from Dangote Refinery at a rate of N898 per litre. NNPCL said it dispatched about 300 trucks to the 650,000-barrels-per-day capacity refinery in Lagos on Saturday, September 14, with loading operations commencing today, Sunday. Majority of Nigerians have been hopeful that the…
A statistic has been released that shows that OnlyFans content creators made more than the entire NBA players last year. OnlyFans content creators made well over a billion dollars more than elite basketball players, showing just how lucrative a career selling explicit videos can be. Basketball Forever found that in 2023, OnlyFans creators…
Marketers of petroleum products in Nigeria reportedly wrote to President Bola Tinubu to complain that the price of Dangote Refinery’s diesel, which is at N900 per litre, is negatively affecting their businesses. Devakumar Edwin, Vice President, Dangote Industries Limited, disclosed this on a Twitter Spaces session organized by Nairametrics. “Petroleum product marketers in Nigeria…
Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new global wealth report. Musk, 53, is currently the world’s richest person with a net worth of $251billion, according to Bloomberg’s Billionaires Index. However, a new report by Informa Connect Academy has revealed Musk’s wealth has been growing…
The federal government has imposed a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, affecting customers of fintech platforms such as Opay and Moniepoint. The deduction, which is in line with the Federal Inland Revenue Service (FIRS) regulations, is set to take effect from September 9, 2024. The announcement was…
The Minister of State for Petroleum Resources, Heineken Lokpobiri has directed that the Nigerian National Petroleum Company Limited(NNPCL) must sell petrol above the landing cost, which currently stands at N1,117 per litre, to prevent the smuggling of the products to neighbouring countries. Lokpobiri who disclosed this in Abuja, adding that security agencies are complicit…
Sesi Whingah, the lawmaker representing Badagry Constituency in the House of Representatives, has assured his constituents that Nigeria’s borders will soon be reopened for commercial activities. The announcement came during a Badagry Stakeholders and Youth Engagement event organized by his office on Saturday, August 31. During the engagement, Mr. Whingah addressed concerns from local…
Nigeria’s economy showed signs of resilience in the second quarter of 2024, with the nation’s real Gross Domestic Product (GDP) growing by 3.19%, a slight increase from the 2.98% growth recorded in the first quarter of the year. This 0.21 percentage point rise was disclosed by the National Bureau of Statistics (NBS) in its latest…
The Maritime Workers Union of Nigeria (MWUN) and shipping companies under the Shipping, Shipping Agencies, Clearing and Forwarding Employers Association (SACFEA) have reached an agreement on minimum standards for workers in the shipping industry. This agreement comes after nearly 20 years of unsuccessful negotiations. The Nigerian Shippers’ Council (NSC) played an important role…
