The Nigerian Ports Authority (NPA) has introduced a 15% increase in port tariffs, marking the first such adjustment in 32 years. The announcement was made on Thursday in Lagos during a stakeholders’ meeting to discuss the implementation of the new tariff rates. NPA Managing Director Abubakar Dantsoho, represented by the Executive Director of Marine…
The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA franc on Nigeria’s export proceeds (NXP) form, allowing Nigerian exporters to repatriate proceeds from transactions conducted in the currency. Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC), made the announcement on Friday while discussing Nigeria’s non-oil export performance for…
The naira appreciated significantly at the official foreign exchange market to end the week in a much better position. FMDQ data showed that the naira strengthened to N1,531.20 against the dollar at close of trading on Friday, January 24 from N1,548.59 on Thursday, a gain of N17.39 while on the black market, the naira closed…
On Thursday, January 23, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso projected that the country’s Gross Domestic Product (GDP) will grow by 4.17% in 2025, with inflation expected to ease. Currently, Nigeria’s inflation rate stands at 34.80%, but Cardoso expressed optimism that it will decline as the reforms initiated by President Bola Tinubu begin…
The World Bank Group has imposed a 30-month debarment on two Nigerian companies, Viva Atlantic Limited and Technology House Limited, as well as their Managing Director and CEO, Norman Didam, due to involvement in fraudulent, collusive, and corrupt activities. The sanctions arise from unethical actions during the National Social Safety Nets Project (NSSNP) in Nigeria.…
The Nigerian Communications Commission (NCC) has approved a tariff increase for telecommunications companies in the country. This announcement was made by Reuben Mouka, the commission’s spokesperson, who explained that the approval was granted under Section 108 of the Nigerian Communications Act, 2003 (NCA), which empowers the NCC to regulate and approve tariff rates for telecom…
The Nigerian Communications Commission (NCC) has instructed telecommunications companies (telcos) to disconnect the USSD codes of nine banks due to unpaid debts. In a statement signed by Reuben Muoka, the NCC’s Director of Public Affairs, the commission announced that the disconnection will take effect on January 27, 2025, if the banks fail to settle their…
Nigeria’s inflation rate rose to 34.80% in December 2024, up from 34.60% in November, according to the latest Consumer Price Index and inflation data released by the National Bureau of Statistics (NBS) on Wednesday, January 15. The increase, a marginal 0.20%, was attributed to heightened demand for goods and services during the festive season. On…
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has announced that telecom tariffs in Nigeria will soon be increased, though not by the 100% proposed by Mobile Network Operators (MNOs). Following a stakeholders’ meeting with MNOs in Abuja on Wednesday, Tijani confirmed that consultations are ongoing, and the Nigerian Communications Commission (NCC)…
Petroleum marketers, under the umbrella of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have called on the Nigerian government to privatize the Warri and Kaduna refineries. PETROAN made this appeal in a statement issued on Saturday, January 4, titled “Retrospect of Nigeria’s Oil and Gas Downstream Sector in 2024.” The statement was…
