The Nigerian National Petroleum Company Limited (NNPCL) has dismissed claims that its Group Chief Executive Officer (GCEO), Mele Kyari, is set to step down. Reacting to speculations published by The Africa Report following a leadership shakeup at NNPCL, the company’s spokesperson, Olufemi Soneye, described the rumors as baseless and unfounded. The report alleged that…
The National Bureau of Statistics (NBS) has released a report indicating that just 20 out of Nigeria’s 36 states generated revenue from local governments in 2023. Sixteen states, along with the Federal Capital Territory (FCT), did not report any revenue from local government sources throughout the year, signaling a potential challenge for local government funding…
China has a new richest person and it’s the entrepreneur behind the app TikTok. Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, released Tuesday, October 29. His wealth reached $49.3 billion, as assessed by research, media and investment group Hurun Inc, which publishes the ranking…
The International Monetary Fund (IMF) has reported that Nigeria’s local currency, the naira, is beginning to show signs of stability, largely due to recent interest rate hikes and the clearing of foreign exchange (FX) backlogs by the Central Bank of Nigeria (CBN). This observation was highlighted in the IMF’s global financial stability report, unveiled…
The Federal Government has announced the suspension of exports of locally produced Liquefied Petroleum Gas (LPG), also known as cooking gas, effective November 1, 2024. This decision aims to address the rising costs of cooking gas in Nigeria. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made the announcement during a stakeholder meeting in…
The International Monetary Fund (IMF) has revised its 2024 growth forecast for Nigeria’s economy to 2.9%, attributing this adjustment to weaker-than-expected economic activity in the first half of the year. This update was part of the IMF’s October 2024 World Economic Outlook (WEO), released during the ongoing annual meetings of the World Bank and IMF…
Adedeji Adeleke, the father of multiple award-winning Nigerian artiste, Davido, has revealed that his company, Pacific Energy, generates about 15% of Nigeria’s electricity. Adeleke disclosed this during the Seventh-Day Adventist Church’s General Conference Annual Council 2024, held on 15 October.The billionaire highlighted his investments in the nation’s power sector, saying his thermal power plant is…
Nigeria’s annual inflation rate climbed for the first time in three months in September, sparked by a spike in gasoline prices and severe floods in food-producing areas. Consumer prices index (CPI) rose to 32.7% in September from 32.2% in August, the National Bureau of Statistics (NBS) said in a statement published on its website…
The World Bank says that Nigeria must maintain its current ‘economic reforms’ for the next 10 to 15 years to reclaim dominance not just in Africa but the world. The Senior Vice President of the World Bank Group, Indermit Gill, gave this advice during the ongoing 30th Nigerian Economic Summit, organised by the Nigerian Economic…
The Federal Government has given permission to petroleum marketers to start lift petrol directly from the Dangote refinery. This approval was given via a statement signed by the Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun,on Friday, October 11. Edun was giving an update on the takeoff of crude…
