Nigeria Breaking News
THE price of Bonny Light, Nigeria’s premium crude dropped further by 20 per cent to $67 per barrel from $84.02 per barrel on January 2025, fuelling fears over achievement of Federal Government’s budget 2025 revenue target. The Budget 2025 is based on crude oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, …
The ECOWAS Bank for Investment and Development (EBID), and the European Investment Bank (EIB), with the support of the European Union (EU), have entered into a partnership to mobilize €300 million credit line to support projects that promote clean energy within the ECOWAS region. Resultantly, the institutions have announced a €100 million financial partnership in …
Gov. Bassey Otu of Cross River has revoked the concession agreement granted to CIBA Construction Company Limited for the management of the Obudu Cattle Ranch. The termination was communicated through a letter signed by the state’s attorney general and commissioner for justice, Mr Ededem Ani. The letter cited by the News Agency of Nigeria (NAN) …
The Central Bank of Nigeria (CBN) has appointed 16 directors effective March 3. The appointments were said to have been made to bolster the apex bank’s operations in a number of policy-driven, regulatory and supervisory capacities. The directors are Jide-Samuel Avbasowamen, director of the information technology department; Abdullahi Hamisu, director of the banking services department; …
Seplat Energy PLC has disclosed plans to invest up to $320 million this year in 13 new onshore oil wells and other capital expenditure projects. The company disclosed this in its outlook for 2025, saying “Initial 2025 capital expenditure, capex guidance of $260-320 million comprising Seplat Onshore $180-220 million, Seplat Energy Producing Nigeria Unlimited, SEPNU …
THE price of Nigeria’s Bonny Light crude oil fell by 10.6 per cent to $73.53 per barrel from $84.02 per barrel on January 15th, fuelling fears over achievement of Federal Government’s budget 2025 revenue target. . The Budget 2025 is based on crude oil price benchmark of $75 per barrel, oil production of 2.06 million barrels …
The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to develop a comprehensive industrialization strategy to boost local manufacturing capacity, among other policies. In a statement, Director General, LCCI, Dr. Chinyere Almona, argued that the country’s reliance on trade and services, at the expense of industries is not healthy for the economy. …
The House of Representatives Committee on Power has proposed the introduction of special levies to discourage the importation of finished goods and promote local production. The committee chairman and member representing Eka North East/Eka South Federal Constituency of Delta State, Victor Nwokolo, disclosed this on Monday during a facility tour of Metering Solutions and Manufacturing …
The Federal government says Nigeria loses about $56 billion annually to malnutrition. Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, disclosed this at the end of a recent high-level dialogue in Abuja on the cost of inaction on malnutrition in Nigeria and N4G commitment-making. The minister, who was represented at the event by …
Africa seaports are vital hubs for trade, driving economic growth across countries on the continent. Despite handling just 2.7% of global trade by value, African countries contribute 7% of maritime exports and 5% of imports by volume. Seaports in Africa are vital for trade, driving economic growth despite handling just 2.7% of global trade by …