The ban on banks borrowing through its window, the Standing Lending Facility (SLF), has been lifted by the Central Bank of Nigeria (CBN). In response to the choices reached during the bank’s 296th Monetary Policy Committee (MPC) meeting, the top bank also set the loan rate at 31.75 percent. In a statement dated August 26,…
The Nigerian National Petroleum Company Limited said in a video clip that over 72 illicit installations for refining crude oil were discovered in the previous week. According to reports, 72 illicit refineries were found and demolished in the states of Rivers, Delta, and Abia. In the Southern Ijaw region of Bayelsa State, on August 18,…
The Federal Government of Nigeria has selected 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund (NGIF). This ambitious fund, according to a presentation document, intends to draw in capital from both domestic and foreign sources for vital areas of the Nigerian economy, such as manufacturing, energy, infrastructure, fintech, and agriculture. The…
Kolawole Ojelabi, the Lagos Metropolitan Area Transport Authority’s spokesperson, made this announcement in a statement on Tuesday. The Red Line Rail is one of the six rail lines and one monorail that LAMATA’s Strategic Transport Master Plan specifies for Lagos. The trains will conduct four daily excursions between Agbado and Oyingbo, carrying people at will….
In the second quarter of 2024, Nigeria grew its Gross Domestic Product (GDP) by 3.19 percent on a year-on-year basis in real terms from the 2.51 percent posted in the same period of last year, and higher than the 2.98 percent achieved in the first quarter of this year. The economic growth recorded by the…
The agency added that the oil had allegedly been trans-loaded into the ships from an edible oil facility in a post on X on Wednesday. NAFDAC representatives led the tankers to a processing facility in Sango-Ota because of concern for the possible health concerns resulting from chemical contamination from the tankers’ prior use for delivering…
On Wednesday, the Federal Ministry of Education announced that efforts were underway by the Federal Government to prevent the Academic Staff Union of Universities from going on strike again. After the National Executive Council meeting last weekend at the University of Ibadan, ASUU threatened to go on strike if the Federal Government did not accede…
The Federal Government has increased the fees for the procurement of Nigerian Passports with effect from the 1st of September 2024. The increase is a component of the government’s efforts to uphold the integrity and quality of the Nigerian Standard Passport, according to a statement from DCI Kenneth Udo, the spokesperson for the Nigeria Immigration…
Remittance inflows have increased significantly, according to the Central Bank of Nigeria (CBN), hitting $553 million in July 2024, a 130% increase from the same period in 2023. The amount was the biggest monthly total inflows on record, according to a statement released on Tuesday by Hakama Sidi Ali, Ag. Director, Corporate Communications at Apex…
A $500 million intervention project by the Japanese International Cooperation Agency has been launched by the Federal Government to fortify the electricity transmission infrastructure along the Lagos-Ogun industrial corridor. This was revealed in a statement released on Friday by Bolaji Tunji, the Minister of Power’s Special Advisor on Strategic Communication and Media Relations. With a…
