Partnerships Are the Only Way to Address Food Insecurity – Tinubu

To achieve security and stability, President Bola Ahmed Tinubu has urged African leaders to reject protectionism. He claims that the world’s problems with armed conflict and food insecurity can only be solved through alliances built on mutual respect, equity, and inclusivity. In his capacity as Chairman of the ECOWAS Authority of Heads of State and…

Read More

Dangote’s Petrol To Flood Market From Sept 15, Price Determined By Market Forces — NNPCL

The corporation made this announcement on Thursday in Abuja and stated that market forces would decide product prices in a statement signed by Olufemi Soneye, Chief Corporate Communications Officer. This comes after the Dangote Refinery started refining petrol earlier in the week. Soneye cited Adedapo Segun, NNPCL’s Executive Vice President of Downstream, NNPC Ltd., as…

Read More

Fuel Scarcity: Oil Marketers Warn Nigerians to Prepare for Petrol at Market Price

Gilly-Harry revealed that the Nigerian National Petroleum Company Limited is fighting to keep the nation supplied with goods, therefore the current petrol rates, which are about 600 per liter, might not last. His position is in line with the recent admission by the NNPCL that it owes PMS suppliers more than $60 billion. Fuel is currently sold at filling stations that are not controlled by NNPCL for between 950 and more than  1000 per liter due to scarcity.

Read More

Inflation: Nigerians To Spend 54.9% Income On Food In Next Six Months, Says CBN

This is because food inflation is over 40% and the overall inflation rate is 33.40 percent according to the  National Bureau of Statistics (NBS) most recent data. According to the CBN report, the survey, which had a 99.7% response rate, was conducted from July 22 to July 26, 2024.  The NBS master sample list, which included 1,665 homes across the 36 federation states and the Federal Capital Territory, was used to determine the sample size. According to the Household Expectations Survey data the CBN made available on its website, many Nigerians plan to reduce their consumption of non-essential commodities over the course of the next three to six months. However, throughout the next six months, they want to spend 54.9% of their income on food.

Read More

FG Appoints 23 Managers to $10 Billion Global Investment Fund for Nigeria

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…

Read More

Lagos Red Line Rail Starts Partial Operation Today

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….

Read More