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…
The Federal Government has taken delivery of 60 locally assembled Compressed Natural Gas (CNG) hybrid buses. At the company’s automobile production factory in Ajah, Lagos State, the cars were turned over to a team that included members from the Presidential Initiative on CNG (Pi-CNG) and the Ministry of Finance. Despite Nigeria’s vast oil and gas…
The Central Bank of Nigeria has revealed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024, a 55 percent increase from the recorded figure year-over-year. The naira finished at the same rate that it closed on Wednesday, N1,596, versus the US dollar, indicating that the…
The Central Bank of Nigeria (CBN) has sold $876.26m to end users whose bids were submitted by some 26 banks. The action aims to support the declining value of the naira, according to a circular issued by the apex bank on Wednesday. The situation coincides with the naira being under pressure from summertime tourists and…
According to proposals presented by the Federal Ministry of Housing and Urban Development, the six Nigerian geopolitical zones will see the construction of building materials production hubs. During a courtesy visit on Saturday, High Chief Mike Ugwu, the Vice Chairman of the Yiwu China-Africa Business Council and Executive Chairman of Zheng Xiaopeng, revealed the information…
Billionaire business mogul, Femi Otedola, has explained why Nigerians, particularly the government should support the Chairman of Dangote Group, Aliko Dangote, by creating an enabling environment to ensure businesses thrive. He argued that Dangote’s contributions which extend beyond industrial facilities to critical infrastructure, must be recognised and supported by all means. Otedola, who rose in…
The Parent company of Facebook, Instagram, and WhatsApp, Meta Platforms Inc., has been fined $220 million by the Federal Government for using its dominating market position to commit discriminatory activities against Nigerian users and for unauthorisedly appropriating personal data without authorization. According to the statement by the Federal Competition and Consumer Protection Commission (FCCPC) on…
Governors from several states have demanded a return of their entire equity interests in the $10 billion National Integrated Power Projects, which are managed by Niger Delta Power Holding Company. The governors under the Nigeria Governors’ Forum, its umbrella organization, also stated that the Federal Government need to reimburse an adequate rate of return for…
