Tag: Business

Reviving Nigeria’s Manufacturing Sector: Akpabio Calls for Urgent Action and Local Innovation

Tolu Adebayo

Reviving Nigeria’s Manufacturing Sector: Akpabio Calls for Urgent Action and Local Innovation In a passionate appeal to stakeholders, Senate President Godswill Akpabio has emphasized the critical need to breathe new life into Nigeria’s struggling manufacturing sector. Once a cornerstone of the nation’s economy, industries such as textiles and cash crops—including cotton, groundnuts, and palm oil—have experienced significant decline, leaving behind a trail of lost opportunities and economic challenges. Akpabio’s remarks underscore a growing consensus that revitalizing these sectors is essential for sustainable growth and self-reliance in Africa’s most populous country.…

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Petrol now N825 per Litre

Favour George

In a move that signals intensified competition in Nigeria’s domestic fuel market, the Dangote Petroleum Refinery has once again reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N825 per litre from its previous rate of N835 per litre. This latest price slash, announced by the refinery, marks the third reduction in recent weeks and comes as part of ongoing efforts to make locally refined products more affordable and competitive. Only last month, Dangote Refinery made two consecutive price cuts within a single week, lowering…

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Nigeria’s Tax Reform Bill Will Make Lives Better

Tolu Adebayo

Nigeria’s landmark tax reform bills, currently awaiting final approval from the Senate, are expected to deliver significant relief to millions of workers by increasing disposable income, reducing living costs, and safeguarding low-income earners. The reforms, championed by the Presidential Committee on Fiscal Policy and Tax Reforms, have already passed the House of Representatives and are poised to reshape the nation’s fiscal landscape. Dr. Taiwo Oyedele, Chairman of the committee, highlighted the bills as a game-changer for Nigeria’s workforce. In a statement, he emphasized that the proposed changes would exempt workers…

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Nigeria might need to look at other sources of revenue as Crude Oil Prices fall

Tolu Adebayo

Nigerian crude oil prices have fallen sharply below $65 per barrel, dipping well under the Federal Government’s budget benchmark and exacerbating economic concerns in Africa’s largest oil producer. The decline is attributed to a combination of global oversupply, weakening demand, and the Organisation of the Petroleum Exporting Countries and its allies (OPEC+)’s decision to ramp up production, despite mounting market skepticism. The slump in prices has left cargoes scheduled to load from Nigeria on May 10 unsold, highlighting tepid buyer interest and doubts about the future of West African crude…

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Nigerian Exchange closes it’s first Week of May on a Positive Note

Tolu Adebayo

The Nigerian Exchange (NGX) wrapped up the first trading week of May with a modest rebound, as investors pocketed N151.91 billion in gains amid renewed bargain hunting and optimistic sentiment surrounding the release of Q1 2025 earnings. The market’s upward momentum reversed earlier losses from a shortened trading week, signaling a cautious yet hopeful outlook among traders. The All-Share Index (ASI) climbed 0.27 per cent week-on-week, closing at 106,042.57 points, while market capitalization surged to N66.65 trillion. This performance was driven by increased buy-side interest in key mid- to large-cap…

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VeryDarkMan’s Lawyer Slams EFCC Over Bail Delays

Tolu Adebayo

Human rights lawyer Deji Adeyanju has expressed deep frustration with the EFCC over delays in releasing social media activist Martins Otse, also known as VeryDarkMan. Although the EFCC granted administrative bail, Otse remains in custody. The anti-graft agency claims he has not met the bail conditions required for release. According to the EFCC’s Head of Media and Publicity, Dele Oyewale, Otse was arrested after ignoring several invitations for questioning. These invitations followed multiple petitions accusing him of financial misconduct. Oyewale stated clearly, “We obtained a legal remand order and have…

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Lagos State Empowers Small Businesses with N1.17 billion in loans

Tolu Adebayo

The Lagos State Government has disbursed N1.17 billion in loans to 4,600 MSMEs in 2024. This move aims to reduce unemployment and support economic growth across the state. The announcement came during a media briefing for Governor Babajide Sanwo-Olu’s sixth year in office. Commissioner Akinyemi Ajigbotafe revealed the results while addressing journalists. According to Ajigbotafe, the loan program has a 91% repayment rate. This figure reflects both strong oversight and beneficiaries’ responsibility. “MSMEs are the engine of our economy,” Ajigbotafe declared. He stressed that empowering entrepreneurs creates jobs and drives…

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AfDB Approves $650 million Strategy to Power Nigeria’s Growth

Tolu Adebayo

The African Development Bank (AfDB) has approved a bold five-year Country Strategy Paper (CSP) for Nigeria, starting in 2025. The plan commits roughly $650 million each year to drive sustainable growth and development across key sectors. Unveiled during a virtual board meeting, the CSP supports Nigeria’s goals in infrastructure, agriculture, energy, and human capital. According to AfDB officials, the funding aligns with Nigeria’s development agenda and the African Continental Free Trade Area. It also supports the Sustainable Development Goals, focusing on food security, electricity access, and private sector involvement. AfDB…

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BREAKING: GTBank Orders Arrest Of Social Media Influencer VeryDarkMan For Complaining About Alleged Unauthorised Debits

Favour George

In a dramatic turn of events, GTBank reportedly ordered the arrest of influencer Martins Vincent Otse, aka VeryDarkMan. The move followed his public complaints about alleged unauthorized ₦500,000 debits from his GTBank account. Soon after, widespread outrage erupted online, igniting debates about consumer rights and freedom of speech in Nigeria’s banking sector. According to sources close to the case, GTBank submitted a formal complaint to the Nigerian Police earlier today. They accused VeryDarkMan of cyberbullying and defamation over viral videos posted on Instagram and TikTok. Notably, those videos quickly amassed…

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Jollof rice now costs N25,486 per pot — Report

Onwuama Arinze Godswill

Jollof rice now costs N25,486 per pot — Report The Cost of Cooking One Pot of Jollof Rice in Nigeria Jumps 19% Amid Rising Inflation Lagos, Nigeria – March 15, 2025The price of preparing a single pot of jollof rice, a beloved staple in Nigerian cuisine, has surged by approximately 19% over the past six months, highlighting the deepening cost-of-living crisis in the country. According to recent data from the National Bureau of Statistics (NBS) and market surveys, the cost rose from N21,300 in September 2024 to N25,486 in March…

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Starlink Officially Licensed to Beam Satellite Internet Across Somalia, Promising Connectivity Leap

oluwatobi enitan

Starlink Officially Licensed to Beam Satellite Internet Across Somalia, Promising Connectivity Leap Mogadishu, Somalia – In a move hailed as a potential game-changer for connectivity in the Horn of Africa nation, Somalia’s National Communications Authority (NCA) has officially granted SpaceX’s Starlink a license to operate within the country. This landmark decision paves the way for Starlink to begin offering its satellite internet services across Somalia, promising faster and more reliable internet access, particularly in underserved and remote areas. The announcement, made by the NCA earlier today, marks a significant step…

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Trump Offers Tariff Truce, But Accentuates Harder Line on China

Onwuama Arinze Godswill

Trump Offers Tariff Truce, But Accentuates Harder Line on China Washington D.C. – In a move that has sent ripples through global markets, President Donald Trump has announced a 90-day pause on planned tariff increases on Chinese goods, offering a temporary reprieve in the escalating trade war between the world’s two largest economies. However, beneath the surface of this apparent olive branch, the Trump administration has simultaneously signaled a hardening stance towards Beijing, suggesting the truce may be more of a strategic maneuver than a genuine softening of trade policy.…

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