Socio-cultural group, Ohanaeze Youths, has said that the nation will benefit from the blue economy estimated to be worth more than $1.5 trillion per year globally, with the creation of Marine and Blue Economy Ministry by President Bola Ahmed Tinubu. The group, in a statement jointly signed by its ...

The Iranian  Government has expressed its readiness to collaborate in developing Nigeria’s oil and gas downstream division. The Iranian Ambassador to Nigeria, Muhammad Alibak, made this known when he hosted Rep. Ikenga Ugochinyere (PDP-Imo), Chairman, House Committee on Downstream Petroleum and ...

Nigeria’s annual inflation rate rose to 24.08 per cent in July, the highest in 18 years, driven by higher prices of food items, increased transport fares, reflecting the increasing struggle of households to meet daily feeding needs, worsened by the impact of fuel subsidy removal and continued ...

The question in the minds of Nigerians today is why is the Naira depreciating or why is the exchange rate of the dollar rising rapidly? This is a valid question given the sharp and persistent depreciation of the Naira since June 14 when the Central Bank of Nigeria, CBN announced new operational ...

By Ogaga Ariemu The naira dropped to a record low of N925/$1 on the parallel market on Wednesday as demand for foreign currency outweighed supply. Mohammed Gazali, a forex trader in Zone 4 Abuja, disclosed this to DAILY POST on Tuesday evening. Similarly, he said the dollar exchanged ...

The Naira on Friday depreciated against the dollar, exchanging at N777.82 at the Investors and Exporters window. The Naira lost by 1.26 per cent when compared with N768.16 for which it exchanged for the dollar on Thursday. The open indicative rate closed at N779.58 to the dollar on Friday. ...

The 6 Division, Nigerian Army,  Port Harcourt has intercepted a truck conveying  over 16,000 litres of illegally-refined Automated Gas Oil, also known as diesel, in Ahoada East, Rivers State. The Army said the product, loaded in 80 drums and worth over N14m, was intercepted on Sunday along ...

By  Nike Popoola The naira appreciated against the United States dollar on the Investor & Exporter forex window on Wednesday, closing at 793.70/$. The local currency had earlier traded at N825 a week earlier on the I&E window. According to figures obtained from the FMDQ, the ...

Members of the organised private sector, on Wednesday, expressed fear over the possible shutdown of businesses and job losses following the hike in the pump price of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Corporation Limited and fuel marketers. On ...

By Ogaga Ariemu Poultry farmers have decried the price of maize, a significant feed for birds. The Poultry Association of Nigeria, PAN, disclosed this on Monday in a statement jointly signed by the National President, Sunday Ezeobiora, and the Director-General, Onallo Akpa. DAILY POST reported ...

By Ifeanyi Nwannah An economist, Alhaji Mohammed Umar has responded to agitations by some people in Zamfara State, asking the government to establish a price control board. In an exclusive interview with DAILY POST in Gusau, the State capital, Umar explained that in a capitalist economy, ...

No fewer than 200,000 broiler day-old chicks have been distributed free to 4,000 poultry farmers under the Nigeria COVID-19 Action Recovery and Economic Stimulus also known as the NG-CARES programme in Ondo State. It was gathered that the beneficiaries were drawn from the 18 local government ...

Civil rights activists have discredited the National Assembly’s approval of President Bola Tinubu’s request of N500bn to cushion the effects of the removal of fuel subsidy on the poor, noting that it is better invested in infrastructure as there is no dependable data system to carry out a ...

By Ishola Oludare A financial expert, Gbenga Adeoye, has asked President Bola Tinubu to quench the plan by his government to distribute N8,000 to 12 million poor Nigerians in six months. Recall that the President, on Thursday, requested N500 billion from the National Assembly, supposedly to be ...

Strong indications have emerged more Nigerians may relocate from the country in 2023 and beyond as the nation’s socio-economic conditions worsen, and hope remains bleak. This came on the heels of the recent removal of fuel subsidy, further depreciation of the naira, impending increase in ...

By  Anozie Egole The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars. The ...

A delegation from the International Bank of America, on Tuesday, visited President Bola Tinubu at the State House, Abuja, lauding the President for economic policies rolled out so far. The delegation, which was led by the bank’s President, Mr Bernard Mensah, expressed excitement about the ...

By Ogaga Ariemu The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year. Yusuf disclosed this on Sunday in his Half Year Review of 2023. His review comes amid the effect of fuel subsidy removal ...

By Ogaga Ariemu US-based multinational technology company Apple on Friday closed trading with a $3 trillion market value. According to CBS, Apple has become the first to achieve that feat in recent time. The 47-year-old tech firm’s shares closed up 2.3 per cent at $193.97, pushing its total ...

Okechukwu Nnodim and Deborah Tolu-Kolawole The Federal Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday. Also, ...

The Naira on Tuesday dropped further, exchanges for N763 against the dollar at the Investors and Exporters window. The Naira depreciated by 0.67 per cent when compared with N768.17 for which it exchanged for the dollar at the close of business on Monday. The open indicative rate closed at ...

By  Anozie Egole The Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty. The NCS on Saturday raised the exchange rate used for the ...

Temitayo Jaiyeola The Central Bank of Nigeria has mandated Financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, and more of their customers. This forms part of its new customer due diligence regulations and is in a bid to ...

Last week, President Bola Tinubu, signed the Nigeria Data Protection Bill, 2023 into law. The new law has obviously excited data and technology experts who now feel Nigeria’s economy is about to witness investment boom like other countries who have passed a similar law. The new law establishes the ...

By Babajide Komolafe & Elizabeth Adegbesan The Naira yesterday depreciated by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars worsened by acute supply shortage. Data from the FMDQ showed that the indicative exchange ...

The Naira yesterday depreciated by 16 per cent   to   N770.38   per dollar in the Investors and Exporters (I&E) window following a surge in demand for   dollars worsened by acute supply shortage. Data from the FMDQ showed that the indicative exchange rate for the window rose to N770.38 5 per ...

By Ogaga Ariemu The Central Bank of Nigeria, CBN, has announced further policy changes. According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market. AbdulMumin said this ...

By  Sami Tunji The naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the dollar and other global currencies. This means that the currency lost about five per cent of its value within ...

By Babajide Komolafe, Economy Editor, Peter Egwuatu, Yinka Kolawole, Nkiru Nnorom, Godwin Oritse, Rosemary Onuoha & Elizabeth Adegbesan THE Naira yesterday lost almost half of its value in the official market as the exchange rate in the Investors and Exporters, I&E window rose to N664.04 ...

About 300 fishermen are left stranded and farmlands destroyed following an oil spill in Aleto,  Eleme Local Government Area of Rivers State. Residents alleged that the spill originated from a manifold operated by the Shell Petroleum Development Company, inflicting significant pollution upon the ...

There are indications that the Central Bank of Nigeria, CBN has directed banks to trade foreign exchange at any exchange rate in the Investors & Exporters window based on willing buyer, willing seller arrangements. In response the I&E window exchange rate rose sharply to N610 per dollar, ...

By Lovina Anthony In its bid to ensure that the cashless policy is fully implemented in Nigeria, the Central Bank of Nigeria (CBN) has urged stakeholders and institutions to embrace and promote the e-Naira policy both as a payment system and a medium of exchange. It regretted that the majority of ...

By  Sami Tunji The 10 poorest states in Nigeria owe local and foreign creditors about N1.18tn, according to findings by The PUNCH. While the data for the poorest state was acquired from the National Bureau of Statistics, the debt data was obtained from the Debt Management Office. The NBS, ...

By Babajide Komolafe, Economy Editor The World Bank, yesterday, warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country. Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in ...

Legendary producer and music executive, Michael Collins Ajereh also known as Don Jazzy has ventured into the beauty industry as he becomes a soap maker. The music mogul, on Monday, launched his long-awaited range of soup, Drip Beauty Soap in Lagos. Recall the music mogul had hinted on ...

By  Lovina Anthony One bag of sachet water, popularly known as pure water, would be sold at the rate of N300, in Akwa Ibom State, the state chapter of Association of Table Water Producers of Nigeria, has revealed. In a statement signed by the secretary of the association, Anietie Etop and ...

Ochogwu Sunday Since President Bola Tinubu announced the abolition of the fuel subsidy regime on Monday, May 29, 2023, the country has been in a state of turmoil as citizens grapple with the astronomical hike in the price of petroleum products and its attendant consequences. Petroleum ...

By  Sami Tunji The Federal Government borrowed N6.07tn from the Central Bank of Nigeria through Ways and Means Advances in 2022, according to recent data from the apex bank. This pushed the Federal Government’s borrowing from the CBN from N17.46tn in December 2021 to N23.53tn in December ...

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has counseled Asiwaju Bola Tinubu, as he takes over the presidency of the country, not to rush in removing subsidy in Premium Motor Spirit, PMS, commonly known as petrol because of its socio-economic implications. NUPENG in a statement ...

By Abdul Seye President Muhammadu Buhari has asked the Senate to approve $566,754,584.31, £98,526,012.00, and N226 billion to clear some outstanding judgement debts. This request is coming barely five days before the termination of the current administration. The letter of request was read by ...

History was made on Monday as President Muhammadu Buhari inaugurated the first indigenous refinery in Nigeria, the $18.5 billion worth Dangote Petroleum  Refinery, in Ibeju-Lekki, Lagos. The modern refinery, according President Buhari, is expected to enable the nation achieve self-sufficiency in ...

President of Dangote Industries Limited, Alhaji Aliko Dangote has announced that the first refined petroleum products from his 650,000 barrels per day refinery will be in the Nigerian market before the end of July or beginning of August this year. Dangote made the announcement Monday during his ...

Nigerian Economic Summit Group (NESG), one of Africa’s leading think-tanks, has projected that Dangote Refinery and Petrochemical Company, set for inauguration on May 22, can create a $21 billion market for Nigeria’s crude oil. In a brief by the organisation, it further noted that the facility ...

The Presidency yesterday rose in stout defence of the rising inflation rate in the country, saying the menace is global, and not peculiar to Nigeria. Presidential spokesperson, Mallam Garba Shehu, said this in a statement, titled, “Re: Buhari Leaves Inflation at Highest in 17 Years.” The ...

The Consumer Price Index (CPI), which measures the rate of change in goods and commodities, rose to 22.22 per cent in April compared to 22.04 per cent in the preceding month, the National Bureau of Statistics (NBS) stated Monday. The food inflation increased to 24.61 per cent year-on-year, which ...

Nigeria Customs Service (NCS), Kwara state Command has said that, it had generated a total sum of over N3billion between January and March this year. The state’s Controller of the NCS, Mr. Kehinde Dehinde who made the disclosure in Ilorin on Wednesday during a news conference on the activities of ...

By Asare Asare The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria will now be saving $300 million every year, which hitherto was used for the importation of processed barite. The minister spoke in Ugaga community of Yala LGA, Cross River State, where the ...

By  Leke Baiyewu The Budget Office of the Federation has said Nigeria now has a “limited borrowing space” due to its poor debt-to-revenue ratio, stressing that “trouble” looms for the country if it exceeds its limits. The Director-General of the Budget Office, Ben Akabueze, while addressing ...

Africa’s richest man and owner of the Dangote Refinery, Mr. Aliko Dangote, has said with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation. The ...

By John Owen Nwachukwu Dangote Group has announced the date for the launch of its much-awaited refineries. A letter of invitation circulating on social media indicated that the commissioning would happen on May 22, 2023. The multi-billion-dollar Oil Refinery and Petrochemical Company is ...