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Business & Economy
FG denies reported plan to convert $30bn domiciliary accounts to Naira
Maureen Aguta
The Federal Government has dismissed a report that it plans to convert foreign exchange in depositors’ domiciliary accounts to naira, describing it as tantamount to economic sabotage.
There had been a…
Nigeria –US bilateral trade hits $10. 6bn in 2022—American Diplomat
Maureen Aguta
Nigeria’s bilateral trade with the United States of America (USA) exceeded $10.6 billion in 2022, even as the U.S. foreign direct investment is estimated at about $5.6 billion.
To this end Nigeria has been…
Nigeria imports $4bn steel annually –Minister
Maureen Aguta
As Nigeria's dormant steel industry lay waste, the Minister of Steel Development Prince Abubaker Audu has lamented that country spends over $4 billion annually on steel.importation.
The minister made this…
Exchange Rate for cargo clearance rises from N952/$ to N1,356/$
Maureen Aguta
The government in December 2023 raised the rate for the cargo clearance from N783/$ to N952/$.
As Nigeria’s economic woes continue to worsen, President Bola Tinubu’s government through the Central…
Ndume to Cardoso: Concentrate on strengthening Naira not relocating CBN
Maureen Aguta
Senator representing Borno South senatorial district, Ali Ndume, has asked the Governor of the Central Bank of Nigeria, Dr Yemi Cardoso, to concentrate on strengthening the Naira.
The senator said…
Presidency replies Atiku, says $3.3b loan interest is a little over 12%
Joseph Irikefe
The Presidency opened up on the allegation by the former Vice President Atiku Abubakar that the $3.3 billion emergence loan sourced by the Nigeria National Petroleum Corporation Limited (NNPCL) to shore…
Clerk: Shell must clean up Niger Delta before selling assets or exiting country
Maureen Aguta
Foremost leader of Ijaw nation, Chief Edwin Clark, has urged the Shell Petroleum Development Company of Nigeria Limited (SPDC) to first clean up its oil spills in the Niger Delta region before selling off its…
Atiku raises alarm, Nigeria will pay $12bn for the NNPC $3.3bn emergency loan
Maureen Aguta
In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company…
FG to sell-off nation’s power plants, slashes price to $1bn from $5bn
Maureen Aguta
The Federal Government is currently in talks with investors for the sale of the nation’s five power plants, built over the years through the National Integrated Power Projects (NIPP), with report indicating…
REVEALED: How Nigeria paid over $496m to Indian for failed Itakpe Iron Ore Company
Maureen Aguta
An Indian firm has been found to have received a significant payment to revive the Itakpe Iron Ore Company but failed to do so.
The National Coordinator of Transparency Group Network (TGN) an…