Nestlé Finalises Deal to Market Starbucks’ Products Globally

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Dipo Olowookere The female official of the Lagos State Traffic Management Authority (LASTMA) seen in a viral video last week having an altercation with a motorist has been invited for questioning. The General Manager of LASTMA, Mr Olajide Oduyoye, confirmed that the woman, identified as Mrs Adepeju Odunlami, was invited as part of efforts to investigate the matter. It was stated that the ugly incident took place at the Aromire Junction, Ikeja on Friday, September 11, 2020, and according to the traffic management boss, the action of the official was not professional. In a statement issued on Tuesday, it

By Dipo Olowookere The Nigerian Naira is now being battered from different directions, further weakening its value against the United States Dollar at the parallel market. While the Nigerian currency was still battling with a shortfall in the supply of foreign exchange (FX) in the financial system, the Central Bank of Nigeria (CBN) last Wednesday announced plans to introduce new designs of the N200, N500, and N1,000 notes into the system. This announcement plunged the value of the domestic currency in the market as those who had stashed the Naira at home were looking for Dollars to exchange it with.

By Adedapo Adesanya The Ibom Deep Seaport located in Ibaka, Mbo local council of Akwa Ibom State would save Nigeria approximately $70 million lost to illegal fishing by the Chinese and European trawlers on Nigeria’s territorial waters. This is according to the Akwa Ibom State Director of the National Orientation Agency (NOA), Mr Enoh Uyoh, at the recently concluded Maritime Business and International Trade sensitization forum held in Uyo. He said that the Ibom Deep Seaport project was critical to the security and economic wellbeing of the country as the location of the port is of great importance. Mr Uyoh

By Modupe Gbadeyanka The agriculture reform policy of the President Muhammadu Buhari-led administration received a further boost yesterday when the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, commissioned a 30 Metric Tonnes per day processing facility in Kaduna. Since assuming office in May 2015, this government has made it a priority to diversify the nation’s economy, which solely depends on crude oil to earn revenue. Various policies were put in place to help other sectors of the economy become vibrant and one of them was the agricultural sector. On Monday, the Minister commissioned the tomato factory established by

By Adedapo Adesanya Bayelsa State government has described the proposed launch of the New Yenagoa City project next week, August 7, as a pragmatic step to ensuring controlled development of the state capital. Commissioner for Information and Orientation in the state, Mr Daniel Iworiso-Markson, made this known during his address on Wednesday while briefing journalists on the outcome of the 109th State Executive Council meeting held in Yenagoa alongside his environment, trade and investment counterparts as well as the Special Adviser to the Governor on Security. “One of the things we must bring to the fore regarding the launch of

By Dipo Olowookere Chairman of United Bank for Africa (UBA), Mr Tony Elumelu, has reminded top management staff of the lender that putting the customers at the forefront and tailoring the activities of the bank in line with their demands remains the focal point of the bank, adding that imbibing the corporate governance culture is key to building an enduring financial institution. Mr Elumelu made this known at the annual Group Chairman’s Forum, a platform for group integration, re-strategising and knowledge sharing with the overall aim of puting the bank on firm standing to actualize its goals and targets for

By Olukayode Kolawole The Nigerian hospitality report 2017 officially launched by Jumia Travel has shown that the country generated 97 percent of  its tourism revenue from domestic travel in 2016 while foreign travel accounted for 3 percent. Mr Kushal Dutta, MD of Jumia Travel Nigeria stated this while overviewing the content of this year’s report at a press conference held at Four Points by Sheraton in Lagos. Mr Dutta mentioned that despite the security challenges in the country and the fall in dollar exchange rate, a lot of Nigerians preferred to travel within the country to spend their holidays at

By Ahmed Rahma Students of the Lagos State University (LASU) have asked Governor Babajide Sanwo-Olu to reduce their tuition fee to N25,000. Last week, the state government announced the reduction of the fee to N57,000 from N67,000, but the students have rejected this gesture, demand a reversal to the old rate. The students, who spoke under the auspices of the Students Union Government (SUG), urged the government and the management of the school to consider the peaceful environment enjoyed so far and take a step to adhere to their appeals. “The leadership of the Lagos State University Students’ Union Government