Petrol Prices in Nigeria Jump 230.8% in One Year

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Dipo Olowookere A total N609.95 billion generated as revenue in November has been disbursed to Federal, States and Local Government by the Federation Account Allocation Committee (FAAC). According to the Accountant-General of the Federation, Mr Ahmed Idris, the is N77.25 billion more than the N532.76 billion shared in October to the three tiers of government by FAAC. Mr Idris disclosed that oil revenue continues to be negatively impacted by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal. The AGF revealed that the balance in the Excess Crude Account (ECA) as at December

By Adedapo Adesanya Sterling Bank Plc, one of Nigeria’s leading commercial banks, has emerged the 2020 Overall Best Workplace in the country in the Large Corporates category of the Great Place to Work Institute, Nigeria (GPTW) awards held in Lagos recently. The bank emerged the overall winner by scoring more points ahead of several reputable companies in six categories for large corporates. The categories include Best in Quality of Life Practice, Fun and Friendly Workplace, Excellence in the Delivery of Inspiring People Practices, Excellence in Delivery of Leadership Practices, Excellence in the Delivery of Corporate Social Responsibility and the Best

By Dipo Olowookere The search for crude oil in the Chad Basin has been suspended by the Federal Government following attacks by suspected Boko Haram members, which led to death of some explorers. Minister of State for Petroleum Resources, Mr Ibe Kachikwu, who announced the suspension during a chat with newsmen, said oil exploration would return in the area as soon as government was sure of safety of lives and properties. Mr Kachikwu, who declined to confirm actual number of casualty, disclosed that the military was still collating data concerning the attack. He described the incident as unfortunate and commiserated

By Modupe Gbadeyanka On Tuesday, the Lagos State government declared Thursday, March 29, 2018 as work free day in the state to welcome President Muhammadu Buhari, who is on a two-day working visit to the metropolis. A statement issued by Commissioner for Information and Strategy, Mr Kehinde Bamigbetan, explained that the holiday was to allow residents of the ‘Aquatic State’ come out enmasse to welcome the President. In the statement, Mr Bamigbetan urged residents to adhere to the security guidance earlier announced to make the visit as peaceful and orderly. While in Lagos, Mr Buhari will commission the new Ikeja

By Sodeinde Temidayo David The Lagos State Government has disclosed that it plans to set up a medical park along Awolowo Road, Ikoyi, as part of initiatives to reform the health sector in the state and build facilities that meet global standards. It was stated that the facility will cover 2,175 hectares of land in the area and would be executed by the Office of Public-Private Partnerships (OPPP) in conjunction with the Lagos Ministry of Health. The Director-General of the OPPP, Mr Ope George, said the identified portion of land used to house the School of Nursing but would be

By Modupe Gbadeyanka Organisers of the prestigious GTBank Fashion Weekend are offering free retail stalls to exhibitors at this year’s event. However, to enjoy this freebie, those who wish to sell their fabulous fashion apparels and accessories will have to register for it. According to a statement issued by the organisers, to apply for the free Retail Space at the GTBank Fashion Weekend, intending exhibitors will have to visit https://fashionweekend.gtbank.com/apply. Now in its third year, the GTBank Fashion Weekend has become the premier consumer-focused event that places African fashion on the global stage and helps small businesses in the local

By Modupe Gbadeyanka The Nigerian Shippers’ Council (NSC) has requested for a legal backing to carry out regulatory activities within ports in the country. This, the association explained, would help tackle irregularities at the nation’s ports and usher in sanity. President of NSC, Mr Jonathan Nicol, in a statement to newsmen in Lagos, stressed that the absence of an enabling legal framework was a setback to many efforts of the Federal Government at the ports. “We believe that the introduction of a port economic regulator will fight irregularities and usher in sanity,” he said. “If our port environment is not