Leaders Beg Obasa to Ditch Senate Ambition for Lagos Assembly Return

By Adedapo Adesanya The Nigerian government has outlined its priorities for the upcoming 28th Conference of Parties (COP) in Dubai, the United Arab Emirates (UAE). Speaking to journalists at a pre-COP workshop organised by the National Council on Climate Change (NCCC), the Director General of the council, Mr Salisu Dahiru, said the country has a number of issues dear to its economy and journey towards climate resilience that it hopes to achieve at COP28. COP 28 is the United Nations Climate Change Conference taking place from November 30 to December 12. COP takes place every year and is the world’s

By Adedapo Adesanya The Chairman of the House of Representatives Committee on National Planning and Economic Affairs, Mr Isiaka Ibrahim, has said the National Bureau of Statistics (NBS) must be insulated from political interference to perform more effectively. Mr Ibrahim said this at a Public Lecture to mark the 2023 African Statistics Day celebration in Abuja on Wednesday themed Modernising Data Ecosystems to Accelerate the Implementation of the AfCFTA: The Role of Official Statistics and Big Data in the Economic Transformation and Sustainable Development of Africa. He said the reliability of data from the stats office would be questioned if

By Bliss Okperan The House of Representatives has asked that the Minister of Communication and Digital Economy, Mr Bosun Tijani, intervene in, halt and reverse the increase in the DSTV/GOTV tariffs by MultiChoice Nigeria. A member of the House, Mr Umar Ajilo, moved the motion on Tuesday on the floor, saying the prevailing economic hardship has made it difficult for subscribers to meet up with the increment. Recall that earlier this month, MultiChoice Nigeria introduced new rates for its DSTV and GOTV packages in the country, blaming rising costs of business operations for its action. “On Monday, November 6, 2023,

By Adedapo Adesanya Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ) following the signing of a fresh arrangement. The agreement was signed in the presence of the Managing Director of Tata International Limited, Mr Anand Sen, by the Managing Director of Tata Africa Holdings Pty Ltd, Mr Len Brand. This move will help Tata International build on its existing relationship in the country since 2006 when it established operations in Nigeria. “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to

By Dipo Olowookere A major component that separates crude oil into all the petroleum derivatives like Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK) Automotive Gas Oil (AGO), amongst others, the Crude Distillation Column, has arrived Lagos. The equipment was ordered for by Africa’s richest man, Mr Aliko Dangote, for his Dangote Oil Refinery, located on the outskirt of the city. An announcement made by Mr Dangote at the weekend noted that the major refinery tool is the largest single train crude distillation column in the world at the moment. “This magnificent engineering masterpiece weighs 2250 MT (excluding internal trays);

By Nkem Ndem Sunday is the favourite day of the week for most people in Lagos. Not only does it fall in the weekend, it dawns with a sort of “chill” vibe that most of the locals in the city relish. A number of visitors to the city who experience the hustle and bustle around town on weekdays tend to find Sundays in Lagos boring. Of course most Sundays are lazy, but really, there are so many ways to keep this first day of the week exciting and even more “chill”. Jumia Travel, Africa’s No.1 online hotel booking site shares

By Modupe Gbadeyanka All commercial banks operating in Nigeria have been ordered by the Central Bank of Nigeria (CBN) to open outlets at the nation’s major airports for the sale of foreign exchange to their customers. This move, according to the CBN, is to ease the pressure on the country’s local currency, the Naira, at the forex market. The acute shortage of Dollar has weakened the Naira against the US Dollar, exchanging above N500 at the parallel market at the moment. The apex bank, in a statement issued yesterday by its spokesman, Mr Isaac Okorafor, noted that this directive must

By Adedapo Adesanya The Naira depreciated against the American Dollar across all the major locations in the country at the Bureau De Change (BDCs) segment of the foreign exchange market on Tuesday, March 31, 2020. According to data collated by Business Post from the Association of Bureaux De Change Operators of Nigeria (ABCON), the domestic currency lost 50 kobo against the greenback at the Lagos BDC market to close on Tuesday at N413.50/$1 in contrast to N413/$1 it traded on Monday. But against the British Pound and the Euro, it traded flat at N500/£1 at N420/€1 respectively. At the Abuja

By Adedapo Adesanya The Nigerian currency traded flat against the American Dollar at the parallel market, Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows of the foreign exchange (FX) market on Wednesday, November 28. Data showed that in the midweek session, the Naira was traded against the Dollar at N810/$1 in the peer-to-peer market and in the black market, it was stable at N810/$1 against the greenback. Also, in the Nigerian Autonomous Foreign Exchange (NAFEX) category, the value of the domestic currency remained unchanged against the Dollar at N446.67/$1, amid a 1.8 per cent or $1.52 million increase in

By Modupe Gbadeyanka A Nigerian rapper, Mr Panshak Henry Zamani, otherwise known as Ice Prince, has been arrested by officials of the Nigeria Police Force, Lagos Command. The music act was apprehended by the security operatives over an alleged assault of a policeman, according to a statement issued by the spokesman of the command, Mr Benjamin Hundeyin. Mr Hundeyin alleged that Ice Prince was driving without a number place and after he was approached, he abducted the policeman and threatened to throw him in a river. “At 3 am today, Ice Prince was stopped for driving without license plates. He

By Gregory Kronsten It is said by some analysts that COVID-19 is responsible for irreversible changes in our economies, including patterns of employment. It was, therefore, a revelation to read the latest national income dynamics study-coronavirus rapid mobile survey (NIDS-CRAM) from South Africa. Based upon a sample of 10,000 individuals, wave 3 (the most recent published data) shows that active employment in the country in October was just 0.15 per cent lower than the level in pre-COVID February. The recovery has been strong. In April, when the domestic lockdown was at its height, employment was 40 per cent lower than

By Timi Olubiyi, PhD It is no news that many economies including Nigeria are currently in recession. In reality, the year 2020 has been eventful, chiefly with the novel coronavirus (COVID-19) pandemic. Its impact has continued to have a severe impact on businesses, households, and economies globally and one of its consequences is inflation. Even though inflation is a concept that affects all of us; but most importantly high inflation could be hostile to economy and business especially the micro, small and medium enterprises (MSMEs). With persistent inflation, businesses and households usually perform poorly, and expectedly more money is paid