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Fuel price: Uncertainty looms as crude oil hits $93.50

Concern over a potential increase in petrol prices in Nigeria has grown as a result of the ongoing increase in the price of crude oil on the global market. According to Probitas News, the commodity sold on Monday for $93.55 per barrel. This comes amid the depreciation of the Naira in the foreign exchange window, with the currency trading at N980/$1 on Monday on the parallel market. The Major Oil Marketers Association of Nigeria, IPMAN,...

President Tinubu Advances Stronger Economic Ties with South Africa; Seeks Reforms of Bretton Woods Institutions to Strengthen Resilience of Developing Democracies

In a lengthy bilateral session with South African President Cyril Ramaphosa in New York City on Monday, President Bola Tinubu boosted his diplomatic efforts for economic development and investor attractiveness in anticipation of the UN General Assembly. President Tinubu argued that Africa needed to come to an agreement that the hundreds of billions of dollars spent over the years through international development finance institutions had to go toward addressing the needs of developing democracies in...

Traders accuse Soludo of imposing market leaders

The Nigerian Shippers Council announced that its complaints handling procedure had saved stakeholders N2.4 billion in the last five years. Mr Rotimi Anifowose, NSC’s Director of Planning, stated this recently in Lagos, when the council received the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola. According to Anifowose, the council gets complaints from regulated service providers and users via the Port Service Support Portal. Anifowose went on to say that some of the complaints...

Why trade between Nigeria and Finland is low – Ambassador

Leena Pylvänäinen, Finland’s ambassador to Nigeria, has provided potential explanations for the low levels of trade between her nation and Nigeria. Although there are numerous explanations for the figures, she noted in an exclusive interview that it is always a matter of which figures are being examined. “If you look at simple trade in goods, the customs data, the numbers are incredibly low, but they do not capture all of the trade that we do...

Anambra govt urges internet service providers to register with State ICT Agency

The government has invited all local internet companies known as Internet Service Providers, ISPs, and other local network operators, as well as all higher educational institutions in Anambra State, to register with the State ICT Agency. According to a press statement issued on Monday in Awka by the Managing Director and Chief Executive Officer of the ICT Agency, Chukwuemeka Fred Agbata, the agency is looking to deepen its relationship with ISPs and higher institutions, emphasising...

BUA Cement to drop cement price, offers shareholders N2.80kobo per share dividend

The company will lower its cement pricing, according to Abdul-Samad Rabiu, Chairman of BUA Group, in order to stop the government from sanctioning the importation of cement into Nigeria. Rabiu made this statement in response to criticism of the cost of locally produced cement in the nation, which forced Dangote Cement to give an explanation for why its products are priced as they are. As cement importation wouldn’t be good for the nation, BUA Cement’s...

National AI collaboration will bring economic development— Researchers

Computer science experts have said that the appeal for researchers of Nigerian heritage to collaborate on the building of a National AI will promote economic growth. In a paper published on Monday, Dr. Bosun Tijani, minister of communications, innovation, and digital economy, invited leading researchers of Nigerian ancestry from around the globe to collaborate on developing a national artificial intelligence strategy. Tijani advised Nigeria to create a national AI policy to use AI for sustainable...

Dangote defends cement price amid criticism

Dangote Cement Plc has stated that its cement price is comparable to or lower than that along the West African coast. The company also stated that, contrary to widespread media claims, the price of a bag of cement from its Nigerian operations had not increased. There has been substantial criticism directed at the corporation due to the differential in the price of its cement in Nigeria compared to other West African countries. According to a...

Banks, 18 others, fined N125m for late filings

Eight banks at least and 18 other publicly traded corporations have each been penalised N125 million for failing to submit their 2022 audited financial statements and quarterly reports for the first half of 2023, as required by the Nigerian Exchange. The affected banks were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated. The sanction also had an effect on John Holt, PZ Cussons,...

Palliatives: LG autonomy is required to conduct programmes to combat poverty, says Don

Ekpo Barnabas, an associate professor of political science at the Nigerian Defence Academy, claims that the only way to alleviate poverty in Nigeria at the local level is to give local government authorities more autonomy or democratic rights. Ekpo pointed out that only local government employees can assist people in rural areas because they are familiar with their circumstances. He also encouraged the government to take action so that monies for environmental purposes would be...