Category: Business
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MINISTER PRAISES TINUBU FOR COMPLETING MAIDUGURI EMERGENCY POWER PLANT
Maiduguri’s power outage days are near over! Minister of Information Mohammed Idris hails President Tinubu for finishing the city’s vital gas power plant that promises nearly nonstop electricity. During a tour of federal and state projects in Maiduguri, Minister Idris recalled how insurgency once wiped out power in Borno state. He praised former President Muhammadu…
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MINISTER DEMANDS CLOSURE OF SCHOOLS CHARGING TUITION IN FOREIGN CURRENCY
Charging tuition fees in dollars or pounds? Nigeria’s Minister of Solid Minerals wants such schools shut down, calling the practice a major threat to the economy. At the Nigeria Gold Day Celebration during the 10th Nigeria Mining Week in Abuja, Minister Dr. Dele Alake condemned schools that charge fees in foreign currency. He called it…
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GLOBAL PUBLIC DEBT TO SURPASS 100% OF GDP BY 2029, SAYS IMF
The International Monetary Fund (IMF) warns that global public debt is set to rise above 100% of the world’s Gross Domestic Product by 2029, the highest since 1948. Vitor Gaspar, IMF’s Fiscal Affairs Director, says this growing debt risk demands urgent and consistent action from policymakers to keep debt in check and avoid financial turmoil.…
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EX-SIERRA LEONE FINANCE DEPUTY URGES WEST AFRICAN INSURERS TO INVEST IN CLIMATE RISK DATA
Bockarie Kalokoh, former Deputy Minister of Finance of Sierra Leone, called on West African insurance operators to strengthen resilience against climate change by investing in local data systems and climate risk expertise. Speaking at the 2025 WAICA Education Conference in Lagos, he stressed the need for hyper-local data capabilities and partnerships with meteorological agencies, tech…
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HOUSE COMMITTEE PUSHES FOR SINGLE-DIGIT INTEREST TO BOOST NEW VEHICLE PURCHASES
The House of Representatives Committee on Industry is working on laws to enforce single-digit interest rates on loans, making it easier for Nigerians to buy new cars, tricycles, and motorcycles through affordable credit. This decision came after an oversight visit to assembly plants in Lagos with the National Automotive Design and Development Council (NADDC). Chairman…
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MINISTER SEEKS CHINA PARTNERSHIP TO REVITALIZE NIGERIA’S STEEL INDUSTRY
Prince Shuiabu Abubakar, Minister of Steel Development, announced efforts to partner with the Republic of China to revive Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO) in Kogi State. The ministry was initially working with a Russian firm, but the Russia-Ukraine war stalled progress. The minister said President Bola Tinubu’s…
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EQUITIES MARKET TAKES A BREATHER AFTER 12-WEEK WINNING STREAK
After 12 straight sessions of gains, Nigeria’s stock market recorded its first loss on Tuesday, with market capitalization slipping by ₦4 billion to close at ₦93.756 trillion. The All-Share Index dipped slightly by 6.27 points, driven by selloffs in stocks like Austin Laz, Deap Capital, Fidson, and Berger Paints. Market breadth showed 36 losers versus…
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FEDERAL GOVERNMENT SETS ₦4 TRILLION BOND TO CLEAR POWER SECTOR DEBTS
The Federal Government is rolling out a ₦4 trillion bond to settle verified arrears owed to power Generation Companies (GenCos) and gas suppliers, a move aimed at boosting Nigeria’s power sector. Mrs. Olu Verheijen, Special Adviser to the President on Energy, revealed this after a key meeting involving the Ministers of Finance and Power, and…
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MALI TO CHARGE VISA BONDS UP TO $10,000 FOR U.S. NATIONALS IN RESPONSE TO U.S. POLICY
Mali has announced it will require U.S. nationals to pay visa bonds of up to $10,000 for business and tourist visas, mirroring a recent move by the U.S. government. This decision follows the Trump administration’s visa bond pilot program, which included Mali to tackle visa overstays, and is set to take effect on October 23.…
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SHELL TAKES BIG STEP WITH FINAL INVESTMENT IN NIGERIA OFFSHORE GAS PROJECT
Shell Nigeria Exploration and Production Company Limited (SNEPCo), together with Sunlink Energies, has greenlit the HI gas project offshore Nigeria, aiming to supply 350 million standard cubic feet of gas daily to Nigeria LNG before the decade ends. This move reinforces Shell’s commitment to Nigeria’s energy future, bolstering its Integrated Gas portfolio and supporting Nigeria’s…
